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President Mary McAleese presents Taoiseach Enda Kenny with his seal of office, at Áras an Uachtaráin, March 09, 2011.
new Taoiseach Enda Kenny is reported to be planning a meeting with the European
Commission president, José Manuel Barroso, in Brussels Thursday, on the eve of
summit of EU leaders who plan to discuss the permanent rescue system for the
It will be the first international engagement for Mr Kenny.
Both men are expected to discuss the issue of the interest rate on the EU-IMF
bailout loans and the funding woes of the Irish banking system.
Friday's summit of Eurozone leaders will discuss the Franco-German so-called
competitiveness pact, which sets new governance and fiscal rules for Eurozone
Portugal’s Treasury and Government Debt Agency today sold the maximum planned
€1bn worth of 2-year sovereign bonds . However, it was at a steep yield.
The €750m to €1bn auction of the 5.45% September 2013 bond was closely watched
as Portugal struggles to avoid a bailout.
The average yield of 5.993% was down from recent levels on the secondary market
but compared with the 4.086% level set at the previous auction.
Irish 2-year sovereign debt is selling at 7.95% yields and the 10-year debt is
Portugal’s 2-year debt yields are at 6.1% and its 10-year debt is at a yield of
Oil: Bank of
America Merrill Lynch said today that global oil demand has been expanding at a
breakneck pace in recent quarters, and now the political situation in Libya has
reduced oil production by 1m b/d.
To reflect a tighter market, it upgraded the
average 2Q11 Brent crude oil forecast to $122/bbl from $86/bbl, and believe
prices could briefly break through $140/bbl in the next three months.
On average for 2011, it now projects Brent crude
oil prices at $108/bbl, up from $88/bbl prior. For the US benchmark, WTI, they
see a yearly average of $101/bbl in 2011, up from $87/bbl, and still expect
bottlenecks around Cushing, Oklahoma, where US crude is piped from. As higher
prices start to slow down demand and the lost supplies from Libya come back on
line, prices will head back down towards $94/bbl by 4Q11.
The German public doesn’t understand the situation with Europe's banks, John Bruton, President of IFSC Ireland, told CNBC, adding that the Irish deserve more support:
Jobs: Up to
200 jobs are in peril in Cork and Kerry.
US health insurance provider Aetna has announced it is reviewing its operation
at Castleisland in Co Kerry.
Meanwhile, the Cork Medical Centre, a private hospital which only opened five
months ago at Mahon in the city, is to suspend operations immediately for at
least a month and 75 staff there are being laid off.
In New York Wednesday, the
Dow fell 18 points or 0.14% to 12,197.
The S&P 500 dropped 0.37%
and the Nasdaq dipped 0.36%.
“I looked very closely at unemployment figures and those are for the first time starting to turn from the dreadful figures," Roman Scott, managing director of Calamander Capital, told CNBC when discussing the US economy. ” Housing is the last shoe to drop and that hasn’t recovered yet, bit I'm vastly more relaxed on the US and therefore the dollar,” Scott said.