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Last Updated:
Apr 24, 2009 - 5:31:05 PM |
In New York Friday, stocks have been subdued with many traders absent as Americans' post-Thanksgiving shopping got underway.
The Dow Jones Industrial Average, which has risen more than 15% over the last four days, has gained 0.80%, or 70 points, at 8797.
CNN Money said that Black Friday appeared to start strong this year, but analysts warned that the robust start to the critical holiday shopping period could fade by midday.
"[Shoppers] know exactly what they want, where to shop for it and who has the best deals," said Britt Beemer, retail analyst and chairman of America's Research Group.
Based on this trend, the big difference this day from years past is that Beemer doesn't expect people will deviate from their shopping lists.
That's a problem for merchants who depend just as much on the impulse buy as they do on consumers' shopping lists to get them off to a flying start on Black Friday.
Live US Indices
In Europe Friday, the Dow Jones 600 rose 1.29%.
In Dublin, the ISEQ has risen 0.54%.
Anglo Irish has fallen 15%; AIB is down 5% and BoI has fallen 4%.
Europe -benchmarks
Irish Share Prices
Euribor Rates
“The Government’s proposal of appointing observers rather than nominee directors to the board of Irish banks is the better option, as the appointed director cannot act in the best interests of the Government if there is a conflict of interest”statedKen Casey, a Corporate Partner in William Fry at the firm’s seminar on Corporate Governance in Today’s Environment.
The Government’s plan for maintaining the stability of Ireland’s financial system includes as an option the proposal that it will nominate "directors representing the public interest" to the boards of AIB, Bank of Ireland, Anglo Irish Bank, Irish Life Permanent, the EBS, Irish Nationwide Building Society and Postbank. However, according to Irish law, where there is a conflict of interest the director must act in the best interests of the company of which he is a director. While a director can take into account the wishes of the person who has appointed him, a director will be in breach of duty if he acts in disregard of the company’s best interests.
The Government’s plan also includes proposals for the nomination of observers to attend remuneration, audit, credit and risk committees of the boards of the banks covered by the Government’s guarantee plan and increased regulatory oversight and compliance reporting by the covered banks.
“If the Government wants to represent the public interest with these banks there are better solutions than the appointment of nominee directors. Significant legal issues will arise for nominee directors on bank boards, particularly where securities of those banks are publicly traded, for a nominee director to give information to the person who has appointed him raises complex legal issues as regards confidentiality, disclosure and transparency obligations. The less high profile options proposed by the Government of appointing observers, increasing regulatory oversight and increasing compliance reporting by the covered banks offer greater legal certainty and better solutions,” Ken Casey commented.
Also speaking at the seminar, Michael Quinn, Head of the Firm’s Corporate Recovery Group looked at the signals for potential solvency difficulties, the consequences for directors getting it wrong, and the various options available to directors to rescue a company from the risk of insolvency.
The seminar, which explored the function, duties and responsibilities of directors of companies in the current climate, gave attendees the options available to deal with challenges ahead. In this environment, directors and companies must be mindful of the possibility that courts and regulators will apply new more exacting standards, or interpret existing standards, to increase the responsibility required of directors.
Oil
On the New York Mercantile Exchange, oil for January delivery is trading at $51.42, down $3.02 from Thursday's close. In London, Brent crude is trading at $53.08 a barrel down 54 cents.
Currencies
The euro is trading at $1.268 and £0.8274.
The euro fell on the report of the biggest monthly plunge in Eurozone inflation in 18 years.
The dollar traded at a record low $1.6038 per euro on July 15th.
For live currency updates, check the right-hand column of the Finfacts home page
