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News Round-Up. (29.07.2008)
Posted: Monday 28th Jul 2008
Starting at the BBC, approval rates for new mortgages are at an all time low while house prices fell by 1% on average in the last month.
The Telegraph follows with news that BP is coining it in as fossil fuel prices go through the roof, while the Tesco juggernaught is now trying to muscle into the banking industry.
Meanwhile, The Guardian reports that the IMF is predicting mayhem for the world economy and financial markets, as slum landlords snap up abandoned property in the blighted US suburbs – a sign of things to come in the UK?
Elsewhere, The Times says that the developed and developing worlds are clashing over the terms of the world trade talks in Geneva, as the UK market looks set to be in the doldrums until at least 2011.
And over at The Independent, it seems that Ryanair might in fact report its first loss, as British families increasingly favour cheaper frozen food as the economy continues to suffer.
And finally, The Daily Mail features a government report that sees no light at the end of the tunnel for the mortgage market, while also promoting some blue skies thinking with claims that property prices will actually increase by a quarter in the next five years. (Wishful thinking, anyone?)