Canada’s economy grows more than expected

June 29, 2012 under Useful Articles
Reuters  Jun 29, 2012 – 9:04 AM ET OTTAWA — A rebound in oil output helped deliver surprisingly strong Canadian economic growth of 0.3% in April after two months of soggy readings, according to Statistics Canada data released on Friday. Declines in retail sales and manufacturing had led to expectations for a tepid reading on real gross domestic product. The median forecast in a Reuters survey was f
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Spain cannot afford high rates for long, Rajoy says

June 27, 2012 under Useful Articles
27 June 2012 Last updated at 08:29 ET -  BBC © 2012 Spanish Prime Minister Mariano Rajoy has said Spain cannot afford to finance itself for long at current rates. Spanish 10-year government bonds have been trading at yields above 6.8%, coming close to the 7% considered unaffordable. Mr Rajoy was speaking ahead of this week’s European Union (EU) summit. “The most urgent subject is the subject of fi
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Bank’s King says ‘pessimistic’ about worsening economy

June 26, 2012 under Useful Articles
26 June 2012 Last updated at 08:43 ET - BBC © 2012 Bank of England governor Sir Mervyn King has said he is “pessimistic” about the short-term prospects for the global economy. He also said he had been struck by how much the situation had changed in the past six weeks. Sir Mervyn said he was particularly concerned about the worsening situation in Asia and other emerging markets. His comments follow
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Mortgage changes ‘may be too late’: Moody’s

June 26, 2012 under Home Buyer Resources, Useful Articles
Barbara Shecter  Jun 25, 2012 – 4:07 PM ET | Last Updated: Jun 26, 2012 7:39 AM ET Last week’s mortgage changes unveiled by regulators and the federal government are positive for Canada’s banks, but “may be too late to avoid a housing correction,” according to analysts at Moody’s Investors Service. In a weekly credit outlook report published Monday, Moody’s analysts
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Sales of New U.S. Homes Increased in May to Two-Year High

June 25, 2012 under Home Buyer Resources
By Lorraine Woellert – Jun 25, 2012 7:17 AM PT Demand for new U.S. homes rose more than forecast in May as mortgage rates dropped, bolstering the residential real-estate market while other parts of the world’s largest economy cool. Purchases climbed to a 369,000 annual rate, up 7.6 percent from the prior month and the most since April 2010, the Commerce Department reported today in Washington. The medi
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German businesses ‘finally get crisis feeling’

June 22, 2012 under Useful Articles
Published: 22 Jun 12 11:15 CET – The Local Europe GmbH, 10435 Berlin, Germany Updated: 22 Jun 12 11:31 CET Eurozone gloom deepened on Friday with data showing that the debt crisis has pushed business confidence in Germany, Europe’s biggest economy, to the lowest level for more than two years. Compounding an unexpectedly sharp drop in investor sentiment earlier this week, the Ifo economic institute’
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Canada’s debt-fuelled economy running on fumes, Carney warns

June 21, 2012 under Useful Articles
The Canadian Press  Jun 21, 2012 – 12:42 PM ET | Last Updated: Jun 21, 2012 1:38 PM ET OTTAWA — Canada’s relatively healthy economy has been largely based on borrowed money, but the situation cannot go on indefinitely, Bank of Canada governor Mark Carney warned Thursday. The central bank governor’s stern words to a business audience in Halifax comes just hours after Finance Minister J
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Sales of Existing U.S. Homes Fell in May to 4.55 Million

June 21, 2012 under Useful Articles
By Lorraine Woellert ©2012 BLOOMBERG L.P. ALL RIGHTS RESERVED – Jun 21, 2012 7:48 AM PT Sales of previously owned U.S. homes declined in May, showing an uneven recovery in residential real estate. Purchases of existing properties dropped 1.5 percent to a 4.55 million annual rate last month, figures from the National Association of Realtors showed today in Washington. The median forecast of economists surve
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Eurozone slowdown continues, according to PMI survey

June 21, 2012 under Useful Articles
21 June 2012 Last updated at 06:25 ET - BBC © 2012 The eurozone debt crisis continues to weigh heavily on economic activity within the 17-nation bloc, according to a closely watched survey. The Purchasing Managers’ Index, compiled by Markit, was stuck at 46 in June, the same level as May, which was the lowest level for three years. Any reading below 50 indicates contraction. In Germany, where economic a
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Ottawa tightens mortgage rules to avert household debt crisis

June 21, 2012 under Home Buyer Resources, Useful Articles
Jason Fekete, Postmedia News  Jun 21, 2012 – 8:31 AM ET | Last Updated: Jun 21, 2012 11:34 AM ET OTTAWA — The federal government is moving once again to tighten mortgage lending rules, announcing Thursday it’s reducing the maximum amortization period for a government-insured mortgage to 25 years from 30 years. The decision follows warnings from banks about an overheated housing market and ri
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