A man looks at houses for sale in the window of an estate agents in Manchester, Britain, June 22, 2023. REUTERS/Phil Noble Acquire Licensing Rights
LONDON, Sept 7 (Reuters) – British house prices have fallen at the fastest pace since 2009 over the past year, reflecting the increasing impact of higher interest rates, mortgage lender Halifax said on Thursday.
Halifax said house prices were 4.6% lower last month than in August 2022, when they were close to their peak. This compared with a 2.5% annual fall in July and a median 3.45% decline forecast in a Reuters poll.
Prices fell 1.9% in August alone, the biggest monthly fall since November 2022, and also more than the 0.3% poll forecast.
“House prices have proven more resilient than expected so far this year…. However, there is always a lag-effect where rate increases are concerned, and we may now be seeing a greater impact from higher mortgage costs,” said Kim Kinnaird, director at Halifax Mortgages, part of Lloyds Banking Group (LLOY.L).
The Bank of England has raised interest rates 14 times since December 2021, taking rates to 5.25% in August. Governor Andrew Bailey said on Wednesday that rates were now “much nearer” their peak than before, although financial markets still expect a further increase to 5.5% this month and another rise after.
Rival mortgage lender Nationwide reported last week that house prices in August were 5.3% lower than a year earlier.
Official data showed house prices rose 27% between February 2020 and their peak in September 2022, reflecting increased demand for living space during the COVID-19 pandemic, temporary tax breaks and low interest rates over much of that period.
The average property price had now fallen back to levels similar to early 2022 at 279,569 pounds ($349,601), Halifax said, down 14,000 pounds from the peak last year but still around 40,000 pounds higher than before the pandemic.
A Reuters poll of housing market analysts last week showed they expected prices this year to fall 4% and to be unchanged in 2024 before rising 3.3% in 2025.
Imogen Pattison, assistant economist at Capital Economics, said the bigger-than-expected fall in Halifax house prices supported the consultancy’s forecast that house prices would drop a total of 10.5% by mid 2024.
“High mortgage rates will mean demand remains very weak while previously tight supply of second-hand homes on the market is easing,” she said.
($1 = 0.7997 pounds)
Reporting by David Milliken, Editing by Paul Sandle and Emelia Sithole-Matarise
Our Standards: The Thomson Reuters Trust Principles.
People walk past a branch of Industrial and Commercial Bank of China (ICBC) in Beijing, China April 1, 2019. REUTERS/Florence Lo/File Photo Acquire Licensing Rights
BEIJING, Sept 7 (Reuters) – Four of China’s major state banks said on Thursday they will start to lower interest rates on existing mortgages for first-home loans, reducing them to levels in place when a home was purchased.
Industrial and Commercial Bank of China Ltd (ICBC) (601398.SS), China Construction Bank Corp (601939.SS), Agricultural Bank of China (601288.SS) and Bank of China (601988.SS), issued separate statements announcing the planned reduction.
The reduction will come into effect on Sept. 25, they said.
Chinese brokerage China International Capital Corp Ltd (CICC) expected the average reduction for first home buyer’s mortgage rates would be 50 basis points (bps), and it could save them about 200 billion yuan ($27.31 billion).
CICC estimated that loans to first home buyers account for about 80%-90% of total outstanding mortgages.
Chinese regulators announced the policy to help homebuyers last week amid several other support measures announced by Beijing in recent weeks amid mounting concerns over the health of the world’s second-largest economy.
The property sector, which accounts for roughly a quarter of the economy, has lurched from one crisis to another since 2021, and contagion fears deepened this month after liquidity stress in leading developer Country Garden (2007.HK) became public.
China’s home loans totalled 38.6 trillion yuan ($5.3 trillion) at the end of June, representing 17% of banks’ total loan books.
Currently, the national floor of first-home loans stands at 20 basis points below the benchmark lending rate 5-year Loan Prime Rate(LPR) – currently 4.2%. Some big cities carry higher floor rates.
The mortgage rate cuts will put more pressure on banks’ margins at a time when the government is expecting them to do more to support the economy. To cushion the impact, banks on Friday cut interest rates on a range of yuan deposits.
($1 = 7.3226 Chinese yuan renminbi)
Reporting by Ziyi Tang and Ryan Woo; Editing by Edwina Gibbs & Simon Cameron-Moore
Our Standards: The Thomson Reuters Trust Principles.
