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Last Updated:
Feb 9, 2010 - 5:12:46 PM |
News
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International
Markets News Afternoon: Shares fall in Dublin; Inventories at US wholesalers unexpectedly dipped in December indicating rise in demand
Markets news on stocks, currencies and oil; Inventories at US wholesalers unexpectedly dropped in December, indicating distributors had trouble keeping up with demand.
Feb 9, 2010 - 4:55:13 PM
News
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Irish
Bank of Scotland Ireland to close Halifax network with loss of 750 jobs; Entry to Irish mortgage market in 1999 resulted in significant increase in competition
Bank of Scotland Ireland is to cut 750 jobs from its Irish workforce of 1,600, with most of the redundancies due to take effect by July. The bank plans to close down the retail network which it operates under the Halifax brand. But it is expected that 850 jobs will remain in the corporate and commercial banking sections. The entry to the Irish mortgage market in 1999 resulted in significant competition for existing players.
Feb 9, 2010 - 4:30:59 PM
News
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Irish
Annual volume of Irish retail sales fell 14.1% in 2009 - -down 18% in value terms; Sales rose 0.4% in December
The CSO reported today that the annual volume of Irish retail sales (i.e. excluding price effects) fell 14.1% in 2009 when compared to 2008 and dipped 18.0% in value terms. There was a monthly increase in volume in December of 0.4%.
Feb 9, 2010 - 11:28:23 AM
News
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European
German merchandise exports fell 18.4% in 2009; Year marked biggest drop in trade since 1950 - - China becoming the world's top exporter; Exports up 3% in December
German merchandise exports were valued at €803.2bn in 2009 and imported commodities were valued at €667.1 billion in 2009. German exports in 2009 were 18.4% and imports 17.2% below the respective 2008 levels. This was the highest decline recorded in foreign trade in relation to both imports and exports since 1950 and in 2009, China becoming the world's top exporter. Exports were up 3.0% in December, compared with the previous month.
Feb 9, 2010 - 7:24:52 AM
News
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International
The Big Tilt: Western companies unprepared for the rise of Asia; Senior executives should move to region
The Big Tilt: Two-thirds of respondents in a survey of 1,017 executives from around the world believe that the global recession is accelerating the shift of economic activity towards Asia. But few say their companies are well-prepared. This is the main finding of The big tilt: the rise of the East and what it means for business, a special report by the Economist Intelligence Unit due to be published on Thursday, February 11th. The report recommends that senior executives move to the region.
Feb 9, 2010 - 4:10:20 AM
News
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Irish
Honohan says Government will provide further significant capital funding to the Irish banks in coming weeks
The governor of the Central Bank, Patrick Honohan, said today that Government will provide further significant capital funding to the Irish banks in coming weeks.
Feb 9, 2010 - 3:29:52 PM
News
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International
Markets News Tuesday: Shares fall slightly in Europe and Dublin; German consumer prices dip in January; UK retail sales stall
Markets news on stocks, currencies and commodities.
Feb 9, 2010 - 9:02:33 AM
News
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International
Tuesday Newspaper Review - Irish Business News and International Stories - - February 09, 2010
Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.
Feb 9, 2010 - 6:43:51 AM
News
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International
US Employment Trends Index rose in January for the fifth consecutive month; Trend points to the resumption of jobs growth soon
The US Conference Board Employment Trends Index rose in January for the fifth consecutive month. The index now stands at 93.2, up 1% from December's 92.3, but still down 0.7% compared to January 2009. The trend points to the resumption of jobs growth soon.
Feb 9, 2010 - 5:10:55 AM
News
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International
Dow Jones Industrial Average closes below 10,000 level; First crossed threshold in March 1999
The Dow Jones Industrial Average closed below 10,000 on Monday, for the first time since November, hit by falls in all its financial components on concerns about the recovery and sovereign debt problems. The blue-chip measure of 30 stocks, dropped 103.84 points, or 1%, to 9908.39, led by a 3.5% dip in Bank of America. It had first crossed the level in March 1999.
Feb 9, 2010 - 3:33:11 AM
News
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International
Markets News Afternoon: Shares up slightly in Europe and US
Markets news on stocks, currencies and oil.
