As the U.S. housing industry begins to sputter with signs of life, wealthy homeowners face a different kind of problem: selling their posh condos, villas, and waterfront properties before the onset of the dreaded fiscal cliff at the end of this year. Owners of luxury homes are panicking at the prospect of shelling out millions of dollars more in capital-gains taxes beginning next Jan
Hosting the London 2012 Olympic Games will not bring a lasting economic benefit for the UK, according to a poll of economists (Reuters) London 2012 will not be a springboard to recovery for the UK's recession-mired economy, according to the latest poll of economists, as the financial benefits of hosting the Olympic Games comes into question just a fortnight ahead of the opening ceremony. There will be no lasting effect on the economy from the increase in activity around London 2012, such as flocks of incoming tourists with pockets full of spending money, and the biggest financial impact will be felt in the capital city - which is already fairly insulated from wider economic woes. In the poll, conducted by Reuters, 23 of 27 economists did not think London 2012 will provide any meaningful long-lasting boost to the UK economy.
Shares of Facebook (Nasdaq: FB), the No. 1 social networking site, fell nearly 2 percent on Thursday, exactly three weeks after the company took in $16 billion in its initial public offering. Facebook shares closed down 50 cents at $26.31, only slightly above their daily low of $26.15
Fitch Ratings on Friday downgraded Spain's long-term sovereign credit rating from A to BBB, just one notch from junk grade because of the increasing estimated cost of fixing the country's banking system from 3 percent of GDP to as much as 9 percent, or €100 billion ($126 billion).