Dublin, where commercial property values dropped 65 percent during Western Europe’s worst real estate crash, should be a feasting ground for distressed investors. Instead, frustrated buyers are competing for a dearth of properties that’s inflating prices and discouraging other funds from entering the market.
Ireland’s banks need to forgive some unsustainable housing debt, John Moran, the most senior official in the Finance Ministry said, as the nation’s central bank pressured lenders to act as arrears spiral.
When Bill Clinton told American executives that they’d be “nuts” not to invest in Ireland, many were already ahead of the former president. U.S. companies were behind almost 40 percent of offices bought or leased in Dublin in 2011 and the trend is likely to accelerate this year.
Irish bankers preparing for the biggest wave of foreclosures in the nation’s history are struggling with how to dispose of the homes as the central bank pressures them to go after owners of investment properties.
Chaoda Modern Agriculture Holdings Ltd.’s Chairman Kwok Ho, Chief Financial Officer Andy Chan and Fidelity Management’s George Stairs were accused of insider trading by Hong Kong’s financial secretary.
U.S. exchanges and some brokers will be required for the first time to conduct coordinated trading tests to show they can recover from natural disasters or terrorist acts, according to a rule proposed by regulators.