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May 27th, 2009, Wednesday, 08:00
The depreciation with 20% of pound sterling in the last year has made the UK to be first on the Schroders list when the company began to buy properties in Europe last month.
“Impairment of pound sterling make UK properties to be more attractive”; said Neil Turner, which deals with new real estate fund, worth 300 million euro, of the company’s management of assets, Bloomberg writes.
“UK Real Estate Market is very attractive compared to rival Europe markets“. While the Bank of England announced that expects an economic recovery to be a process of duration in Britain, where unemployment is at the highest level, investors from the Millennium Asset Management Mellon Capital Management are confident that the pound sterling declines is approaching to end.
The Citigroup strategies showed in a report published recently, that British Pound Sterling “are among the most undervalued major currency, and its transaction is almost with 15 percent below the ”correct value “ in relation to the dollar.
Tags: crisis, decline, Money, pound sterling
Posted in Currency, Finance, Money | No Comments »
May 18th, 2009, Monday, 08:00
Berkshire Hathaway, a company owned by U.S. billionaire Warren Buffett, reported in first quarter loss despite of strong growth of operational gains from activities of insurance, in terms that losses from investments have continued to climb, and incomes fell, according to the Wall Street Journal.
Berkshire recorded a loss of 1.53 billion dollars compared with earnings of 940 million dollars a year ago. Recently, in the annual meeting, the company announced a decline of operational gains from 1.9 to 1.7 billion dollars.
Losses related to investment totaled 3.24 billion dollars, compared with a loss of 991 million dollars a year ago.
Tags: crisis, loses, Money, U.S.A
Posted in Currency, Finance, Money | 2 Comments »
May 15th, 2009, Friday, 07:50
European Central Bank (ECB) cut monetary policy interest rate by 0.25 percentage points, to a new historic minimum of 1%, a measure anticipated by analysts.
ECB maintained, while the overnight deposit interest rate at 0.25%. The indicator represents the lower threshold for the financial markets. The institution has decided therefore to reduce the spread between two interest rates, without reducing them to zero.
Meanwhile, the ECB reduced interest rate loan to 1.75% from 2.25 %. The new rates of reference will enter into force on May 13. Inflation in the euro area fell well below the ECB target of 2%, and the recession continues to propagate severe effects in the economy, although there are some indications that the crisis had reached the lower threshold in Europe.
ECB is to support a press conference in which the institution’s president, Jean-Claude Trichet, will notify if the bank will use the exceptional measures of monetary policy to stimulate the euro-area economy.
Tags: crisis, interest rate, monetary policy, Money
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May 13th, 2009, Wednesday, 08:00
American insurance company AIG, saved by the money from the U.S., admitted that in 2008 in full financial crisis, granted performance bonuses to employees, whose total value amounted to 454 million U.S. dollars (340 million euro).
AIG has been heavily criticized because it paid 165 million U.S. dollars (123 million euro) in form of retention bonuses for key employees to keep them in the company during this period of crisis, after they received aid from the state amounting to 180 billion U.S. dollars (135 billion euro), to prevent entry into collapse of what had been the largest insurance company in the world.
The company announced the state representative Elijah Cumming, a democrat from Maryland, as performance bonuses were paid by operational units of the 120 state in which the company held operates.
Amounts ranged from an average of $ 5403 (4,039 euro) for employees of the property-Casualty to 51,026 dollars (38,145 euro) in average, for those of the management of assets.
Tags: aig, bonuses, crisis, dollars, Money
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May 6th, 2009, Wednesday, 08:00
Bank of America analysts and Merrill Lynch are still “very pessimistic” about the evolution of the Hungarian forint, evoking “serious concerns” related to Hungary’s macroeconomic prospects, and still see forint at 330 level in relation to the euro until September, is shown in a report of this two institutions.
Hungary is facing with one of the weakest economic foundation from Central Europe, with a growth perspective that indicates a deep recession and vulnerabilities, related to balance sheets from private sector.
“The IMF program was a positive anchor for economic and financial policies, but it couldn’t promote the appreciation of money. In fact, considering the deteriorating macro perspective, there are fears in growing, that the current financing of the IMF will be under external financing needs for next year”, from the Merill Lynch report .
“We believe that the Hungarian forint will record performances under the currencies from Eastern Europe. We anticipate a level of 330 units for one euro until September, followed by a recovery under the 300 level, which suggests a moderate impairment for the year”, show analysts.
Tags: crisis, decrease, economy, forint, Money
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