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BUSINESS NEWS JAN 21, 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!

Business News Headlines to Jan 16 2008

Today's News Links

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

Markets News Afternoon: With US markets closed Monday; Markets across  urope and Asia-Pacific plunge deep into red ink on recession fears

BP oil drilling rig in the Gulf of Mexico

With US markets closed for the Martin Luther King holiday, it has been a grim trading day on Monday both Asia-Pacific and Europe.

The fear of a US recession sent India's benchmark index to a record 7.4% plunge and 5% or more was lost in markets in Singapore, Hong Kong and China.

Last week, the three major indexes lost at least 4% with the S&P 500 losing 5.4%, its worst weekly loss since July 2002.

President Bush's stimulus plan did not impress market players in New York on Friday and clearly, overseas investors took the cue from New York.

In Asia, there were rumours that some of China's banks may have incurred US subprime related losses.

In Mumbai today, the Bombay Stock Exchange's Sensitive Index fell 1408.35 points, or 7.41%, to close at 17605.35. The fall came despite confidence in recent weeks that Indian stock markets would weather a US recession.

Japan's benchmark index fell almost 4% while the Hong Kong sunk 5.5%.

Japan's Nikkei 225 fell 3.86% to close at 13325.94. Hong Kong's Hang Seng Index finished 5.5% lower at 23818.86. In China, the Shanghai Composite index lost 5.1%

The Australian share market fell for an 11th consecutive day, the longest losing streak in 26 years, heavily impacted by plunges in financial stocks. The S&P/ASX 200 index closed down 2.9%, or 166.9 points, at 5580.4. The index has dropped 18.6% from its record high 6851.5 in November. Asia-Pacific - Key Benchmarks

In Europe, the Dow Jones 600 is down over 5%, the biggest fall since the 9/11 terrorist attack.

Germany's Dax is down almost 7%; the FTSE 100 almost 5% and France's CAC 40 over 6%.

Spain's IBEX 35 index has plunged over 7%.

In Dublin, the ISEQ index is down almost 4%.

National benchmarks -  Europe

Irish Share Prices

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AIB Daily Report

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Currencies

The euro is trading at $1.4441 and at £0.7428.

The euro fell after Dutch Central Bank Governor and ECB Governing Council member, said that Eurozone economic growth had fallen  faster than policymakers had expected.

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 $88.89 per barrel - down $1.70 from Friday. 

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