Due to a technical problem on Wednesday Jan
16, we are upgrading the news management system which will be
completed in coming days.
News Headlines to Jan 16 2008
Jan 17 2008 News Links
Markets News Afternoon: US and European stocks slide; Dublin market rises
Annual Irish Consumer Inflation falls to 4.7% in December 2007
Euribor 3-Month Inter-Bank Rate fallest to the lowest level since the onset of the Credit Crunch in August 2007
European Central Bank warns again that it may raise interest rates
Slashing Energy Waste in China - Energy efficiency would do 'the most, the quickest,' to reduce CO2 emissions - World Bank
Study links corporate performance to employee enablement - Economist Intelligence Unit
Markets News Thursday: Asia-Pacific and European stocks rise
Thursday Newspaper Review - Irish Business News and International Stories
Big drugs companies raided by European competition regulators
Afternoon: US and European stocks slide; Dublin market rises
Wall Street was again dominated by
uncertainty about the US economic outlook.
Federal Reserve Chairman Ben Bernanke
gave testimony to the House Budget Committee
regarding the state of the economy. .
The Dow Jones Industrial Average has
fallen 148 points or 1.19% to 12,318.
Bernanke supported the
passing a fiscal stimulus package, without backing specific proposals by
Republicans or Democrats. The Fed Chief also referred to the risks to economic growth
in recent times.
"A number of factors, including continuing increases in
energy prices, lower equity prices, and softening home values, seem
likely to weigh on consumer spending as we move into 2008,"
Also today, both Moody's Investor Services and Standard & Poor's
credit rating unit signaled a likelihood of downgrades of big bond
insurers' AAA credit ratings. This would be a serious development.
would simply become "illiquid" if firms can no longer be certain that
their counterparties can reliably deliver cash and securities, the
meaning of good credit.
Shares in bond insurer
Ambac Financial Group plunged 29.77% while competitor MBIA was
down nearly 32.99%. Both are in risk of a downgrade.
Merrill Lynch reported a fourth-quarter net loss of $9.8 billion, as
the company took charges of $16.7 billion in losses related to subprime
mortgages and other debt instruments.
Merrill shares fell 7.93%.
Bank of New York Mellon reported a 68% profit
plunge after taking a
$118 million write-down related to collateralized debt obligations and a
$180 million charge for bringing a conduit onto its balance sheet. The
company's shares were up 3.5% early Thursday.
Also today, the US Commerce Department said December
housing starts fell 14.2% to a seasonally adjusted 1.006
million annual rate -- the lowest pace since May 1991 -- after falling a
revised 7.9% in November. Year over year, housing starts during
December were 38.2% below the level of construction in December 2006.
The Labor Department also today reported
that initial claims for jobless
benefits fell 21,000 to 301,000 after seasonal adjustments in the week
ended Jan. 12th.
European stocks fell for a third day
spooked by US recession worries.
The Dow Jones Stoxx 600 Index fell 0.5 percent to
331.07 and national benchmarks fell in 12 of the 18
markets in western Europe. Germany's DAX fell 0.78% and France's CAC 40 dropped 1.31%.
The UK's FTSE 100 dropped 0.68%.
In Dublin, the ISEQ Index rose 0.61%
Live US Indices
Irish Share Prices
Crude oil for
February delivery is trading on the
New York Mercantile Exchange
(Nymex) at $89.92 a barrel down
92 cents overnight.
The euro is trading at
$1.4692 and at £0.7442.
For live currency
updates, check the right-hand column of the
Finfacts home page