| HSBC reports 'good business growth'
HSBC Malta maintained good business growth in 2007, continuing the positive profit and balance sheet trends reported in its first half 2007, the bank said in a statement today. "As at 31 October 2007 both customers" deposits and customers’ loans increased strongly over the prior October end, whilst maintaining a steady and stable loans to deposits ratio. The core income and profitability levels disclosed in the first half 2007 results were sustained during this financial period. There was no deterioration in the quality of credit lending whilst liquidity and solvency indicators remained sound and ahead of regulatory levels" the bank said in an interim directors" statement covering the period July 1 to October 31, 2007. It said that during the third quarter work on major projects had progressed well, including the adoption of the euro, implementation of SEPA, Basel 2 and "Chip and Pin" card functionality.
Stocks close up despite credit concerns at end of losing week;C$ surges
TORONTO - The Toronto stock market cruised to a flat finish Friday with investors reluctant to make big bets at the end of another losing week and fresh concerns over writeoffs of securities backed by mortgage debt. New York indexes racked up a moderate gain even as investors were discouraged by reminders not to expect another interest rate cut when the U.S. Federal Reserve meets next month and a rough outline of what the ultimate damage could total from the American housing sector implosion. Toronto's S&P/TSX composite index added 5.93 points to 13,530.36 after credit concerns pushed the index down 250 points Thursday. The main Toronto index fell 339.46 points Friday or 2.4 per cent on the week. On Friday, the financial sector moved down 0.37 per cent and Bank of Montreal (TSX:BMO) shares 46 cents lower at $56.66 as it said it is booking $320 million in writedowns arising from disorder in world credit markets, joining the list of big banks hurt by the collapse of the U.S.
Crunch time
November 16 � Financial Times (Gillian Tett): �Another week, another memorable encounter with a nervous financial beast. This time, however, the animal in question is Royal Bank of Scotland�Last week, RBS raised eyebrows when it was widely reported that one of its highly respected credit analysts had predicted that
subprime losses could eventually rise to between $250bn and $500bn - or twice previous estimates� behind the scenes - and occasionally in public view - the credit analyst community remains distinctly divided about just how big the final hit might be� Thus while some observers project a $100bn hit, others talk about $500bn� A decade ago, I covered the Japanese bank crisis and became embroiled in a bad-loan guessing game that continued for many years.
Mortgage fraud cases yield tough sentences
As the meltdown of the subprime mortgage market plays itself out in Houston, prosecutors are getting some stiff sentences fighting fraud that grew from weaknesses in the industry. At the Harris County District Attorney's Office, the consumer-fraud section has multiple cases, and the major-fraud section has about half its resources in mortgage fraud cases. Meanwhile, the Houston U.S. Attorney's office is handling many cases as well, with four set for sentencing in the next few months and three other cases involving multiple defendants set for trial or pre-trial conferences. U.S. Attorney Don DeGabrielle said: "Mortgage fraud continues to be a significant investigative and prosecutive priority." Houston's criminal defense bar, the same folks who represented Enron defendants, now find themselves well employed by mortgage-fraud clients.
Ten Holiday Shopping Tips
You say you overspent your budget last year and didn't pay off your Christmas bills until Easter? Then you need some advice on how to hang on to more green. Our ten tips will keep you out of the red this holiday season. 1. Pay cash. No, that's not hopelessly old-fashioned. Recently I was interviewed on a radio talk show, and the host shared her holiday shopping M.O.: She always pays in cash, preferably $100 bills. "The bank teller always looks at me strangely when I ask for hundreds, but it makes you think twice when you go to buy something," she explains. "You really don't want to break a Benjamin." Her co-host on the show does his holiday shopping with a debit card: "When you're out of money, you're out of money." 2. Know thy enemy. If you're going to pay by credit card, use the one with the most favorable terms.
Crash claims 3rd child of Bliss soldier
DALLAS -- A Travis Elementary School student described as "bright" by his principal died last weekend adding to the tragedy suffered by a Fort Bliss family that now has lost three children to a rollover accident near Ozona, Texas. Tyler Johnson, 9, died Saturday at Children's Medical Center in Dallas from injuries he suffered in a crash on Oct. 13 while Lisa Johnson and her children were traveling from El Paso to San Antonio to visit their father, Army Spc. John Austin Johnson. The soldier was being treated for a traumatic brain injury he sustained in Iraq during his second tour. John Johnson is with the 1st Battalion, 9th Cavalry Regiment, 4th Brigade Combat Team, 1st Cavalry Division, which is based at Fort Bliss and is nearing the end of a 15-month Iraq deployment. The couple's other two children, Logan, 2, and Ashley, 5, died at the scene of the accident and were buried late last month in Arkansas where the family has roots.
|
