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...Anderson last year donated $100mn to his alma mater, Johns Hopkins University in Bologna, one of the largest known donations to a university in continental Europe....
...Back in 1984, by way of comparison, it took depositors an entire week to withdraw half their funds from Continental Illinois — in person — when that giant lender failed....
...“So it’s hard to make investment decisions for us in either London or continental Europe.”...
...Whisper it, but as losses mount and concerns rise in the US and continental Europe around real estate, the UK sector looks better placed....
...Christie’s top lot was Cy Twombly’s 2004 “Untitled (Bacchus 1st Version II)”, which went for $17mn ($20mn with fees), against an $18mn-$25mn estimate....
...Two-year fixed mortgage rates are about 6.4 per cent. Nor are Britons doing badly compared with continental peers....
...Low funding costs have helped Starling expand into mortgages, putting it in direct competition with high street banks....
...The UK will probably lag behind the US which has had more government spending on various industrial policies, but probably remain approximately on par with continental Europe....
...Steep and sudden falls, or long periods of prices drifting — such as in continental Europe until recently — are common....
...They then halt mortgage payments. Developers are then left sprinting over thin air like Wile E Coyote, as at present....
...But with rising interest rates and greater competition, S&Ls ventured outside mortgages and into commercial real estate, to disastrous effect....
...Home rental prices in July rose at their fastest rate ever, according to new data, while mortgage rates are expected to stay high for some time....
...While US companies remain the biggest buyers, the transactions have gained favour rapidly in continental Europe and the UK since the start of the pandemic....
...Refinancing mortgages will look much nicer, and that might cheer people up. Maybe Labour will be lucky. Lucy FisherWell, that is a very optimistic note to end on....
...In football, Chelsea FC and AC Milan fetched record sums for transactions of English Premier League and continental European clubs, respectively....
...These now look less valuable, just as employees’ monthly mortgage payments are spiking....
...Chris Pitt FD famously launched a minute past midnight 1st of October 1989. Just so you didn’t need to bank in a branch. We want to be there for them wherever they are. You call us up....
...Mortgage distress could make rising profits embarrassing for lenders, as I noted in an Inside Business column this week....
...Today is Monday, August 1st. And this is your FT News Briefing. [MUSIC PLAYING] Europe and the UK are easing up on Russian oil sanctions. Investors are returning to the crypto market....
...The sell-off in gilts heaped pressure on pension funds to offload bonds to stave off solvency concerns and caused many banks to withdraw mortgage offers....
...Mortgage and rental costs are also rising....
...This has the potential to bring the UK mortgage market closer to the model of the US and continental European market, where it is common for interest rates to be fixed for the long term or the full length...
...The UK is increasingly embracing the habits of our continental European neighbours in this respect. But not everyone is enjoying some much needed R&R....
...“A fixed-for-term mortgage — already very popular in some parts of continental Europe — is likely to become increasingly attractive in a rate-rising environment.”...
...The hugely popular Scottish Mortgage has moved to a 10.4 per cent discount versus a 52-week average of 3.1 per cent....
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