A view of semi-detached homes in Tilbury, southeast England, May 12, 2014. REUTERS/Suzanne Plunkett/File photo Acquire Licensing Rights
Sept 5 (Reuters) – Investors in British housing stocks will be eager to glean insights on demand and selling prices as some of the country’s top homebuilders start issuing earnings reports or trading updates this month.
High mortgage rates and a prolonged cost-of-living squeeze have hammered UK housing demand over the past few months, making it the worst period for the industry since the 2008 global financial crisis, barring the lockdown-hit 2020.
Barratt (BDEV.L), the country’s largest housebuilder and a sector bellwether, will report annual results on Wednesday and is expected to brief the market on the sales trend and average selling prices in the first eight weeks of fiscal 2024.
“Forward sales guidance will be watched closely given the tricky economic environment,” Hargreaves equity analyst Matt Britzman wrote in a preview note.
“Investors will also be keen to see what’s happening with average selling prices. They were being pushed higher by an increased proportion of London completions,” Britzman said.
Berkeley (BKGH.L) will publish a trading update on Friday.
THE CONTEXT
Dwindling home-booking rates, tapering margins and uncertainty around interest rate hikes have forced housebuilders to slash profit forecasts and trim yearly housebuilding goals, amid desperate attempts to revive demand through a flurry of incentives.
British house prices in August were 5.3% lower than a year earlier, their biggest annual decline since July 2009, mortgage lender Nationwide said on Friday.
The number of house purchases in Britain this year is on course to drop by 21% to its lowest since 2012, property website Zoopla forecast on Wednesday.
Mid-cap builder Vistry (VTYV.L) will post half-yearly results on Sept. 11. Redrow (RDW.L) will report on Sept. 13.
FUNDAMENTALS
** Barratt expects annual profit to fall by a fifth, while house-build targets are seen falling 25% for the 2024 fiscal.
** Berkeley has guided to a 25% slump in annual volumes, but said it was confident of meeting its profit targets for the 2024 and 2025 fiscal years.
MARKET SENTIMENT
** Of the 19 analysts covering BDEV, 10 rate it “buy” or higher, 9 rate it hold; median price target of 495 pence
** Of the 18 analysts covering BKGH, 10 rate it “buy” or higher, four rate “hold” and four rate “sell”; median price target of 4,350 pence
Reporting by Aby Jose Koilparambil and Yadarisa Shabong in Bengaluru; Editing by Anil D’Silva
Our Standards: The Thomson Reuters Trust Principles.
Mainland Chinese tourists walk in front of the skyline of buildings at Tsim Sha Tsui, in Hong Kong, China May 2, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing Rights
HONG KONG, Sept 5 (Reuters) – Asset managers are increasingly looking to dispose of their commercial buildings in Hong Kong as rising interest rates take a toll on mortgage payments, which for some have now exceeded rental income.
Some of the sales plans also come as mortgage loans are due to be refinanced, which is made more difficult when equity in the asset drops, people in credit and property markets said.
While Hong Kong reopened its borders this year after the pandemic, the recovery in the city’s commercial property sales and rental markets has been weaker than expected due to rising interest rates and a sluggish global and China economy.
Office prices have dropped over 30% since their peak in 2019 following anti-government protests and COVID-19, with many international firms scaling back or exiting the financial hub.
Average rents also dropped 34% and vacancy rates rose to 17.3% at the end of June, according to data from Cushman & Wakefield.
Sources said a few larger asset managers, eager for swift disposals, were starting to sell Hong Kong assets at discounted prices. KaiLong Group is putting two of its buildings – which both have loan facilities due this year – on the market with the deadline for non-binding bids later this month, two sources with knowledge of the matter said.
One asset is a new 25-storey Grade-A tower in the Central financial district, while the second is also a 25-storey commercial building with 41 parking spaces in nearby Wan Chai.
People with knowledge of the matter said KaiLong would like to fetch at least HK$1.5 billion ($191.20 million) and HK$1.25 billion, respectively, for the sales. The asking price for the Wanchai asset was over 20% below market price, they added.
Ivan Ho, Hong Kong CEO of KaiLong, told Reuters the company is not selling because of a “bad future” but rather through a “normal marketing exercise once assets are ready for sale.”
