Finfacts Ireland Business & Finance Portal

Eurozone service sector contraction accelerated marginally in June compared with trend of the 3 months to May 2009

Fri, 03 Jul 2009 12:01:01 GMT

Eurozone service PMI (Purchasing Managers' Index) for June shows that the rate of contraction accelerated marginally compared with the trend of the previous 3 months to May 2009.

Markets News Friday: Shares fall in Europe and Asia after US June payroll data depressed sentiment; US markets closed Friday for Independence Day weekend

Fri, 03 Jul 2009 09:47:37 GMT

Markets news on stocks, currencies and commodities.

Irish service sector PMI data for June show sharp fall in activity but rate of decline slowed again

Fri, 03 Jul 2009 08:16:01 GMT

Irish service sector PMI (Purchasing Managers' Index) data for June show that the rate of decline of business activity slowed further in June, easing to its weakest since May 2008. However, activity still fell sharply during the month as the wider economic downturn continued.

Bank of Ireland keeps expected bad debt charge at €6 billion: Downside risks may exist; Warns of negative impact on net interest margin

Fri, 03 Jul 2009 08:01:03 GMT

Bank of Ireland said in its interim management statement published this morning that demand for new lending remains muted resulting in the level of customer lending remaining broadly unchanged from March 31 2009 on a constant currency basis. It has kept the expected 3-year bad debt charge at €6 billion but said downside risks may exist.

Friday Newspaper Review - Irish Business News and International Stories - - July 03, 2009

Fri, 03 Jul 2009 07:58:20 GMT

Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.

European Commission warns of likely permanent loss in Eurozone potential economic output because of global economic crisis

Fri, 03 Jul 2009 07:28:50 GMT

The European Commission says in its latest quarterly report on the Eurozone that the economy is still deep in recession territory but the EU's strong and coordinated policy response is providing tangible support to economic activity with evidence of some tentative signs of improvement. However, the report warns of a likely permanent loss in potential economic output as a result of the global economic crisis.

Irish pension fund returns flat in June; Half year average return in 2009 was 5.5%

Fri, 03 Jul 2009 06:30:44 GMT

Irish pension funds delivered a marginally positive performance during June, of 0.1% on average, the fourth month in a row that returns have been positive. The half year average return to June 2009 was 5.5%.

The Waste Land - - Bord Snip, Irish Public Spending Transparency and the motto "Never do anything for the first time"

Fri, 03 Jul 2009 02:49:59 GMT

The Waste Land - - Bord Snip and Irish Public Spending Transparency - - The late American historian Daniel Boorstin, wrote in an essay, "The Amateur Spirit and its Enemies," published in his book "Hidden History": "In the United States today there is hardly an institution or a daily activity where we are not ruled by the bureaucratic frame of mind -- caution, concern for regularity of procedures, avoidance of the need for decision" -- all of which, Boorstin suggested, was best summed up "on a sign over the desk of a French civil servant: 'Never do anything for the first time'."

Irish Exchequer Returns deficit in first half of 2009 surges to €14.7 billion - - up from €5.6 billion in H1 2008

Thu, 02 Jul 2009 18:41:17 GMT

Irish Exchequer Returns for first half of 2009 show a deficit of €14.7 billion compared with €5.6 billion in the same period in 2008.

Markets News Afternoon: Johnson & Johnson in $1.5bn deal with Elan; Shares surge in Dublin but ISEQ in red; Stocks down sharply in Europe and US

Thu, 02 Jul 2009 17:14:54 GMT

Markets news on stocks, currencies and commodities: US drug and healthcare group Johnson & Johnson is to take an 18.4% stake in Irish drug company Elan as part of a deal under which it will take over some of Elan's research into the treatment of Alzheimer's disease.

Moody's downgrades Ireland's debt; Will monitor plans to cut public spending

Thu, 02 Jul 2009 16:25:02 GMT

Moody's, the US credit ratings agency, today joined its two rivals - - Standard & Poor's and Fitch - - in downgrading Ireland's debt on worries about the country's public finances and the planned transfer of toxic property loans to the State "bad bank" - - the National Assts Management Agency (NAMA). The agency said it will also be monitoring Ireland's plans to cut public spending.

