Real Estate News
Bayt Al-Mal leads $172m GCC investment in Canada
Kuwaiti Islamic investment bank Bayt al-Mal, along with partners, plans to invest $172.7m to build a motor-sport and commercial complex in the Canadian Niagara region. Bayt al-Mal, which is leading a consortium of Gulf investors, has already bought 623 acres of land in Fort Erie, near the US border for the project. More »
Renters in foreclosed homes get help (AP)
AP - Tita Mendoza and her husband moved into their Miami Beach condo in June and have been dutifully paying the $1,800 rent on time every month. And yet, they could be evicted any day now. More »
On the Ground with Real Estate Mogul Bill Rudin (BusinessWeek Online)
BusinessWeek Online - As the marathon race for the American Presidency entered its final weeks, candidates Barack Obama and John McCain got serious about rescuing homeowners trapped in bad mortgages and delivering relief to consumers being washed over by the tide of recession. Among other things, Obama called for a 90-day moratorium on foreclosures, and McCain put forth a plan that would replace some mortgages with government-guaranteed loans. ... More »
Swiss government injects six billion francs into UBS (AFP)
AFP - The Swiss government injected six billion francs into banking giant UBS on Thursday, and the central bank lent it 54 billion dollars to transfer its non-liquid assets into a separate fund. More »
Citigroup to delay merger of Japan units: Nikkei (Reuters)
Reuters - Citigroup will delay a planned merger of two of its Japanese units, the Nikkei newspaper said on Thursday, the latest sign the subprime-hit U.S. bank is looking to trim costs from its Tokyo operations. More »
McCain Pushes for Mortgage Buy-Up Plan; Obama Sees `Giveaway' (Bloomberg)
Bloomberg - Oct. 15 (Bloomberg) -- John McCain said he's disappointed that federal policy makers aren't moving to adopt his $300 billion proposal to buy bad mortgages, a plan that Barack Obama said might end up being a ``giveaway'' to lenders. More »
Debates over as candidates face final days of race (AP)
AP - Barack Obama and John McCain return to the road 19 days before the presidential election, with the Republican looking to hold onto traditionally GOP states as the Democrat edges into his turf. More »
McCain, Obama begin final sprint after last debate (Reuters)
Reuters - Republican John McCain and Democrat Barack Obama begin a 19-day sprint to Election Day on Thursday after a contentious final debate that featured aggressive McCain attacks on Obama's campaign tactics and tax plans. More »
JPMorgan profit sinks as credit deteriorates (AP)
AP - JPMorgan Chase & Co.'s profit tumbled 84 percent in the third quarter after it took big hits from souring mortgage investments, leveraged loans and home loans. More »
Some Cities Will Be Safer in a Recession (BusinessWeek Online)
BusinessWeek Online - Oct. 13's 937-point surge in the Dow notwithstanding, the economic crisis has left Americans -- even those with no obvious connection to Wall Street -- wondering about their own future. The 401(k)s of many Americans are still on shaky ground, foreclosures are spiking, and employers in big cities and small towns alike are struggling to adapt to a new environment of tight credit and feeble consumer spending. More »