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UK mortgage arrears at 7-year highThe share of UK mortgages in arrears rose to the highest level since 2016 in the last three months of 2023, according to Bank of England data underlining the impact of high mortgage rates on household finances.Mortgages in arrears rose to 1.23 per cent of all outstanding mortgage balances in the three months to December 31, from 1.12 per cent in the previous quarter, the highest since the last quarter of 2016, the BoE said.It follows a sharp rise in mortgage costs over the past three years as the bank has battled rising inflation. Nevertheless, the figure remains well below a peak of 3.64 per cent in the first quarter of 2009, during the global financial crisis.
February inflation breakdown: Where are prices still rising the fastest?Inflation rises faster than expected in February amid high rent, gas costsInflation rose faster than expected in February as an increase in the cost of rent and gasoline kept prices elevated for millions of U.S. households. The Labor Department said Tuesday that the consumer price index, a broad measure of the price of everyday goods including gasoline, groceries and rent, rose 0.4% in February from the previous month. Prices climbed 3.2% from the same time last year. Both of those figures are higher than they were the previous month."Inflation continues to churn above 3%, and once again shelter costs were the main villain," said Robert Frick, corporate economist at the Navy Federal Credit Union. "The good news is food prices didn’t rise last month, but the bad news is one of the other main pain points for consumers, transportation costs, rose quite a bit."Here is a breakdown of where Americans are seeing prices rising and falling the fastest as they continue to wrestle with sticker shock.RentHousing costs were once again one of the biggest drivers of inflation last month. Rent costs rose 0.4% for the month and are up 5.8% from the same time last year. Rising rents are concerning because higher housing costs most directly and acutely affect household budgets. Another data point that measures how much homeowners would pay in equivalent rent if they had not bought their home also climbed by 0.4% from the previous month.FoodFood has been one of the most visceral reminders of red-hot inflation for Americans. In February, the cost of groceries was unchanged – a major reversal from January, when it rose 0.4%.However, on an annual basis, grocery prices remain up 1%, according to the data. And when compared with January 2021, before the inflation crisis began, grocery prices are up a stunning 21%.The cost of eggs surged 5.8% in February amid another outbreak of the avian flu. Consumers also paid more for other goods, including breakfast cereals (2%), cookies (2.1%), beef and veal (0.5%), bacon (0.9%), ham (1.2%), bananas (1.7%), sugar (0.6%), butter (0.2%) and fresh vegetables (1.5%), including lettuce (2.5%) and tomatoes (2.6%). However, there were also some substantial declines in food prices last month. The cost of coffee, bread, pork, hot dogs, chicken, milk, cheese, apples and citrus fruits all fell in February.EnergyEnergy prices jumped in February for the first time in months, adding to the financial pressure that many families are already enduring. Prices rose 2.3% during the month, including a 3.8% jump in gasoline.The average cost of a gallon of gas hit $3.94 on Tuesday, according to AAA, up more than 6% from one month ago. It marks the highest level in four months for gas prices.Electricity costs also rose 0.3% in February and remain 3.6% higher than the prior year.CarsThere was some bad news for Americans looking to buy a used car in February.The cost of used cars – which were a major component of the inflation spike in 2022 – inched higher last month, rising 0.5%. However, used car prices are down 1.8% year over year.But new car and truck prices inched 0.1% lower in February. Prices remain up 0.4% from the same time last year.There's another problem for car owners: rising insurance costs. Auto insurance jumped 0.9% in February, after rising the previous three months. On an annual basis, prices are up a stunning 20.6%.Travel and TransportationAirline tickets continued to trend upward in February, rising 3.6% over the duration of the month.The cost of tickets is down about 6.1% when compared with last year, according to the data.
