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| For the month of June 2008 the average of mortgage loans concluded in Spain was EUR158, 641, this being 8.2% less than for the same month in 2007 and 0.1% higher than that of May 2008.
For the same month, the total value of mortgage loans on urban properties was EUR15, 879 million, with an international decrease of 37.2%. For dwellings, the loaned capital was EUR9, 828 million being 40.6% less than that in June 2007. 97.8% of these mortgages utilised a variable interest rate and 88.7% used the Euribor as the reference interest rate. |
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| A property count handling property related cases has been established in Dubai which will operate as from September 2008. The count will handle property cases over all properties in Dubai save for those of the Dubai International Financial Centre. |
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| Talks between president Demetris Christofieas and Turkish leader Mehmet Ali Talat are set to begin in earnest on September 11. Following from there the two leaders will be meeting every week in their hope of a Cyprus Solution as soon as possible. Praise from the international community was widespread following the landmark meeting between the two leaders yesterday.
Mr Talat, as he previously stated, wants intensive negotiations and to reach a settlement in the shortest time possible. As all are aware, the Cyprus problem is viewed as a major stumbling block to Turkey's European Union ambitious. The two leaders are seen as the best chance for a settlement. |
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| The British chancellor, Alistair Darling, has bowed to pressure and backtracked on previous income tax, capital gains tax and fuel duty proposals. The Treasure in 2007 was all set to crack down on tax avoidance in return for exempting foreign profits from UK tax until the business sector stepped in with threats of relocation. Darling shelved the plan and new plans may be agreed this autumn with input from the business sector. Darling planned to impose a worldwide tax on "passive" income, such as royalties from intellectual property. |
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| Silver State Bank was closed on the 5th September 2008 by the regulations becoming the 11th U.S. bank to fail in 2008 as the struggling economy and falling home prices take their toll on financial institutions.
The Federal Deposit Insurance Corporation reported that there is approximately $20 million in uninsured deposits. The failure is expected to cost FDIC deposit insurance fund between $450 and $550 million. The biggest bank failure by far this year was Indymac, seized on July 11 worth $32 billion in assets and $19 billion in deposits. It was just the third biggest bank insolvency in the U.S. history. |
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| Monarch, the budget airline, has confirmed that it will introduce a new route between Birmingham to Larnaca as from 2009. There will be a twice-weekly service starting from March 2009.
The managing director of Monarch was pleased with the addition of this rout to the existing routes from Gatwick, Birmingham, Luton and Manchester. The people of the midlands welcome this new introduction she started. |
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| The Cyprus Cabinet approves agreements for the avoidance of double taxation with the Czech Republic and Qator. It only now remains for the finance minister to sign the two agreements which will be a mere formality. This will now improve the commercial and economic relation between Cyprus and the two countries. |
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