| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

   
Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

We provide access to live business television and business related videos from: Bloomberg TV; The Wall Street Journal; CNBC and the Financial Times. Click image:

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax 2008

Climate Change Reports

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : International Last Updated: Apr 24, 2009 - 5:31:05 PM


Markets News Afternoon: Slight rise in US home prices in February; Ryanair may close its base at Dusseldorf-Weeze
By Finfacts Team
Apr 22, 2009 - 4:49:10 PM

Email this article
 Printer friendly page

In the most severe recession since World War II, the global economy is projected to shrink by 1.3 percent in 2009, with a slow recovery expected to take hold in 2010, according to the IMF’s April World Economic Outlook (WEO).

While the rate of contraction should moderate from the second quarter of 2009 onward, output per capita is projected to decline in countries representing three-quarters of the global economy. Growth is projected to reemerge in 2010, but at 1.9 percent it would be sluggish relative to past recoveries.

Finfacts Report:

IMF says Global Economy contracts in the most severe recession since World War II; Slow recovery in 2010

Bloomberg reports federal mortgage financier Freddie Mac Acting Chief Financial Officer David Kellermann, 41, was found dead early today in his home in the Washington suburbs, police said.

There were no signs of foul play, and the death is under investigation, Fairfax County, Virginia, Police Officer Shelley Broderick said. Broderick said early reports from others in the department indicated Kellermann’s wife reported a suicide, though the cause of death hasn’t been determined.

“He was a hard worker, good guy and had a positive attitude,” said David Stevens, a former Freddie mortgage executive who left the company in 2005 and was recently nominated to run the Federal Housing Administration.

“Either way, it’s a tragedy,” Stevens said, referring to the reports that the death may have been a suicide.

Investment bank Morgan Stanley today reported a first quarter net loss of $190 million, or 57 cents a share, compared with year-earlier net income of 1.43 billion, or $1.26 a share. The results also included a 33-cent tax gain.

 

Revenue fell 62% to $3.04 billion. The bank was hit by $1 billion in losses on real-estate investments.

In New York, investors overlooked poor earnings reports

The Dow Jones Industrial Average rose 59 points. The S&P 500 added 1% and the Nasdaq Composite Index rose 1.8%.

The Federal Housing Finance Agency (FHFA), which  regulates Fannie Mae, Freddie Mac, and the 12 Federal Home Loan Banks reported US home prices dropped 6.5% in February from a year earlier, the second-smallest decline in six months, signalling that  low mortgage rates may be boosting demand.

The fall was led by a 19% dip in the region that includes California, the most populous US. state, the FHFA said today. The agency's monthly house price index is down 9.5% from its peak in April 2007. Prices in February gained 0.7% from the previous month.

Live US Indices

In Europe, the Dow Jones Stoxx 600 rose 1.15% Wednesday.

UK Chancellor of the Exchequer Alistair Darling said in his Budget speech today, the UK will have to borrow a record £175bn   - - 12.4% of GDP - - as he admitted the economy faces its worst year since the Second World War.

He announced a new 50p top tax rate for those on £150,000 or above.

Finfacts Report:

UK Budget 2009: Chancellor says British economy to start growing again "towards the end of this year"; Borrowing to rise to 12.4% of GDP

The FTSE 100 rose 1.08%.

In Dublin, the ISEQ gained 2.50%.

CRH rose 1.31% and Elan climbed 5.2%.

Ryanair today confirmed that it will close its base at Dusseldorf-Weeze with the loss of 2.5m Passengers and 2,500 local jobs if the decision by the OVG Court in Munster to restrict the airport’s operating hours is not overturned.

Ryanair has today stopped accepting bookings on all flights affected by the change in the airport’s operating hours. The airline said it will review the Court’s decision with the Airport and its lawyers but confirmed that the base will close if the court decision to restrict operating hours is not overturned by Wednesday 29th April.

Ryanair currently operates 6 based aircraft at Dusseldorf –Weeze, which deliver 2.5m passengers p.a. and sustain 2,500 local jobs, most of which will be lost if Ryanair closes its base at the airport.

Ryanair’s Deputy Chief Executive, Michael Cawley, said:
“Ryanair and Dusseldorf-Weeze airport have been a huge success story for the entire region. We have grown our routes and passenger numbers rapidly but the OVG Court decision will result in the loss of 2,500 local jobs and Ryanair’s 2.5million passengers p.a. if this unworkable, unfair and unnecessary restriction to operating times is enforced.