Nord Stream sues insurers for €400mn over pipeline explosionsLloyd’s of London among those hit by lawsuit in High CourtNord Stream is suing insurers including Lloyd’s of London for about €400mn in the High Court for refusing to cover explosions that destroyed gas infrastructure connecting western Europe to Russia.Court documents show the Switzerland-based company brought a lawsuit last month claiming that insurers “failed to pay” for damage done by underwater explosions that mangled and deformed the Nord Stream 1 and 2 pipelines at the bottom of the Baltic Sea.Lloyd’s of London and Arch Insurance are listed as representative defendants on behalf of the multiple insurers on the policies.Nord Stream’s “preliminary and high-level estimate” of the costs to remove water from the pipelines and stabilise them, undertake a repair and replace lost gas is between €1.2bn and €1.35bn, according to the legal documents.The cause of the explosions, which took place in international waters in September 2022, has not been determined.Russia was initially suspected of sabotage but has denied responsibility. Ukraine also denied involvement after media reports in the US and Germany suggested pro-Ukrainian operatives may have been behind the attacks.Both Denmark and Sweden have dropped their investigations, saying they did not have enough evidence to charge anybody, leaving only Germany at present conducting a probe.Nord Stream, owned by Gazprom, Wintershall Dea, Eon, Gasunie and Engie, said those involved were “unknown”.The claim is among the largest filed in London’s High Court over the past year, according to litigation data analysis group Solomonic.The case is being levelled against Lloyd’s of London among insurers that provided the so-called primary policies, which take the first losses from any event.The second defendant is a group of insurers led by an arm of Bermuda-based Arch, which provided the so-called excess cover. Such policies typically kick in after the primary policies have paid out.Nord Stream is arguing the explosions were a separate occurrence for the purposes of both sets of policies. The claim of €400mn is split evenly between the primary and excess groups. The company also claimed for about €3.7mn for a damage survey, plus other costs.Lloyd’s of London and Arch declined to comment. Nord Stream said: “We are not in a position to provide any detailed comments to the legal proceedings.”Neither pipeline was in operation at the time of the explosions. Supplies in Nord Stream 1 were halted by Russia after its full-scale invasion of Ukraine. Nord Stream 2 never came into operation after Germany cancelled its approval process.
Goldman Says European Real Estate Valuations Nearing BottomBank’s analysts note recent deceleration of asset price dropSlump will be more like 1989 than Global Financial CrisisEuropean commercial real estate valuations are close to a bottom after a slump driven by worries about interest rates and the economy, according to analysts at Goldman Sachs Group Inc.While the initial speed of valuation declines was steeper than any other cycle in the last 35 years, a recent deceleration in price drops suggests the peak-to-trough trajectory may end up more akin to the 1989 crash than the global financial crisis, Jonathan Kownator and colleagues wrote in a note. (...)
CPI Hot Again, Rent Up at Least 0.4 Percent for 30 Straight MonthsFor over two years, analysts said rent was declining or soon would be. But for the 30th consecutive month, rent was up at least 0.4 percent. Gasoline rose 3.8 percent adding to the misery.
Cita de: Derby en Marzo 12, 2024, 14:18:16 pmhttps://www.ft.com/content/46ca8249-8b81-4f25-a852-4bf9f9852085CitarUS inflation rises to 3.2% in FebruaryUnexpected increase set to be scrutinised by Fed as it weighs interest rate cutsVaya noticia a una semanita de la reunión de la FED. Cómo nos íbamos a reir algunos con un cuartito de punto hacia arriba.
https://www.ft.com/content/46ca8249-8b81-4f25-a852-4bf9f9852085CitarUS inflation rises to 3.2% in FebruaryUnexpected increase set to be scrutinised by Fed as it weighs interest rate cuts
US inflation rises to 3.2% in FebruaryUnexpected increase set to be scrutinised by Fed as it weighs interest rate cuts
