July, 2016

• 10 July

  Bank of Italy chief hints public intrusion in ailing sector

  

    AFP Bank of Italy Governor Ignazio Visco said that public intervention in the country’s banks was not to be ruled out amid growing fears the sector’s 360 billion euros (US$398 billion) in bad debt would trigger a potentially contagious banking crisis. “Given the risk that, in a context of high uncertainty, limited problems could undermine the trust in the ...

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• 10 July

  SA central bank champions choice for welfare banking

    Bloomberg The 16.9 million people receiving welfare payments from South Africa’s government into bank accounts should have the right to choose between financial services companies, according to the country’s central bank. A contract awarded by the South African Social Security Agency to Johannesburg-based Net 1 UEPS Technologies Inc to pay grants electronically in 2012 has this year been dogged ...

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• 10 July

  UK property market on risk alert after Brexit vote

  

    AFP The outlook for Britain’s property market darkened on mounting evidence that the country’s vote to exit the European Union is weighing on asset values. Aberdeen Asset Management became the latest of seven financial groups to order a temporary suspension on redemptions from UK property funds after companies and individuals rushed to withdraw investments in reaction to Brexit. Aberdeen ...

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• 10 July

  Average US 30-year mortgage rate falls to new 2016 lows

  

    AP Long-term U.S. mortgage rates fell this week to the lowest level since May 2013, driven down by financial tumult in Europe. Mortgage giant Freddie Mac says the average 30-year fixed rate mortgage fell to 3.41 percent from 3.48 percent a week ago. A year ago, the 30-year rate stood at 4.04 percent. The 15-year mortgage rate dropped to ...

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• 10 July

  El-Erian recommends UK real estate wager, with patience

  

    Bloomberg Allianz SE’s Mohamed El-Erian said that the forced deleveraging of U.K. commercial properties after the Brexit vote may spur opportunities for investors. “If you’re a patient investor, with a stomach for mark-to-market volatility and quasi-permanent capital, that is going to be a very attractive area,” El-Erian said in an interview on Saturday with Bloomberg Television. “But wait, let ...

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• 10 July

  Illusionist Copperfield buys record $17.5 million home in Las Vegas

  

    AP A business group says the $17.55 million paid for a northwest Las Vegas home by Strip illusion show headliner David Copperfield set an area record. The Greater Las Vegas Association of Realtors said Thursday the price eclipsed the $17.375 million paid in 2007 for a mansion at the Shadow Creek Golf Club in North Las Vegas. The broker, ...

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• 10 July

  Brexit turmoil spurs race for office space in Europe

  

    Bloomberg Regus Plc, the world’s largest provider of serviced offices, is speeding up expansion plans in Frankfurt ahead of an anticipated surge in inquiries from financial firms leaving London. In Amsterdam, demand for its workspaces is already rising. “It will be a big opportunity for us to give banks a temporary home,” said Daniel Grimm, head of German development ...

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• 10 July

  US proposes direct Cuba flights

  

    Bloomberg The US government proposed eight airlines to begin scheduled passenger service to Havana, as carriers hustle to open regular flights to the Cuban capital for the first time in half a century. Flights may begin as early as this fall, the Department of Transportation said in a statement. The airlines winning approval for Havana service were American, Delta, ...

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• 10 July

  American Air beats rivals with premium-coach cabin

  

    Bloomberg American Airlines Group Inc will be the first US carrier to offer a premium economy cabin with more legroom, in a bid to win overseas travelers seeking extra perks at a lower price than in business class. The 21-seat, three-row section will debut Nov 4 on the carrier’s first Boeing Co 787-9 Dreamliner on flights between Dallas-Fort Worth ...

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• 10 July

  Delta’s mistaken landing sparks govt’s safety review

  

    Bloomberg The National Transportation Safety Board is investigating a Delta Air Lines Inc flight that mistakenly landed at a South Dakota Air Force base, about 12 miles (19 kilometers) from its intended destination. Delta Flight 2845 departed from the Minneapolis-St Paul airport Thursday evening en route to Rapid City, South Dakota, carrying 130 passengers on an Airbus Group SE ...

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