All Property Week articles in 27 February 2009 – Page 3
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Indian shoe chain secures rent cuts
Footwear major Bata India has re-negotiated rentals with owners of around 40 stores and achieved up to 30% rent reduction on properties.
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US set to pump another $30bn into AIG
The United States is planning its fourth round of aid to the American International Group, the giant insurer. The government already owns nearly 80% of the insurer’s holding company.
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Australian new homes sales jump
New homes sales in Australia rose 8.3% in January, the latest survey by the Housing Industry Association shows.
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Oz interest rates set for all-time low
The Reserve Bank of Australia is tipped to cut interest rates to a record-low level in March, as the effects of the global downturn threaten to really hit the domestic economy.
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Dubai developer eyes merger
Union Properties, Dubai’s third largest property developer, would welcome a merger if the partner brought a genuine advantage to its overall business operations, the company’s chief executive said.
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HSBC battered by bad US loans as £12bn rights issues launched
HSBC is to own up to the full horror of its American sub-prime business, Household, when it unveils a £7bn goodwill write-off in addition to a £17bn provision against rising bad loans.
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London office rents fall twice as fast as New York
Office rents in London are plunging at twice the rate of those in New York according to NB Real Estate.
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HBOS: Whistleblower reveals new evidence
Paul Moore, the HBOS whistleblower, has presented new evidence to the Treasury Select Committee supporting his claims that the reckless sales-culture and product mis-selling ultimately led to the bank's collapse.
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House market shows signs of life
More homes are being put up for sale and more are also finding buyers, but at prices well below sellers' expectations. As a result, the average sale price is now 88% of the figure at which a property is first marketed, according to the latest survey from Hometrack, the housing ...
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BBA reports mortgage application rise
The British Bankers’ Association reported a second successive rise in mortgage approvals and noted that lending for house purchases by the big banks in January was reasonably perky.
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Landlords to be hit by bid to save Mosaic
Landlords could be forced to accept cut-price rents on more than 500 high-street shops across Britain as Mosaic, the owner of Karen Millen and Principles, collapses into a prepack administration.
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Late mortgage payments hit new record
Households are finding it steadily harder to pay their debts on time, with the number of subprime mortgage holders falling behind on payments at its highest ever.
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Safestore clawback clause
Safestore, the self-storage group, has become the first British company to include a clause in its directors’ contracts that will force them to pay back bonuses earned for profits that prove to be false.
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Rightmove revenue boosted despite falling market
Rightmove, the property website, reported that profits had risen last year, while official figures revealed that house prices had fallen for the seventeenth month in a row in January, wiping more than £1,300 off the value of an average home.
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Mosaic Fashion to be broken up in pre-pack deal
Mosaic Fashion, the Oasis to Karen Millen clothing company, is set to be broken up in the next few days in a pre-pack administration that will see some chains sold and some stores shut.
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Principal Hayley takes over Oakley Court in Windsor
Hotel and venue group Principal Hayley is to run The Oakley Court in Windsor.
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ING’s property income trust aims to amend securitised debt covenants
ING UK Real Estate Income Trust is seeking to amend several of the covenants in its securitised loan facility.
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Invesco’s income trust reports 66% NAV decline
Invesco Property Income Trust suffered a 66% plunge in its net asset value in the fourth quarter of last year.
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Chair for London Sustainable Development Commission appointed
The Mayor of London has today appointed John Plowman as the chair of the London Sustainable Development Commission.