China scrambles to prevent another big property developer going bustChinese banks are reportedly scrambling to bail out one of the country’s biggest property developers after its credit rating was downgraded to “junk” status by Moody’s on Monday.Beijing has been struggling to restore confidence in the country’s ailing real estate industry and appears to be working flat out to prevent China Vanke going the way of Evergrande and Country Garden, which both defaulted on their debts and are at risk of being liquidated.Chinese state media reported Tuesday that 12 major banks, including the six largest state-owned lenders, were in talks to provide a syndicated loan for Vanke worth as much as 80 billion yuan ($11.2 billion) to enable the company to meet upcoming repayment deadlines.The provision of the loan is still uncertain, state media outlet Cailianshe reported, citing an unnamed source close to the potential deal. Another state media outlet, the Economic Observer, reported that several insurance companies have sent teams to Vanke’s headquarters for a new round of debt negotiations in a bid to avert a default. CNN has reached out to Vanke for comment.Founded 40 years ago, Vanke was the country’s second largest developer by sales last year but it has been hammered by the collapse in demand for apartments and the slump in home prices.Vanke’s stock soared in Hong Kong and Shenzhen following the reports of potential new financing. On Tuesday, its Hong Kong-listed shares ended up 10.3%, while the Shenzhen-traded stock closed 5.7% higher. But they are still in negative territory so far this year.On Monday, Moody’s cut Vanke’s rating to Ba1, which is often referred to as a junk rating. That means the company needs to offer a higher yield on its bonds to compensate for the greater risk of payment default that bond investors are taking on.“The rating actions reflect Moody’s expectation that China Vanke’s credit metrics, financial flexibility and liquidity buffer will weaken over the next 12 to 18 months because of its declining contracted sales and the rising uncertainties over its access to funding amid the prolonged property market downturn in China,” Kaven Tsang, a senior vice president at Moody’s said in a press release.Other international ratings agencies S&P and Fitch have kept Vanke’s ratings at investment grade.(...)But he also said Beijing will not bail out developers that are “seriously” in trouble.“For real estate companies that are seriously insolvent and have lost their operating capabilities, [we should] let them go bankrupt or be restructured,” he said.“We view the tone as negative,” Nomura analysts wrote on Monday. They said Ni has made clear that the government’s priority is to ensure delivery of property projects, not to protect the developers’ businesses.
También se ha revelado en qué se ha gastado el dinero el Ministerio de Cultura de Tabarnia: «En disfrutar, no como Koldo, y en crear el cuadernillo para la amnistía». Este tiene la función de aleccionar a los niños para que sepan a quien amnistiar, porque el ministro «espera acabar como Iceta, en la UNESCO o por ahí».Aunque antes de que el titular de Cultura sea un fugado, hay otras personalidades a las que amnistiar, y no poco relevantes para los vecinos de Tabarnia y los españoles: «A las mujeres y hombres del tiempo de TV3, que se empeñan en hablar de los países catalanes. Tíos, cambiad de camello». «A quienes se empeñan en ellos, ellas, elles. La palabra pollo tiene un mal femenino. A estos, por pesados». «A Pilar Rahola, porque antes entrará un pecador en el reino de los cielos que cien justos. Esto de no salir todos los días en la tele, de no engrosar la subvención… Como no ha hecho dinero con esto del proceso…» «A la presidenta de Paradores [Raquel Sánchez, exministra de Transporte, Movilidad y Agenda Urbana], responsable de que los trenes de Cantabria no quepan por los túneles».Y para ir preparando el camino que Iceta siguió en su día, el responsable de la cartera de Cultura ha facilitado a la salida su número de cuenta, porque «a diferencia de los socialistas -que están muy trabajados, con callos de estar en la obra-«, él presume «de corrupto».
En medio de los impresionantes paisajes del sur de Yogyakarta, Indonesia, Bubble Haven emerge como una maravilla arquitectónica pionera. Este visionario complejo de viviendas, ubicado entre acantilados montañosos y exuberantes bosques tropicales, encarna un modelo de vida sostenible y armonía ambiental: una fusión innovadora de arquitectura y naturaleza. Hoy en COOLthelifestyle te contamos todo sobre este especial y conceptual proyecto liderado por el arquitecto Yuli Sri Hartanto. ¿Vivirías en estas casas burbuja en Indonesia?
Pues si, seria divertido, pero no va a pasar, por lo menos en europa. La prensa pisitofila, que es la mayoritaria, ya ha puesto al Banco Central en el punto de la diana diciendo a sus hipotecados que aguanten, que si o si el banco central va a bajar tipos en junio.No se en que posición estará el bueno de jerome en EEUU, pero como a Chistine le de por subir tipos en la próxima reunión, contradiciendo a los expertos del regimen, que saben mas que el gobernador, ya te digo yo que el propietariado madrileño va a fletar autobuses directos a Frankfurt, hasta arriba de Hipotecados al Borde del Embargo, cargados con bidones de gasolina, a quemar el BCE. Espero que a Chistine y su equipo les de tiempo a escapar.(si suben tipos, veremos a ver cuanto aguanta el banco central la presion mediatica a la que le van a someter. El Propietariado todavía no ha sacado a las medios ni el 10% de todo el arsenal que tiene en los almacenes)