Case, Roma più cara di Londra e New York

Solo a Montecarlo il mattone è più caro che nella capitale. Per chi vuole investire in immobili al top ci sono Bangalore e la Lettonia
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MILANO – Il Principato di Monaco è il mercato immobiliare dai prezzi più stellari. Niente di stupefacente, vien da dire, considerando, più che il fascino glamour dello staterello monegasco, la scarsissima disponibilità di suolo edificabile di fronte alle continue richieste provenienti da magnati, Vip e sportivi di tutto il mondo. Che Roma segua a ruota, battendo Parigi e annichilendo New York e Londra, fa riflettere di più. Ε queste riflessioni le stimola la nuova classifica stilata dalla rivista americana Forbes, intitolata «I mercati immobiliari più sopravvalutati del mondo».
I CRITERI – Primo il Principato, seconda Roma, terza Parigi; città carissime come Londra, New York e Tokio lasciate invece alla distanza. Per capire quest’apparente contraddizione, occorre spiegare che la classifica di Forbes non è semplicemente una graduatoria dei più alti prezzi al metro quadrato. Il criterio è maggiormente ponderato e nelle 50 città esaminate tiene presenti, per esempio, i costi di transazione, quelli di manutenzione, l’inflazione, le commissioni di agenzia, le tasse sulla casa, l’apprezzamento degli immobili. In sostanza, una città che svetta ai primi posti di questa speciale classifica non ha certo il mattone a buon prezzo, ma oltre a ciò è caratterizzata anche dalle scarse prospettive di crescita del valore immobiliare. Investire nel mattone in una città della top ten, quindi, rende meno che farlo in una città dove magari il metro quadro è persino più caro, ma al contempo più redditizio.
CHI C’E’ – Il Principato di Monaco svetta (con un indice di 74,07) per vari motivi, su tutti gli alti costi di transazione che pesano su chi vende o acquista immobili (livelli non certo da paradiso fiscale) e la scarsità di prospettive future di investimenti in mattoni, perché il suolo edificabile è in sostanza esaurito, in attesa della costruzione di isole artificiali di fronte al celebre litorale. Segue Roma, dove comprar casa, specie nel centro storico, è carissimo, ma rende poco, complici tasse, costi di gestione e transazioni e la lenta crescita dell’economia italiana negli ultimi anni. Seguono Parigi, Los Angeles (l’unica grande metropoli americana dove gli investimenti immobiliari rendono poco e lentamente), Vancouver, Vienna, Auckland, Zurigo e Oslo, che ha già scontato una crescita sorprendente (+149,54% in dieci anni) dei prezzi delle case, grazie al recente boom dell’economia norvegese.
CHI NON C’E’ – Il fatto che città dall’altissimo costo della vita (■ Guarda la classifica) e in alcuni casi molto gettonate dal jet set (come Londra e New York) non compaiano ai piani alti della classifica non vuol dire che siano a buon mercato, anzi, ma comporta il fatto che investirvi in mattone resta un ottimo affare. Da questo punto di vista, per esempio, comprar casa a Bangalore (India) è un un mezzo terno al lotto: gli immobili si rivalutano del 9,3% annuo. E per chi vuole investire in Europa, Forbes consiglia la Lettonia: poche tasse, pochi incartamenti e costi per le transazioni pressoché nulli (il 3% per chi vende

India's Tata eyes UK car legends

The chairman of India's Tata Group has confirmed that he is interested in acquiring Jaguar and Land Rover from their parent, Ford.Speaking to Indian TV, Ratan Tata lifted his previous refusal to speculate on a possible Tata bid for the legendary British brands.He said Tata's interest in Jaguar and Land Rover stemmed from a desire to expand its global presence.Ford has said there is a more than 50% chance it will sell the carmakers.Tata Motors relies on the Indian market for more than 90% of its sales.Expanding frontiersMr Tata explained that any thoughts of taking over Jaguar and Land Rover were dictated by the need to change this concentration on one market."It is to give ourselves scale, to give ourselves global reach," he said of the potential bid.Ford says it has already received a number of offers for the two UK divisions.Analysts have been expecting a private equity buyer to emerge as a successful suitor for Jaguar and Land Rover.Market tremorsEarlier this week, Ford chief executive Alan Mulally said the current turbulence on global stock markets had affected the disposal of Jaguar and Land Rover.Stock market upsets were "absolutely an issue", the Ford boss said.Market turmoil has caused a sharp slowdown in general takeover activity.Mr Mulally said no announcement would be made over the sale of Jaguar and Land Rover until late this year or early 2008.

