Banca Comerciala Romana (BCR) recorded a net profit of RON 267.9 million (EUR 56.6 million) in the first quarter of the year, up by 6 percent over the same period of 2018, a smaller growth tan the parent company Erste Group registered in the same period. “We believe in the Romanian economy and we continue to finance it responsibly, because this is our role. We are grateful to our clients who also invest their trust in us because continual dialogue helps us to be better. I want to thank our colleagues for trusting in our transformation and the ambition to become true financial advisers. We will continue to invest in the development of digital platforms, particularly in George, to respond quickly to the latest trends and updated needs of banking users,” said Sergiu Manea, BCR’s CEO. In retail banking, BCR granted new loans in local currency for individuals and micro-enterprises of over RON 1.6 billion in the first quarter of 2019, both for mortgage loans and for … [Read more...] about BCR’s Q1 2019 net profit up by 6 percent to EUR 56.6 million
100 percent mortgage financing
Turkish real estate sales to foreign buyers, which enjoyed a buoyant 2018 supported by private sector campaigns and legal amendments, has maintained its pace and saw an all-time monthly high in the first month of this year. House sales to foreigners skyrocketed by 81.9 percent year-on-year in January to 3,168. The same figure stood at 1,742 in the same month last year. Istanbul was the top choice for foreign buyers in January as 1,361 residential properties were sold in the country's largest city, followed by the holiday resort city Antalya with 601, the capital Ankara with 182, Bursa with 177 and Yalova with 162. Iraqi citizens, which bought around 8,205 houses last year, again led the way among nations and purchased 605 houses in Turkey in January. Property sales to Iraqis in the same month of last year stood at 272. Iraqi citizens were followed by Iranian, Russian, Afghan and Jordanian nationals with 305, 195, 191 and 151 house sales, respectively, the data showed. When the top 10 … [Read more...] about Turkey’s house sales to foreigners up 81 percent in January
Paul Davidson USA TODAY Published 8:48 AM EST Feb 6, 2019 Is President Trump blowing up the deficit and dooming the economy? Trump's big tax cuts and spending increases have substantially widened the deficit – the annual gap between government income and expenses – to nearly $1 trillion, lending fresh urgency to a debate that seemed to have vanished from the halls of Congress in recent years. Some economists and think tanks say the red ink could ultimately crimp the economy by pushing up borrowing costs for Americans and hampering the government’s ability to spend in a crisis. That could mar Trump’s economic legacy, much as a big debt run-up in the 1980s tainted President Reagan’s. Meanwhile, the sum of all annual deficits and surpluses, the national debt, is an eye-popping $21 trillion. The ratio of national debt held by the public – which excludes things like Social Security – to gross domestic product … [Read more...] about Deficit under Trump: Will tax cuts, spending hikes doom economy?
During the years of ultra cheap money, companies loaded up on debt but now the concern is whether they will be able to handle the mountain of debt as interest rates rise. Until last year, companies basked in the sun of low interest rates while economies were expanding at a steady clip. They had no real reason not to borrow. But in 2018 the clouds set in: political uncertainty, market volatility, deteriorating growth prospects, in particular in China, and most importantly a tightening of monetary policy as central banks ended the stimulus measures taken to tame the 2007-08 financial crisis. At the end of last year the US Federal Reserve estimated that private US companies held nearly $15 trillion (13 trillion euros) in debt. In Europe, non-financial companies hold some 12 trillion euros ($13.8 trillion), according to Pierre Verle, head of credit at asset manager Carmignac. "In absolute terms, the debt of non-financial companies accounts for around 70 percent of gross domestic product in … [Read more...] about Does the corporate debt mountain pose an avalanche risk?
Samuel Stebbins 24/7 Wall Street Published 8:32 AM EST Dec 26, 2018 The U.S. economy is subject to complex, interconnected forces too innumerable for any one person to account for or anticipate. Still, when it comes to the health of the economy, the buck often stops at the president's desk. While by no means a comprehensive measure of economic health, the performance of the Dow Jones Industrial Average stock index is often used as a proxy for overall economic prosperity. The best known stock market index, the Dow tracks the value of 30 public company stocks that together represent all major industries, except for transportation and utilities. Though the companies that make up the DJIA change over the years, the index’s purpose and utility does not. The Dow’s performance has varied under each president. Under a handful of administrations, the DJIA fell considerably. Under the leadership of others, the Dow more than tripled. 24/7 Wall St. reviewed the change in … [Read more...] about Stock market performance: Dow under every president in past 100 years