| U.S. credit crunch not a problem for Canadian home buyers
Canadian home buyers have skirted the credit crunch that devastated the market south of the border, but U.S. woes are filtering north amid an economic slowdown this year and rising consumer bankruptcies, a CIBC report says. "If you are a normal, regular consumer in Canada you have no problem borrowing, money is available for you,'' said economist Benjamin Tal, the author of the report. "If you are a high-risk borrower, you face the same difficulties as the U.S. But this is such a tiny portion of borrowers in Canada and it's not really impacting the market at all.'' The report found that Canadians have kept buying homes and taking out mortgages even as the U.S. market cratered when foreclosures escalated after low introductory rates for subprime mortgages lapsed and their monthly carrying costs soared.
Motorola to split after sales slide
Motorola Inc plans to split into two companies next year amid pressure from billionaire investor Carl Icahn to break off the money-losing mobile-phone business, exiting a market it created 25 years ago.
One company will focus on handsets and the other will sell network equipment, cable TV set-top boxes and two-way radios - businesses that are profitable and growing faster. The board is looking for a new leader for the phone business, Motorola said in a statement yesterday.
Motorola sales slid for four straight quarters as consumers snapped up phones from Apple Inc and Nokia Oyj, prompting Icahn to demand that the company offload the division. Motorola lost market share to all of its major rivals last year after failing to come up with a successor to its Razr, which created the category of slim phones when it was introduced in 2004.
SOCIAL HAUL
For a mere $46 million, you could have your very own Astor place. The administrators of philanthropist Brooke Astor's estate are contemplating putting her Park Avenue apartment on the market and expect it to sell in that range, a source close to the case told The Post. "It's not officially on the market at this point," but the administrators of the late society grande dame's estate "are checking out the situation" and "laying the groundwork" for the move, the source said. Son Anthony Marshall's lawyer, Ken Warner, confirmed that his client - who stands to inherit the sprawling property when a nasty fight over Astor's will is wrapped up - "is considering a sale, but he has not made a final decision." The New York Observer reported that Marshall, his wife, Charlene, and representatives from JPMorgan Chase met with brokers from five top real-estate firms earlier this month to "audition" them for a possible sale.
|