“From today Ryanair will no longer be accepting bookings on affected flights to/from Dusseldorf-Weeze for travel after 2nd May. If the decision to restrict the airport is not overturned by Wednesday 29th April we will announce a plan to withdraw our base at Dusseldorf Weeze as it will be impossible to operate our schedule with these restrictions in place”.

Ryanair rose 2.85%.

European Benchmarks

Irish Share Prices

EuriborRates

Oil

On the New York Mercantile Exchange, oil for June delivery is trading at $48.37 down 18 cents from Tuesday's close. In London, Brent crude  for June delivery is trading at $49.52 a barrel down 30 cents.

Currencies

The euro is trading at $1.3019 and at £0.8974.

For live currency updates, check the right-hand column of the Finfacts home page.

The dollar traded at a record low $1.6038 per euro on July 15th.

Related Articles


© Copyright 2007 by Finfacts.com

Top of Page

International
Latest Headlines
Markets: Greece back at the brink; Barclays reports dip in 2011 profits - - cuts cash bonuses
Friday Newspaper Review - - Irish Business News - - February 10, 2012
Markets: Credit Suisse reports Q4 2011 loss; UK-listed Greencore has strong start to its financial year; ECB expected to keep rates on hold
Thursday Newspaper Review - Irish Business News and International Stories - - February 09, 2012
Markets: Smurfit Kappa reports pre-tax profits trebled in 2011; Nokia to cut 4,000 jobs and move production to Asia
Wednesday Newspaper Review - Irish Business News and International Stories - - February 08, 2012
Markets: UBS reports plunge in 2011 profit: BP reports profit surge; Santander adds €2.3bn to provisions; Toyota's 9-month profit dips; Glencore to buy Xstrata
Tuesday Newspaper Review - Irish Business News and International Stories - - February 07, 2012
Markets News: Aer Lingus reports rise in January traffic
Monday Newspaper Review - Irish Business News and International Stories - - February 06, 2012
Markets: Ryanair warns Aer Lingus on covering €400m deficit in staff pension fund
Friday Newspaper Review - - Irish Business News - - February 03, 2012
Markets: Deutsche Bank plunges to loss in Q4 2011; Baltic Dry Index sinks to 25-year low on shipping glut
Thursday Newspaper Review - Irish Business News and International Stories - - February 02, 2012
Markets News: Amazon.com's fourth-quarter earnings fell 57%
Wednesday Newspaper Review - Irish Business News and International Stories - - February 01, 2012
Markets News: EU25 leaders agree to sign fiscal compact agreement in March
Tuesday Newspaper Review - Irish Business News and International Stories - - January 31, 2012
Markets News: EU leaders expected to approve text of new intergovernmental treaty today
Monday Newspaper Review - Irish Business News and International Stories - - January 30, 2012
Spain's jobless rate at end 2111 was 22.85%; Samsung reports record profits; Baltic Dry Index down 27 days in a row
Friday Newspaper Review - Irish Business News and International Stories - - January 27 , 2012
Markets News: Japan's struggling giants NEC and Nintendo expect big losses; NEC to cut 10,000 jobs
Thursday Newspaper Review - Irish Business News and International Stories - - January 26, 2012
Markets News: Japan reports first annual trade deficit since 1980; World Economic Forum opens in Davos
Wednesday Newspaper Review - Irish Business News and International Stories - - January 25, 2012
Markets News: Irish retail sales continued to fall in Q4 2011; India's Reserve Bank switches stance to economic growth
Tuesday Newspaper Review - Irish Business News and International Stories - - January 24, 2012
Markets News: EU finance ministers to discuss new bailout fund and Greece restructuring talks
Monday Newspaper Review - Irish Business News and International Stories - - January 23, 2012
Markets: Year of Dragon set to commence as China's manufacturing weakness persists; Greencore decamps to London
Friday Newspaper Review - Irish Business News and International Stories - - January 22, 2012
Markets News: 1880 vintage Eastman Kodak has little left but a patents' trove; Readymix in takeover talks
Thursday Newspaper Review - Irish Business News and International Stories - - January 19, 2012
Markets News: Tullow Oil says revenues doubled to $2.3bn in 2011
Wednesday Newspaper Review - Irish Business News and International Stories - - January 18, 2012
Markets News: RBS sells Dublin-based aviation leasing unit for $7.3bn; C&C reports strong Christmas drinks performance
Tuesday Newspaper Review - Irish Business News and International Stories - - January 17, 2012
Markets News: Sarkozy to continue to implement reforms despite ratings downgrade; DCC says good weather is bad news
Monday Newspaper Review - Irish Business News and International Stories - - January 16, 2012