Realtors said there was little incentive for investors to hold on to buildings because assets had run into negative cash flow due to higher interest costs.
The city’s monetary policy moves in lock-step with the U.S. as its currency is pegged to the U.S. dollar. Its interbank rates also spiked this year and now hover around 2009 levels.
Buying demand has also dropped, as uncertainty over high interest rates, tighter credit conditions and elevated refinancing needs make investors more cautious.
The city saw commercial real estate investment volumes drop 65% to HK$4.7 billion in the second quarter, the lowest quarterly total in 14 years, according to property consultancy CBRE.
The total in the first half was also the lowest six-month period since 2009, its data showed.
“There are more assets in the market now but it doesn’t mean transactions would increase, because the expectations between buyers and sellers have drifted wider apart, and it’s difficult to do financing for commercial properties,” Cushman & Wakefield Hong Kong capital markets executive director Tom Ko said.
Reporting By Clare Jim; Editing by Anne Marie Roantree and Sam Holmes
Our Standards: The Thomson Reuters Trust Principles.
Estate agent signs are seen outside residential housing in South London, Britain, August 7, 2023. REUTERS/Alishia Abodunde Acquire Licensing Rights
LONDON, Sept 1 (Reuters) – British house prices in August were 5.3% lower than a year earlier, their biggest annual decline since July 2009 as higher interest rates reduced demand from buyers, mortgage lender Nationwide said on Friday.
Prices dropped by 0.8% in August alone, the largest monthly fall since March, after a 0.3% decline in July, Nationwide’s figures showed.
“The softening is not surprising, given the extent of the rise in borrowing costs in recent months, which has resulted in activity in the housing market running well below pre-pandemic levels,” Nationwide Chief Economist Robert Gardner said.
The Bank of England has raised interest rates 14 times since December 2021 to 5.25%, and financial markets expect another rate increase this month to 5.5%.
Mortgage approvals had been running around 20% below 2019 levels, a trend which looks likely to continue, Gardner said.
Nonetheless, Nationwide expects a “soft landing” for the housing market as it predicted unemployment would not rise above 5% and wages were growing fast in nominal terms.
Speaking later to the BBC, Gardner said this implied a further fall of only 1% or 2%.
However Andrew Wishart, senior property economist at Capital Economics, said he expected house prices had another 5% to fall, taking the total peak-to-trough decline to 10.5%.
“We think the August data marks the start of a significant further drop in house prices,” he said, pointing to weakness in the latest Royal Institution of Chartered Surveyors survey, which shows the most widespread price falls since 2009.
Before they peaked in September 2022, British house prices had surged more than 25% since the start of the COVID-19 pandemic, boosted by greater demand for living space, previously low interest rates and temporary tax incentives.
A Reuters poll of economists and property analysts published on Friday, ahead of the Nationwide data, showed respondents expected house prices to decline 4% in 2023 compared with 2022 – slightly more than the 3% forecast in a similar poll in June. The most pessimistic forecast was for a 10% fall.
The poll showed respondents expected house prices to be unchanged in 2024 and to rise just over 3% in 2025.
Reporting by David Milliken; Editing by Sarah Young and Mike Harrison
Our Standards: The Thomson Reuters Trust Principles.
SYDNEY, Sept 1 (Reuters) – Australia’s home prices rose in August for a sixth straight month as a jump in new listings was absorbed by strong demand, adding to signs that the recovery in the property market is becoming entrenched.
Data from property consultancy CoreLogic showed on Friday prices nationally rose 0.8% in August from July, accelerating from a rise of 0.7% in the earlier month. Since finding a floor in February, national prices have risen 4.9%, following a 9.1% decline from their peak in April last year.
The recovery has been led by Sydney and Brisbane where prices jumped 1.1% and 1.5% respectively.
Regional markets, where there is usually less demand from overseas migration, eked out a gain of 0.1% in August, while the housing values in capital cities across states and territories rose 1%.
The Reserve Bank of Australia (RBA) has jacked up interest rates by a whopping 400 basis points since May last year to tame inflation, but housing prices found a bottom earlier than expected due to short supply and surging migration levels.
Markets are wagering the tightening cycle might now be over, with another hike priced at only a 40% chance. That expectation has also underpinned gains in the property market.