Le "Charles-de-Gaulle" a pris ses quartiers d’hiver à Toulon

L’entretien du porte-avions durera dix-huit mois et représente un budget de 300 millions d’euros.

«C’EST LE plus grand chantier industriel de la région», se félicite le capitaine de vaisseau Stéphane Boivin, le nouveau pacha du porte-avions Charles-de-Gaulle. Le fleuron de la Marine nationale est en cale sèche dans le grand bassin de la zone Vauban, à Toulon, depuis le 30 juillet. Depuis sa mise en service il y a six ans, c’est sa première indisponibilité programmée pour entretien et réparations, «Iper» dans le jargon de la Marine. Le chantier, qui démarre le 1er septembre, a été confié à DCN Service Toulon
pour lequel c’est la plus grosse opération de « maintien en condition opérationnelle » jamais réalisée. Compte tenu du caractère stratégique du bâtiment, la France ne disposant que d’un seul porte-avions, la Marine a imposé un rythme accéléré: les travaux ne doivent durer que 15 mois au lieu de 30 pour les porte-avions américains ou 22 mois pour les sous-marins nucléaires français. Pour réaliser cette performance, trois ans de préparation ont été nécessaires. Ce chantier de très grande ampleur est en effet très com¬plexe. Et coûteux. Il représente un budget total de 300 millions d’euros dont 230 millions pour l’Iper elle-même et 70 millions pour la modernisation et l’adaptation.
Pas moins de 16500 interventions sont programmées d’ici au 31 octobre 2008 et trois sont particulièrement importantes. Il y a tout d’abord le rechargement des deux cœurs nucléaires du porte-avions, dont le combustible est épuisé. Ensuite, c’est le changement des deux hélices qui lors de la mise en service du Charles-de-Gaulle avaient dû être remplacées en urgence par des pièces en provenance du Clemenceau ou du Foch. Enfin, la troisième grande intervention sera la réfection des installations aéronautiques pour préparer l’arrivée des nouveaux avions de combat.
Mille hommes d’équipage
Pour accueillir ce navire de 261,50 mètres de long et de 64 mètres de large, la Marine a investi 40 millions d’euros dans la rénovation de la zone Vauban dans le port de Toulon: changer des grues, refaire la station de pompage ainsi que les sols du bassin, acquérir un bateau-porte (utilisé pour fermer la forme de radoub et mettre le navire hors d’eau) et implanter autour du bassin un véritable village industriel avec son propre restaurant, capable d’accueillir les 1600 personnes qui travailleront sur le site.
Pour l’heure, mille hommes d’équipage préparent le bateau. Ils devraient fournir 1,2 million d’heures de travail. Et 1,2 million d’heures supplémentaires seront effectuées par 600 salariés de DCNS et d’une cinquantaine d’entreprises sous-traitantes en charge de 40% des travaux. Parmi elles, des poids lourds comme Areva TA (ex-Technicatome), Cegelec, Snef, mais également des entreprises régionales de chaudronnerie, d’électricité ou de mécanique comme le Chantier naval des Baux ou la société Eiffel de Fos-sur-Mer qui a réalisé le bateau-porte de 1200 tonnes.
Depuis son changement de statut en 2003, DCNS est devenue une entreprise autonome. Cela signifie qu’elle doit être rentable tout en pratiquant des prix 20% inférieurs à ce qu’elle facturait quand elle était un service de l’État. Pour cela, DCNS sous-traite une grande partie du travail et se concentre sur la maîtrise d’œuvre, l’ingénierie, les activités les plus spécifiques, les plus risquées et à plus forte valeur ajoutée

