Pound Rises to $1.60
A boost in the banking and financial services sector helped propel sterling to a seven-month high of $1.60 in London this morning. More
UK Mortgage Lending Rises by 4%
In the first sign of positive news in what has been a bleak period for UK housing, the number of mortgages approved for the month of April rose by 4 percent from the previous month but this is still 15.5 percent off the pace from a year ago. Additionally, while the number of mortgages may have increased, the average value for each mortgage has fallen from £155,100 in April 2008 to £129,100 for April 2009. More
Canadian Deficit Expected to Hit $50 Billion
Canada’s federal deficit for this fiscal year is expected to break the C$50 billion mark – a record amount for the country after battling back from massive deficits in the 1980s and 1990s. Lower tax revenues combined with increased spending in unemployment benefits and efforts to stimulate the economy are to blame according to Federal Finance Minister Jim Flaherty. More
Bondholders Reject GM Deal – Bankruptcy Protection Likely
After failing to arrive at a deal to repay its bondholders, it is very likely that General Motors will be forced to seek the protection of bankruptcy court. More
