AIB, Ireland's biggest bank, today announced that the chief executive Eugene, chairman Dermot Gleeson and finance director John O'Donnell will resign.
A statement from AIB this afternoon said a process would be put in place immediately to find a replacement for Sheehy, who will stay on until his successor is appointed. He became chief executive in 2005.
Finfacts Report: AIB Bank announces resignations of Chairman , Group Chief Executive and Group Finance Director
AIB rose over 15% on the Dublin stock exchange.
Bloomberg reports Chrysler LLC will proceed today with a Chapter 11 bankruptcy filing to reorganize into a more viable carmaker in a partnership with Italy’s Fiat Spa, an Obama administration official said.
The official, who spoke on condition of anonymity, said that the failure of some small creditors to agree to a final settlement is prompting the bankruptcy option. President Barack Obama will speak at noon New York time on the auto industry, the White House said in a statement today.
The president’s staff plans to use the filing to pave the way for Fiat to take a 20% stake in the Auburn Hills, Michigan-based automaker, people familiar with the situation said. If Chrysler has to go through bankruptcy, it won’t take long, Obama said yesterday.
Bloomberg also says stocks rallied around the world, pushing the Standard & Poor’s 500 Index to its biggest monthly gain since 1991, as investors speculated the worst of the global recession is over and earnings beat analysts’ estimates.
US consumer spending fell in March as income fell and saving rose the Commerce Department said. The Labor Department reported initial claims for state jobless benefits fell 14,000 to 631,000 in the week ended April 25th. The four-week average of claims fell for a third week to a two-month low
Finfacts Report:US personal income fell in March
The Dow Jones Industrial Average rose 71 points. The S&P 500 added 1%.
Live US Indices
The pan-European Dow Jones Stoxx 600 rose 1.7% on Thursday - - up 14% in April - - the biggest monthly gain since data for the index started in 1987.
In Dublin the ISEQ has risen almost 5%.
BoI is up 18%; Aer Lingus 7% and CRH - - which accounts for about one-third of Irish market cap - - is up 6.7%.
European Benchmarks
Irish Share Prices
EuriborRates
Oil
On the New York Mercantile Exchange, oil for June delivery is trading at $50.95 down 2 cents from Wednesday's close. In London, Brent crude for June delivery is trading at $50.60 a barrel down 18 cents.
Currencies
The euro is trading at $1.3236 and at £0.8944.
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.
