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Mortgage deal squeeze raises chances of cut in interest rate (Finance, 12 articles)
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According to the quarterly Credit Conditions survey by the Bank, lenders plan to reduce their loans to consumers and companies over the next three months, increase their charges and demand more concessions, such as higher deposits. Halifax has increased mortgage rates for borrowers with smaller deposits in the latest sign that lenders are distancing themselves from riskier borrowers. The prospect of an interest rate cut next week has grown sharply after the Bank of England said yesterday the squeeze on mortgages and corporate credit was set to intensify. The Bank said the number of mortgages approved for house purchase fell from 74,000 in January to 73,000 in February, broadly similar to the level in recent months but nearly 40 per cent lower than a year earlier. The figures confirm the effect tensions in money markets are having on the cost and availability of mortgages, coming a day after First Direct suspended new mortgage lending and other banks raised rates charged to existing customers. Halifax, the UK's biggest mortgage lender, is expected to pull its current home loan deals from the market in a matter of days, after brokers put the bank on "withdrawal watch".
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Other stories about Mortgage, rates and Lenders:
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MySpace challenges Apple in digital music (Finance, 12 articles)
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The social networking giant yesterday announced deals with Universal Music Group, Sony BMG and Warner Music Group on a new digital music service to be called MySpace Music. SAN FRANCISCO - In the latest effort by the ailing music industry to bolster its declining prospects, three of the four major music companies have struck a deal with MySpace to start a music website. Apple Inc.'s iTunes online music store vaulted past Wal-Mart Stores Inc. in February to become the top overall music retailer in the United States, a market research firm said Thursday.
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Mothercare sales rise as Early Learning pays (Finance, 15 articles)
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Italy's UniCredit rose 10.3 per cent to €4.72, Portugal's Banco Espirito Santo jumped 11.8 per cent to €12.31 and in France Credit Agricole rose 7.6 per cent to €20.93 and BNP Paribas gained 6.3 per cent to €68.55. HBOS, the UK's biggest mortgage lender, on Friday increased its minimum deposit to 5 per cent from 3 per cent, and said it would penalise those borrowers putting up less than a 25 per cent deposit on the property. The department stores and supermarkets group, which is owned by its partners, reported overall sales down by 2.2 per cent at $117.8m.
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U.S. economy loses 80,000 jobs (Finance, 12 articles)
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The economy added just 14,600 new jobs in March - a sharp slowdown from the additions of more than 43,000 jobs in February and 46,000 jobs in January. The loss of almost 250,000 jobs in the first quarter of this year is already comparable to job losses at the start of recessions past. WASHINGTON - The unemployment rate rose past 5% last month and the economy lost more jobs than expected, the Labor Department reported today, deepening the growing consensus among economists that the country is in a recession.
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Gas prices rise to another record as refiners cut production to boost margins (Finance, 6 articles)
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NEW YORK - Retail gas prices in the United States surged to a new record above US$3.30 a gallon Friday and appear poised to rise further in coming weeks as gasoline supplies tighten. Oil prices, meanwhile, supported the gas price rally by jumping more than $2 a barrel after a dismal employment report sent the dollar lower. While oil's surge above $100 over the last month has boosted gas prices so far this year, analysts now expect gas prices to continue rising regardless of what direction crude takes.
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blaster@cs.columbia.edu
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