UK inflation expectations at 2008 levels

first_imgIts quarterly inflation expectations report showed public expectation of inflation rose to 3.4 per cent last month compared to 3.3 per cent when the last survey was carried out in May.Less people in August believed interest rates should increase with only 20 per cent of people suggesting a rise in interest rates would be appropriate compared to 25 per cent in May.Meanwhile, 54 per cent of people thought the inflation target was “about right”, compared with 56 per cent in May. Yet figures on Wednesday showed the Consumer Price Index remained above three per cent for the sixth consecutive month while inflation had remained above the Bank’s two per cent target for almost a year. David Miles, a member of the Bank of England’s Monetary Policy Committee also warned UK inflation was uncomfortably high.“I am particularly concerned about inflationary pressures, since it is our job to keep the rate close to the two per cent target and it is uncomfortably above that at present,” he added. Show Comments ▼ Share whatsapp UK INFLATION expectations have risen to their highest level in two years, according to the Bank of England. KCS-content UK inflation expectations at 2008 levels More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com Tags: NULL Thursday 16 September 2010 8:59 pm whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comlast_img read more

UniCredit boss Profumo set to resign today

first_img UniCredit chief executive Alessandro Profumo is expected to hand in his resignation today after tensions over stake-building by Libyan groups in the bank boiled over.Profumo has been accused by some Italian shareholders and politicians of letting Libya increase its stake in the bank without informing other top managers. It was not immediately clear, however, whether the board would accept his resignation. UniCredit boss Profumo set to resign today whatsapp Monday 20 September 2010 9:24 pm Libya’s central bank and Tripoli’s sovereign wealth fund have a combined stake in UniCredit of around 7.6 per cent. If Profumo does quit, he will likely be replaced on an interim basis by chairman Dieter Rampl and other senior managers.Market watchdog Consob and the Bank of Italy have requested clarification on the Libyan stakes. The Libyan central bank – UniCredit’s third biggest shareholder with a 4.988 percent stake – said yesterday it was an independent institution and that it was “extremely satisfied” with the UniCredit investment.The Libyan Investment Authority, Tripoli’s sovereign wealth fund, raised its stake in the bank by 0.5 per cent to 2.594 per cent last month. Show Comments ▼ Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeFoundation Repair | Search AdsThe Prices For Foundation Repair Services In Scottsdale Can Surprise YouFoundation Repair | Search AdsUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndoalldelishHere is what happens to your body when you start eating 2 eggs every dayalldelishUndoCakeHDThe 50 Most Beautiful Women Of All Time.CakeHDUndoDefinition[Pics] Disappointing Photos That Show The Reality Of CruisesDefinitionUndoRecetas Get5 Common Cancer Signs to Pay Attention ToRecetas GetUndoEverydayChimpThe State of Europe – Richest and Poorest Countries in the ContinentEverydayChimpUndoHealth Clipboard[Photos] Here’s How Much Cameron Diaz Has in the Bank Today Health ClipboardUndoFoodmzIf You Eat 3 Dates Every day For 1 Week This Is What Happens To Your BodyFoodmzUndo KCS-content More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org whatsapp Tags: NULLlast_img read more

House prices plunge by £6k in one month

first_img House prices plunge by £6k in one month Show Comments ▼ Thursday 7 October 2010 7:57 pm whatsapp Share More From Our Partners ‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comConnecticut man dies after crashing Harley into live bearnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com whatsapp HOUSE prices fell 3.6 per cent month-on-month in September, their largest fall since records began in 1983 wiping £6,000 off the value of a typical property around the country in a single month. Halifax, now part of Lloyds Banking Group and the country’s largest motgage lender, said yesterday in its closely watched index that the value of the average property fell to £162,096 from £168,124 in August.Halifax’s chief economist Martin Ellis, said it was “too early” to say that September’s decline in house prices was the beginning of a renewed collapse in overall market arguing low transaction levels were contributing to increased volatility in the monthly house price measure.Ellis stressed that while September’s 3.6 per cent fall – the biggest reported in 27 years – was a record on the basis of monthly comparisons, on a quarterly basis the fall in house prices was 0.9 per cent compared with the second quarter – a significant slowdown on previous quarter-on-quarter falls of between five and six per cent.Ellis said: “A shortage of properties for sale contributed to an imbalance between supply and demand and was a key factor driving up house prices last year. An increase in the number of properties available for sale in recent months has reduced the imbalance. At the same time, renewed uncertainty about the economy and jobs has caused consumer confidence to falter recently, dampening the demand for home purchase.”Alan Clark, chief economist at BNP Paribas, painted a more pessimistic picture warning it was almost inevitable that house prices would fall into negative territory again.He said: “To give you the glass half full version we are a small island nation and we do not have enough homes in the right areas. But we are also going to see massive spending cuts in the next few weeks, people losing their jobs or worried about doing so and that is going to restrict spending.” He added it was “entirely possible” house prices would remain static for up to a decade. On Wednesday the IMF warned that UK?house prices were too high and vulnerable to a fall. KCS-content Tags: NULLlast_img read more

