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...The aircraft — which has four living spaces, including a private bedroom, seating area, dining room and cinema — can fly for 7,700 nautical miles at a time, reaching altitudes higher than commercial jets...
...Bank of England were quick to distance themselves....
...“We do think we passed a high point in this cycle,” said Deutsche’s chief financial officer James von Moltke, referring to new loan provisions, adding that the crisis in US commercial real estate seemed...
...Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, said the data suggested the eurozone had returned to quarter-on-quarter gross domestic product growth of about 0.3 per cent since the start...
...Regional US lender New York Community Bancorp on Wednesday revealed it had taken large losses on loans tied to commercial property, while Japan’s Aozora Bank and Deutsche Bank on Thursday warned about the...
...The bank had not been hit by any new defaults in the first two months of the new year, he said. The bank earmarked €350mn for loan loss provisions for 2024, compared with €441mn last year....
...Do not bank on a fairytale ending for PBB. andrew.whiffin@ft.com...
...While overall loan-loss provisions were in line with the bank’s guidance, provisions for US commercial real estate in the fourth quarter shot up to €123mn, from just €26mn a year before....
...Bonds issued by Aareal Bank, another German lender exposed to US commercial real estate, have also been hit, though to a lesser degree....
...Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, which sponsors the survey, said it showed “a widespread easing of the downward trajectory witnessed in the past year”....
...“Price pressures remain elevated,” said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, which sponsors the eurozone PMI survey....
...Without the money, the two businesses will have no option but to try to sell their assets in an already troubled commercial property market....
...S&P Global and Hamburg Commercial Bank’s Germany construction purchasing managers’ index for December showed a sector deep in contraction at the end of 2023 with a “bleak outlook” for 2024....
...“There is a glimmer of hope as the eurozone inches towards recovery,” said Norman Liebke, an economist at Hamburg Commercial Bank, which sponsors the survey, while warning that Germany was “acting as a brake...
...Highlights Magnus Carlsen and promoter Jan Buettner set out plans for a multimillion Freestyle Chess Tour, with the pledge to emulate the commercial success of sports events such as the men’s tennis ATP...
...An empire, including stakes in luxury buildings like Selfridges in London, is in freefall as commercial property prices crater. The board of Benko’s company Signa has ousted him....
...Signa owes approximately €13bn to banks and investors, according to an analysis by JPMorgan....
...“The attacks in the Red Sea are leaving their mark,” said Norman Liebke, economist at Hamburg Commercial Bank, which compiled the French survey together with S&P Global....
...“This is not a good time to be in construction in the eurozone,” said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. “Especially those companies focused on the housing sector.”...
...“Even though input prices increased at a modestly slower rate, companies were able to raise output prices even more than in previous months,” said Cyrus de la Rubia, chief economist at Hamburg Commercial...
...Rising interest rates, falling commercial property values and a downturn in the luxury market have combined in a perfect storm for the sprawling Austrian property empire....
...The European Central Bank has already ordered banks to report exposures to it and to take more conservative risk provisions against Signa....
...“In the eurozone, things are moving from bad to worse,” said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank....
...No commercial bank wants the state looking over its shoulder, especially when making post-deal balance sheet tweaks....
...It also owns several construction projects, including the Elbtower in Hamburg. Both companies are still trading and both share the same management and supervisory boards....
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