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Last Updated:
Jul 3, 2009 - 12:16:47 PM |
News
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European
Eurozone service sector contraction accelerated marginally in June compared with trend of the 3 months to May 2009
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.
Jul 3, 2009 - 12:01:01 PM
News
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International
Markets News Friday: Shares fall in Europe and Asia after US June payroll data depressed sentiment; US markets closed Friday for Independence Day weekend
Markets news on stocks, currencies and commodities.
Jul 3, 2009 - 9:47:37 AM
News
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Irish
Irish service sector PMI data for June show sharp fall in activity but rate of decline slowed again
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.
Jul 3, 2009 - 8:16:01 AM
News
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European
European Commission warns of likely permanent loss in Eurozone potential economic output because of global economic crisis
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.
Jul 3, 2009 - 7:28:50 AM
Analysis/Comment
The Waste Land - - Bord Snip, Irish Public Spending Transparency and the motto "Never do anything for the first time"
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'."
Jul 3, 2009 - 2:49:59 AM
News
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Irish
Irish Exchequer Returns deficit in first half of 2009 surges to €14.7 billion - - up from €5.6 billion in H1 2008
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.
Jul 2, 2009 - 6:41:17 PM
News
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Irish
Bank of Ireland keeps expected bad debt charge at €6 billion: Downside risks may exist; Warns of negative impact on net interest margin
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.
Jul 3, 2009 - 8:01:03 AM
News
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International
Friday Newspaper Review - Irish Business News and International Stories - - July 03, 2009
Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.
Jul 3, 2009 - 7:58:20 AM
News
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Irish
Irish pension fund returns flat in June; Half year average return in 2009 was 5.5%
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%.
Jul 3, 2009 - 6:30:44 AM
News
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International
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
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.
Jul 2, 2009 - 5:14:54 PM
News
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Irish
Moody's downgrades Ireland's debt; Will monitor plans to cut public spending
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.
Jul 2, 2009 - 4:25:02 PM
News
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International
US job loss of 467,000 in June higher than expected; Unemployment highest since 1983; Broad measure of unemployment rose to 16.5%
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.
Jul 2, 2009 - 3:47:48 PM
News
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European
Trichet says ECB will begin purchase of €60 billion of covered bonds from next week
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.
Jul 2, 2009 - 2:54:13 PM
News
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European
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%
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.
Jul 2, 2009 - 2:05:33 PM
News
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European
European Central Bank keeps benchmark rate at 1%; Trichet to address press conference
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%.
Jul 2, 2009 - 12:37:17 PM
News
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International
Markets News Thursday: European shares fall; Goldman Sachs on track to pay average of $700,000 per employee in 2009 - - nearly double 2008 level
Markets news on stocks, currencies and commodities.
Jul 2, 2009 - 8:21:47 AM
News
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European
European Central Bank expected to keep interest rate unchanged at 1% today; Benchmark may remain fixed until late 2010
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.
Jul 2, 2009 - 7:37:01 AM
News
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International
Thursday Newspaper Review - Irish Business News and International Stories - - July 02, 2009
Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.
Jul 2, 2009 - 7:29:02 AM
News
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Irish
Cowen says dole claimants will rise to 500,000 by Christmas; Irish unemployment to remain elevated for extended period
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.
Jul 2, 2009 - 4:51:28 AM
News
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International
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
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.
Jul 2, 2009 - 2:50:54 AM
News
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International
Global manufacturing economy in recovery mode led by China
The Global manufacturing economy is in recovery mode led by China. The June JP Morgan Global Manufacturing PMI - - which acts a barometer of the overall health of the sector - - posted 46.9, its highest reading since last August. Output expanded slightly following a year-long period of contraction.
Jul 2, 2009 - 2:41:44 AM
News
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International
OECD Health Data 2009: Percentage of foreign-trained doctors tripled in Ireland and Finland between 2000 and 2007
In the OECD Health Data 2009 database, which was launched on Wednesday, the Paris-based think tank for 30 mainly developed country governments, said responding to demand for more doctors, the percentage of foreign-trained physicians has increased in many OECD countries. It nearly doubled in Switzerland and Sweden and tripled in Ireland and Finland between 2000 and 2007. In the US and the UK, about half the increase in the number of doctors was through international recruitment.
Jul 2, 2009 - 1:26:22 AM
News
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International
Markets News Afternoon: Smurfit Kappa to cut 140 jobs in Cork; US firm Bausch & Lomb to move 120 jobs from Waterford to New York; Stocks rise in Europe and US
Markets news on stocks, currencies and oil.
Jul 1, 2009 - 4:40:18 PM
News
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International
US manufacturing sector contracted again in June but pace of decline is slowing
US manufacturing PMI (Purchasing Manager's Index) signalled an overall contraction in in activity in June but the pace of decline is slowing.
Jul 1, 2009 - 3:29:06 PM
News
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International
US construction spending fell in May; US home sales contract signings slightly increased
The US Census Bureau of the Department of Commerce announced today that construction spending during May 2009 was estimated at a seasonally adjusted annual rate of $964.0 billion, 0.9 percent below the revised April estimate of $972.5 billion. The May figure is 11.6 percent below the May 2008 estimate of $1,090.7 billion. Meanwhile pending US home sales, which tracks contract signings, show an uptrend, rising for four consecutive months with favorable housing affordability and a first-time buyer tax credit boosting activity, according to the National Association of Realtors.
Jul 1, 2009 - 3:23:50 PM
News
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International
US nonfarm private employment decreased 473,000 in June
US nonfarm private employment decreased 473,000 from May to June 2009 on a seasonally adjusted basis, according to the private sector ADP National Employment Report. The estimated change of employment from April to May was revised by 47,000, from a decline of 532,000 to a decline of 485,000.
Jul 1, 2009 - 2:50:01 PM
News
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Irish
Irish Live Register rises 11,400 in May to 413,500 in June; Monthly increase of 2.8% down from 3.5% in May; Unemployment rate rises to 12%
The seasonally adjusted Irish Live Register total increased from 402,100 in May to 413,500 in June, an increase of 11,400. In the year to June 2009, there was an unadjusted increase of 197,781 (+89.6%). This compares with an unadjusted increase of 195,115 (+96.7%) in the year to May 2009. The increase of 2.8% is down from 3.5% in May.
Jul 1, 2009 - 12:33:24 PM
News
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European
Easing in Eurozone Manufacturing PMI decline masks contrasting national trends
The Markit Eurozone Final Manufacturing PMI (Purchasing Managers' Index) rose to a nine-month high of 42.6 in June, up from 40.7 in May and slightly higher than the earlier flash reading of 42.4. The rise signalled an easing in the rate of contraction for the fourth consecutive month.
Jul 1, 2009 - 10:24:21 AM
News
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European
UK manufacturing production expanded for first time in fifteen months in June
UK manufacturing production expanded for first time in fifteen months in June. At 47.0, up from 45.4 in May, the seasonally adjusted CIPS/Markit Purchasing Managers’ Index (PMI) - - a composite index based on data for new orders, production, employment, suppliers’ delivery times and stocks of purchases - - posted its highest reading since May 2008. However, the headline PMI has now posted below the neutral 50.0 mark for fifteen months running.
Jul 1, 2009 - 9:41:02 AM
News
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International
Markets News Wednesday: Shares rise in Europe but decline in Dublin
Markets news on stocks, currencies and commodities.
Jul 1, 2009 - 9:21:18 AM
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