UAE’s $35 Billion Egypt Deal Marks Gulf Powers’ Buying Spree
Crown jewels including resorts and a gas station chain are up for grabs. Saudi Arabia mulls purchases.
Latest Videos
The information you requested is not available at this time, please check back again soon.
Crown jewels including resorts and a gas station chain are up for grabs. Saudi Arabia mulls purchases.
(Bloomberg) -- China’s industrial companies’ profits fell in March as exports flagged and deflationary pressures persisted, suggesting the economy’s stronger-than-expected growth early this year might be tough to maintain.
New York Community Bancorp Inc. has had one of the most tumultuous quarters in recent banking history. Its first-quarter earnings will probably reveal more about impacts from the drama — and management’s plan to move forward.
Donald Trump’s longtime personal assistant, who worked for his real estate empire for decades, told a jury that she has a “vague recollection” of seeing Stormy Daniels at Trump Tower sometime before 2015.
The delinquency rate for US small businesses climbed to a three-year high this month, reflecting the impact of rent spikes and declining revenue, according to a monthly survey.
Jan 15, 2019
Bloomberg News
,Canada’s home sales skidded to the lowest level since 2012 last year after dropping for four straight months through December, as higher interest rates and tighter lending rules cast a pall over the real estate market.
Nationwide, sales totaled 458,442 for the year, a drop of 11 per cent which was the biggest since 2008, the Canadian Real Estate Association said Tuesday from Ottawa. The 2.5 per cent December drop from the prior month was the most in eight months. Vancouver and Toronto led the slowdown in transactions.
Weaker-than-expected housing data prompted central bank officials to mark down growth forecasts earlier this month and to adjust the pace at which they may pursue monetary tightening, as evidence emerges the five hikes since mid-2017 are already having a significant impact. The higher rates and tougher mortgage regulations will probably weigh on housing demand again this year as more Canadians carrying five-year fixed term mortgages face a reset.
“It’s clear that higher interest rates are having an impact,’’ Benjamin Reitzes, a Canadian rates and macro strategist at BMO Capital Markets, said by phone from Toronto. “It was a difficult year and you are coming off a very strong run for housing,’’ he said, adding there is little chance of a “major comeback’’ in 2019.
Vancouver sales fell 32 per cent last year, the most since 2008, and Toronto sales declined 16 per cent. Toronto showed some stability in December with sales flat on the month and benchmark prices up 3 per cent from a year earlier.
“The stress-test has weighed on sales to varying degrees in all Canadian housing markets and it will continue to do so this year,” CREA President Barb Sukkau said in the report, referring to new rules from the federal banking regulator. With mortgage lending fading to the slowest in decades, CREA cut its 2019 sales forecast last month to a 0.5 per cent decline this year compared with a September prediction for growth of 2.1 per cent.
Vancouver’s average sales price was $1.03 million in December, down 2.1 per cent from a year earlier, and the Toronto average was $750,180. Those markets are well ahead of the national average price of $472,280.