Oct 17, 2023

RBA Weighed Interest-Rate Hike, Saw Case to Pause as ‘Stronger’ Lonza Sinks After Warning Scrapped Moderna Deal to Hit Margins Ghana Asks Bondholders to Take Haircuts of as Much as 40% Chinese PE Firm Cherami Considers Hong Kong IPO in 2024, Sources Say Israel Latest: Biden Plans Mideast Trip in Drive to Contain War Bellway Sees Sales Slide as Mortgages Weigh on UK Housing Saudi Arabian Water Treatment Firm Miahona Considers IPO Italy Stock Bulls Are Set for Reality Check From Sovereign Risk European Stocks Steady as Traders Watch Gaza Risks; Lonza Sinks Angry Creditors Are Fighting Over a Crown Jewel of German Real Estate St. James’s Place Says Fee Revamp to Reduce Underlying Cash Czech Central Bank Head Signals Cut or Hold Options Open in 2023 Poor Result of Japan’s Bond Sale Signals Weak Demand From Banks THG Shares Drop on Declining Revenue at Nutrition, Online Units UK Wage Growth Eases in Sign of Labor Market Cooling Hong Kong Crypto Exchange OSL Weighs Sale at HK$1 Billion Valuation Rolls-Royce Set to Cut 2,500 Jobs in Efficiency Drive, Sky Says Ukraine Recap: Missiles Fired at Russian Airfields, Kyiv Says Wendel Enters Exclusive Talks to Acquire Buyout Firm IK Partners Many Canadians stuck in 'chaotic whirlwind of personal finance stress': Edward Jones Money manager of $205M in assets explains how meditation informs his decisions Canadian tech workers make 46% less than U.S. counterparts: TMU study HELOCs can play a vital role in your finance toolkit: Dale Jackson Financial planning for raising kids: expert says cash flow is key HELOCs can play a vital role in your finance toolkit Financial stress levels climb as Canadians use debt to pay for essentials Looking for flights on a budget? Consider price freezing and other newer trends Employers set aside less for 2024 pay increases: survey Financial uncertainty new normal for many Canadians, RBC survey shows Women less likely than men to request a raise, negotiate salary: Surveys Bank of Canada rate pause opens sweet spot for savers: Dale Jackson 3 silent portfolio killers that could drain your retirement savings Registered Education Savings Plan tips for parents and students Millennials’ debt has 'ballooned': RBC economist Dale Jackson: Options could be the right option for your portfolio Canadian tech company uses AI to assess loan qualifications Don’t shy away from asking for a raise, even with recession fears: Experts Finding the right investments for a FHSA can be tricky RBA Weighed Interest-Rate Hike, Saw Case to Pause as ‘Stronger’ Bellway Sees Sales Slide as Mortgages Weigh on UK Housing Angry Creditors Are Fighting Over a Crown Jewel of German Real Estate UK Wage Growth Eases in Sign of Labor Market Cooling Country Garden in Final Hours to Avoid First Dollar Bond Default Labour Investment Plans Could Deliver ‘Meaningful’ Boost for UK Adler Finds Luxembourg Auditor to Vet Results After Long Search Holiday Spending to Grow 14% This Year, Deloitte Survey Shows New Zealand Inflation Slows More Than Expected to 2-Year Low China Data Likely to Show Fragile Economy in Need of Support Ex-Goldman Traders Seek Funds for Fallen China Property Tycoons London Luxury Home Deals Set to Slump Deeper for Rest of Year UK Commercial Property Defaults Rise as Rate Hikes Hit Borrowers Evergrande Wind-Up Hearing Opens Bumpy Path Toward Liquidation Fed Should Stop Rate Increases With US Small Businesses Struggling, Harker Says Paulson Suit Says Ex-Partner Spent Millions on Lavish Lifestyle U.S. stocks rise amid efforts to stifle Israel conflict Real Estate Brokers Pocketing Up to 6% in Fees Draw Antitrust Scrutiny B.C. to bring in new rules on short-term rentals to create more housing RBA Weighed Interest-Rate Hike, Saw Case to Pause as ‘Stronger’ Lonza Sinks After Warning Scrapped Moderna Deal to Hit Margins Chinese PE Firm Cherami Considers Hong Kong IPO in 2024, Sources Say Israel Latest: Biden Plans Mideast Trip in Drive to Contain War