Bank of Virginia Expects Additional Write-Offs and Increased Loan Loss Reserves, Signs Amended Stock Purchase …
MIDLOTHIAN, Va. — Bank of Virginia today announced that it expects to incur write-offs and increases to reserves for loan losses in the third quarter of 2010. The Bank plans to release third quarter operating results in early November.

Read more on GlobeNewswire via Yahoo! Finance

Product Description
This extraordinary book presents a time-tested, simple, and medically sensibleapproach to weight loss and maintenance. Viewing the body as a pattern ofintelligence that is unique for each person, Ayurveda provides the key toestablishing the body’s natural state of balance. Besides being an extremelypowerful and efficient path to weight loss, this tenet has applications forstrengthening immunity, preventing disease, and achieving higher levels ofwell-being than we ev… More >>

The Ayurvedic Guide to Diet & Weight Loss: The Sattva Program

Young property investors in India are selling at a loss because they can no longer afford to pay the interest and costs associated with owning multiple properties.

The global downturn has set off a panic reaction, inducing investors to close deals at losses. It has become almost impossible for those who invested in real estate last year to exit the scene as the downturn has deepened and the prices being quoted do not even cover the purchase costs and interest expenses.

Typical is 35-year-old Rahul Verma, who works with a Noida-based IT company. He bought a flat in Greater Noida early last year purely as an investment with a bank loan to finance 85% of the cost. Since then his EMIs have continuously gone up thanks to a series of rate hikes by the RBI. However, the prices haven’t climbed as expected and the outgoings have made the property expensive. Rahul is now left with the only option of selling at a loss. And given the global economic gloom, he is willing to take a hit.

‘Several investors are stuck simply because there hasn’t been enough price appreciation in the past one year,’ said Raheja Developers Chairman of Navin Raheja. He said that young investors bought at the peak of the property cycle last year. Many purchased two apartments simultaneously, assuming that they would finance one by selling off the other at a premium. They are now caught in a difficult situation as they bought at a higher market rate and are compelled to service two EMIs.

Some investors have started defaulting. Others are approaching developers to cancel their bookings and return the money. Meanwhile developers are finding it hard to finance projects and banks have started taking proactive measures to prevent defaults in their real estate portfolio by cutting exposure to loans against property.

State lender Punjab National Bank (PNB) has taken a lead and has stopped giving such loans, while Bank of India, Bank of Baroda and Indian Overseas Bank have decided to go slow on such loans. ‘We are discouraging loan against property by refusing to provide overdraft facilities and charging higher margins,’ said a spokesman for Bank of India. Other banks are discouraging such loans by valuing the property at distress level or by valuing the property at the price it was purchased.

The recent changes in Indian economy have made a tough task to the individual young & salaried investors in a derth. However, the RBI action of reducing Repo rate and interest rates of Home loans might give some help in terms of EMI to the investors.

For more details, please visit- http://indianrealtynews.blogspot.com

Dubai Shares Slump to 5-Month Low on Dubai Holding Unit Loss June 1 (Bloomberg) — Dubai shares fell to a more than five-month low on concern losses at state-controlled entities will threaten economic recovery after a real estate and hospitality company owned by the emirate’s ruler posted a full- year loss. Read more on Bloomberg

Encore Bancshares Reports First Quarter 2010 Net Loss of $2.3 Million, or $0.27 Per Diluted Share, Including $4.3 …
HOUSTON — Encore Bancshares, Inc. today announced its financial results for the first quarter of 2010. On March 15, 2010, we announced agreements to sell our Florida operations. In connection with those proposed transactions, we recognized charges of $4.3 million in the quarter.

Read more on GlobeNewswire via Yahoo! Finance

Streamlined First Tennessee narrows loss
After more than a year of shedding bad loans and closing offices outside Tennessee, the parent company of First Tennessee Bank reported Friday that losses narrowed in the first quarter of the year.

Read more on The Tennessean

Record loss for Anglo Irish Bank
DUBLIN – NATIONALISED Anglo Irish Bank posted a 12.7 billion euro (S$24 billion) loss on Wednesday, the largest in Irish corporate history, as it got a second government cash injection and may need more. The bank said it had booked impairment charges of 15.1 billion euros for the 15 months to December. Most were on assets amounting to half its loan book, which it is transferring to the National …

Read more on Straits Times

German hockey players win hearts despite World Cup loss
Australia won the Hockey World Cup, but it was the young German team which won the hearts of the Indian fans by taking a lap around the packed stadium with a huge banner thanking the crowd for their support.

Read more on Calcutta News

Bristol-Myers: 60 drugs in testing, other efforts will help overcome 2012 loss of Plavix sales
TRENTON, N.J. – Executives at Bristol-Myers Squibb Co. told analysts Thursday at a business briefing that the drugmaker has 60 potential drugs in development, seven in late-stage studies, and plenty of money for deal-making.

Read more on Minneapolis-St. Paul Star Tribune

Dow erases its loss for 2010 ahead of jobs report
Stocks have closed higher Thursday after traders set aside concerns about mixed economic reports to focus on the Labor Department report due Friday morning. The report is expected to show that unemplo…

Read more on MalaysiaNews.net