This Week's Economic Roundup

Despite turmoil on Wall Street, shoppers have kept spending this summer, amid a more positive outlook on the economy for the months ahead. Here's a look at this week's economic developments and how they may affect your business.
Leading Indicators Rebound
Following declines in June, the index of leading economic indicators rose 0.4 percent last month, led by gains in consumer expectations and vendor performance, the Conference Board reported Monday.
Six of 10 index components improved in July, including a drop in new jobless claims and more orders for consumer goods and materials, according to the New York-based private research group. On the downturn were building permits, new orders for non-defense capital goods, and interest rate spread, while average manufacturing hours held steady.
The index has shown gains in three of the last six months, rising by 0.1 percent in the six months ending July.
Over the same period, the coincident index, a gauge of current economic conditions, rose by 1.1 percent, led by strengths in industrial production and employment.
Retail Sales Up
Same-store sales rose by 0.2 percent last week, the first gains in over three weeks, the International Council of Shopping Centers and UBS Securities reported Tuesday.
The gains, which are based on sales data at 60 retail chains nationwide, were driven by lower temperatures and sales-tax exemptions, according to Michael Niemira, the New York-based trade group's chief economist.
According to the National Retail Federation, the growing turmoil within the subprime mortgage and private equity markets has not kept shoppers from spending this summer.
In a survey of 1,000 consumers released this week, roughly half said the troubles on Walls Street hadn't changed their spending habits, while about 25 percent said they didn't even follow the stock market. Only 13 percent said the crisis had them thinking twice about major and nonessential purchases, the survey found.
Business Bankruptcies Jump
Following sharp declines last year, the number of businesses filing for bankruptcy rose to 6,705 in the second quarter, a 7 percent increase from the start of the year, Euler Hermes ACI reported Tuesday.
Business bankruptcies over the first two quarters combined are now up by 45 percent over last year when changes to federal bankruptcy laws prompted a 50 percent decline in corporate insolvencies, according to the Owing Mills, Md.-based credit insurance firm.
Rising energy costs, tighter monetary policy, and declines in the housing market were cited as causes of the gains. The firm is forecasting 30,000 business bankruptcies by the end of the year.
Gas Prices Back on the Rise
Average gas prices rose by 1.4 cents last week to $2.785 per gallon, the first increase in four weeks, the Energy Information Agency reported Wednesday.
As of Aug. 20, average gas prices were 13.9 cents lower than the same period last year. The modest gains were driven by soaring price hikes in the Midwest, where average prices pumps jumped by 10.2 cents to $2.87.1, the highest prices in the country. By contrast, prices in most regions dropped, including a 6.6 cent decline in California to $2.862 per gallon.

Ryanair's Eurostar claim banned

Ryanair has been banned from claiming its flight from London to Brussels is faster and cheaper than making the journey by Eurostar.The claim was misleading because it ignored time taken travelling from city centres to airports, the Advertising Standards Authority (ASA) said.Ryanair's advert compared its 70-minute flight with a 131-minute train journey.But travelling from the heart of London and Brussels would add one hour and 45 minutes to the journey, the ASA said.And costs for those journeys to and from airports at both ends of the journey meant that claims Ryanair's service was cheaper were also misleading.Punctuality claimsRyanair defended its position, saying that time and costs involved in getting to an airport or railway station were "irrelevant" as they applied to both modes of transport.In a statement, the airline added that "no stupid ruling" from the ASA could hide the success of the airline."Only the very rich or the very slow waste their time on Eurostar," it said.Ryanair's main London base, Stansted airport, is about 25 miles outside the centre of the capital while Charleroi airport is some 28.5 miles outside of Brussels."We considered that many readers would not be aware of the locations of the airports and additional costs incurred," the ASA said.Ryanair was also found to have made inaccurate claims when it said that Ryanair's flights on the route were more punctual than Eurostar's service.The budget airline was told by the ASA to remove all the claims from its adverts.In July the ASA ordered Ryanair not to repeat an advertisement that played down the impact of aviation on the environment.In a press campaign the airline claimed the airline industry "accounts for just 2% of carbon dioxide emissions".The ASA ruled it breached rules on truthfulness by not explaining the figure was based on global rather than UK emissions.
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HBOS bails out own fund as effect of credit crisis spreads

