European Real Estate Deals Slump to Lowest Level in 13 Years
The deep freeze that’s gripped Europe’s real estate markets since borrowing costs jumped worsened at the start of the year as deals plunged to their lowest levels since 2011.
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The deep freeze that’s gripped Europe’s real estate markets since borrowing costs jumped worsened at the start of the year as deals plunged to their lowest levels since 2011.
Investors are looking for the next policy domino to fall in Asia amid an escalating campaign against a resurgent dollar, after Indonesia used a surprise interest rate hike to defend the rupiah.
Vietnamese billionaire Pham Nhat Vuong pledged to invest at least another $1 billion of his personal wealth into VinFast Auto Ltd., providing the capital needed for expansion of the struggling electric vehicle maker.
Macrotech Developers Ltd., a real estate firm that operates under the brand name Lodha, expects pre-sales to grow about 20% in the year to March after reporting its highest ever quarterly revenue.
Distressed Indonesian property developer PT Agung Podomoro Land has hired financial advisory firm Kroll Inc. to advise on an exchange of $132 million of bonds due in June, according to people familiar with the plan.
Jun 20, 2018
Bloomberg News
,(Bloomberg) -- Despite recent job gains, rising wages and falling unemployment, almost a quarter of Americans said they still have no emergency savings, according to an annual Bankrate.com report released Wednesday.
The number of Americans who said they have no money readily available in either a checking, savings or money market account fell to a seven-year low of 23 percent, down from 24 percent last year, the study found. The poll was conducted in June by research firm SSRS, using a national sample of 1,006 people.
"People are not making headway in savings, largely in part because they don’t prioritize saving," said Greg McBride, chief financial analyst at Bankrate.com.
The percentage of Americans with some savings, but not enough to cover three months' worth of expenses, rose to 22 percent from 20 percent last year, the report said. And the percentage with enough to cover expenses for three to five months ticked up to 18 percent, from 17 percent last year. Still, only 29 percent of Americans have enough emergency savings to cover at least six months’ of expenses—a financial planning norm. This is down from 31 percent in 2017.
“Despite the enormous wealth gains we have seen in the stock market and in the housing market, that wealth is very unevenly distributed,” said Torsten Slok, chief international economist at Deutsche Bank AG in New York. That disparity, he said, is overriding any gains made in the job sector.
The median family simply has fewer resources, Slok said, pointing to a 2017 report he authored on U.S. income and wealth inequality. About a third of U.S. families have no wealth—or negative wealth—outside the value of their home. “It's obviously not good from a vulnerability perspective,” he said.
But the majority of Americans don't seem to be worried about their financial situation. Sixty-two percent say they are somewhat or very comfortable with their emergency savings. Shockingly, about one in five Americans with no emergency savings at all said they felt comfortable, too.
McBride said they are kidding themselves. "In some cases, it’s just denial. They’ve never been out of work, had a big medical expense or experienced a significant event that threatened their emergency savings."
More highlights from the report:
To contact the author of this story: Riley Griffin in New York at rgriffin42@bloomberg.net
To contact the editor responsible for this story: Joshua Petri at jpetri4@bloomberg.net
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