US job loss of 467,000 in June higher than expected; Unemployment highest since 1983; Broad measure of unemployment rose to 16.5%

Thu, 02 Jul 2009 15:47:48 GMT

US nonfarm payroll employment continued to decline in June and the job loss of 467,000, was higher than expected. The unemployment rate was little changed at 9.5 percent - - the highest level since August 1983 - - the Bureau of Labor Statistics of the US Department of Labor reported today. Job losses were widespread across the major industry sectors, with large declines occurring in manufacturing, professional and business services, and construction. Since the recession began in December 2007, payroll employment has fallen by 6.5 million. The broad measure of unemployment rose to 16.5 percent.

Trichet says ECB will begin purchase of €60 billion of covered bonds from next week

Thu, 02 Jul 2009 14:54:13 GMT

European Central Bank President Jean-Claude Trichet, said at a press conference in Luxembourg today, after a decision of the ECB Governing Council to keep the benchmark interest rate on hold at 1%, that the progarmme to purchase covered bonds to the value of €60 billion, will commence on July 6th. Covered bonds are low-risk securities.

Eurozone unemployment rate rose to 9.5% in May 2009 -highest rate since 1999; Netherlands at 3.2%; Denmark at 5.7%; Ireland 12%; Spain highest at 18.7%

Thu, 02 Jul 2009 14:05:33 GMT

The Eurozone (EA16) seasonally-adjusted unemployment rate was 9.5% in May 2009, compared with 9.3% in April. It was 7.4% in May 2008. The EU27 unemployment rate was 8.9% in May 2009, compared with 8.7% in April. It was 6.8% in May 2008. For the Eurozone this is the highest rate since May 1999 and for the EU27 since June 2005 according to Eurostat, the statistics office of the EU.

European Central Bank keeps benchmark rate at 1%; Trichet to address press conference

Thu, 02 Jul 2009 12:37:17 GMT

The Governing Council of the European Central Bank (ECB) agreed at its meeting in Luxembourg today, to keep its benchmark interest rate on hold at 1.00%.

Markets News Thursday: European shares fall; Goldman Sachs on track to pay average of $700,000 per employee in 2009 - - nearly double 2008 level

Thu, 02 Jul 2009 08:21:47 GMT

Markets news on stocks, currencies and commodities.

European Central Bank expected to keep interest rate unchanged at 1% today; Benchmark may remain fixed until late 2010

Thu, 02 Jul 2009 07:37:01 GMT

The European Central Bank is expected to keep its benchmark rate unchanged at 1% today at the meeting of its Governing Council in Luxembourg. The ECB led by President Jean-Claude Trichet, may keep the rate fixed until the fourth quarter of 2010.

Thursday Newspaper Review - Irish Business News and International Stories - - July 02, 2009

Thu, 02 Jul 2009 07:29:02 GMT

Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.

Cowen says dole claimants will rise to 500,000 by Christmas; Irish unemployment to remain elevated for extended period

Thu, 02 Jul 2009 04:51:28 GMT

Taoiseach Brian Cowen on Wednesday forecast that the number of dole claimants will rise to 500,000 by Christmas and grow further into 2010. It's clear, given the expected international backdrop of years of slow growth, that Irish unemployment will remain elevated for an extended period.

IMF approves bond sales to member countries for first time to support bailouts; World Bank increases support 54% in 12 months to June to counter financial crisis

Thu, 02 Jul 2009 02:50:54 GMT

The International Monetary Fund (IMF) on Wednesday approved plans to issue its own debt by selling bonds to member countries to boost capacity to fund bailouts. Also on Wednesday, the World Bank announced it committed $58.8 billion in its fiscal year 2009 - - the 12 months to June - - to help countries struggling amid the global economic crisis, a 54 percent increase over the previous fiscal year and a record high for the global development institution.