Due to a technical problem on Wednesday Jan
16, we are upgrading the news management system by a Canadian
software company, which will be
completed in coming days.
It has taken longer than
anticipated. That is one of the drawbacks of outsourcing. C'est
la vie - even Google News updating falls behind at times!
We expect to have our upgraded
news system on stream on Wednesday.
News Headlines to Jan 16 2008
Today's News Links
Tuesday's stories and links from Jan 17 2008
Afternoon: European markets recover following Fed rate cut; US
markets down but rebound from opening plunges
US stocks plunged at
the markets' openings on Tuesday after a global stocks' rout on
fears of a US recession. However, losses were cut as financial
stocks gained in response to an emergency cut in the federal funds
The interest rate-setting Federal
Open Market Committee (FOMC) of the US Federal Reserve today cut the federal funds rate
by 0.75% to 3.50%, which compares with the European Central Bank's
benchmark rate of 4%.
Today's cut was
the biggest individual one since October 1984 and markets are
expecting a further cut next week.
The Dow Industrial
Average is down 16% from its October 2007 high and the Nasdaq
Composite has fallen 20%.
Journal Video Report
Fed Slashes Rate
The Dow Jones
Industrial Average had fallen more than 460 points at one point and
has been recently down 149 points, or 1.23%, at 11951.
The Standard & Poor's
500 is off 1.39%, or 18 points, at 1307 while the Nasdaq Composite
Index dropped 52, or 2.22%, to 2288.
Live US Market
Earlier Tuesday, shares
in Hong Kong lost 8.7%, while Japan's Nikkei 225 Index closed down
5.7%, its lowest level since September 2005. In Australia, the S&P/ASX
200 fell 7.1% - the largest daily percentage fall since 1989.
European stocks rose for the first time in six days
after the Fed's surprise cut.
The Dow Jones Stoxx 600 Index rose 2.47%
recovering after Monday's plunge and national benchmarks rose in 15 of the 18
markets in Western Europe.
The UK's FTSE 100 rose
2.78% and France's CAC 40 gained 2.44% while Germany's DAX
Index gained 0.76% after an early morning plunge of
more than 5%.
On Monday, the Stoxx 600
more than 20% from a 6 1/2-year high in June 2007 on
worries about a US recession.
Swiss banking giant UBS
stock rose 10.62% and BNP
Paribas, France's largest bank by market value,
In Dublin, the ISEQ Index has risen
Ryanair is up over 10%; C&C is up
8.465: CRH by 5.61%; Anglo Irish Bak by 5.9%; BoI 3.89%;
National benchmarks - Europe
Irish Share Prices
AIB Daily Report
Bank of Ireland Daily Report
The euro is trading at
$1.4617 and at £0.7461.
currency updates, check the right-hand
column of the
Finfacts home page.
Crude oil for February
delivery is trading on the
Mercantile Exchange (Nymex)
at $89.33 per barrel - down $1.24 overnight.