Word: markets
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...Horta-Osório slammed the brakes on new mortgage lending in 2006, right in the middle of a housing boom. But Horta-Osório looked prescient when U.K. banks such as Alliance & Leicester and Bradford & Bingley kept on lending and then found themselves in crisis when the market crashed. Santander bought them both - in B&B's case, it was only the deposits and branches - for about one-fifth of what it had paid for Abbey. (Read: "U.K. Acts to Stem Bank Panic...
...income to around 40%, in line with Santander's overall cost-to-income ratio. The average cost-to-income ratio in this sector of the U.K. banking business is 55%. Those cost savings translate into lower lending rates, which has allowed Abbey to regain its share of the mortgage market and then some. It now makes 1 in 7 new mortgages in the U.K. and Abbey's 1,300 branches will sport red Santander logos next year...
...auctions and galleries in Hong Kong, Singapore, London and New York City. Mok Kim Chuan, the head of Southeast Asian art at Sotheby's, calls it a nascent boom with room to run. "It took 20 years for Indonesian art to grow to where it is now in the market," he says. "The Philippines has only just started...
...swept across the Asian art world over the past year has outstripped popular knowledge of its fundamentals. What are the enduring influences on the art of this culturally complex country? What are the concerns of its pre-eminent modern artists and how have they arisen? To situate current market excitement within a wider historical framework, the Singapore Art Museum has mediated rivalries between secretive Philippine collectors, and dug into its own archives, to put together a show of 70 rarely seen works spanning more than a century of Philippine art. It is, experts agree, one of the largest and most...
...Javier, whose lonely ash-gray landscapes owe as much to film noir as to Manila's inescapable haze, to the surrealism of Ventura, Philippine art has finally become, as Mashadi puts it, "post-ideological." And it is this mature quality that has caught the attention of the Asian art market. Philippine artists today have scattered in their own interesting directions. The achievement of Thrice Upon a Time is showing how they got there...