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Markets News Afternoon: Shares rally in Europe/US; Irish electricity demand falls again; State to become big shareholder in new EBS/Irish Nationwide lender
By Finfacts Team
Nov 23, 2009 - 3:52:36 PM
Irish electricity demand has continued to decline in October, according to the regular monthly statistics from transmission operator EirGrid.
Figures for October 2009 are down 7.5% on the same month last year, and year-to-date demand has fallen 5.9% on the same period last year
EirGrid publishes statistics on a regular basis on demand for power, as well as figures relating to connection of renewable energy, maximum output of wind energy, and installed generation.
EBS/Irish Nationwide
The Minister for Finance Brian Lenihan said today that the State is likely to be a substantial shareholder in a new building society following the merger of EBS and Irish Nationwide.
EBS's chief executive Fergus Murphy has confirmed that merger talks with Irish Nationwide will begin this week.
In an interview with RTÉ News today, he said that under building society regulations, there is a clause for a transfer of engagement.
"This would allow two building societies to merge. That will be used to let this take place. The balance sheet of Irish Nationwide Building Society would transfer to EBS," he said.
"We have yet to commence formal talks but that is likely to take place very soon," he added.
Murphy also said that the Government may have a 40-60% stake in a merged EBS and Irish Nationwide.
Murphy said the EBS could need another €100m in capital beyond the €300m it already flagged.
He made his comments at the Association of Compliance Officers in Ireland's annual conference.
Brian Lenihan told the conference: "I cannot over-state the fundamental importance of the resolution of the banking crisis to our economic recovery. That is why this Government, like governments and Central Banks across the globe have taken significant steps to provide substantial support to the financial sector. The soon to be established National Asset Management Agency is an example of the decisive approach we have taken to stabilise our financial system, protect depositors and support economic recovery."
IMF: Global economy remains very much in a holding pattern
The global economy remains very much in a holding pattern - - stable, and getting better, but still highly vulnerable - - IMF Managing Director Dominique Strauss Kahn said in London today.
Speaking at the annual conference of the Confederation of British Industry, Strauss-Kahn said the major advanced country areas in particular remain fragile, still dependent on policy support. Financial conditions have improved, but are far from normal.
An economic forecast and how to view the weak dollar, with John Merrill, Tanglewood Wealth Management founder & CIO; Burt White, LPL Financial CIO; and CNBC's Matt Nesto:
US markets
The second-hand housing data boosted sentiment in New York.
The Dow Jones has climbed 170 points or 1.65% Monday, to 10,489.
The Nasdaq has risen 1.92% and the S&P 500 has gained 1.81%.
In Europe, the Dow Jones Stoxx 600 is up 2.21% Monday.
The ISEQ has risen 1.45% in Dublin.
CRH has climbed 3.74% and Irish Continental group has jumped 6%.
Lloyds Banking Group completed the first stage of its massive capital raising plan. The bank said demand for its £8.5bn ($14.9) billion bond exchange was strong. Simon Kennedy from Marketwatch.com said Lloyds got many of its bondholders to exchange their bond holdings for new notes. Wayne Bishop from King & Shaxson joined the discussion:
On the New York Mercantile Exchange, oil for December delivery is trading at $79.62 up $2.15 from Friday's close. In London, Brent crude for December delivery is trading at $79.26 a barrel.
Currencies
The euro is trading at $1.4996 and at £0.9011.
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.
Why the push to regulate the Fed more tightly, with Rep. Ron Paul (R-TX) and member of Financial Services Committee; James Reynolds, Loop Capital Markets; and CNBC's Rick Santelli, Steve Liesman, Joe Kernen & Becky Quick