Germany pays €1.5m for Julius Baer clients’ data

first_img KCS-content More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgConnecticut man dies after crashing Harley into live bearnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comWhy people are finding dryer sheets in their mailboxesnypost.com German prosecutors paid around €1.5m (£1.3m) for client data from Swiss bank Julius Baer, as part of a campaign to clamp down on untaxed German wealth held in Switzerland.A spokeswoman for the prosecutor’s office in the German city of Muenster said the state of North Rhine Westphalia had bought a CD containing data on 200 accounts.The sale happened earlier this summer and the person who sold the CD asked that the proceeds be donated to a charity, the spokeswoman said. Baer would not comment.Germany, along with Italy, the US and France, has been one of the most fervent critics of Switzerland’s banking secrecy laws and has paid in the past for stolen data from Swiss banks in order to catch tax cheats. Pressure has already prompted Switzerland to relax its cherished bank secrecy and comply with international disclosure standards. whatsapp Show Comments ▼ whatsapp Germany pays €1.5m for Julius Baer clients’ data Monday 18 October 2010 7:41 pm Share Tags: NULLlast_img read more

King vice chair of EU supervisor

first_img Share More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comConnecticut man dies after crashing Harley into live bearnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com King vice chair of EU supervisor KCS-content Thursday 16 December 2010 9:00 pm whatsappcenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGem Bank of England governor Mervyn King was elected first vice chair of the new European Systemic Risk Board (ESRB) that came into force yesterday in a move that may allay UK concerns of being overruled by Europe. The ESRB will monitor potential credit and asset bubbles across the 27-country bloc and recommend action before markets or economies become destabilised, plugging a macro-supervisory gap highlighted by the financial crisis. The board, which will have no binding powers, is hosted by the European Central Bank (ECB) in Frankfurt and will be chaired by ECB President Jean-Claude Trichet, as expected. Show Comments ▼ Tags: NULL whatsapplast_img read more

Lloyds warns over new hit from Irish portfolio

first_img Tags: NULL Part-nationalised bank Lloyds has warned that it would take a further hit from impairments on its Irish portfolio as a result of Ireland’s economic and fiscal deficit problems.The update on its Irish exposure caused Lloyds shares to fall sharply, dragging down other banks such as Royal Bank of Scotland, which is also exposed to Ireland via RBS’ Ulster Bank unit.Lloyds shares were down six per cent while RBS fell five per cent.Ireland’s economic turmoil was highlighted on Friday as credit rating agency Moody’s cut the country’s credit rating by five notches.Lloyds said a further ten per cent of its £26.7bn Irish portfolio would become impaired by the 2010 year end.It added it would increase the level of provisions against the portfolio, and expected an increase in the impairment charge relating to Irish exposures for the full year 2010 to about £4.3bn.Lloyds said this would result in an increase in provisions as a percentage of impaired Irish loans to approximately 54 per cent at the 2010 year end. John Dunne whatsapp Lloyds warns over new hit from Irish portfolio by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemcenter_img Share whatsapp Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Friday 17 December 2010 9:30 amlast_img read more

Morgan Stanley appoints new chief operating officer

first_img KCS-content MORGAN STANLEY has appointed its head of technology as chief operating officer.The bank yesterday named Jim Rosenthal would succeed Tom Nides, who departed late last year to join the US State Department under Hilary Clinton as deputy secretary for management and resources.Rosenthal will handle the integration of the New York investment bank’s brokerage joint venture with Citigroup’ Smith Barney, of which it holds a 51 per cent stake.He will also oversee human resources, corporate communications, marketing, community affairs and corporate services.Rosenthal joined from commercial real estate business Tishman Speyer in 2008, where he had worked as chief financial officer since 2006.The Harvard Law School graduate has worked for Lehman Brothers and McKinsey & Co, the consulting firm where he and Morgan Stanley chief executive and president James Gorman got their Wall Street starts. Share Morgan Stanley appoints new chief operating officer Show Comments ▼ whatsapp whatsapp More From Our Partners Kansas coach fired for using N-word toward Black playerthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comKiller drone ‘hunted down a human target’ without being told tonypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Tuesday 4 January 2011 8:02 pm Tags: NULLlast_img read more

