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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. Soaring price of food 'leads to riots' data: 07.04.08 Rising food prices threaten economic stability and could trigger riots, Gordon Brown has been warned. 2. BCE deal clears its final hurdle data: 10.04.08 BCE, Canada's biggest telecoms operator, has cleared the last regulatory hurdle for its proposed buy-out by a private equity group, writes Bernard Simon in... 3. Microsoft warns Yahoo board to act on merger offer data: 07.04.08 Microsoft has warned the board of Yahoo that if a merger agreement is not completed within three weeks, Microsoft would make its offer directly to Yahoo shareholders, probably at a lower price. 4. Bank crisis puts New York office market on precipice data: 27.03.08 The New York office market can withstand the fire sale of Bear Stearns, but if other financial firms disintegrate, the market could face a sharp decline. 5. Hospital targets data: 10.04.08 Medical staff facing violence as part of working life 6. Showbiz: ROBBIE WILLIAMS BACK IN REHAB data: 19.03.08 ROBBIE Williams has been admitted into a rehab clinic for dependency on prescription drugs, his spokeswoman announced today. 7. Bosnia police arrest 5 terrorism suspects in raid data: 27.03.08 During the raid on the suspects' homes in Sarajevo and Bugojno, the police seized anti-tank mines, laser sights, maps and manuals describing how to build bombs, officials said Friday. Polecane: Builders London, property services, decorators london, property Maintenance, 8. Boeing delays 787 deliveries again data: 10.04.08 The new delivery date of autumn 2009 puts the plane, known as the Dreamliner, more than a year behind its original schedule. 9. Risk-taking architect takes field's top prize data: 07.04.08 Jean Nouvel, the bold French architect known for such wildly diverse projects as the exotically louvered Arab World Institute in Paris and the muscular Guthrie Theater in Minneapolis, has received the Pritzker Prize. 10. Gamezone: Review: God of War: Chains of Olympus data: 07.04.08 PSP, £29.99-£49.99 5/5 11. In pictures data: 10.04.08 Anti-Chinese protesters outfoxed in US torch relay 12. DLA claimants being 'cut back' data: 10.04.08 Many genuine disability living allowance claimants are not getting what they are entitled to, a councillor has said. 13. France seeks a deeper Western commitment to Afghanistan data: 27.03.08 Even as it considers increasing the number of troops it has stationed in Afghanistan, the French government believes that military might is not enough to bring stability to the country, the defense minister said Tuesday. 14. Gordon Brown accused of breaking Iraq promise data: 19.03.08 Gordon Brown was accused of breaking his promises on Iraq yesterday as troops were told a force of 4,000 would need to stay in the country until the end of the year. 15. Sterling falls on rate cut hopes data: 19.03.08 The pound falls against the euro and dollar after expectations are raised of an imminent UK interest rate cut. 16. Sue Carroll: Not a Lott wrong with wanting to work hard data: 07.04.08 As millions of us trudged back to work after the most dismal Easter break in living memory it's fair to say we might just have allowed ourselves the indulgence of a daydream. 17. EADS insiders knew of threats to profits before selling stock, regulator says data: 10.04.08 A report from the French market regulator details meetings in which senior executives learned about threats to profits. 18. Schwarzer's late save secures draw for Australia data: 27.03.08 Goalkeeper Mark Schwarzer saved an 89th-minute penalty to help an injury-depleted Australia side scrape a 0-0 draw against China in their Asian World Cup qualifier in Kunming on Wednesday. 19. Oil debate stirs Mexico passions data: 19.03.08 Mexico's state oil company marks the 70th anniversary of its nationalisation amid a fierce debate over its future. 20. Fed loses its unified voice data: 10.04.08 As the U.S. Federal Reserve Board deals with the biggest American financial crisis in a generation, its policies are coming under criticism from within. 21. Superbug 'kills pioneering surgery gunner' data: 10.04.08 A Second World War gunner who was rebuilt by one of the pioneers of plastic surgery following an air crash has died after catching a superbug in hospital. 22. Crowded jails 'make Scotland more dangerous' data: 10.04.08 Overcrowded jails are making Scotland a more dangerous place, the chief inspector of prisons has said 23. Pakistani pilgrims visit Kashmir data: 10.04.08 A group of 52 Hindu pilgrims from Pakistan visits a famous Indian shrine in Jammu and Kashmir state. 24. Food colourings with link to hyperactivity may be banned data: 10.04.08 Food safety watchdogs are expected to call today for a ban on six artificial food colourings which have been linked to hyperactivity in children. 25. Gordon Brown to use Tony Blair election slogan to woo voters data: 07.04.08 Gordon Brown will borrow one of Tony Blair's election slogans as he tries to win back disaffected voters in southern England. 26. 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". 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. Clashes in Egypt strike stand-off data: 07.04.08 Egyptian textile workers and police clash after security forces take over their factory to prevent a major strike. 29. 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. 30. 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. --- --- --- -x- |