AIB today announced a €500m fund to support the growth and development of Ireland’s agri sector at farm level. The fund is designed to support the ongoing development of the farming sector by providing finance for capital expenditure, working capital and asset finance. The fund is also available to support farmers who wish to refinance debt from banks that are exiting the Irish market. The fund is supported by discounted EIB funding for eligible projects.
AIB also announced that it has doubled its agri advisor team to twelve, supporting customers on the ground.
today posted estimated first quarter operating profits of 8.4tn won ($7.96bn).
UK Deloitte CFO survey suggests that
companies are ready to expand capital expenditure rapidly:
Conall Mac Coille, chief economist at Davy, comments - - "Stock indices fell on
Monday: the Euro Stoxx 50 closed down 1.4% and the S&P500 1.1%. Biotech and
internet stocks continued to lead indices down. The euro pared back some of its
losses from last week, rising to $1.374 yesterday, after the ECB president
intimated that the bank may engage in quantitative easing. German industrial
production data released yesterday saw strong growth of 4.8% on the year. In
Spain, industrial output was up 3.1% in the year to February, another solid sign
that the Spanish economy is exiting recession. Overall, the consensus forecast
for euro area industrial production to grow by just 2.1% in 2014 and 2.6% in
2015 looks far too pessimistic. We expect euro area GDP growth will also beat
the consensus forecast for just a 1.1% expansion in 2014 and a 1.4% rise in
Economic View: ECB’s concerns about promissory note deal may see bond sales accelerated; Juliet Tennent of Goodbody comments - - "The annual report of the ECB, published yesterday, expressed 'serious concerns' about the restructuring of the promissory note deal in February 2013. That deal saw the Promissory Note replaced by Irish government bonds totalling €25bn with maturities of between 25 year and 40 years which are held by the Irish Central Bank. At the time the ECB said that it would review the deal in relation to a possible conflict with the ECB prohibition on monetary financing (Article 123) and the Irish media reported last week that the Bank’s annual report would highlight some concerns with the arrangement. However, in the annual report the ECB also stated that the concerns “could be somewhat mitigated by the disposal strategy of the Central Bank of Ireland”. On the current timeline, it is expected that the bonds will be sold at a pace of €500m per annum, but it is now likely that the Central Bank will accelerate this to appease the ECB. This will mean that the interest bill associated with this debt will rise faster, as the ECB funding rate is replaced by a higher market funding rate at a faster pace.
However, the current benign interest rate
environment also provides an opportunity for securing low rates.
In New York Monday, the Dow fell 167 points or 1.02% to 16,246.
Both the S&P 500 slid 1.08% and the Nasdaq slipped by 1.16%
The MSCI Asia Pacific Index fell 0.1% Tuesday.
Japan's Nikkei 225 fell 1.36%; China's Shanghai Composite rose 1.92%; South Korea's KOSPI climbed 0.17% and Australia's S&P/ASX 200 dipped 0.06%; and in Mumbai, the Bombay Stock Exchange the S&P BSE India Sensex Index slid 0.07%.
In Europe, the Dow Jones Stoxx Europe 600 is down 0.64% in mid afternoon trading Tuesday.
In Dublin, the ISEQ is off 1.89%.
CRH is down 2.26%.
The euro is trading at $1.3788 and at £0.8243.
For live currency updates, check the right-hand column of the Finfacts home page.
The US dollar fell to $1.6038 per euro on Tuesday, July 15, 2008 - an-all time record.
The Baltic Dry Index, a measure of shipping costs for dry commodities, hit an all-time high of 11,771 on May 21, 2008. From that time it reversed and on the 5th of December, 2008 it hit a low of 663 - - close to a 1986 low.
On Thursday, July 15, 2010, the index fell for the 35th straight session, by 9 points, or 3.11%, to 1,619 points, Bloomberg report.
On Monday in London the BDI closed down 19 points or 1.58% to 1,186. The index is down 47.91% year to date and up 38.23% in 12 month period.
The index rose by 220% in 2013 to 2,237.
Global rebalancing — the tanker scrapyard index?
Crude oil for May 2014 delivery is trading on the Chicago York Mercantile Exchange (CME/Nymex) at $101.29 up 85 cents from Monday's close. In London, Brent for May 2014 delivery is trading on the International Commodities Exchange at $106.39. The North Sea benchmark accounts for two-thirds of the global market.
Finfacts, July, 15, 2013: US West Texas Intermediate oil benchmark jumps in July - - margin between WTI and Brent falls.
Gold spot price
The spot price of an oz of gold is trading on the CME in Chicago at $1,311.90 up $13.90 from Monday's closing - - the gold price fell 28% in 2013, the biggest annual plunge since 1981.
Gold had hit a record high of $1,921.15 a troy ounce on Sept 06, 2011.
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