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Last Updated: May 12, 2008 - 9:34: AM |
News
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Irish
Irish Construction PMI: April data signalled record falls in activity, new orders and employment
Irish Construction PMI: At 34.3 in April, the Ulster Bank Construction Purchasing Managers’ Index (PMI) – a seasonally adjusted index designed to measure the overall performance of the construction economy – pointed to the sharpest deterioration in the health of the Irish construction economy since the survey began in June 2000. The PMI has now signalled contraction in each month since June 2007. The substantial fall in construction activity during April was largely attributed to lower new order volumes (which also declined at a record pace).
May 12, 2008 - 7:30: AM
Analysis/Comment
Construction and the Irish Economy: Are we ready for the post-"Golden Age" period?
Construction and the Irish Economy: Just four years after the Golden Age of Construction was proclaimed, there is still a large infrastructural programme to complete and at the same time, a benefit from the related economic stimulus but it's striking how little focus there is on what comes afterwards, apart from some waffle on demographics and the growth in service exports by the units of mainly US firms in Ireland.
May 12, 2008 - 7:21: AM
News
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International
Global Food Crisis: Gulf Arabs buying farmland in Pakistan to increase food security; Germany wants higher environmental/health standards for food imports; EU chicken exporters using banned chlorine-washing process
Global Food Crisis: Gulf Arabs in the United Arab Emirates (UAE) have been buying farmland in Pakistan as part of plans to increase food security and to reduce inflation. Meanwhile, Germany has called for China, India and the US to be forced to adopt higher environmental and health standards if they want to export food products to the European Union even though EU poultry producers are using a banned chlorine-washing process on exported chicken.
May 12, 2008 - 5:11: AM
News
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International
Monday Newspaper Review - Irish Business News and International Stories - - May 12, 2008
Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.
May 12, 2008 - 8:34: AM
News
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European
German State Banks and a Process of Creative Destruction
The international banking crisis has caused trouble for many German banks, but the German state banks (Landesbanken = LB) may be hit particularly hard. SachsenLB had to write off €1.8 billion; the State of Saxony prevented its bankruptcy only by providing a guaranty of €2.75 billion. The bank was taken over by Landesbank Baden-Württemberg (LBBW). WestLB may have to write off €2.0 billion and BayernLB reported a write-off of € 4.3 billion. For all regional state banks, a total write-off of at least €12 billion is expected, corresponding to 19 percent of their aggregate equity capital of €63 billion. Comparable figures for private banks are not available, but if the percentage share were of a similar magnitude, their losses would amount to about €45 billion. The figures estimated to date are not nearly that high, however.
May 12, 2008 - 3:38: AM
News
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Asia-Pacific Business Week
Asia-Pacific Business News - - Week ending May 10, 2008: China considers buying land in Africa and South America to provide food security
Asia-Pacific business and finance news stories of the week - - The Financial Times reports that Chinese companies will be encouraged to buy farmland abroad, particularly in Africa and South America, to help guarantee food security under a plan being considered by Beijing.
May 11, 2008 - 2:24: PM
News
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Irish
Weak first quarter for Irish manufacturing despite stronger March figures
The CSO reported today that on an annual basis production for Irish Manufacturing Industries for March 2008 was 7.0% higher than in March 2007. The seasonally adjusted volume of industrial production for Manufacturing Industries for the three month period January to March 2008 was 0.3% higher than in the preceding three month period.
May 9, 2008 - 11:34: PM
News
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International
Markets News Afternoon: Stocks down in Europe and US; Oil surges to new record of above $126 in New York
Markets news on stocks, currencies and oil.
May 9, 2008 - 5:08: PM
News
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International
Dr. Peter Morici: US Trade Deficit falls to $58.2 billion in March, Lowers GDP by $250 Billion
Today, the US Commerce Department reported the March deficit on trade in goods and services was $58.2 billion. This was down from $61.7 billion in February and was about 4.9 percent of GDP.
May 9, 2008 - 3:56: PM
News
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Irish
Small Business in Ireland 2008: 56% of total Irish employment in workplaces where less than 50 people are employed
The CSO today published this year's annual report on Small Business in Ireland 2008. The report presents a comprehensive picture of the contribution of small business in Ireland.
May 9, 2008 - 3:50: PM
News
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Irish
Guinness owner Diageo unveils €650m brewing investment for Ireland; 250 jobs to be cut
Diageo plc, owner of Guinness Ireland, today announced its intention to make a capital investment of €650 million (£520 million) in a new world-class brewing centre of excellence in Ireland to support the growth and development of its global beer business.
May 9, 2008 - 3:36: PM
News
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European
European Central Bank says Eurozone banks reported a tightening of credit standards and a fall in demand for loans by business and households in the first quarter
The European Central Bank (ECB) today published its report on the results of the April 2008 bank lending survey for the Eurozone.
May 9, 2008 - 10:09: AM
News
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International
Markets News Friday: Oil price hits new record above $124; Insurance giant AIG's $7.81 billion first-quarter loss and oil price surge spook investors across the globe
Markets news on stocks, currencies and commodities.
May 9, 2008 - 9:48: AM
News
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Irish
C&C reports 37% fall in full year operating profits related to plunge sales of Magners cider in UK
Irish beverage group C&C today reported operating profits of €125.2m for the year to the end of February 2008, a fall of 37% on the previous year. The drop mainly relates to a plunge in sales of its Magners cider brand in the UK.
