Oil Prices Decline on Fading Optimism
Fresh warnings from the World Bank suggesting that economic growth for the remainder of the year will be less than originally predicted, helped knock oil back to $69.33 in late-day trading in Singapore on Monday. More
ECB Governor Predicts No Change in Interest Rates
Ewald Nowotny – a member of the European Central Bank’s Governing Council – said that the bank will likely hold interest rates at the current 1 percent for the remainder of the year. More
Harvard Study Paints Bleak Picture for Housing
A study released today by Harvard University suggests that soaring consumer debt and poor employment opportunities will continue to make home ownership impossible for many Americans.
“Clear signs of a recovery have yet to emerge, and job losses and the steady stream of foreclosures are keeping many markets under pressure,†researchers for the Cambridge, Massachusetts-based center wrote. “Sales of both new and existing homes continued to struggle to find a bottom.†More
Canadian Banks Look South for Opportunities
Having survived the economic turmoil far better than their US counterparts, Canada’s largest banks are looking for bargains south of the border. More
