Saudi Arabia Is Making a High-Risk $1 Trillion Bet on Tourism
The kingdom must overcome a conservative image and concern about human rights. Visit the desert oasis town of AlUla to understand the challenge.
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The kingdom must overcome a conservative image and concern about human rights. Visit the desert oasis town of AlUla to understand the challenge.
Jury selection was completed Friday for Donald Trump’s first criminal trial, setting the stage for opening arguments Monday in a New York case accusing the former president of falsifying business records to conceal a sex scandal before the 2016 election.
Higher-than-expected interest rates amid persistent inflation are perceived as the biggest threat to financial stability among market participants and observers, according to the Federal Reserve.
Fifth Third Bancorp jumped the most in four months, leading bank stocks higher, with Chief Executive Officer Tim Spence predicting that income from lending has bottomed out.
China’s securities regulator said it will encourage the nation’s companies to list in Hong Kong as it unveiled a package of measures to bolster the city’s position as an international financial hub.
Jan 16, 2019
Bloomberg News
,Vancouver’s housing market is looking more fragile than Toronto a year after policy makers tightened mortgage lending to slow a boom.
While the country’s two most expensive real estate markets have both been hit hard by higher interest rates and tougher mortgage regulations, the data suggest Toronto is faring better and showing signs of stabilizing, while Vancouver continues its slide.
Sales in the west coast city plunged 32 per cent last year, driving benchmark prices down 6.5 per cent over the past six months, according to Canadian Real Estate Association data released Tuesday. Toronto also saw sales fall sharply, but by half as much as Vancouver and with prices in Canada’s biggest city little changed in recent months.
“I’m not worried about Toronto, I’m worried more about Vancouver at this stage,’’ said Sebastien Lavoie, chief economist at Laurentian Bank Securities in Montreal. “The biggest worry I have for Vancouver really is the expectations that could turn a lot more downbeat because of the downward trend we are seeing now.’’
The relative performance reflects in part a bigger surge in prices during the boom in Vancouver, where they gained 68 per cent over the last five years. That’s ahead of Toronto’s 58 per cent increase.
“Vancouver is in full-blown correction mode,’’ Royal Bank of Canada economist Robert Hogue said in a research note Tuesday. “Prices are poised to depreciate more -- potentially a lot more considering the degree to which they are still unaffordable to average buyers.’’
--With assistance from Erik Hertzberg