Finfacts Ireland Business & Finance Portal

US goods and services trade deficit was $558.0bn in 2011 - - up $58bn on 2010

Fri, 10 Feb 2012 15:10:48 GMT

The US monthly international trade deficit increased in December 2011, according to the US Bureau of Economic Analysis and the US Census Bureau today. The deficit increased from $47.1bn (revised) in November to $48.8bn in December, as imports increased more than exports. The previously published November deficit was $47.8bn. The goods deficit increased $1.8bn from November to $64.3bn in December, and the services surplus was virtually unchanged from November at $15.5bn. The goods and services deficit was $558.0bn in 2011, up from $500.0bn in 2010. As a percentage of US GDP (gross domestic product), the goods and services deficit was 3.7% in 2011, up from 3.4% in 2010.

Irish industrial production rose 3.5% in December 2011; Down in Q4 2011 and in full year 2011

Fri, 10 Feb 2012 14:07:46 GMT

Irish industrial production in Manufacturing Industries for December 2011 was 3.5% higher than in November 2011. On an annual basis production for December 2011 decreased by 4.1% when compared with December 2010. The seasonally adjusted volume of industrial production for Manufacturing Industries for the three month period October 2011 to December 2011 (Q4) was 1.4% lower than in the preceding three month period.

Markets: Greece back at the brink; Barclays reports dip in 2011 profits - - cuts cash bonuses

Fri, 10 Feb 2012 10:34:27 GMT

Markets news on stocks, currencies and commodities; Greece back at the brink; Barclays reports dip in 2011 profits - - cuts cash bonuses.

The Swedish Paradox, innovation, entrepreneurship and outcomes

Fri, 10 Feb 2012 08:51:25 GMT

We have reported in recent times on separate research that was done in the US and Europe, which confirms the crucial importance of entrepreneurship in developing startups and young firms because all net job creation is dependent on these firms of up to 5 years in age. Investments in knowledge do not automatically lead to innovation and economic growth. In Sweden, the observed low return for the considerable investment in research and development (R&D) and innovation is termed the Swedish Paradox.

The end of the halcyon days of the global finance industry

Fri, 10 Feb 2012 08:36:08 GMT

The US financial sector accounted for just over 8% of the market capitalisation of the S&P 500 stock index companies in 1990 and peaked at over 22% by late 2006. It had dipped to 8.6% in early March 2009 and while it has recovered to about 12% in the interval, the halcyon days of the industry both in the United States and at global level, are over.

Friday Newspaper Review - - Irish Business News - - February 10, 2012

Fri, 10 Feb 2012 06:38:56 GMT

Principal news stories from the Irish Times and Irish Examiner.

Dr Peter Morici: Curb US trade deficit; Rev up oil to engineer more growth and jobs

Fri, 10 Feb 2012 05:51:33 GMT

Dr Peter Morici: Today, the US Commerce Department is expected to report the deficit on international trade in goods and services was $47.8bn in December, unchanged from November.

IDA Ireland announce 500 jobs at New York Irish investment conference

Fri, 10 Feb 2012 03:27:41 GMT

IDA Ireland, the inward investment promotion agency, made jobs announcements totalling almost 500 on Thursday to coincide with an investment conference in New York at which former President Bill Clinton was the guest of honour. Taoiseach Enda Kenny, Tánaiste Eamon Gilmore and Minister for Jobs Richard Bruton met potential American investors at the event.

Draghi says economic outlook has improved but subject to downside risks

Thu, 09 Feb 2012 16:47:43 GMT

European Central Bank President Mario Draghi told a press conference in Frankfurt today following the decision of the governing council to leave the benchmark rate unchanged at 1% that the economic outlook has improved even though many downside risks remain.

Obama administration announces $25bn foreclosure deal with 5 mortgage banks; Weekly jobless claims dip

Thu, 09 Feb 2012 16:28:25 GMT

The Obama administration today announced that the federal government and 49 state attorneys general have reached a $25bn agreement with the top 5 mortgage banks to address mortgage loan servicing and foreclosure abuses. The agreement provides what has been termed substantial financial relief to homeowners and establishes significant new homeowner protections for the future. Meanwhile weekly jobless benefit claims fell again last week.

