NI house prices drop by up to 10pc
HOUSE prices in England outperformed the rest of the UK in 2012, while Northern Ireland recorded falls of up to 10pc, Nationwide said yesterday.
Across the UK, house prices fell by 0.1pc month-on-month in December and they are likely to remain flat or edge lower still in 2013, the building society said. Sharp contrasts in the performance of the housing market were highlighted across the UK, with prices increasing by 6pc annually in Cambridge, as they plummeted by 10pc across Co Armagh and Co Down and by 9pc in Bradford.
Eurozone deposits remain stable
THE deposits of consumers and firms in banks in eurozone member states remained mainly stable in November, European Central Bank data showed. The figures indicated that the worst fears of bank collapses or even a eurozone exit are receding.
The ECB managed to calm financial markets by announcing a new government bond purchase plan in September, which has since brought down sovereign bond spreads for the likes of Italy and Spain.
Clarification – Landsbanki
IN an article published on January 3, the Irish Independent reported that Icelandic banker Larus Welding, who was sentenced to jail for fraud last week, helped negotiate the takeover of Merrion Capital by his then employer Landsbanki in 2005.
While Mr Welding was a senior executive at Landsbanki at the time, he was not involved in negotiating the takeover. We are happy to clarify this.
Federal Reserve to end bond buying
US Federal Reserve policy makers will probably end their $85bn monthly bond purchases sometime in 2013.
Four years after cutting the main interest rate to near zero, policy makers are expanding their third round of so-called quantitative easing to boost economic growth and cut the jobless rate, now at 7.7pc.
Oil prices fall as market joy fades
OIL prices fell yesterday as fiscal-cliff euphoria fizzled and the traders evaluated ample energy supplies against lacklustre demand.
Benchmark crude for February delivery fell 36 cent to $92.76 (€70.74) in electronic trading on the New York Mercantile Exchange.