The credit crisis inched closer to the heart of the British financial system yesterday as HBOS, the banking group, disclosed that it was bailing out a vast in-house fund that has been struggling to finance itself.HBOS, which owns Halifax and Bank of Scotland, said that it would extend credit to Grampian, a $37 billion (£19 billion) Jersey-registered debt- financed fund, until market conditions improved.The move came as the Bank of England disclosed that it had provided £314 million of emergency funding to a financial institution that it did not name, but which is understood to be Barclays.Grampian, a so-called conduit or credit arbitrage fund, holds asset- backed securities and normally finances its investments by issuing short-term commercial paper. However, demand for commercial paper has dried up as banks and investors shun all but the most risk-free of assets in a flight to ultra-safe government bonds.function pictureGalleryPopup(pubUrl,articleId) {var newWin = window.open(pubUrl+'template/2.0-0/element/pictureGalleryPopup.jsp?id='+articleId+'&&offset=0&§ionName=IndustrySectorsBankingFinance','mywindow','menubar=0,resizable=0,width=615,height=655');}HBOS’s decision to finance Grampian from its own resources means that it may have to raise £19 billion within six months — and most of that within weeks unless credit conditions improve. The average maturity of the Grampian commercial paper is just 55 days.HBOS said: “Grampian will use facilities provided by HBOS to repay maturing asset-backed commercial paper until such time as market pricing improves to a level acceptable to HBOS.” The group said that the action would “have no material adverse impacts on HBOS” and added that it had liquidity lines sufficient to repay the entire £19 billion. Grampian’s assets are held on the HBOS balance sheet, but do not have to be marked to market, enabling HBOS to ride out the storm without having to make big writedowns, according to one well-placed source. The fund is thought to have only about $300 million in securities backed by American sub-prime mortgages.Many banks have built up conduits in recent years, but Grampian is the biggest in the world, equivalent to 57 per cent of HBOS’s £33 billion stock market value. Until recently conduits have been able to borrow short term at low rates and invest proceeds in higher-yielding longer-maturity securities.Sources described Barclays’s use of the Bank’s emergency facility, which is priced at a punitive 1 per cent above base rate, as an operational issue and not related to fears over liquidity. It is the first time that the facility has been used since the credit market soured.

Quiebra la segunda compañía estadounidense de créditos hipotecarios

La compañía First Magnus Financial, la segunda mayor empresa de financiación hipotecaria de Estados Unidos, ha declarado su bancarrota y se suma así a la lista de entidades y fondos afectados por la crisis crediticia. La entidad norteamericana suma deudas que ascienden a 813 millones de dólares. Con ella ya son más de 90 las entidades afectadas en EE UU por la crisis crediticia. Ayer mismo, Capital One anunciaba el cierre de su filial hipotecaria GreenPoint.
La empresa, con sede en Tucson, se registró ayer como empresa en quiebra en el Estado de Arizona con deudas que ascienden a 813 millones de dólares. Según ha informado, tiene entre 25.000 y 50.000 acreedores tanto en Estados Unidos como en el extranjero, pero no los ha identificado públicamente.
First Magnus ya despidió a 6.000 trabajadores la semana pasada y cerró 300 de sus oficinas. En su página web, justifica la quiebra debido al colapso del mercado secundario de hipotecas.
La compañía se situó en el primer semestre en el puesto 16 del ránking de prestamistas hipotecarios de Estados Unidos. Fundada en 1996, operaba en 50 estados del país.

El PP pide la comparecencia de Solbes en el Congreso para hablar de la crisis financiera

AGENCIAS
MADRID.- El Partido Popular solicitará hoy la comparecencia ante la Comisión de Economía del Congreso de los Diputados del vicepresidente económico, Pedro Solbes, para que explique las medidas adoptadas por el Ejecutivo ante la situación que viven los mercados financieros por la crisis de las hipotecas 'basura' en EEUU.
El portavoz adjunto del PP en el Congreso, Vicente Martínez- Pujalte, ha indicado en un comunicado que, ante una situación financiera mundial que es "bastante preocupante, el Gobierno socialista se ha escondido y no ha dado la cara".
No obstante, el presidente del Gobierno, José Luis Rodríguez Zapatero, transmitió este martes al Rey el respaldo a la decisión del Banco Central Europeo (BCE) de inyectar liquidez al mercado del dinero, una medida que Pujalte consideró un "parche" que "no pone remedio a la enfermedad".
Además, el jefe del ejecutivo resaltó las "bases muy sólidas" de la economía española para responder a la crisis de las hipotecas de alto riesgo de EEUU y dijo que la evolución económica ha tenido un "cuadro positivo" en los años 2006 y en estos meses del 2007. En el segundo trimestre del año, el PIB creció un 4%, una décima menos que entre enero y marzo.
El jefe del Ejecutivo, en un posterior encuentro con los medios, expresó su confianza en las instituciones financieras y en los colectivos de inversión de España y subrayó que la crisis en EEUU no afectará de manera "significativa" a la evolución de la economía en general y de la española en particular.
15 fondos españoles, 'tocados' por la crisis
La Comisión Nacional del Mercado de Valores (CNMV) ya ha recibido notificación de 15 fondos y sociedades de inversión (SICAV) españoles, de ocho entidades distintas, afectados por la crisis del mercado hipotecario de EEUU.
El regulador ha pedido a las gestoras de fondos que comuniquen a través de hechos relevantes su grado de exposición a fondos u otros vehículos de inversión con capital dentro del negocio 'subprime'.En este sentido, Rodríguez Zapatero comunicó al Rey que tanto el Ministerio de Economía, como el Banco de España y la CNMV "están atentos" a los efectos de esta crisis.
Martínez-Pujalte, por su parte, ha insistido en que el Ejecutivo "está funcionando de una manera muy autista, sin plantearse ningún tipo de medida, ni en un sentido ni en otro".
Así, además de solicitar la comparecencia de Solbes, dirigirá una batería de preguntas al Gobierno para saber "si se han puesto en marcha medidas de vigilancia especiales sobre entidades financieras y sobre los fondos, y si se están tomando medidas para evitar el contagio de unos fondos a otros", después de que más de una decena ya hayan admitido que están afectados por la crisis.