CoreLogic research director Tim Lawless attributed the gains to lower-than-average advertised supply levels.
“The balance between advertised supply and demonstrated demand will be a key factor influencing housing market outcomes in spring,” said Lawless. “A rise in fresh supply without a commensurate lift in purchasing activity would likely take some heat out of the pace of capital gains.”
There are also signs that rents, which have risen for a 36th consecutive month and added to inflation, may be peaking. National rents rose 0.5% in August, the smallest gain since November 2020, according to CoreLogic.
Reporting by Stella Qiu; Editing by Lincoln Feast.
Our Standards: The Thomson Reuters Trust Principles.
Construction workers break ground to build new homes while building material supplies are in high demand in Tampa, Florida, U.S., May 5, 2021. REUTERS/Octavio Jones Acquire Licensing Rights
BENGALURU, Aug 30 (Reuters) – A short U.S. housing market correction is now over, according to property analysts polled by Reuters who have wiped out forecasts for a price fall this calendar year but also look for stagnation in 2024 despite expectations for interest rate cuts.
After the Federal Reserve rapidly raised the federal funds rate from near-zero to a range of 5.25-5.50% since March 2022, mortgage rates are at their highest and applications at their lowest in over two decades.
But demand for housing has held up, much like in the broader economy, which is now expected to skirt recession, meaning rates are likely to stay higher for longer.
After falling nearly 7% from a cycle high in June 2022 – well short of predictions made late last year for a 12% peak-to-trough fall – average house prices started rising again in February and are now only around 1% below their peak.
As a result, average house prices as measured by the S&P CoreLogic Case-Shiller composite index of 20 metropolitan areas are now forecast to end this year unchanged, according to 30 analysts polled by Reuters Aug. 15-30.
“While we expect house prices to lose some of their recent momentum, the worst of the correction appears to have passed and we don’t expect further sustained declines,” said Andrew Burrell, chief property economist at Capital Economics.
The latest 2023 median forecast compares with a near-3% fall predicted in a May poll, a 4.5% fall in March, and a 5.6% drop forecast in December last year, marking the third consecutive upgrade even as interest rates rose more than expected during that time.
Average house prices were forecast to stagnate in 2024 despite predictions for a rate cut by the middle of the year.
The 30-year fixed mortgage rate was expected to average 6.7% this year, the highest since 2001, and slip to 6.3% in 2024. Those were upgrades from 6.2% and 5.5% in the May poll.
Sharp rate rises over the past year have led many existing home owners who locked in cheap mortgages from a long period of near-zero rates to stay put. That has restricted available supply and with it, housing turnover.
Mortgage rates on offer from lenders may never again rival some of the rock-bottom post-financial crisis and pandemic-era deals, which in the U.S. have multi-decade maturities.
“Home sales volume is being held down by a lack of inventory for sale, which is due to would-be sellers not wanting to give up their low mortgage rate…It is real, and it is going to remain a real factor through 2024,” said Brad Hunter of consultancy Hunter Housing Economics.
Existing home sales, which comprise about 90% of total sales, are currently running at an annualized 4.07 million units, a six month-low.
They were forecast to average 4.17 million units in the second half of this year, lower than 4.27 million in the previous poll.
Despite a near 45% pandemic-era rise in house prices and the market starting to climb again, respondents were equally split on what would happen to purchasing affordability for first-time homebuyers over the coming year. Fourteen of 28 said it would worsen and the rest said improve.
Rents, currently one of the main drivers keeping inflation above the Fed’s 2% target, were expected to fall over the rest of this year, according to 15 of 27 respondents to an additional question. The rest said rents would keep rising, including two who said significantly.
“We have already reached a trough for rent growth, and rents are now rising again on a month-over-month basis,” Hunter added.
(For other stories from the Reuters quarterly housing market polls:)
Reporting by Prerana Bhat and Indradip Ghosh; Polling by Pranoy Krishna; Editing by Ross Finley and Sharon Singleton
Our Standards: The Thomson Reuters Trust Principles.
A residential neighbourhood of Auckland, New Zealand, is seen from the air, July 8, 2017. REUTERS/Jason Reed/File Photo Acquire Licensing Rights
BENGALURU, Aug 30 (Reuters) – New Zealand house prices are forecast to rise again next year due to an ongoing supply shortage and expectations for interest rate cuts, according to a Reuters poll of property market analysts.
