Singapore Property and Real Estate News Portal

ZURICH – Swiss bank UBS AG, under pressure at home to give up on hefty bonus schemes in the face of its poor performance, said on Monday it will introduce a more transparent pay system for top executives. The bank, which is struggling in the sub-prime crisis and whose shares slumped to a new all-time [...]

FRANKFURT – Global central banks are ready to take further steps to ease market tensions and bolster faltering economic growth, top policymakers said on Friday, as world leaders gathered for talks on the economic crisis. Speaking at a conference in Frankfurt, US Federal Reserve Chairman Ben Bernanke and European Central Bank President Jean-Claude Trichet said [...]

NEW YORK – Merrill Lynch & Co said on Friday that the majority of its best-performing financial advisors will join Bank of America Corp (BOA) when that bank buys Merrill at the end of the year. More than 6,200 advisors accepted a retention package offered by BOA that was targeted at the top-producing brokers, a [...]

Further US rate cuts seen in wake of inflation, housing news Posted: 17 April 2008 0821 hrs WASHINGTON – Further Federal Reserve interest rate cuts appear more likely after government reports showed a modest rise in inflation and that the housing market remained mired in a deep slump. Many economists expect the US central bank [...]

US sub-prime losses may total US$422b Posted: 16 April 2008 0451 hrs PARIS : Losses because of the financial crisis sparked by the US sub-prime mortgage crisis could rise as high as 422 billion dollars (267 billion euros), an OECD report said on Tuesday. That figure was far lower than the 945 billion dollars estimated [...]

IMF says global economy in peril with US in crisis Posted: 09 April 2008 2347 hrs WASHINGTON : The global economic outlook is becoming increasingly grim as the United States appears unable to escape recession from a housing meltdown whose effects are still spreading, the IMF said on Wednesday. Global expansion is set to slow [...]

OECD warns that sub-prime crisis is not over Posted: 09 April 2008 1638 hrs PARIS : The sub-prime crisis is not over, the head of the OECD Angel Gurria said on Wednesday, describing it as a “collective bankruptcy” and damning failures throughout the chain of financial risk and regulation. Gurria was particularly critical of supervision [...]