EU Bailout Fund: The Wall Street Journal has reported that European Union
governments are discussing proposals to increase the €440bn bailout fund for
indebted Eurozone countries, a recognition that the fund might prove too small
if the region's debt crisis spreads to Spain, according to European officials.
OECD: In November 2010, in the OECD area, comprising 33 mainly developed countries, the unemployment rate was 8.6%, unchanged from October. The OECD-wide rate has been stable at 8.5%-8.6% since February 2010, despite diverging trends at the national level. New data show that the unemployment rate for the United States fell by 0.4 percentage point to 9.4% in December, while the rate for Canada was unchanged at 7.6%.
Germany‘s unemployment rate, though unchanged in November at 6.7%, has been declining steadily since June 2009. It is the only OECD country reporting a lower unemployment rate today than in 2007. Australia, Canada, Finland, Korea and Sweden recorded small declines in unemployment rates in November, compared to rises in Austria, the Czech Republic, Denmark, France, Hungary and Luxembourg. In the remaining countries the unemployment rate was broadly stable.
The OECD area unemployment level remains close to post-war highs. There were 45.8m unemployed persons in OECD countries in November 2010, down 0.3m from November 2009 but 15.9m higher than in November 2007.
Iraq Oil: Bob
Dudley, BP's chief executive, has welcomed the achievement of a major production
target in Iraq by the Rumaila Operating Organisation (ROO), of which BP is a
major shareholder. The ROO has met a major milestone in the re-development of
the super-giant field in Southern Iraq, increasing production by more than 10%
above the initial production rate.
"All parties including BP, Petrochina, SOMO and South Oil Company should be very proud of their achievements. We look forward to working with our partners to make Rumaila the world's second largest oilfield. This is important, for Iraq, for BP and for global energy supplies," Dudley added.
"Every day that funds don't go to new business start-ups is a lost opportunity in terms of jobs" Brian Hayes, deputy finance spokesman at Ireland's Fine Gael told CNBC. "What we need to do in the first instance is to create some confidence...ultimately we need a loan guarantee system in place," he said.
Fyffes: Fyffes said this afternoon
that expects its Adjusted EBITA* for 2010 to be in the range €19m-€20m, compared
to the €14m-€18m previously indicated. Banana selling prices in the Continental
European market finished the year strongly.
The Dow rose 57 points or 0.49% Tuesday to 11,694.
The S&P 500 added 0.52% and the Nasdaq advanced 0.38%.
The pan-European Dow Jones Stoxx 600 rose 1.30% Tuesday.
In Dublin the ISEQ is also up 1.30%.
CRH which accounts for about 27% of the Dublin market's capitalisation, gained 0.25%; BoI is up 5.08%; Aer Lingus gained 6.025 and Fyffes rose 1.32%.
Crude oil for February delivery is currently trading on the Chicago York Mercantile Exchange (CME/Nymex) at $90.49 per barrel up $1.24 from Monday's close. In London, Brent for February is trading on the International Commodities Exchange at $97.08.
The euro is trading at $1.2973 and at £0.8310.
"Ireland needs to restore its public finances on to its sustainable debt trajectory, it needs to revive its banking system… it needs to get growth back into its economy after a very, very virulent downturn," Donal O'Mahony, global strategist at Davy told CNBC:
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