China to link Atlantic and Pacific

first_img China to link Atlantic and Pacific whatsapp Sunday 13 February 2011 11:42 pm whatsapp Read This Next’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap4 ideal Zion Williamson trade scenarios from the New Orleans PelicansSportsnautRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapRick Leventhal to Exit Fox News Just as His Wife Kelly Leaves ‘RealThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’In the Heights’ Underwhelms at Box Office With $11.4 Million DebutThe WrapJason Whitlock, Former ESPN and Fox Sports Reporter, Resurfaces at BlazeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap Show Comments ▼center_img Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldBetterBe20 Stunning Female AthletesBetterBeWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCute KCS-content Share China is in talks to build a “dry canal” linking Colombia’s Atlantic and Pacific coasts by rail, Colombian President Juan Manuel Santos was quoted as saying yesterday. The 220km project, dubbed as an alternative to the Panama canal, is one of a series of Chinese proposals that would boost transport links with Asia. last_img read more

Google lost to Microsoft in Nokia race

first_img Show Comments ▼ whatsapp Tuesday 15 February 2011 8:20 pm GOOGLE chief executive Eric Schmidt has revealed his firm was in “advanced” talks to provide its Android operating system for Nokia handsets before the Finnish handset maker signed an agreement with Microsoft.Schmidt said Google “would have loved it if they had chosen us over the other guys. We certainly tried.”Nokia instead chose to work with Microsoft, and will use its Windows Phone 7 platform on its handsets from later this year.Android is the fastest growing mobile platform, overtaking Nokia’s soon-to-be retired Symbian, with 3,000 activations every day.Schmidt used his Mobile World Congress Keynote to offer an olive branch to network operators, who say companies like Google put pressure on their networks through services such as YouTube without paying for the burden.He acknowledged that the investment cost to operators is “very high”, with demand for network space growing faster than wireless capacity.He said Google is looking at sharing search revenue on mobile devices but added that governments should play a part in better managing mobile spectrum.Schmidt also did not rule out a sensational $10bn (£6.23bn) bid for microblogging site Twitter.NEW PRODUCT LAUNCHESHTC FLYERJust when it looked like Steve Jobs had killed the stylus, HTC has boldly brought it back with its new tablet. While day-to-day navigation on the seven inch Android device is still done with your fingers, you can write and draw on to the Flyer with a stylus. It looks slick and smacks of quality, but expect to pay high-end rates.HP TOUCHPADHP’s first foray into the tablet market is a solid enough effort. Size-wise the TouchPad comes in almost exactly between the Galaxy Tab and the iPad – its two toughest competitors. It is the first tablet to run WebOS, albeit a customised version of the software, and multi-tasking is brought to the forefront. It’s an attractive enough device but no iPad beater. Tags: NULL whatsapp Google lost to Microsoft in Nokia race Share Read This Next’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap4 ideal Zion Williamson trade scenarios from the New Orleans PelicansSportsnautRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapRick Leventhal to Exit Fox News Just as His Wife Kelly Leaves ‘RealThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’In the Heights’ Underwhelms at Box Office With $11.4 Million DebutThe WrapJason Whitlock, Former ESPN and Fox Sports Reporter, Resurfaces at BlazeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap KCS-content last_img read more

CBRE snaps up ING property arm for $1.1bn

first_img whatsapp Share Read This Next’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap4 ideal Zion Williamson trade scenarios from the New Orleans PelicansSportsnautRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapRick Leventhal to Exit Fox News Just as His Wife Kelly Leaves ‘RealThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’In the Heights’ Underwhelms at Box Office With $11.4 Million DebutThe WrapJason Whitlock, Former ESPN and Fox Sports Reporter, Resurfaces at BlazeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap whatsapp Tuesday 15 February 2011 8:38 pm KCS-content CBRE snaps up ING property arm for $1.1bn Show Comments ▼ CB RICHARD ELLIS looks set to become the world’s largest real estate investment manager (REIM) after it yesterday announced its plan to buy ING’s European and Asian property businesses for $1.1bn (£681m). New York-listed CBRE said yesterday that the cash purchase will improve its foothold in Europe and create a firm with $97.4bn of assets under management. The enlarged CBRE will overtake ING as the world’s biggest property investor by assets, and is poised to replace AXA as the largest in Europe. “With these transactions we continue to deliver on our strategic objectives of reducing exposure to real estate, simplifying our company and further strengthening our capital base,” said ING chief Jan Hommen.The sell-off will also help ING pay down €5bn (£4.2bn) of state aid following a government bailout in 2008. The $1.1bn deal to buy the REIM and some of ING’s equity interest in the funds is expected to close in the second half of 2011, and will be funded by CBRE’s cash pile as well as undrawn credit facilities. Bank of America Merrill Lynch advised CBRE, while Morgan Stanley advised ING. Tags: NULLlast_img read more