Tuesday 26 September 2017

Mortgage arrears crisis worsens

China buys shares in 'big four' banks

THE mortgage arrears situation got worse in the first three months of this year, a leading credit rating agency said.

Moody's said that close to one fifth of the value of mortgages in this market were three months or more in arrears in the three months to April. There was also a rise in the value of mortgages where repayments were three months or more in arrears.

CHINA'S government has bought more shares in that country's four biggest commercial banks, according to stock exchange statements, its latest move to shore up market confidence after stock prices hit a six-month low last week.

Stock filings showed Central Huijin Investment Co, China's main holding company for state-owned financial companies, bought shares in Industrial and Commercial Bank of China, Bank of China, China Construction Bank and Agricultural Bank of China.

AER LINGUS GETS DATE FOR ACTION

A LEGAL action by Aer Lingus aimed at preventing Ryanair issuing another takeover bid will be heard next month. Aer Lingus is challenging a ruling by the Irish Takeover Panel that said Ryanair had to wait 12 months after its August 2012 bid before it could make another.

Aer Lingus says the panel's ruling has major commercial implications since its operations are constrained when it is subject to a takeover bid. Mr Justice Peter Kelly has fast-tracked the case to the Commercial Court and fixed it for hearing on July 18.

IRISH FIRMS GIVEN NANOSCIENCE CASH

TWO Irish companies – Adama Innovations, a spin-off of Trinity College institute CRANN, and Crospon, a medical device manufacturer based in Galway – have been selected by a European Commission research project on nanoscience.

The two will receive €600,000 in a project that uses nanoscience to develop advanced manufacturing techniques for medical devices.

WEDDING SPENDING IN US RISES BY 5PC

SPENDING on the average wedding in the US has climbed 5.2pc to $28,427 in 2012 from a year earlier, according to New York company XO Group.

Strides in employment, rising home prices and consumer confidence at a five-year high are boosting discretionary income.

Irish Independent

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