Greek leaders agree new austerity measures to pave way for second bailout

Thu, 09 Feb 2012 15:46:07 GMT

Leaders of political parties backing Greece's government agreed Thursday on an austerity package to comply with demands set by international creditors for a second bailout deal, according to Interim Prime Minister Lucas Papademos.

ECB keeps benchmark interest rate of 1.0%; Bank of England keeps rate unchanged and adds £50bn to bond-buying program

Thu, 09 Feb 2012 13:33:17 GMT

The European Central Bank (ECB) kept its benchmark interest rate of 1.0% unchanged, at the meeting of the 23-member governing council in Frankfurt today. In London, in response to evidence of a fragile economy, the Bank of England's Monetary Policy Committee kept the Bank's key interest rate at 0.5%, the lowest since the bank was founded in 1694. The Bank of England added £50bn to its bond-buying program.

Markets: Credit Suisse reports Q4 2011 loss; UK-listed Greencore has strong start to its financial year; ECB expected to keep rates on hold

Thu, 09 Feb 2012 10:00:50 GMT

Markets news on stocks, currencies and commodities; Credit Suisse reports Q4 2011 loss; UK-listed Greencore has strong start to its financial year.

National Irish Bank's losses and deposits rose in 2011

Thu, 09 Feb 2012 09:18:18 GMT

Danske Bank Group today announced its financial results for the twelve months to 31 December 2011. Profit before tax was down 35% to €566m. Irish unit, National Irish Bank, reported an operating profit before impairment charges of €45m, a decrease of 7% on last year. Income fell 13% to €141m due to reduced customer demand and the impact of impaired loans. Costs fell by 15% to €96m, driven by the Bank’s restructuring programme. Bad debt provisions rose to €850m, leading to a loss before tax of €805m compared with €618m in 2010.

Number of Irish properties for rent in 2012 lowest in more than 3 years; State rent supplement in 2011 was €503m

Thu, 09 Feb 2012 07:20:58 GMT

The number of Irish properties available to rent nationwide at the start of 2012 is at its lowest level in more than 3 years, according to the latest report published today by Ireland's largest property website, Daft.ie. The number of properties available to rent nationwide has fallen by 5.7%. This is primarily driven by Dublin, where there are almost 1,000 fewer properties available to rent now than a year ago. The State rent supplement in 2011 was €503m.

Thursday Newspaper Review - Irish Business News and International Stories - - February 09, 2012

Thu, 09 Feb 2012 06:59:48 GMT

Principal news stories from the Irish Times and Irish Examiner.

Irish Finance Bill 2012: Includes tax incentives for executives of foreign firms and mortgage relief for first time homebuyers

Wed, 08 Feb 2012 14:48:45 GMT

The Minister for Finance Michael Noonan T.D. today published the Irish Finance Bill 2012 which gives effect to the taxation measures announced in last December’s Budget. The measures include tax incentives for executives of foreign firms and mortgage relief for first time homebuyers.

Markets: Smurfit Kappa reports pre-tax profits trebled in 2011; Nokia to cut 4,000 jobs and move production to Asia

Wed, 08 Feb 2012 09:57:46 GMT

Markets news on stocks, currencies and commodities; Smurfit Kappa reports pre-tax profits trebled in 2011; Nokia to cut 4,000 jobs and move production to Asia.

Elan reports pre-tax profits of $560.5m in 2011

Wed, 08 Feb 2012 09:41:28 GMT

The drugs firm Elan today reported pre-tax profits of $560.5m in 2011, following a loss of almost $325m in 2010.

Japan's current-account surplus plunged in 2011

Wed, 08 Feb 2012 09:00:53 GMT

Japan's current-account surplus plunged in 2011, as exports fell following the March 11 devastating earthquake and both energy prices and the value of the yen rose. It was the smallest surplus since 1996, the finance ministry said and the steepest contraction since at least 1986, when comparable percentage-change figures first were published.