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Markets News Afternoon: Shares down in Europe and US; Irish Central Bank appoints outsider as Assistant DG for Financial Institutions Supervision
By Finfacts Team
Jan 12, 2010 - 4:23:03 PM
Irish Central Bank appoints outsider as Assistant Director General for Financial Institutions Supervision
Jonathan McMahon has been appointed as Assistant Director General with responsibility for Financial Institutions Supervision in the new Central Bank of Ireland. He will report to the Head of Financial Regulation, Matthew Elderfield.
McMahon joins the Central Bank from Promontory Financial Group where he is currently a Director and based in London. Promontory is an international consulting firm, comprised of former senior regulators, that has extensive experience of complex and high-profile financial and regulatory matters, including the investigation, in 2002, of trading losses at Allfirst in the United States, which was then a subsidiary of AIB.
McMahon graduated from St. Andrews University in Scotland in
Jonathan McMahon
1998 with a first class honours degree. He also holds a Masters degree from the College of William and Mary in Virginia.
IBEC costs weather disruption
IBEC, the business representative group, today released the results of a survey on the economic cost of the recent adverse weather conditions. On the basis of the results, IBEC estimates that the total value of economic output lost last week was approximately €700 million: €500 million in the services sector and €200 million in the manufacturing sector.
84% of survey respondents said that the response of national government was inadequate, while 69% of respondents said the response of local government was inadequate.
IBEC Head of Transport Pat Ivory said: "While major weather events will inevitably disrupt economic life, we need to be better prepared to meet these challenges. Both the flooding at the end of last year and the recent freezing weather highlight the urgent need to improve the cooperation between national and local government, and the various agencies involved.
"Lack of coordinated planning exacerbates the economic cost of serious weather conditions and causes major disruption to commercial life. While the worst of the bad weather seems to have passed for the moment, serious questions remain as to the ability of the state to cope had the forecast for more bad weather this week materialised. IBEC is calling on the Government to work with industry to devise a strategic response in advance of such situations occurring in the future.
"While much of this lost output will be recovered over the coming weeks as business returns to normal, especially given that firms have significant spare capacity, a considerable proportion of the lost output will not be recovered. The permanent cost to the economy is probably in the region of €200 million to €300 million.
"Many companies are already struggling to survive, and the bad weather has only added to the very serious difficulties they are in."
The following are the main findings, and relate to working hours/production etc. lost above and beyond normal trends for the year:
Estimated daily percentage of staff absent since January 1 was 12.9% (236 companies)
Estimated percentage of daily work hours lost since January 1 was 17.4% (222 companies)
Estimated percentage of sales lost since January 1 was 18.8% (181 companies)
Estimated percentage of production lost since January 1 was 12% (142 companies)
The IBEC survey was sent on Friday 8 January to a random sample of IBEC member companies. The findings are based on 261 responses.
BMI to cut Dublin services
BMI (formerly British Midland) said today it will downscale its services between Dublin and London Heathrow, which will put 33 cabin crew positions in Dublin at risk.
The UK airline currently has two planes allocated to the Dublin-Heathrow route, with one plane based in Dublin and one in London. However, from March 28th, BMI says it will cut the service to four flights per day and will base the one plane needed for these flights in London.
This will result in the closure of its cabin crew base in Dublin.
The company has operated flights between Dublin and London since 1989 and says it remains committed to maintaining a core network of services across the UK and Ireland, Europe, the Middle East and Africa.
Robert Shiller, an economics professor at Yale School of Management, shares his 2010 housing outlook:
US
The US monthly international trade deficit increased in November 2009, according to the US Bureau of Economic Analysis and the US Census Bureau. The deficit increased from $33.2 billion (revised) in October to $36.4 billion in November, as imports increased more than exports. The previously published October deficit was $32.9 billion.
The UK economy may have exited recession in the fourth quarter of 2009, according to a survey from the British Chambers of Commerce. David Frost, director general of the BCC, told CNBC that the recovery leveled off in the fourth quarter after a strong third quarter:
Oil
On the New York Mercantile Exchange, oil for February 2010 delivery is trading at $81.39 down $1.13 from Monday's close. In London, Brent crude for February delivery is trading at $79.78 a barrel.
Currencies
The euro is trading at $1.4534 and at £0.8934.
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.