Faced with uncertain outlook, rate setters slip into neutral

Mervyn King once likened the process of setting interest rates in the UK to driving a car with the windscreen blacked out. Policy makers had to judge where they were going by looking out of the rear window to see where they had been.
The delicacy of this manoeuvre means there are times when the Bank needs to slip into neutral and coast along for a bit. Yesterday it used the minutes of the monetary policy committee meeting earlier this month which voted 9-0 to keep rates at 5.75% to suggest that it had done just that."There was range of views about the risks to inflation and growth. The future path of Bank Rate would depend on the evidence in the months ahead about whether and how the risks were crystallising; most members emphasised that they had no firm views on whether rates would need to rise further," the Bank's minutes said.
Stripped down to basics, that remark means one thing: City speculation that the Bank will underline its get-tough approach to inflation with a sixth rise in the Bank rate in little more than a year when it meets next month is for the birds. If rates are to go to 6%, it will not be until later in the year and there is a good chance that 5.75% will be the peak.
Certainly, that is the growing sentiment in the financial markets. Sterling has slipped below $2 and looks vulnerable to further falls. In the money markets, three-month interbank rates have fallen below 6% for the first time in four months - a marked change of mood from a month ago when the talk was of borrowing costs going to 6.25% by the end of 2007 and staying there for the whole of 2008.
There are three main reasons why the Bank is now in wait-and-see mode. Firstly, recent economic data hardly suggests that further increases in the cost of borrowing are needed to curb inflation. The July consumer prices index showed the cost of living up 1.9% on a year earlier, below the government's 2% target and a far cry from the 3.1% in March that forced Mr King to write an explanatory letter to the then chancellor, Gordon Brown.
Weather
One of the MPC's hawks, Andrew Sentance, yesterday used a regional newspaper interview to warn against reading too much into one month's inflation data, and some analysts believe that there were one-off factors, such as the wet weather, which artificially suppressed inflation last month.
There is, however, evidence that consumer spending is slowing. The Royal Institution of Chartered Surveyors earlier this week reported a big drop in housebuyer inquiries, while the supermarket price war has been prompted by weaker demand.
Government figures released yesterday showed that inflationary pressure from the labour market remains minimal. Despite a fall in the claimant count unemployment rate to 2.6%, the growth in average earnings fell to a four-year low of 3.3%. Real disposable incomes fell in both the final quarter of 2006 and the first quarter of 2007, making it more difficult for consumers to maintain their spending habits.
The second factor - linked to the first - is the vulnerability of the UK to the global financial markets. In the year to June, output grew by 3%; of that, 1.3 percentage points came from financial and business services.
Stephen Lewis, an economist at Insinger de Beaufort, said: "The UK economy could take a hard knock from latest developments in global markets."
He added that of all the major central banks, the Bank of England had most reason to fear the macro-economic fall-out from the market turmoil, given the UK's dependence on financial services activity for GDP growth.
"There have been no horror stories yet from UK financial institutions relating to their exposure to the US mortgage mess. However, UK banks and financial advisers are liable to suffer indirectly, through a diminution in the flow of corporate deals. Such transactions have relied on investors' voracious appetite for risk. Now that appetite has turned to aversion, this type of financial activity will be scaled back."
Nick Parsons, head of market strategy at NAB Capital, said a financial market slowdown would affect not just dealers and analysts but ripple out to all the ancillary services that rely on the spending power of the City.
"Bonuses in E14 [the London district that contains the financial centre of Canary Wharf] had a big impact not just on London but on the growth of the whole UK economy. Take away those bonuses and you will have the same multiplier process, only in reverse."
Graham Turner, of GFC Economics, said: "London is incredibly vulnerable to a severe downturn in global financial markets. It has been the centre of the proliferation in credit derivatives products and the investment banking community has been a main driver of the UK economy.
"Had we not had the strength of the financial sector, average earnings growth across the economy would be below 3%."
Turmoil
With many analysts believing the market turmoil is likely to intensify over the coming months, a final factor is that the hawks on the Bank's monetary policy committee will find it harder to secure the votes necessary to raise rates. At present, the committee is divided into three distinct camps - those who think rates need to go to 6% at some point, those who think they do not, and the swing voters in the middle whose view will be decisive.
This latter camp includes the Bank's chief economist, Charles Bean, its financial markets director, Paul Tucker, and Kate Barker, one of the four outside experts. Bean, Tucker and Barker all voted against a rate rise in June before sanctioning tighter borrowing in July, and will need some convincing that the car is not going to stall if rates go to 6%.
Some analysts believe it is now or never for the hawks. "The longer the Bank waits", said Mr Parsons, "the harder it will be to raise rates."