Bellway Sees Sales Slide as Mortgages Weigh on UK Housing Saudi Arabian Water Treatment Firm Miahona Considers IPO 'Aggressive' Chinese Fighter Jets Spook Canadian Plane on UN Mission Swedish Electric Vehicle Maker Volta Trucks Files for Bankruptcy Italy Stock Bulls Are Set for Reality Check From Sovereign Risk European Stocks Steady as Traders Watch Gaza Risks; Lonza Sinks Angry Creditors Are Fighting Over a Crown Jewel of German Real Estate St. James’s Place Says Fee Revamp to Reduce Underlying Cash Czech Central Bank Head Signals Cut or Hold Options Open in 2023 Ericsson Says Weakness Persists in Quarter After Sales Miss Poor Result of Japan’s Bond Sale Signals Weak Demand From Banks UK Job Vacancies Fall as Nervous Firms Delay Permanent Hires Alibaba, Tencent Join Funding for Chinese AI High-flyer Baichuan Heathrow, Airlines Lose Bulk of Appeal Against Passenger Fee Cut THG Shares Drop on Declining Revenue at Nutrition, Online Units Chinese PE Firm Cherami Considers Hong Kong IPO in 2024, Sources Say Israel Latest: Biden Plans Mideast Trip in Drive to Contain War Ukraine Recap: Missiles Fired at Russian Airfields, Kyiv Says Ethiopia Says Lack of Port Access Can Fuel Future Conflict BRI Latest: Forum for Xi’s Signature Project Starts in Beijing Europe’s Biggest Battery Starts Up in England Using Tesla Cells Rolls-Royce to Cut 2,500 Jobs Globally: The London Rush Oil Steadies With Gaza Crisis and Venezuela Talks to the Fore Saudi Savola Weighs $5.4 Billion Almarai Stake Sale South Africa Set to Topple Nigeria to Regain Mantle as Continent’s Biggest Economy Net Zero Success Hangs on Rapid Power Grid Build-Out, IEA Says The World Risks Focusing on the Wrong Things at COP28 New Zealand Inflation Slows More Than Expected to 2-Year Low Ambani’s Youngest Son, Anant, Faces Proxy Firms’ Pushback on Board Seat Israel Latest: Blinken Set to Return as US Tries to Contain War What to Know About Jim Jordan, the Trump Loyalist Leading in the House Speaker Race China Data Likely to Show Fragile Economy in Need of Support Will Xi Jinping’s Gamble on Vladimir Putin Pay Off? Climate Tech Investing Slides More Than 40% Over Past 12 Months Business gloom deepens as sales moderate, Bank of Canada survey finds 'It's not the grocery store's fault': money manager on food inflation Manufacturing sales, wholesale trade climb in August: Statistics Canada The Daily Chase: Tourmaline Oil to buy Bonavista Energy The Daily Chase: Tourmaline Oil to buy Bonavista Energy July rate hike could trigger problems for mortgage owners: expert Economy to 'stagnate,' federal deficit expected to balloon to $46.5B this year: PBO Macklem sees 'clearer signs' rates are cooling economy Pharmacare would cost public sector billions more a year, but save economy money: PBO NDP MP petitions for CEBA deadline extension Canadians are cutting back on spending, RBC report shows Peter Letko 'disappointed' in Canadian pensions' investments U.S. inflation eased slightly last month St. Lawrence Seaway workers vote in favour of strike if no deal reached by Oct. 21 Royal LePage downgrades Q4 housing price forecast; expecting 7% increase Canadian grocers won't confirm discounts, price freezes feds promised last week Durable goods to blame for inflation burst, no need for rate hike: report ​Rising wages may not be inflationary: Stephen Poloz ​The Daily Chase: Exxon buying Pioneer in 2023's largest takeover 'Aggressive' Chinese Fighter Jets Spook Canadian Plane on UN Mission India’s Supreme Court Refuses to Legalize Same-Sex Marriage Ukraine Recap: Missiles Fired at Russian Airfields, Kyiv Says BRI Latest: Forum for Xi’s Signature Project Starts in Beijing Franco-German Deal to Be Base for EU Fiscal Rules, Le Maire Says Israeli Bid to Cast Hamas as ISIS Is Undercut by Gaza Death Toll Labour Investment Plans Could Deliver ‘Meaningful’ Boost for UK Whiskey Giant Chivas Looks to Push More Single Malts Into India New Zealand’s Hipkins to Stay as Labour Party Leader For