May 9, 2008 - 8:47: AM
News
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Irish
Smurfit Kappa reports pre-tax profits more than doubled in first quarter to €90m
Paper and packaging group Smurfit Kappa has reported pre-tax profits of €90m for the first three months of this year, more than double the €43m in the same period last year.
May 9, 2008 - 8:29: AM
News
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International
Friday Newspaper Review - Irish Business News and International Stories - - May 09, 2008
Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.
May 9, 2008 - 7:48: AM
News
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Irish
Irish investment firm GlobalReach Securities says the international “bear” market is at an end
GlobalReach Securities – a specialist Irish investment management firm – has said that it believes the international “bear” market is at an end and that equity markets will move forward from current levels over the coming months. The firm provides Asset Management, Equity Dealing and Wealth Management services to private and institutional clients in Ireland and internationally.
May 9, 2008 - 7:14: AM
Analysis/Comment
Dr. Peter Morici: US to release February Trade Deficit data on Friday - What to Look for?
On Friday, the Commerce Department will report the March trade deficit.
May 9, 2008 - 6:54: AM
News
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European
ECB Rate Outlook May 2008: Three Irish Bank Economists - From no cut this year to a revision down to 2 cuts by December
The European Central Bank (ECB) kept its benchmark interest rate on hold at 4% on Thursday and ECB President Jean-Claude Trichet said at a press conference: ``Inflation rates have risen significantly since autumn and as we have said, inflation rates are expected to remain high for a rather protracted period of time before gradually declining again.''
May 9, 2008 - 6:27: AM
News
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International
Global Inflation Risks have reemerged as major threat to the world economy says IMF
Global inflation risks have reemerged as major threat to the world economy according to the IMF. The prospect for continued relatively strong growth in emerging and developing economies suggests that demand growth for energy and commodities will remain solid, even as global growth is slowing, IMF First Deputy Managing Director John Lipsky said on Thursday.
May 9, 2008 - 4:09: AM
News
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International
Global carbon trading market grew to $64 billion in 2007
The global carbon market grew to $64 billion (€47 billion) in 2007, more than doubling over 2006, according to a new report from the World Bank highlighting the state and trends of the global carbon market. The European Union Emission Trading Scheme (EU ETS) also saw a doubling of both value and number of allowances transacted to the tune of $50 billion (€37 billion).
May 9, 2008 - 3:59: AM
News
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International
Markets News Afternoon: Euro gains after ECB meeting; Dublin market closes up
Markets news on stocks, currencies and oil.
May 8, 2008 - 5:04: PM
News
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Irish
Sir Anthony O'Reilly announces £7 million/€10 million investment in Independent News & Media Newry Print Centre
Independent News & Media's Newry Print Centre is to benefit from an additional £7 million/10 million euro investment for further expansion and the purchase of two high speed print towers.
May 8, 2008 - 3:18: PM
News
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European
Trichet says inflation will remain ``high'' for some time signalling no early ECB interest rate cut
European Central Bank President Jean-Claude Trichet said today in Athens that inflation will remain ``high'' for some time, signaling that the ECB is not poised for an early cut in interest rates as growth slows.
May 8, 2008 - 3:01: PM
News
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European
European Central Bank keeps benchmark interest rate on hold at 4%
The European Central Bank Governing Council at a meeting in Athens today, kept the ECB's benchmark interest rate on hold at 4%.
May 8, 2008 - 12:45: PM
News
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European
Bank of England keeps benchmark interest rate on hold at 5%
The Bank of England Monetary Policy Committee today voted to maintain its benchmark interest rate on hold at 5.0%.
May 8, 2008 - 12:05: PM
News
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Irish
Annual Irish Inflation falls to 4.3% in April; Rate for Services was 4.8% while Goods increased by 3.8%; Food up 8.1%
Annual Irish Inflation as measured by the Consumer Price Index (CPI), increased by just 0.1% in the April, according to the CSO. This compares to an increase of 0.8% in April of last year. As a result, the annual rate of inflation fell to 4.3%, down from 5.0% in March 2008.
May 8, 2008 - 11:09: AM
News
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Irish
Grafton Group says Irish sales fell by 16% in first four months of 2008
Grafton Group plc, the builders merchants and DIY group with operations in the UK and Ireland, in an Interim Management Statement, for the four months ended 30 April 2008, in advance of the Company's Annual General Meeting today, said that group sales in the four months to 30 April declined by 8 per cent to €944 million and reflects the adverse translation impact of a twelve per cent decline in sterling against the euro. Irish sales fell by 16 per cent. Group profit before tax was, as expected, significantly down compared to the very strong performance in the first four months of 2007.
May 8, 2008 - 8:55: AM
News
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International
Markets News Thursday: Crude oil sets new record above $123 in New York - up 29% in 2008; EUR/USD rate remains below $1.54; European markets down
Markets news on stocks, currencies and commodities.
May 8, 2008 - 8:19: AM
News
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European
German exports fell in March; Monthly trade balance narrows to €16.7 billion
German exports fell by 0.5% in March, while imports increased by 0.8% on February 2008 according to Destatis, the national statistics office. Germany exported commodities to the value of €84.0 billion and imported commodities to the value of €67.3 billion in March 2008. German exports in March 2008 were 0.2% and imports 3.3% above the respective March 2007 levels.
May 8, 2008 - 7:15: AM
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