Mortgage and Financial News From 2008-12-9 Page 01
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Bank of Canada axes short-term interest - CNEWS
OTTAWA - The Bank of Canada took an axe to short-term interest costs Tuesday, cutting its key rate by three quarters of a point in a move to get consumers and businesses borrowing and spending again and help revive the slumping economy. The drop in ...
2008-12-09 04:46:00 -
Banks fail to match rate cut – again - Globe and Mail
Canada's banks, squeezed by tight credit conditions, only passed two-thirds of the central bank's rate cut on to consumers, posing a challenge for Ottawa as the economy withers. Each of the six largest banks decided Tuesday to lower their prime rate ...
2008-12-08 05:59:00 -
No 'big stuff' for economy until late January: PM - CBC News
The federal government may have to produce sector-by-sector stimulus measures to ease Canada's economic pains in the weeks ahead, but the "big stuff" will have to wait for the Jan. 27 budget, Prime Minister Stephen Harper said Tuesday. Harper said ...
2008-12-09 03:20:00 -
Loan approvals rise on interest rate cuts - West Online
Australian home-loan approvals increased in October for the first time in nine months after the central bank slashed borrowing costs to encourage property buyers back into the market. The number of loans granted to build or buy homes and apartments ...
2008-12-09 07:09:00 -
Rate cuts, interest subsidies likely by the weekend - Economic Times
NEW DELHI: The high-powered committee on economic crisis headed by Prime Minister Manmohan Singh met on Tuesday to finalise a package to boost the economy. A special infrastructure fund, interest subsidy for housing and export-dependent sectors like ...
2008-12-02 11:07:00 -
WRAPUP 1-ECB cuts may not be last word as world economy slows - Forbes
VIENNA/HELSINKI, Dec 9 (Reuters) - The European Central Bank's record interest rate cut may not mark 'the last word' in monetary easing, an ECB policymaker said on Tuesday, but he and colleagues refused to commit themselves to further action even ...
2008-12-09 10:34:00 -
TD Bank, CIBC cut prime to 3.5 pct after BoC cut - Reuters
TORONTO (Reuters) - Toronto-Dominion Bank (TD.TO: Quote , Profile , Research , Stock Buzz ) was the first Canadian bank to lower its prime lending rate on Tuesday after the Bank of Canada delivered a surprisingly large 75 basis point cut to its key ...
2008-12-09 02:44:00 -
CA-BUSINESS Summary (The Globe and Mail)
OTTAWA (Reuters) - The Canadian economy will get a solid boost from Tuesday's Bank of Canada rate cut of three-quarters of a percentage point, but fiscal stimulus will also be needed, Prime Minister Stephen Harper said.
2008-12-09 09:51:47 -
Berlusconi's professional foul (Guardian Unlimited)
When he launched his Italian satellite platform, Sky Italia, Rupert Murdoch airily dismissed the notion that Silvio Berlusconi's immense power, as both government leader and media tycoon, might represent a threat to his enterprise. Berlusconi was "a modern man with a broad vision", he was quoted as telling an interviewer. In any case, he added, "business is business". It would be ...
2008-12-09 09:59:47 -
Weakening service sector plans to cut jobs and investment (Guardian Unlimited)
The extent of the slowdown in the British economy is underlined today with new reports showing job losses across the service sector and the recession deepening in most regions of the UK. The Confederation of British Industry says in its latest quarterly survey of the sector, which covers businesses from banks to retail and IT firms, that companies across all areas reported steep falls in ...
2008-12-09 10:04:28 -
A better bailout (Vermont Cynic)
There can be no doubt that we have entered a period of economic crisis and turmoil unlike any that has been seen in generations. Unfolding before our eyes is a period of spiraling unemployment, profound and widespread mismanagement of industries critical to our nation's health and now a crisis within the world of our nation's universities that could cripple our ability to keep pace with the ...
2008-12-09 10:05:40 -
Cars and other deals tempt BC home buyers (CTV British Columbia)
While the Bank of Canada lowering its key interest rates to 1.5 percent, the lowest in half a century, there are other ways British Columbians are being to tempted to borrow from the banks and spend their cash.
2008-12-09 10:15:42 -
James K. Galbraith: The Johnson Legacy and the Obama Challenge: Remarks to the LBJ Centennial Conference (HuffingtonPost)
The economists of the Johnson era, notably my father and Walt Rostow, understood that the fortunes of the U.S. cannot be disentangled from the progress of the developing world. In the years since, we have forgotten.
2008-12-09 10:36:54 -
World Bank’s ‘Wrong Advice’ Left Silos Empty in Poor Countries (Bloomberg)
Dec. 10 (Bloomberg) -- Inside and out, the rusted towers of El Salvador’s biggest grain silo show how the World Bank helped push developing countries into the global food crisis.
2008-12-09 10:37:36 -
Bank of Canada slashes key lending rate to 50 year low (A-Channel Victoria)
1.5% Prime lending rate not seen since 1958
2008-12-09 11:14:59