The Reserve Bank of New Zealand (RBNZ) likely ended a 20-month tightening cycle in May after taking the overnight cash rate from near-zero to 5.50%, a campaign that helped bring down the average house price by 15% compared with the price peak in November 2021.
That is short of a roughly 20% correction most property analysts predicted in May following a pandemic-era boom that boosted prices by more than 40%. Prices have started to rise again on returning demand meeting limited available supply.
New Zealand house prices were expected to decline 4.8% this year, the latest Reuters poll of 11 property market analysts taken Aug. 14-28 showed. That predicted decline was about half of the 8.0% fall forecast in a May poll.
Average property prices were then expected to rise 5.0% and 6.0% in 2024 and 2025, respectively, an upgrade from 3.4% and 5.0% in the previous poll.
“Whether or not we’re entering a new FOMO-style state in the housing market is yet to be revealed, but our money is on this not being the case, or at least, that it will not persist,” said Miles Workman, senior economist at ANZ, referring to the “fear of missing out” that drove a market frenzy during the pandemic.
“But as we get into 2024, we think the reality of higher-for-longer interest rates will set in, and that still-stretched affordability and rising unemployment will culminate in a very subdued pace of expansion in house prices,” he said.
A recent Reuters poll of economists predicted the RBNZ was done raising the overnight cash rate and would leave it unchanged at 5.50% until early next year, lowering it to 4.50% by year-end.
While lower interest rates will provide some relief to home buyers, their impact on purchasing affordability among first-time homebuyers was less clear.
There was a near split among 11 analysts who answered an additional question on affordability, with six saying it would improve over the coming year and five saying it would worsen.
The International Monetary Fund said this week that house prices could stabilise next year, but affordability would remain a concern despite the decline in prices as mortgage rates stayed high and low supply added to price pressures.
There was also no respite for potential homebuyers looking to rent instead.
All but one of 11 analysts who answered a separate question said average rents for the rest of 2023 will either rise slightly (6) or significantly (4). Only one said average rents would fall slightly.
Reporting by Anant Chandak in Bengaluru
Polling by Susobhan Sarkar
Editing by Ross Finley and Matthew Lewis
Our Standards: The Thomson Reuters Trust Principles.
A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang/File Photo Acquire Licensing Rights
BEIJING, Aug 28 (Reuters) – China’s new home prices will likely show no growth this year, according to a Reuters poll, highlighting the intense pressure in the crisis-hit property sector that has put a choke-hold on the economy and left policymakers in a scramble to restore confidence.
The expected 0% year-on-year growth in home prices compared with a 1.4% gain tipped in the previous forecast in May, a Reuters poll of 12 economists conducted from Aug. 16-25 showed.
Confidence in the real estate sector, which accounts for a quarter of China’s economy, suffered last year after many homebuyers threatened to stop repaying mortgages because developers couldn’t build pre-sold housing projects due to strapped liquidity and strict COVID-19 restrictions.
“The slowdown of China’s economic recovery and conservative consumption by residents shows that property market participants’ confidence has not yet recovered, said Wang Xingping, senior analyst at Fitch Bohua.
Authorities have introduced several measures over the past year to prop up the sector, including smaller down payments, allowing bigger mortgages and cuts in mortgage rates. However, confidence remains low, partly due to persistent liquidity problems among property developers as well as a broader slowdown in the economy.
Property investment this year is expected to fall 7.7% year-on-year, much faster than the 4.2% drop forecast in the May poll, while home sales measured by floor area is expected to decline 5.0% in annual terms in 2023 from a gain of 2.7% in the previous poll.
The world’s second-biggest economy has seen a rapid loss in momentum since the second quarter following the initial post-COVID rebound, dragged down by weak demand at home and abroad, rising unemployment and property sector woes.
“It is estimated that every one percentage point decline in property investment may drag down the GDP growth rate by 0.1 percentage points,” said analyst Ma Hong at Zhixin Investment Research Institute.
China observers are sceptical that the property sector could turn a corner in the near term despite Beijing’s support measures.
Three Chinese ministries issued detailed rules on Friday allowing local governments to scrap the rule of “no mortgage record” for determining the status of “first-home buyers”.