Dubai in $4bn bid for Nordic OMX

The Dubai stock exchange has launched a $4bn (£2.02bn) cash bid to buy its Nordic counterpart OMX.The offer price trumps the $3.7bn recommended cash-and-share offer made by the US Nasdaq in May and could prompt a bidding battle for the firm.Stockholm-based OMX runs the Nordic Exchange, which gives investors access to the biggest firms in Scandinavia and the Baltic states.The move reflects the growing demand for consolidation in the sector.Speculation that the government-backed Borse Dubai, which runs the emirate's stock market, would pounce on OMX has heated up since last week when it bought a 27.4% stake in the exchange for 230 kronor ($33.3; £16.7) per share.That figure beat Nasdaq's 208.1 kronor per share offer made to buy OMX in May and is the price the Dubai exchange would pay for the rest of OMX shares if its bid is successful.The development comes amid a wider trend of consolidation among stock exchanges, as they try to cut costs, gain scale and become more efficient.Second setback?"This combination will establish OMX as the group's global platform, building on OMX's leading technology and strong brand to position it to become one of the fastest-growing major exchange networks in the world," said Borse Dubai chairman Essa Kazim.The government-backed Dubai group, which owns the emirate's exchange, is hoping that its more attractive offer will appeal to Stockholm-based OMX as well as the chance to gain access to the growing economic might of the the Gulf region."The board of OMX will consider the Borse Dubai offer as compared to the Nasdaq offer and will update shareholders in due course," the Swedish operator said.If the takeover is approved, it would mark a second setback for the technology-dominated Nasdaq, after its failed $5.3bn to buy the London Stock Exchange earlier this year.Following Borse Dubai's unsolicited approach on Friday, Nasdaq directors urged OMX shareholders to back their earlier offer, which has already been agreed by the OMX board.The US exchange operator has been desperately seeking a European partner after its rival, the New York Stock Exchange, won control of pan-European exchange owner Euronext in March.The $14.3bn deal created the first transatlantic stock market operator, and the world's largest.Meetings are now expected to take place between the Dubai exchange and shareholders from OMX, as well as with the Swedish government, which holds a 6.6% stake in the exchange.
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Nation's Largest Lender Borrows $11.5 Billion To Stave Off Bankruptcy After Mortgage Meltdown