Now SpaceX Fights to Extend Ban on Regulating Commercial Spaceflight Will Xi Jinping’s Gamble on Vladimir Putin Pay Off? Blinken’s Whirlwind Israel Diplomacy Hits Hard Mideast Realities What’s On the Table for Venezuela’s Deal With the Opposition Venezuela Government and Opposition to Resume Talks Under US Deal India’s Top Court to Rule on Same-Sex Marriage Rights South African President Rules Out Privatizating State Companies FTX Latest: Singh Testifies He Was Always ‘Intimidated’ by SBF EU Fails to Set Date Ending Fossil Fuel Subsidies Before COP28 Supreme Court Bolsters Biden’s Ghost Gun Rules Chinese PE Firm Cherami Considers Hong Kong IPO in 2024, Sources Say Israel Latest: Biden Plans Mideast Trip in Drive to Contain War Ericsson Says Weakness Persists in Quarter After Sales Miss Alibaba, Tencent Join Funding for Chinese AI High-flyer Baichuan THG Shares Drop on Declining Revenue at Nutrition, Online Units Hong Kong Crypto Exchange OSL Weighs Sale at HK$1 Billion Valuation TSMC Drops Plan for Chip Plant After Reports of Local Protests Tencent’s Record Buybacks Are Not Enough to End $43 Billion Rout Apple’s Cook Cheers on Tencent Game Gala in Surprise China Visit Bitcoin’s 10% Jump to $30,000 Hints at Trader ‘Playbook’ for ETF Launches PwC Offers Advice From Bots in Deal With ChatGPT Firm OpenAI Baidu Says Its AI as Good as ChatGPT’s in Bold Claim for China Ambani’s Youngest Son, Anant, Faces Proxy Firms’ Pushback on Board Seat Israel Latest: Blinken Set to Return as US Tries to Contain War UK Workers Turn to AI Seeking Better Work-Life Balance China Data Likely to Show Fragile Economy in Need of Support Climate Tech Investing Slides More Than 40% Over Past 12 Months EQT-Backed Health Payments Software Maker Waystar Files for IPO Rakuten’s Rally From Record Lows Clouded by Looming Bond Deadlines The U.S. Fed is failing in four ways: Mohamed A. El-Erian Apple, JPMorgan turn to pay now grow later Remote Working Boom Is Huge for College Towns Like Knoxville Walmart flashes a warning sign to the entire consumer economy: Andrea Felsted Millennials are finally spending like grown-ups Dismal U.S. GDP report raises the odds of recession this year: Gary Shilling Musk is wrong for Twitter even if deal math works out Chocolate bunnies can teach us to save our food supply The Fed has made a U.S. recession inevitable America's oil reserve weapon risks misfiring Four-day workweeks can burn you out U.S. Fed expects a soft landing. Don't count on it Markets are pushing Fed into developing-economy territory Commodity traders go from bonanza to bailout plea Putin's war shows West must clean up dirty money Salary transparency is good for everyone Microsoft's US$69B Activision deal could be a blunder What if the oil market bulls are wrong and this lonely bear is right? Canada's trucker protest may spread from Ottawa to U.S. Israel Latest: Biden Plans Mideast Trip in Drive to Contain War Bitcoin’s 10% Jump to $30,000 Hints at Trader ‘Playbook’ for ETF Launches Israel Latest: Blinken Set to Return as US Tries to Contain War India Leads Emerging Market ETF Inflows After $5 Billion Rout U.S. stocks rise amid efforts to stifle Israel conflict Bitcoin ETF Enthusiasts Hit as Fake News Fuels $85 Million Liquidation Bitcoin Pares After BlackRock Says ETF Application Under Review Grayscale Bitcoin Discount Narrows With ETF Conversion Seen ‘Inevitable’ Israel Latest: Rockets Fired at Tel Aviv; Gaza Targets Attacked Israel Latest: Army Focuses on Gaza City as Ground Attack Looms Grayscale’s Bitcoin ETF Push: What’s Next After Court Ruling Stands Israel Latest: IDF Urges Evacuation of Gaza City, Signaling Incursion SEC Won’t Appeal Court Decision Paving Way for Grayscale Spot Bitcoin ETF Bonds Are Becoming More Volatile Than Stocks by Most on Record Israel Latest: Gaza Ground Offensive Looms, More Than 2,400 Dead Dreams of Big Treasury Gains Backfire With $10 Billion ETF Loss Options Are the Hottest Trade on Wall Street Israel