Feb 8, 2010 - 5:03:18 PM
News
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Irish
Economist George Lee abandons broken Irish political system; Resigns from Dáíl and Fine Gael
Former RTÉ economics editor George Lee today announced that he has resigned from the Dáíl and from the Fine Gael party, nine months after winning a landslide bye-election victory in Dublin South. In a Dáíl with a large number of members who are incapable of competently discussing the key economic issues of the day, the resignation at a time of economic crisis coincident with a broken political system, will hardly motivate competent outsiders to participate in the legislative process.
Feb 8, 2010 - 3:24:33 PM
News
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Irish
AIB Bank error in account classification results in overcharging on 40,000 accounts - - requiring average refunds of €100
The Irish Financial Regulator says in accordance with its statutory Consumer Protection Code, AIB has reported an error that occurred in the classification of the accounts of some customers. AIB estimate that 40,000 accounts may require refund with an estimated refund value of €4m plus compensatory interest. The average refund is expected to be €100. However until the full rectification process is complete, it is not possible to quantify the total number of accounts and potential refunds.
Feb 8, 2010 - 2:31:34 PM
News
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Irish
Irish Consumer Sentiment rose in January
The overall KBC Ireland/ESRI Irish Consumer Sentiment Index was higher in January at 64.6. This compares to a figure of 53.3 in December.
Feb 8, 2010 - 12:00:14 PM
News
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International
Markets News Monday: G7 to canvass support for global banking levy; Aer Lingus traffic rose in January; German manufacturing turnover fell in December
Markets news on stocks, currencies and oil; Finance ministers from the G7 countries - - Canada, US, Japan, Germany UK, France and Italy -- the world's most advanced nations, agreed at the weekend, in Iqaluit, northern Canada, just south of Arctic Circle, that the idea of imposing levies on banks to help insure the global economy against future financial crises, should be explored.
Feb 8, 2010 - 9:09:40 AM
News
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Irish
IBEC calls for 10% rebate on commercial rates for Irish retailers from cash-strapped local authorities
Retail Ireland, the IBEC group that represents the Irish retail sector, today urged that this year all local authorities give retailers a 10% rebate on commercial rates bill, given the very serious challenges the sector is facing. However, there is no proposal as to how the cut will be funded by the cash-strapped local authorities.
Feb 8, 2010 - 7:45:36 AM
News
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International
Monday Newspaper Review - Irish Business News and International Stories - - February 08, 2010
Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.
Feb 8, 2010 - 6:55:07 AM
News
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International
Asia 2010 growth forecast upgraded - - region will be responsible for 60% of global growth of 4.4%; World's Emerging Markets will account for 75% of growth
Asia was the first region to emerge from the Great Recession last year. It is also the first region where the incoming data justify a forecast upgrade this year according to US investment bank Morgan Stanley, which has boosted its 2010 GDP growth forecasts for Japan (by 1.4%), China (1%), India (0.5%), Malaysia (0.5%) and Thailand (0.3%). The bank now see Pan-Asia motoring along at a 7.4% pace (from 6.6% previously) and Asia excluding Japan (AxJ) at 8.8% (previously 8.2%). The main trigger for this upward revision was a stronger-than-expected surge in external trade around the turn of this year, which should also lead to stronger capex (capital expenditure) and, especially in India, a better outlook for domestic demand. The region will be responsible for 60% of global growth of 4.4% in 2010 and the world's Emerging Markets will be responsible for 75% of growth.
Feb 8, 2010 - 3:08:00 AM
News
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European
Competitiveness of Eurozone economies: Long tradition of tensions
Deutsche Bank Research says that in recent months, soaring government debt has shaped public debate over economic policy in the Eurozone. One often overlooked aspect is that the deficits of some countries are not only attributable to crisis-related revenue shortfalls and higher spending or poor budget policy. They are partly also due to reduced growth prospects resulting from a country’s lack of competitiveness. The differences in competitiveness are increasingly becoming a problem for EMU (European Monetary Union), especially since the gaps between the member states have grown over the past few years. Meanwhile last week, BusinessEurope, the pan-European business group representing 40 national business organisations in 34 countries, slammed governments for paying lip service to the goal of completing the European Union’s single market and for an EU budget that gives undue weight to agriculture over economic competitiveness.
Feb 8, 2010 - 12:42:55 AM
News
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Irish
Irish construction activity continued to fall sharply in January but at slowest pace in five months
Business conditions in the Irish construction sector continued to deteriorate in January. Both activity and new business fell sharply, despite the respective rates of contraction easing, while jobs were again cut at a considerable pace. The Ulster Bank Construction Purchasing Managers’ Index (PMI) -- a seasonally adjusted index designed to measure the overall performance of the construction economy -- rose to 36.1 in January, from 33.1 in December, its highest level since last August. However, the reading still represented a substantial fall in activity during the month as wider economic conditions remained fragile. Activity has decreased in each month since June 2007.
