Real Estate
M&T Bank Q4 profit sinks (Reuters)
Reuters - M&T Bank Corp , the first large U.S. bank to report fourth-quarter results, said on Monday that profit tumbled 70 percent, hurt by debt write-downs and turmoil in residential real estate markets. Read more…
Luxury Shoppers Shut Their Purses (BusinessWeek Online)
BusinessWeek Online - For months, high-end retailers posted healthy sales increases, thumbing their noses at dismal reports of slumping home sales, risky mortgages, and rising energy prices. But now it looks as though even well-heeled consumers are pulling back. On Jan. 10, the upscale department store Nordstrom said that December sales at stores open at least a year fell 4% from last year, compared with an 8.7% increase in November. Saks , New York's Fifth Avenue luxury mainstay, also reported that its same-store sales were up a mere 0.8%, compared with a 25. ... Read more…
UBS allows staff share bonus sale after 1 year: report (Reuters)
Reuters - UBS , struck with billions of dollars of writedowns on subprime exposures, is trying to persuade investment bankers to stay with the company by allowing them to sell some of their share-based bonuses after just one year, the Financial Times reported. Read more…
Mayors face test of spreading foreclosures (Reuters)
Reuters - Mayor Douglas Palmer, meeting with visitors at City Hall, points to a large map peppered with dark dots. Each one represents a home or group of homes on the verge of foreclosure, and there are dozens all over the city. Read more…
GM: No spike in car loan defaults (AP)
AP - General Motors Corp.'s top finance executive said Sunday he doesn't see the subprime mortgage mess spreading into auto loans at the company's former credit arm, GMAC financial services. Read more…
