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Tworzenie stron www"A lot of this (macro economic and liquidity risk) is already in share prices... (but) our preference is to wait for another three months or so of data, as by then there will be much more evidence of either a stabilisation in the market or a clear drop in activity," Citigroup analysts said. House builders, in the midst of reporting last year results, are divided on whether the market is showing signs of recovery after its sharp downturn in the final few months of last year. Barratt chief executive officer Mark Clare, on the one hand, said last week the market was improving more quickly than he had expected. He pointed to a 36 per cent rise in property viewings from the second half of last year and a return in the number of people cancelling reservations to the usual level of about 20 per cent. These signs of hope were given a tentative boost last week by official figures. While reporting the smallest rise in mortgage lending for two-and-a-half years, the Bank of England also said that mortgage approvals - an indication of future lending - unexpectedly picked up in January. But other builders such as Galliford and Redrow turned more cautious, as they prepare to spend more on incentives such as part-exchange deals and mortgage assistance to restore falling sales. Persimmon reported a 19 per cent fall in presold homes last week versus a 14 per cent drop in January, while Barratt's forward sales decline was seven per cent versus six per cent in January. A further weakening in house prices - which in January recorded their biggest quarterly fall in at least a decade - would be a big blow to builders, which are under additional pressure from high prices for raw materials. Builders' drive to cut costs, which has been so far centred on reducing labour costs, closing branches and renegotiating terms with subcontractors, will also have only limited impact on improving margins without house price rises, analysts say. "We see the new building sector having difficulties cutting costs as land within cost of sales is essentially fixed or rising, materials costs look likely to rise and he hoped for five to10 per cent cut in labour costs looks hard to achieve," KBC analysts said. Cazenove analysts estimate the impact of lower house prices on builders' bottom line is four times bigger than a volume change, with a one per cent drop in prices cutting operating profits by four per cent. 1. Two charged over beach head death data: 07.04.08 Two men are charged in connection with the death of a Lithuanian woman whose head was found on a beach. 2. Udo Voigt, leader of German far-right party, charged with defamation data: 27.03.08 Voigt, head of the National Democratic Part, was charged Tuesday with incitement and defamation for allegedly publishing a pamphlet before the 2006 soccer World Cup that prosecutors said called into question whether nonwhite players should be on the national team. 3. Yahoo is said to rebuff Microsoft threat over bid data: 07.04.08 Yahoo is expected to reject merger negotiations with Microsoft and explain why its board believes the current offer price is too low. 4. Retailer Next sees profits up 4% data: 19.03.08 Retailer Next unveils a 4% rise in annual profits, saying it is a good result "in a period of economic slowdown". 5. Hugo Claus, often caustic Belgium author, dies at 78 data: 07.04.08 Claus, who had Alzheimer's disease, died at Middelheim Hospital in Antwerp. "He himself picked the moment of his death and asked for euthanasia," his wife, Veerle De Wit, said in a statement, as quoted by The Associated Press. 6. Act repeal could make Franz Herzog von Bayern new King of England and Scotland data: 07.04.08 Gordon Brown is considering repealing the 1701 Act of Settlement as a way of healing a historic injustice by ending the prohibition against Catholics taking the throne. 7. Football: Strachan rues misses data: 19.03.08 Manager Gordon Strachan is left to rue a number of missed chances as Aberdeen dump Celtic out of the Scottish Cup. 8. Switzerland likely to outlaw cat fur trade data: 07.04.08 Cat fur is used in garments and blankets in Switzerland, the last West European nation where such a trade is still legal. But the trade is increasingly stigmatized and likely to be outlawed soon. 9. Schumacher to help distribute McLaren's spy fine data: 27.03.08 Ferrari's retired world champion Michael Schumacher will help distribute $60 million (30 million pounds) paid by McLaren as punishment for last year's spying controversy, Formula One's governing body said on Wednesday. 