Latest: More Than 2,000 Dead, US Sends Ammunition No End in Sight for Ozempic-Fueled Drop in Medical-Device Stocks Promising Puck Drop for PWHL Betting on Women's Sports is on the Rise NHL expands market to Oz ‘Tis the Season for Selling Sports Books Television deals, ratings generate record-setting NFL revenue Playing for global basketball and sponsorship glory Awareness still at disadvantage in decades-long battle for tennis pay equity FanDuel, Rivalry deliver something new for betting customers Corporations considering Canadian cricket Damian Shepherd and Liza Tetley, Bloomberg News Houses under construction at a Bellway construction site in Bacton, UK. Photographer: Chris Ratcliffe/Bloomberg , Bloomberg (Bloomberg) -- Bellway Plc has warned of a slump in home sales, as high mortgage costs and inflation continue to dent buyer demand in the UK. The homebuilder said its weekly reservation rate was 133 in the nine weeks since Aug. 1, compared with 191 in the same period last year, according to a statement Tuesday. The builder’s 2023 performance was a far cry from the previous year’s results, when Bellway posted record revenues and housing output amid surging demand for new homes. Bellway said it expects the overall average selling price to fall 5% to around £295,000 ($359,250) in the 2024 financial year, from £310,306 in 2023. Meanwhile, the company is targeting completions of around 7,500 homes this financial year, compared with almost 11,000 in 2023, falling short of estimates. While the firm’s results were a “whisker ahead of expectations,” RBC Capital Markets analyst Anthony Codling said they show expectations of significantly lower volumes and house-price declines in the year ahead. Bellway’s stock price declined as much as 4.2% in early London trading on Tuesday, the biggest intraday decline since June 13. Read more: UK Home Sellers Restrain Asking Prices as Economic Gloom Grows The gloomy results come against a tough backdrop for the UK property sector. While the Bank of England’s decision to pause interest rate hikes last month provided some relief, demand continues to be battered by high mortgage rates, which remain close to 6%. Property portal Zoopla recently said house prices are not dropping fast enough to make homes more affordable for first time buyers, with higher mortgage rates reducing buying power by more than 20% compared to early 2022. Meanwhile, some homeowners are having to cut back on discretionary spending to cover higher loan repayments. Lower new buyer interest is hurting housebuilders. In September, Bellway said that demand headwinds had prompted plans to slash jobs, while a peer, Berkeley Group Holdings Plc, said it was halting investments in new projects in the face of a challenging market. “We anticipate headwinds from lower volume output, ongoing pressures of cost inflation and the use of sales incentives to persist,” Bellway said in the statement. “The final volume outturn will depend on the trajectory of mortgage interest rates and the strength of demand in the autumn and spring selling seasons.” Read more: Berkeley Freezes Investment in UK Housing Market as Rates Weigh Still, Bellway said the pricing drop primarily reflected a higher proportion of social housing completions. The company said it was also using “targeted incentives” — which often include freebies to lure buyers — in a bid to boost sales. The company reported a preliminary underlying operating margin of 16% for the year ended July 31, down from 18.5% the year earlier. “Bellway has delivered a resilient performance against a backdrop of rising mortgage interest rates and challenging market conditions,” Chief Executive Officer Jason Honeyman said in the statement. “The depth of our land bank and robust balance sheet provide ongoing strategic flexibility and scope for outlet growth in the year ahead.” (Updates with analyst comment and stock move starting from the fourth paragraph.) ©2023 Bloomberg L.P.