Seven banks in the Ukraine will be nationalized in the coming weeks, according to news reports. The move comes as the government attempts to shore up the shaky financial sector in the country and is part of a larger effort to restore the country’s economy to a sound footing.   “The government is taking a controlling stake in those commercial banks whose owners were not able to effectively manage...

The plans for the former Chelsea Barracks in London have been drawing quite a lot of attention lately, with world-renowned architects criticizing the Prince of Wales for his latest attempts to change the plans. A luxury development is planned for the site of the former military barracks and is next to the Royal Hospital, designed by Sir Christopher Wren.   Prince Charles is reported to have asked the...

The Pound has come under severe pressure after worse-than-expected public borrowing data, and Alistair Darling’s budget condemning the UK to its worst financial year since the second world war.   Against the Euro and Dollar, Sterling has fallen 2c in trading today and looks set to compound the losses further.   This morning’s figures showed borrowing in March rose to £19.1bn, higher than analysts’...

The Edge, U2’s guitarist, is planning an extensive home and additional buildings on property he currently owns in Malibu, California. The project, however, is running into resistance from neighbors who are worried about its size and impact on the environment.   The U2 star has plans for a house with 19 overlapping roofs which he wants to call Leaves in the Wind. Additionally, he wants to construct four...

The most expensive cities in Europe in which to rent an office in 2008 have been rated by the international firm NB Real Estate, and some changes to the rankings are evident. London’s West End is still the most expensive district of any in Europe, ending the year with an average rent of €961 per square meter. While that is still the highest in Europe, it is a considerable drop from the 2007 cost of...

On the western edge of Russia, not far from the city of Vladivostok, the government is building a huge new bridge to a small island. The bridge to Russki Island is intended to be ready for the 2012 Asian-Pacific Economic Summit and will be one of the world’s longest suspension bridges. The only way to get to the island now is by ferry boat.   The new bridge will cost over US$1 billion, according to...

The value of UK commercial property dropped in March by 3.1 percent, according to the Investment Property Databank (IPD). That brings the total fall in property values to 8.9 percent for the first quarter of 2009. While that is a steep drop, it less than the final quarter of 2008 when property values fell by 15 percent.   The first quarter of 2008 saw a drop in commercial property values of 4.7 percent,...

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Foreclosure filings rose in March in the United States to 341,180, according to RealtyTrac. The total number includes bank notices to bank repossessions, so there is some leeway in there for the actual number of people who lost their homes. That figure is up 17 percent from February and 46 percent from March, 2008. For the first quarter of 2009, filings rose 9 percent from the previous quarter and 24...

A luxurious beachfront project in Punta del Este, Uruguay recently sold one of its two penthouses for US$7.3 million to a buyer from Switzerland. The 34 unit Acqua is a new project designed by well known Uruguayan architect Rafael Viñoly and is his first project in his home country. The glass-walled property overlooks the beach and ocean along Uruguay’s coast and has stunning views from each...