10. Ex-Russian agent 'was poisoned like Litvinenko' data: 07.04.08 Detectives are investigating extraordinary claims by a former KGB double-agent who alleges he was poisoned by a Russian assassin at his secret safe-house in Surrey. 11. Fado, the Portuguese soul music data: 27.03.08 On key or off, Fado's haunting melodies are being transformed, yet they manage to catch the tone of a nation 12. Credit crisis could cost nearly $1 trillion, IMF predicts data: 10.04.08 Total losses from market meltdown, including the securities tied to commercial real estate and loans to consumers and companies, may reach $945 billion, the International Monetary Fund said Tuesday. 13. Leading figures mark NI Agreement data: 10.04.08 Some of those who helped negotiate the Good Friday Agreement are in Belfast to mark its 10th anniversary. 14. Morocco journalist to go on trial data: 19.03.08 A Moroccan journalist is due in court in Casablanca, accused of breaking a law forbidding criticism of the king. 15. Hijacked yacht crew 'feared pirate attack' data: 07.04.08 Fears were growing last night for the crew of a luxury yacht hijacked off the African coast, as the British former girlfriend of one crewman revealed that he had been worried about a pirate attack. 16. Man charged over Jamaica murder data: 07.04.08 A handyman is charged with the murder of a 61-year-old British woman on an extended holiday in Jamaica. 17. Bluebirds win FA Cup final place data: 07.04.08 Thousands of Cardiff City fans celebrate their side going through to the FA Cup final next month. 18. Birmingham City bosses Karren Brady and David Sullivan arrested in football probe data: 10.04.08 Karren Brady, the Birmingham City managing director, and David Sullivan, the club’s co-owner, have been arrested as part of the investigation into alleged corruption in football. 19. John McCain: Israel's enemies threaten us all data: 19.03.08 The success of Hamas and Hizbollah in the Middle East is not only a danger for Israel, but also a threat to US national interests, said John McCain, the US Republican presidential candidate. 20. Top Stories: Heather Mills' claims on Sir Paul McCartney's fortune were "wholly unrealistic" data: 19.03.08 MACCA JUDGMENT DAY Heather cash claims branded 'unrealistic' by furious judge 21. Open skies, cheaper fares – at least for now data: 07.04.08 The first phase of the open-skies agreement has added 20 percent more seats across the Atlantic than were available last April, bringing down prices. 22. Serbia will arrest war crimes fugitive data: 07.04.08 But the government expressed concerns that the dispute over Kosovo was driving the country farther apart from the group. 23. Clashes at Olympic torch relay data: 07.04.08 Police arrests dozens and change the route of the Olympic torch relay to avoid protests in London. 24. Techs buck the trend on debt data: 07.04.08 A downturn in the US economy and turmoil in the debt markets has done little to slow a sea-change in the balance sheets of some of the technology industry's leading lights 25. Darfur women still face rape risk data: 07.04.08 Women and girls in Darfur are still subjected to widespread rape and sexual assault, Human Rights Watch says. 26. Vandals desecrate Muslim graves in northern France data: 07.04.08 Vandals desecrated 148 graves in the Muslim section of a military cemetery in northern France, hanging a pig's head on one of the headstones, the police said Sunday. The French government reacted with outrage. 27. UK beaches 'blighted by plastic' data: 10.04.08 A new survey has found more plastic bags and plastic drinks bottles on Britain's beaches than ever before. 28. Moscow wants its people on site at U.S. missile projects data: 10.04.08 Russia demanded Tuesday that its military officers be present at all times at the planned U.S. missile defense sites in Poland and the Czech Republic to make sure Russia is not a target. 29. Britain suits Maasai marathon warriors to a tea data: 07.04.08 African tribesmen arriving to run in the London Marathon this weekend have instantly become addicted to the British "cuppa". 30. Stories of another escape route out of East Germany data: 27.03.08 Thanks to the work of a German researcher, the full extent of the attempts to escape from the Communist Bloc through Bulgaria - and the dangers - is just now coming to light. |