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January 2013 International Economic Fundamentals

Ally

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News articles for January 2013.
 

Ally

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Spains house prices to fall another 30pc as glut keeps growing






RR de AcuÃa & Asociados expects home prices in Madrid, Barcelona and other major cities to fall a further 30pc in a relentless slide until 2018, but it may be even worse in sunbelt regions where 400,000 Britons either live or own homes.






Fresh losses could reach 50pc and drag on for 10 to 15 years in those places where construction ran wild during the bubble, bringing the total decline from peak to trough towards 75pc.






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EU warns dramatic rise in unemployment in some countries may create new north-south divide




BRUSSELS - Record unemployment and fraying social welfare systems in southern Europe risk creating a new divide in the continent, the EU warned Tuesday, when figures showed joblessness across the 17 EU countries that use the euro hit a new high.




Eurozone unemployment rose to 11.8 per cent in November, the highest since the euro currency was founded in 1999, according to the statistical agency Eurostat. The rate was up from 11.7 per cent in October and 10.6 per cent a year earlier.





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London tenants pay more than 50% income on rent





Housing and homelessness charity Shelter have revealed the areas of London where tenants are paying more than 50% of their income in rent.



In 23 of London`s 32 boroughs, private rents account for more than 50% of family incomes, while the overall median for the capital is 59% of income. Westminster tops the list of the most unaffordable boroughs, where the average rent is an eye-watering 91.4% of family income. Kensington & Chelsea come a close second at 90.7%. How does your borough perform? See the table below.





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Interactive overview of global house price and rents





THE house-price boom that preceded the financial crisis was remarkable for its scope and scale. With a very few exceptions, there seemed only one way for prices to go: up. Things have been far more diverse since. In The Economist's latest round-up of residential house prices, a brightening outlook for America stands out against the darkening tones among the beleaguered economies on the periphery of the euro area. Over the past year prices have jumped most in Hong Kong, prompting further government efforts to cool the market down. They have dropped by 9.3% in Spain, the heaviest faller.





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Global house prices




THE house-price boom that preceded the financial crisis was remarkable for its scope and scale. With a very few exceptions, there seemed only one way for prices to go: up. Things have been more diverse since, and our latest review of house prices is a picture with dramatic chiaroscuro. A brightening outlook for America stands out against the darkening tones of the beleaguered economies on the periphery of the euro area.




In the countries we track, house prices are rising and falling in equal numbers. Over the past year prices have jumped most in Hong Kong (see table), prompting further government efforts to cool the market. They have dropped by 9.3% in Spain, the heaviest faller. The overall trend is down, however, since in three of the countries where prices are rising they are doing so at a slower pace than a year ago`in Canada, for example, they are up by 3.3% compared with 7.1% 12 months ago.





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The economic fundamentals of 2013





NEW YORK ` The global economy this year will exhibit some similarities with the conditions that prevailed in 2012. No surprise there: we face another year in which global growth will average about 3%, but with a multi-speed recovery ` a sub-par, below-trend annual rate of 1% in the advanced economies, and close-to-trend rates of 5% in emerging markets. But there will be some important differences as well.





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Spain unemployment rate hits record 55% for youth




Spain's unemployment rate has hit a modern day record, and joblessness among young people has topped 55%.




Official data showed that the jobless rate in the last three months of 2012 rose 1% to 26%, or 5.97 million people.





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