Finfacts Ireland Business & Finance Portal

Irish Exchequer deficit at end-August 2010 was €12.1bn

Thu, 02 Sep 2010 17:02:51 GMT

The Irish Exchequer deficit at end-August 2010 was €12.1bn, according to the Department of Finance this afternoon. The Department said this compares to an Exchequer deficit of €18.7bn in the period to end-August 2009 and in overall terms, is generally in line with expectations and the Budget Day targets for 2010 remain valid. Tax revenues are just under €1.9bn or 9% below the corresponding period in 2009. Net voted expenditure is just under €1.8bn or 6% lower.

Trichet announces extension of emergency lending measures for banks into 2011; Upward revision in economic forecasts for 2010 and 2011

Thu, 02 Sep 2010 15:42:00 GMT

European Central Bank President Jean-Claude Trichet today announced the extension of emergency lending measures for banks into 2011. He also announced an upward revision in economic forecasts for 2010 and 2011.

Contracts for US second-hand houses unexpectedly rose in July; US retailers in August report rise in sales and discounts; New weekly jobless benefit claims dip by 6,000

Thu, 02 Sep 2010 14:26:00 GMT

The number of contracts to purchase US second-hand house unexpectedly rose in July, signalling the market may be starting to stabilize after a plunge in the aftermath of the expiration of a homebuyer tax credit last April. US retailers in August reported a back-to-school bounce but at the expense of big discounts and new weekly jobless benefit claims fell 6,000 last week.

European Central Bank keeps its benchmark interest rate on hold at 1.0%

Thu, 02 Sep 2010 13:26:53 GMT

The European Central Bank (ECB) as expected kept its benchmark interest rate on hold at 1.0%, at a meeting of the governing council in Frankfurt, today. The ECB president, Jean-Claude Trichet, will address a press conference and he is expected confirm the continuation of emergency funding for Eurozone banks into 2011.

Eurozone GDP in Q2 2010 confirmed at 1% - - outpacing US and Japan; Q1 growth revised up

Thu, 02 Sep 2010 11:06:48 GMT

GDP (gross domestic product) increased by 1.0% in both the Eurozone (EA16) and the EU27 during the second quarter of 2010, compared with the previous quarter, according to the latest estimates released by Eurostat, the statistics office of the European Union. In the first quarter of 2010, growth rates were +0.3% in both zones. First quarter growth was revised up. Growth outpaced US and Japan.

Markets News Thursday: ECB expected to keep emergency bank support measures in place into 2011; Total Produce reports 5.5% rise in H1 2010 pre-tax profits

Thu, 02 Sep 2010 09:26:36 GMT

Markets news on stocks, currencies and commodities; ECB expected to keep emergency bank support measures in place into 2011; Total Produce reports 5.5% rise in H1 2010 pre-tax profits.

Thursday Newspaper Review - Irish Business News and International Stories - - September 02, 2010

Thu, 02 Sep 2010 07:42:48 GMT

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

Irish pension funds face a return to funding difficulties; Greece and Ireland posted double-digit market declines in August

Thu, 02 Sep 2010 05:57:53 GMT

Irish pension funds face a return to funding difficulties according to Hewitt Associates, the global pensions consultants, on Wednesday. Meanwhile, in New York, Standard & Poor's reported that in August, twenty-three of the 25 developed markets declined in August, with both Greece and Ireland posting double-digit declines.

Irish electricity price rise of 4.9% confirmed; Disconnections in 2010 surge to 10,678

Thu, 02 Sep 2010 05:30:09 GMT

The Commission for Energy Regulation (CER) on Wednesday confirmed a 4.9% hike in electricity prices as disconnections in 2010 surged to 10,678 customers.

Debt Default in Advanced Economies: IMF paper says default is unnecessary, undesirable, and unlikely

Thu, 02 Sep 2010 03:31:25 GMT

The IMF (International Monetary Fund) on Wednesday published three staff papers on the issue of public debt and the conclusion of a paper on default in advanced countries is that it is unnecessary, undesirable, and unlikely.

Global Manufacturing activity eased to 9-month low in August as sector recovery slowed further

Thu, 02 Sep 2010 01:39:05 GMT

Global manufacturing PMI (Purchasing Managers' Index) data signalled that the recovery in production extended into its fifteenth consecutive month in August. However, there were further signs that the upturn in the sector was losing momentum, reflecting slower growth of new orders and a waning boost from inventory rebuilding.

US manufacturing gathered strength and expanded for the 13th straight month in August; Private sector employment fell 10,000; Construction spending dipped to 10-year low

Wed, 01 Sep 2010 15:22:11 GMT

The US manufacturing sector gathered strength and expanded for the 13th straight month in August, according to an industry report released Wednesday. Meanwhile, private sector employment decreased by 10,000 from July to August on a seasonally adjusted basis and construction spending fell in July to the lowest level in 10 years.

Irish retail sales volume index fell by 0.2% in month of July; Motor trade only main category with year-on-year value increases

Wed, 01 Sep 2010 11:33:39 GMT

The volume of Irish retail sales (i.e. excluding price effects) decreased by 0.1% in July 2010 when compared with July 2009 and there was a monthly decrease of 0.2%. The motor trade was the only main category which showed year-on-year value increases.

Irish Live Register total increased to 455,000 in August - - new all-time record for third straight month

Wed, 01 Sep 2010 11:17:03 GMT

The Irish Live Register total increased from 452,500 in July to 455,000 in August, an increase of 2,500 and a new all-time record for the third straight month.

Data on Irish mortgage arrears show 36,438 households were in arrears for more than 90 days in June 2010

Wed, 01 Sep 2010 11:02:11 GMT

Data on Irish mortgage arrears show 36,438 households were in arrears for more than 90 days in June 2010.

Markets News Wednesday: Global foreign exchange daily turnover jumps 20% to $4trn - - London remains top fx centre; German retail sales dipped in July

Wed, 01 Sep 2010 10:48:31 GMT

Markets news on stocks, currencies and commodities; Global foreign exchange daily turnover jumps 20% to $4trn - - London remains top fx centre; German retail sales dipped in July.

Eurozone manufacturing slowed in August; Strong growth continued in Germany and France; Downturn in Greece deepened

Wed, 01 Sep 2010 09:05:50 GMT

The Markit Final Eurozone Manufacturing PMI (Purchasing Managers' Index) fell to a six-month low of 55.1 in August, down from 56.7 in July, but above the earlier flash estimate of 55.0. Although the PMI signalled a slight loss of growth momentum, the rate of expansion remained robust and faster than the survey average. Business conditions in the manufacturing sector have now improved in each of the past eleven months. Germany and France led the growth while rate of contraction in Greece grew sharper.

Irish manufacturing growth eased further in August

Wed, 01 Sep 2010 08:08:45 GMT

Irish manufacturing growth eased further in August while operating conditions continued to strengthen during the month, the rate of improvement eased further. This was despite faster new business growth in August. Output increased, but at a weaker pace, while the rate of job cuts accelerated.

Wednesday Newspaper Review - Irish Business News and International Stories - - September 01, 2010

Wed, 01 Sep 2010 06:52:01 GMT

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

China's manufacturing PMI hit three-month high in August; Indian manufacturing sector expanded for 17th successive month

Wed, 01 Sep 2010 06:05:54 GMT

China's manufacturing PMI (Purchasing Managers’ Index) hit three-month high in August, as both output and new business returned to growth. Meanwhile, Indian manufacturing sector expanded for 17th successive month.