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News : International Last Updated: Nov 3, 2009 - 8:15:54 AM


Markets News Afternoon: US data boosts stocks; Ford surprises with quarterly profit; Irish bank shares fall in Dublin
By Finfacts Team
Nov 2, 2009 - 5:11:51 PM

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Ford reports profit

Ford Motor Company today reported a third-quarter profit of almost $1 billion on cost cutting and a recovery in its North American business. America's No. 2 carmaker said it would be "solidly profitable" in 2011.

The North American unit posted its first operating profit in more than four years, helped by higher pricing and increased market share.

Ford warned, however, that a stronger North American operation won't be enough to offset the European market, which is expected to be severely hurt this quarter and into 2010.

The company reported a profit of $997 million, or 29 cents a share, compared with a year-ago loss of $161 million, or seven cents a share, a year earlier. The North America posted a pretax profit of $357 million.

Revenue fell to $30.9 billion from $31.7 billion.

The North America unit, which accounts for 42% of Ford's overall vehicle sales, had lost $2.6 billion a year earlier.

The recent government "cash for clunkers" trade-in rebate program; job cuts, lower costs for materials and consumers purchasing more high-end models equipped with technological features, triggered the rebound.

INM

Independent News & Media Plc today announced that it has issued a circular to shareholders convening an extraordinary general meeting of the Company (EGM) for 11.00 a.m. on 26th November, 2009. This follows the board’s announcement on 28th August, 2009 that INM had conditionally agreed to dispose of its entire shareholding in INM Outdoor South Africa, for gross sale proceeds of ZAR1,100 million (approximately €98 million).

Food industry calls for immediate VAT cut to curb cross-border shopping

Food and Drink Industry Ireland, the IBEC group that represents food and beverage companies, today called on the Government to reduce excise duty by 20% and the VAT level to 18% in advance of Christmas. These reductions will help reduce prices to consumers and curb the expected exodus of Irish shoppers to the North over the Christmas period.

FDII Head of Consumer Foods Shane Dempsey said:
“The recent TNS World Panel research showed that 250,000 Irish people travel to the North to shop. It is estimated that this has cost the Irish exchequer in the region of €430 million. In addition, cross-border shopping has contributed to significant job losses amongst retailers and suppliers as companies have cut costs, dropped prices and restructured to survive. Many food brands are reducing prices in an effort to offer even greater value to Irish consumers. These measures reflect retailers and brands’ efforts across the economy to bring prices into line with the North."

President Obama discusses the economy at a meeting of the President's Economic Recovery Advisory Board:

US data

The US manufacturing sector posted its third consecutive month of growth in October, as the ISM manufacturing index rose to 55.7 from 52.6 in September.

A level over 50 indicates expansion. The report also showed growth in the employment subcategory for the first time in 15 months.

Separately, construction spending rose 0.8% in September and the National Association of Realtors' index of pending sales of second-hand homes jumped 6.1% to 110.1 in September from 103.8 in August, marking the eighth consecutive rise in pending home sales.

The NAR pending-home sales index, measures the number of contracts signed  in September, and was 21.2% higher than the 90.9 it was a year earlier and at its highest level since December 2006.

The September construction figure is 13.0% below the September 2008 level and during the first 9 months of this year, construction spending amounted to $715.2 billion, 12.1% below the
$813.3 billion for the same period in 2008.

US manufacturing sector activity expanded in October to highest level since April 2006

The Dow is up 108 points or 1.1%.

The Nasdaq is up 0.74% and the S&P 500 has risen 1.06%.

Today's construction spending data, pending home sales data and ISM Index were strong examples of an economic recovery. Ed Lazear, former chairman of the President's Council of Economic Advisors, and the CNBC news team discuss the data:

Live US indices

In Europe, the Dow Jones Stoxx 600 rose 0.23% Monday.

In Dublin, the ISEQ is up 0.44%.

CRH is up 3.0%; Elan has risen 2.6%.

AIB is down 10%; BoI is off 6%.

European Benchmarks

Irish Share Prices

Euribor Rates

Oil

On the New York Mercantile Exchange, oil for December delivery is trading at $78.47, up $1.47 from Friday's close. In London, Brent crude  for December delivery is trading at $76.14 a barrel.

Currencies

The euro is trading  at $1.4829 and at £0.9004.

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 15, 2008.


© Copyright 2009 by Finfacts.com

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