Monthly Archives: August 2014

The 20 hottest real estate spots in the world

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“It’s safe to say we’re in the midst of a global real estate bull market. According to the Knight Frank Global House Price Index, the value of homes internationally rose by 8.4 percent in 2013, representing the highest annual increase since 1995.  Although it’s a global phenomenon, US buyers — especially New Yorkers — are particularly active abroad.  While much of this money is pouring into established urban centers, experts describe Americans as more entrepreneurial about snapping up property — willing to invest in everything from a private island in Antigua to vast farms in Zambia if the price (and property) is right.”

http://nypost.com/2014/04/08/the-20-hottest-real-estate-spots-in-the-world/

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BIS chief fears fresh Lehman from worldwide debt surge

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“Jaime Caruana, head of the Swiss-based financial watchdog, said investors were ignoring the risk of monetary tightening in their voracious hunt for yield.  Mr Caruana said the international system is in many ways more fragile than it was in the build-up to the Lehman crisis. Debt ratios in the developed economies have risen by 20 percentage points to 275pc of GDP since then. Credit spreads have fallen to to wafer-thin levels. Companies are borrowing heavily to buy back their own shares. The BIS said 40pc of syndicated loans are to sub-investment grade borrowers, a higher ratio than in 2007, with ever fewer protection covenants for creditors.”

http://www.telegraph.co.uk/finance/markets/10965052/Bank-for-International-Settlements-fears-fresh-Lehman-crisis-from-worldwide-debt-surge.html

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Hungary Bill to Require Banks to Give Loan Refunds

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“The central bank estimated that Hungarian banks will have to pay a total compensation of about $3.94 billion.  The bill will require banks to compensate borrowers who took out loans for banks’ unilateral increases in interest rates and fees over the past 10 years. It also requires banks to return to borrowers of foreign-currency loans dating back to 2004, the gains made from foreign-currency conversions, most of which were in Swiss francs, as the forint plunged against the Swiss currency at the height of the 2008 financial crisis. Hungary’s Banking Association said the legislation sets a precedent that could shake the foundation of private-law contracts and undermine their legal stability.”

http://online.wsj.com/articles/hungary-bill-to-require-banks-to-give-loan-refunds-1404504950

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Argentina Declared in Default by S&P as Talks Fail

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“Standard & Poor’s declared Argentina in default after the government missed a deadline for paying interest on $13 billion of restructured bonds.  The South American country failed to get the $539 million payment to bondholders after a U.S. judge ruled that the money couldn’t be distributed unless a group of hedge funds holding defaulted debt also got paid. Argentina, in default for the second time in 13 years, has about $200 billion in foreign-currency debt, including $30 billion of restructured bonds, according to S&P.  Argentine Economy Minister Axel Kicillof described the group of creditors as ‘vulture funds’ and said the country wouldn’t sign an accord under ‘extortion.'”

http://www.bloomberg.com/news/2014-07-30/argentina-defaults-according-to-s-p-as-debt-meetings-continue.html

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