Finfacts Ireland Business & Finance Portal

Markets News Afternoon: European and US stocks rise

Wed, 14 May 2008 17:20:12 GMT

Markets news on stocks, currencies and comnmodities.

Overseas Visits by Irish Residents rose 13% in 2007

Wed, 14 May 2008 16:40:08 GMT

The CSO reported today that the number of Overseas Visits by Irish Residents increased by 13% to 7,713,000 in 2007 compared to 6,848,000 in 2006. The number of Overseas Visits by Irish Residents on Continental European routes totalled 4,583,000 in 2007, an increase of 19% on 2006.

Bord Gáis reports pre-tax profits of €166m for 2007; Seeking price increase of up to 19%

Wed, 14 May 2008 16:02:06 GMT

Bord Gáis has reported pre-tax profits of €166m for 2007, up 29% on the figure of €129m the previous year. Sales rose by 10% to €1.215 billion. A price increase of up to 19% applied for.

Lisney says Irish commercial property rents are down 1% in first quarter; 12% of the total Dublin office stock has been built since January 2007

Wed, 14 May 2008 15:04:36 GMT

The latest Rental Indices report from Lisney shows that commercial property rents are down 1% in the first quarter. This is the first time that overall commercial property rents have declined since 2002. Dublin office rents are down 2.7% overall, but the fall in city centre rents is even more pronounced at 3.1%.

US consumer price inflation remained subdued in April; "Core" inflation increased at only a 1.2% annual rate in past 3 months

Wed, 14 May 2008 14:47:04 GMT

US consumer price inflation remain subdued in April a US Labor Department report showed today.

Bank of England says UK consumer price inflation may rise to 4%

Wed, 14 May 2008 14:22:32 GMT

The Bank of England said on Wednesday that UK consumer price inflation will rise above the key 3% level in the near-term and likely remain there throughout 2008, with a significant likelihood that it could rise above 4%.

Irish mortgage lending fell 20% in the first quarter

Wed, 14 May 2008 13:36:22 GMT

Irish mortgage lending fell 20 per cent in the first quarter as the housing contraction intensified.

Eurozone industrial production fell in March

Wed, 14 May 2008 13:12:40 GMT

Eurozone (EA15)seasonally adjusted industrial production fell by 0.2% in March and by 0.1% in the EU27. In February production rose by 0.3% and 0.4% respectively.

GE Money's Irish Used Car Index confirms that prices for second hand cars are declining

Wed, 14 May 2008 12:39:00 GMT

GE Money Ireland says every cloud has its silver lining, especially if you want to get your hands on a used silver shadow. Latest figures from GE Money's Irish Used Car Index confirm that prices for second hand cars are declining. Year on year figures for May show that used values as a percentage of new prices have shrunk across almost all segments with the biggest fall seen at the luxury end of the market where 3 and 5 year old values have on average fallen by €2,000 to €3,000. At the other, and therefore cheaper, end of the market, percentage falls in price are broadly similar to those at the top end and reveal the first decline in year on year values since 2000.

RaboDirect Ireland launches Business Savings Account - Instant Access at 4% AER rate of interest

Wed, 14 May 2008 09:55:42 GMT

RaboDirect, part of the Rabobank Group and Ireland’s only AAA rated bank, today entered the business savings market with the launch of its first ever Business Savings Account. This instant access account offers the same 4% AER (Average Equivalent Rate) rate of interest to all business customers regardless of size or deposit amount and is available to sole traders, partnerships, solicitors and private limited companies alike.

Tullow Oil says 2008 remains very positive with a programme of over 25 exploration wells to drill by year-end coupled with strong oil and gas pricing

Wed, 14 May 2008 09:43:21 GMT

Tullow Oil plc today issued an Interim Management Statement prior to its Annual General Meeting which is being held at Stationers’ Hall in London, at 12 noon today. The company said that its business has reached a new level this year driven by the exceptional exploration and appraisal results in Ghana. With production in line with expectations, a programme of over 25 exploration wells to drill by year-end and optimism over strong oil and gas pricing continuing, the outlook for the remainder of 2008 is very positive.

Markets News Wednesday; European stocks rise; Oil price remains above $125 in New York after Tuesday's new intra-day record

Wed, 14 May 2008 08:44:49 GMT

Markets news on stocks, currencies and commodities.

Wednesday Newspaper Review - Irish Business News and International Stories - - May 14, 2008

Wed, 14 May 2008 08:07:04 GMT

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

Two European bankers charged in US with tax fraud

Wed, 14 May 2008 07:36:45 GMT

Two European bankers, including a former employee of Swiss banking giant UBS, which has a significant wealth management unit, have been charged by US authorities with tax fraud relating to helping an American billionaire evade income taxes on about $200m of assets deposited in Swiss and Liechtenstein bank accounts.

Outlook for EU service sector worsens; Outlook bright for BRIC countries - Brazil, Russia, India and China

Wed, 14 May 2008 07:10:21 GMT

Confidence at EU service sector firms dropped further in April, sinking to the lowest level in at least two years as concerns mounted over the international economic outlook and the widening impact from the global credit crunch. In contrast, firms across the BRIC region - Brazil, Russia, India and China - highlighted continued confidence.

ESRI Medium-Term Review 2008-2015: Irish economy to grow at 3.75% annual rate; Business services exports very sensitive to Ireland’s competitiveness

Wed, 14 May 2008 07:02:02 GMT

The ESRI - Economic and Social Research Institute - forecasts in its Medium-Term Review 2008-2015, published today that the Irish economy is heading towards a real economic growth rate averaging 3.75 per cent annually over the next decade. The Institute says business services exports will account for 70 per cent of all Irish exports but are very sensitive to Ireland’s competitiveness.

HSBC Future of Retirement Report 2008: In global survey 34% of respondents support enforced private savings - reaching a high of 68% in Germany

Wed, 14 May 2008 06:29:54 GMT

HSBC Future of Retirement Report 2008: In global survey among 21,000 people across 21 countries, 34% of respondents support enforced private savings - reaching a high of 68% in Germany. A key finding is that Retirement Generations - pre-retirees 40-60 years and post-retirees 60-69 years - across the world would prefer to leave their perspective on life rather than money or property to their heirs, according to the report, which was published on Tuesday by HSBC Insurance.

Markets News Afternoon: Oil price hits new record price close to $127 a barrel in New York; Dublin's ISEQ Index closes down; Greencore off over 8%

Tue, 13 May 2008 17:12:53 GMT

Markets news on stocks, currencies and oil.

Hewlett-Packard to acquire EDS for $13.9 billion; IT services company was founded by Ross Perot in 1962

Tue, 13 May 2008 15:00:22 GMT

Hewlett-Packard Co. announced today that it has reached a deal to buy Electronic Data Systems Corp. for $13.9 billion - about $12.6 billion in cash, or $25 per share.

Dr. Peter Morici: What to Watch in Wednesday's US Consumer Price Data

Tue, 13 May 2008 14:31:35 GMT

On Wednesday, the US Labor Department will issue April data for the Consumer Price Index. The consensus forecast is for a 0.3 percent increase in the headline number and a 0.2 percent increase in the core index—the headline number with energy and food prices removed. My published forecasts are 0.5 and 0.2 percent in these two indicators of consumer inflation.