Mortgage Rates: Irish Nationwide Building Society has announced that its home loan standard variable mortgage rate will increase by 0.65% to 4.4% with effect from 1 May, 2011. All customers have been written to advising them of the rate increase.
The increase is directly attributable to the rising cost of funds and will add an additional €34 to the cost of monthly repayments on a €100,000 mortgage over 20 years. The last time Irish Nationwide raised its home loan standard variable mortgage rate was in September 2010.
Eircom: Eircom today welcomed the result from the Eircom Trade Union Alliance (TUA) ballot that has endorsed the Eircom Recovery Plan, following the ‘in principle’ agreement which had been reached at the start of the month. The company will now move to formalise the agreement, implement reductions in working time for a pro-rata reduction in pay, and will commence discussions on modernisation proposals in the Recovery Plan as soon as possible.
Commenting on the development, Paul Donovan, CEO Eircom Group, said: “Following the outcome of this ballot, eircom has now taken another important step on the path towards a competitive cost structure. It is extremely encouraging to know that our employees throughout the organisation are prepared to make difficult but necessary decisions to help secure the long term financial future of the company.”
Ryanair: Transport Minister Leo Varadkar today criticised Ryanair for
imposing a €2 surcharge on passengers in order to recover losses caused by last
year's travel disruptions. However, the levy is also being used as a cover to
HSBC Chief Global Economist, Stephen King told CNBC the ECB's power to control Eurozone inflation is limited due to a rise in worldwide commodity prices. "There's a limit to what the ECB can do to influence those commodity price increases," he said, warning that a rate rise together with commodity costs could affect spending power:
India: Emerging economy India on Thursday issued the first results of a new
census showing that the world's second-most-populous nation added 181m people to
reach a total of 1.21bn.
The cost of marriage dowries makes girls an unattractive option and the government has banned doctors from revealing the sex of unborn children.
US Jobless Claims: The Department of Labor reported today that in the
week ending March 26, the figure for seasonally adjusted initial claims
was 388,000, a dip of 6,000 from the previous week's revised figure of
394,000. The 4-week moving average was 394,250, a increase of 3,250 from the
previous week's revised average of 391,000.
The Chicago purchasing managers index was at 70.6 in March, slightly exceeding expectations for a reading of 70.0. US factory orders unexpectedly dropped 0.1% in February.
In New York Thursday, the Dow rose 16 points or 0.13% to 12,367.
The S&P 500 was unchanged and Nasdaq advanced 0.03%.
The pan-European Dow Jones Stoxx 600 has fallen 0.32% Thursday.
Shares in the 3 listed banks in Dublin are suspended until Friday. Stress tests are due to be released this afternoon.
In Dublin the ISEQ has risen 0.05%.
CRH which accounts for about 27% of the Dublin market's capitalisation, is down 1.45%; Elan has dipped 0.91%; Ryanair is up 0.93%.
Crude oil for May delivery is currently trading on the Chicago York Mercantile Exchange (CME/Nymex) at $106.01 per barrel up $1.74 from Wednesday's close. In London, Brent for May delivery is trading on the International Commodities Exchange at $116.93.
The euro is trading at $1.4181 and at £0.8850.
Gold is trading at $1,437.00 per oz in New York.
Sokol to CNBC: I Shouldn't Have Told Buffett I Liked Lubrizol; David Sokol tells CNBC that looking back in light of widespread criticism, he still would have bought shares in Lubrizol, but wouldn't have told Warren Buffett anything about the company, including his belief that it would be a good acquisition for Berkshire Hathaway:
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