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BUSINESS NEWS JAN 22, 2008
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.

Business News Headlines to Jan 16 2008

Today's News Links

Click for Tuesday's stories and links from Jan 17 2008

Markets News 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 rate.

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%.

Wall Street Journal Video Report

Video: Fed Slashes Rate [Video]

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 Indices

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. Asia-Pacific - Key Benchmarks

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 was down 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, rose 6.52%.

In Dublin, the ISEQ Index has risen 3.53%.

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

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Currencies

The euro is trading at $1.4617 and at £0.7461.

For live currency updates, check the right-hand column of the Finfacts home page

Commodities

Crude oil for February delivery is trading on the New York Mercantile Exchange (Nymex) at $89.33 per barrel - down $1.24 overnight. 

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