Feb 8, 2010 - 12:05:28 AM
News
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International
US unemployment rate fell to 9.7% in January; Employment dipped by 20,000 and the broad measure of unemployment fell to 16.5%
US unemployment rate fell to 9.7% in January and employment dipped by 20,000; Broad measure of unemployment fell from 17.3% in December to 16.5% in January.
Feb 5, 2010 - 3:59:13 PM
News
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International
Markets News Friday: Stocks, commodities and euro plunge; OECD composite leading indicators give stronger signals of economic expansion
Markets news on stocks, currencies and commodities; Stocks and commodities fell Friday, the euro dipped to an eight-month low and bond risk jumped for a second day on worries European governments will struggle to fund deficits as the US struggles with unemployment. Meanwhile, OECD composite leading indicators (CLIs) for December 2009 provide stronger signals of an expansionary economic outlook than last month.
Feb 5, 2010 - 11:17:30 AM
Analysis/Comment
Cowen makes another “rallying cry”; Court appointed examiner seeks €425-an-hour; 18 State agencies fund 4,000 non-staff flights in 2 years
Taoiseach Brian Cowen is reported to have made another “rallying cry” at a Dublin Chamber of Commerce dinner last night, while earlier in the day a court appointed examiner was seeking payment of €425-an-hour in the High Court and the Central Bank spouse travel saga rumbled on but it was only one State agency in this perk as 4,000 flights had been paid for non-staff by 18 agencies in 2 years.
Feb 5, 2010 - 9:05:49 AM
News
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International
Friday Newspaper Review - Irish Business News and International Stories - - February 05, 2010
Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.
Feb 5, 2010 - 7:08:11 AM
News
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Irish
Surveyors predict 40,000 more job losses in Irish construction in 2010 from 2007 peak of 269,000 to 1995 low of below 100,000; Call for property tax
The Society of Chartered Surveyors has predicted that 40,000 more job losses in the Irish construction sector throughout 2010. This means that the number employed in the sector will fall below the 100,000 level, last seen in 1995, from a high of 269,000 in mid 2007. The SCS also said it supports a property tax.
Feb 5, 2010 - 5:41:07 AM
Analysis/Comment
Dr. Peter Morici: Friday’s US jobs report
Dr. Peter Morici: Today Friday, the US Labor Department will release January employment figures. Since December 2007, the economy has been shedding jobs and a sharp uptick in employment would indicate the recession is ending.
Feb 5, 2010 - 4:46:24 AM
News
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International
China says currency exchange rate close to "reasonable" level
China on Thursday rejected US criticism of currency exchange rate saying it is close to a "reasonable" level.
Feb 5, 2010 - 4:27:42 AM
News
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Irish
Finance Bill 2010: Provisions to increase the attractiveness of Ireland as a location for investment and transfer pricing changes for multinationals included
The Minister for Finance Brian Lenihan T.D. today published the Finance Bill 2010 which gives effect to the taxation measures announced in last December’s Budget. It includes provisions to increase the attractiveness of Ireland as a location for investment and provisions for the introduction of transfer pricing legislation to regulate arm’s length trading between associated companies, in line with international standards.
Feb 4, 2010 - 6:03:55 PM
News
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International
Markets News Afternoon: Stocks slide in Europe and US as sovereign debt worries rise; Euro below $1.38; Trichet says ECB’s interest rate are “appropriate”
Stocks fell in Europe and the US Thursday as macroeconomic issues came to the fore with The Wall Street Journal reporting that the cost of insuring the debt of Eurozone members with large budget deficits against default rose, dashing hopes that the European Commission's qualified endorsement of Greece's budget plan would calm investor fears. Greece, Portugal and Spain were in focus, with their five-year sovereign credit default spreads moving sharply wider.
Feb 4, 2010 - 5:01:08 PM
News
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International
US retailers posted mixed sales results for January; New weekly jobless benefit claims rose unexpectedly; Manufacturers' orders gained in December
US retailers posted mixed sales results for January while new jobless benefit claims rose unexpectedly last week. Meanwhile, manufacturers' orders gained in December.
Feb 4, 2010 - 3:36:58 PM
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