NEW YORK (Reuters) - Countrywide Financial Corp. , the largest U.S. mortgage lender, said on Thursday it is drawing down an entire $11.5 billion credit facility to bolster liquidity as a shortage of credit devastates much of the mortgage industry.Shares of Countrywide fell $1.54, or 7.2 percent, to $19.75 in premarket trading. Through Wednesday, Countrywide shares had fallen by 50 percent this year.The drawdown was announced a day after a Merrill Lynch & Co. analyst said Countrywide could eventually face bankruptcy, and many investors said the Calabasas, California-based lender was having greater difficulty selling short-term debt.It also shows how liquidity strains have spread beyond subprime lenders to larger companies that made predominantly higher-quality loans."The big question is, can Countrywide survive," wrote Paul Miller, a Friedman, Billings, Ramsey & Co. analyst.He said if liquidity problems last more than a month, "Countrywide might be forced to sell assets at a deep discount, putting tremendous pressure on its book value and stock price."There is a scenario in which the current liquidity crises last for longer than three months and Countrywide is forced into bankruptcy; it will be ugly, but it can happen!" he said.Countrywide did not immediately return calls and an e-mail seeking comment.Countrywide's 5.8 percent notes maturing in 2012 fell 4.3 cents on the dollar to 85.7 cents, yielding 9.60 percent, according to Trace, the Financial Industry Regulatory Authority's bond pricing service.CONSTRAINEDCountrywide said the unsecured facility was provided by 40 large banks. More than 70 percent of the facility has a term of longer than four years, while the rest has a term of at least 364 days, it said."Along with reduced liquidity in the secondary market, funding liquidity for the mortgage industry has also become constrained," Chief Operating Officer David Sambol said. "Countrywide has taken decisive steps which we believe will address the challenges arising in this environment."
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More local phone service deregulated across Canada

Canada's telecommunications regulator on Friday approved new and more liberal rules to govern providers of local exchange phone service in more than a dozen municipalities from Rimouski to Victoria.The cities include Quebec City, Montreal, Ottawa-Gatineau, Toronto, Hamilton, London, Winnipeg, Saskatoon, Calgary, Edmonton and Vancouver.The move means that phone companies will not have to apply to the Canadian Radio-television and Telecommunications Commission for permission to introduce new services or set rates for home phone service.This marks the second round of local phone service deregulation, or forbearance. On July 25, the CRTC announced deregulation for Fort McMurray, Alta., Halifax, Fredericton and Charlottetown.For local service deregulation, there had to be at least two competitors in a city, each capable of covering 75 per cent of the market."Competition in the local phone market is going to heat up, and consumers can look forward to new and innovative service offerings becoming available from Bell in the near future," said Kevin Crull, Bell's president of residential services."We will have opportunities to simplify our pricing structure and develop new and innovative services and promotions that cross all of our lines of business," said Kelvin Shepherd, president of the consumer markets division at MTS Allstream.While phone companies applauded the CRTC move, the Public Interest Advocacy Centre criticized the decision."Telephone services are going the way of banking services — any discounts will be for big customers and the competition will not be strong enough to produce real benefits for ordinary consumers" said Michael Janigan, executive director and general counsel of the Ottawa-based PIAC.

Toyota's Quarterly Profit Up 32 Percent

Toyota, on track to overtake General Motors as the world's biggest automaker this year, said Friday its April-June profit jumped 32.3 percent to a record high for a quarter, lifted by strong overseas sales and a weaker yen.Surging gas prices have proved a big plus for the Japanese automaker, as drivers flock to Toyota's fuel-efficient models, including the Camry, the best-selling model in the U.S., and the Prius gas-electric hybrid."The results are fantastic," said Tsuyoshi Mochimaru, auto analyst with Lehman Brothers in Japan.Foreign sales are going strong, and the weak yen, which raises the value of overseas earnings when converted into yen, is making rosy earnings even rosier as Toyota's exports grow, Mochimaru said.Group net profit at Toyota, which also makes the Lexus luxury model and compact Corolla, totaled 491.54 billion yen ($4.1 billion) for the quarter through June, up from 371.50 billion yen the same period the previous year.Quarterly sales rose 15.7 percent on year to a record 6.523 trillion yen, or $54.7 billion. At current exchange rates, that's more than General Motors Corp.'s record quarterly sales of $54.5 billion, which the Detroit automaker marked in the second quarter of 2006.But Toyota kept what some analysts say is a conservative forecast for the full fiscal year through March 2008, projecting net profit to inch up just 0.4 percent to 1.65 trillion yen ($13.85 billion) on sales of 25 trillion yen ($209.78 billion).It also kept its vehicle sales target for the full fiscal year the same at 8.89 million vehicles."We posted substantial increases in both revenue and profit, our highest ever quarterly results," said Toyota Senior Managing Director Takeshi Suzuki.Toyota has already surpassed General Motors in global vehicle sales for the first half of the calendar year, selling 4.72 million vehicle to GM's 4.67 million. Many analysts believe Toyota will likely beat GM for the full year in both sales and production.The title of world's biggest automaker which GM has held for 76 years typically is determined by annual global vehicle production numbers. For the first six months of the year, Toyota and its group companies made 4.71 million vehicles worldwide, while GM estimates that it made 4.75 million vehicles during the period.
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