Finfacts Ireland Business & Finance Portal

US unemployment rate rises to 10.2% in October - - the highest since April 1983; Broad measure of unemployment surges to 17.5%

Fri, 06 Nov 2009 14:06:58 GMT

The US unemployment rate rose from 9.8 to 10.2 percent in October - - the highest since April 1983 and nonfarm jobs fell 190,000, the US Bureau of Labor Statistics reported today. The largest job losses over the month were in construction, manufacturing, and retail trade. The broad measure of unemployment rose to 17.5 percent.

Markets News Friday: Ulster Bank reports €97m loss in Q3 2009; Shares rise in Europe and Asia; BA reports loss

Fri, 06 Nov 2009 11:39:37 GMT

Markets news on stocks, currencies and commodities; Ulster Bank today reported a €97 million in the third quarter of 2009, with bad debt charges in the period of €160.6 million.

Poor managerial leadership increases not only employee sick leave but also risk of long-term sickness

Fri, 06 Nov 2009 10:34:31 GMT

Perceived poor managerial leadership increases not only the amount of sick leave taken at a workplace, but also the risk of sickness amongst employees later on in life. The longer a person has had a “poorer” manager, the higher his or her risk of for example suffering a heart attack within a ten-year period, according to a new thesis from the Swedish Karolinska Institutet - - a top European medical university.

US Consumer Spending: Slow growth - - not no growth - - ahead

Fri, 06 Nov 2009 08:52:44 GMT

Following a summer splurge, US consumer spending is slowing dramatically. Richard Berner, a Managing Director and Co-Head of Global Economics at US investment bank Morgan Stanley, estimates that real growth in consumer spending will slow to under 2% annualised in Q4 2009, following a temporary boost to nearly 3.5% in Q3. Berner says it's widely understood that the use-it-or-lose-it ‘cash-for-clunkers' car purchase incentives that began late in July and ended on September 1 fueled more than 40% of that spending gain. With consumer fundamentals still under pressure, therefore, many investors regard September's 0.6% decline in real consumer spending as the start of renewed retrenchment. MS disagrees. Consistent with its long-standing view, slow growth, not no growth, is likely.

Aer Lingus reports fall in passenger numbers in October 2009; Long haul dips 25.7% in 12-month period

Fri, 06 Nov 2009 08:17:21 GMT

Aer Lingus’ total passenger numbers in October 2009 were 902,000 a fall of 0.2% compared to October 2008. Short haul passengers were 821,000, a 3.3% increase on October 2008 and long haul passengers were 81,000, a 25.7% decrease on October 2008.

World commodity prices to rise moderately until mid-2011

Fri, 06 Nov 2009 08:12:51 GMT

In the fourth quarter of 2008 and the first quarter of 2009 commodity prices, as measured by the dollar-based HWWI index, fell sharply from their record-high levels, rebounding strongly in the following two quarters. Prices are expected to stabilise in the remainder of 2009 and are thereafter likely to follow a moderately rising trend until mid-2011 as industrialised countries slowly recover from their deepest recession since the 1930s. The main driver of the prices will be growing demand from developing countries, in particular from China.

Friday Newspaper Review - Irish Business News and International Stories - - November 06, 2009

Fri, 06 Nov 2009 07:39:48 GMT

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

Dr. Peter Morici: Friday’s US jobs' report: Unemployment bumps 10%?

Fri, 06 Nov 2009 04:24:19 GMT

The US economy continues to bleed jobs, even as GDP rebounds. Employment may be a lagging indicator, but job losses should have abated by now even if a lot of new jobs are not being added.

Markets News Thursday: ECB takes first step toward removing emergency liquidity measures; Shares rise in Europe and US; AIB announces €750m 5 year bond

Thu, 05 Nov 2009 17:32:38 GMT

Markets news on stocks, currencies and oil; ECB took its first step toward removing emergency liquidity measures that have been in place since the onset of the credit crunch in August 2007.

Irish spending on both foreign and domestic travel fell in the second quarter of 2009

Thu, 05 Nov 2009 14:37:21 GMT

Irish spending on both foreign and domestic travel fell in the second quarter of 2009, reflecting the severe downturn in the economy.

European Central Bank keeps benchmark interest rate on hold at 1.0%; Bank of England retains its rate at 0.5%

Thu, 05 Nov 2009 12:59:05 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 Bank of England kept its rate on hold at 0.5%.

Markets News Thursday: UK industrial production jumps in September; Shares fall in Europe

Thu, 05 Nov 2009 12:26:34 GMT

Markets news on stocks, currencies and commodities; UK manufacturers recovered from a poor August with the biggest monthly rise in production for more than seven years during September, according to data published today.

Irish Economy: NCB Stockbrokers - - "we are living away beyond our means"

Thu, 05 Nov 2009 09:18:51 GMT

In its monthly Irish Economy Monitor, published today, NCB Stockbrokers recalls the infamous words of former taoiseach Charles Haughey: "we are living away beyond our means."

ECB and Bank of England expected to keep benchmark rates on hold

Thu, 05 Nov 2009 08:44:14 GMT

The European Central Bank is expected to keep its benchmark rate on hold at 1% when the ECB Governing Council will meet in Frankfurt today. In London, the Bank of England's Monetary Policy Committee is also expected to keep its key lending rate unchanged at a 1694 year low of 0.5%, at its meeting today.

Federal Reserve keeps interest rates near zero for at least six months

Thu, 05 Nov 2009 08:08:39 GMT

The US Federal Reserve on Wednesday signalled that it expected to keep interest rates near zero for at least six months, but for the first time said what factors could lead to earlier rate rises.

Global services expanded for third consecutive month in October

Thu, 05 Nov 2009 07:20:13 GMT

The JPMorgan Global Services Business Activity Index continued its upward trend in October, reaching a 22-month high of 53.0. The headline index has signalled an increase in worldwide services activity for three successive months.

Economic rebound in East Asia surprisingly swift thanks to China says World Bank

Thu, 05 Nov 2009 07:00:47 GMT

The economic rebound in East Asia and the Pacific has been surprisingly swift and very welcome but take China out of the equation and the regional picture is less rosy, says the World Bank's half-yearly assessment of the economic health of the East Asia and Pacific region.

Thursday Newspaper Review - Irish Business News and International Stories - - November 05, 2009

Thu, 05 Nov 2009 06:29:06 GMT

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

OECD’s Economic Survey of Ireland: Lenihan says report should be "compulsory reading"; Warns about "false economic scientists"

Wed, 04 Nov 2009 16:57:46 GMT

The OECD’s Economic Survey of Ireland was launched in Dublin today by Angel Gurría, Secretary General of the Paris-based OECD, the Organisation for Economic Cooperation and Development - - the think tank for 30 mainly developed countries - - and the Minister for Finance, Brian Lenihan. The Minister welcomed what he termed the OECD’s fair and balanced assessment of the Irish economy and said it should be "compulsory reading" for understanding the challenges the country faces. The Minister warned about "false economic scientists" and told Finfacts at the launch press conference that he supported administrative transparency on public spending and cited the merit of publishing politicians' expenses.

Markets News Afternoon: Shares rally in Dublin; US service activity rises

Wed, 04 Nov 2009 16:44:06 GMT

Markets news on stocks, currencies and oil.