The biggest cities are expected to relax property curbs in some suburbs, “but it is hardly going to save the whole real estate sector from a downward spiral,” said Gao Yuhong, analyst at CSCI Pengyuan Credit Rating Limited.
Seven of 12 economists see an improvement in purchasing affordability for first time homebuyers over the coming year.
However, ANZ’s economist Xing Zhaopeng said youth employment will be a big issue to first home purchasing.
The government has suspended publishing data on youth unemployment, which has hit record highs in what analysts say is partly a symptom of regulatory crackdowns on big employers in real estate and other industries.
(For other stories from the Reuters quarterly housing market polls:)
Reporting by Liangping Gao and Ryan Woo; Additional reporting by Shuyan Wang; Editing by Shri Navaratnam
Our Standards: The Thomson Reuters Trust Principles.
A for sale sign is displayed outside a home in Toronto, Ontario in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio/File Photo Acquire Licensing Rights
TORONTO, Aug 23 (Reuters) – Highly indebted Canadians hoping for relief from a rapid rise in mortgage rates are in for some disappointment, as recent moves in the bond market point to interest rates staying at elevated levels for longer than previously expected due to stubborn inflation.
The yield on Canada’s 5-year bond climbed on Tuesday to a 16-year high of 4.17%, up from 2.66% in March, as investors gave up on the notion that the Bank of Canada and other major central banks will pivot quickly to rate cuts.
Nearly all Canadian mortgages have a term of five years or less, compared with the 30-year term that is common in the United States. As of January 2023, residential mortgage debt stood at C$2.08 trillion ($1.53 trillion), according to the Canada Mortgage and Housing Corporation (CMHC).
It means that when roughly 20% of Canadian mortgages come up for renewal in the next year, it will likely put many borrowers in a tougher financial spot than they could have expected just a few months ago. Mortgage rates tend to track moves in the bond market with a lag.
“With each passing month with rates going up and up, we are discussing with consumers how much mortgage they can qualify for, and that’s been diminishing as rates have gone up,” said James Laird, co-CEO of Ratehub.ca.
At 6.79%, the five-year mortgage rate posted by major Canadian banks has climbed to its highest since November 2008, data from the Bank of Canada shows.
When it is time for renewal, options for homeowners hoping to shop for better interest rates might be limited as they would have to re-qualify for the stress test at the latest interest rates with their new lender.
STRESS TEST FLAW
Canada amended its stress test rules in 2021 requiring borrowers to prove they can handle mortgage repayment 200 basis points above their contracted rate and will have to re-qualify if moving to a different lender at the time of renewal.
“That is a flaw in a stress test which hopefully will be changed at some point. … You’re going to see more consumers than usual sticking with their lenders,” Laird said.
The odds of another interest rate hike in September have only risen after inflation rate moved back above the Bank of Canada’s target range, while robust economic growth, particularly in the United States, has fanned fears of rates staying higher for longer.
With no sign of an immediate rate cut in sight, anxious homeowners are now struggling to pay their monthly mortgage payments, and in some cases being forced to sell their houses.
Daniel Foch, director of economic research at Toronto-based RARE Real Estate, pointed to Toronto Regional Real Estate Board data that showed power of sale – a clause that allows lenders to sell a borrower’s property if they default on mortgage payments – had risen in the recent months.
The data showed that power of sale was invoked for 48 to 80 properties in the past three months, compared with 14 to 32 a year ago, in the Greater Toronto Area. That number is on track to hit 75 by the end of August, Foch said.
With interest rates rising to a 22-year high, the mortgage growth rate in Canada has slowed to its weakest pace in roughly four years, according to analysts at KBW, which is expected to weigh on banks’ quarterly earnings starting this week.
“Whereas consumers over the last 12 months have maybe had some strong income growth to offset higher debt payments, that’s not going to be necessarily the case over the next 12 to 24 months,” said Stephen Brown, deputy chief North America economist at Capital Economics.
“It certainly is going to be problematic for the Canadian economy if rates stay at this level.”
($1 = 1.3566 Canadian dollars)
Reporting by Nivedita Balu and Fergal Smith in Toronto
Editing by Denny Thomas and Jonathan Oatis
Our Standards: The Thomson Reuters Trust Principles.
