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Germany:
German factory orders fell in July
as demand in the Eurozone softened,
indicating as expected that the pace of
growth in the second half of 2010 will
moderate.
Orders, adjusted for seasonal variations
and inflation, dipped 2.2% from June, when
they jumped a revised 3.6%, the Economy
Ministry in Berlin said today. That’s the
biggest decline since February 2009. From a
year earlier, orders were up 18% when
working day adjusted.
The figures showed that orders from abroad fell 3.7% while
orders from the Eurozone dropped 6.1%.
Dublin Convention Centre: The conferences already booked
at the new Convention Centre will benefit the
Dublin economy by approximately €120m, according to the Dublin Chamber of
Commerce today.
Over 70,000 out-of-state delegates and guests are expected with the bookings to
date. This translates into a €120m expenditure on Irish goods and
services, including accommodation, food and drink, entertainment and transport.
“The opening of the Dublin Convention Centre will provide a welcome boost to the
local economy. The unique new venue has the capacity to attract international
conferences to the capital and this will in turn boost a number of industries
such as the hospitality sector. There is also the additional boost of family and
friends travelling to Dublin with delegates. We estimate the total spending from
these out of state visitors will be approximately €120m, with the average
delegate spending €1,700 during the course of their stay,” said Gina Quin,
Dublin Chamber chief executive.
Operating the centre at a profit is
the main challenge; spending estimates are easy to produce.
McInerney: The High Court was today told that three creditor banks of McInerney Homes
will be opposing an application to appoint an examiner. Today had been set for
the hearing after an interim examiner was appointed last month.
The court adjourned the examinership hearing until Friday.
A lawyer for Bank of Ireland, KBC and Anglo Irish Bank said the banks would be
opposing the appointment of an examiner. They are owed €114.5m.
Lawyers for Ulster Bank, Bank of Scotland (Ireland) and Revenue told the
court they were adopting a neutral position on the examinership application.
Last month the parent company, McInerney Holdings, applied to the High Court
for the appointment of an interim examiner to McInerney Homes while it
negotiates a restructuring of debts and new investment for the group. The group has debts of €200m.
Economic News:
The interest rate spreads between Irish
10-year bonds and
German benchmark bunds rose above 6% today.
Today’s climate is tougher
than that of the recession, 81% of senior British decision makers believe,
according to a report by Berkshire Consultancy. Conflicting pressures such as
cost cutting measures versus the need for growth are contributing factors, Sarah
Hunter from Berkshire Consultancy told CNBC:
Irish
consumer
confidence fell in August. The overall KBC Ireland/ESR
Consumer Sentiment
Index stood at 61.4 in August, compared to a figure of 66.2 in July.
