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Due to a technical problem on Wednesday Jan
16, we are upgrading the news management system by a Canadian
software company, which will be
completed in coming days.
It has taken longer than
anticipated. That is one of the drawbacks of outsourcing. C'est
la vie - even Google News updating falls behind at times!
 Business
News Headlines to Jan 16 2008
Today's News Links
Click for Monday's stories and links from Jan 17 2008
Markets News
Afternoon: With US markets
closed Monday; Markets across urope and Asia-Pacific plunge deep
into red ink on recession fears
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BP oil drilling rig in the
Gulf of Mexico |
With US markets closed for the Martin Luther King holiday, it
has been a grim trading day on Monday both Asia-Pacific and Europe.
The fear of a US recession sent India's benchmark index to a
record 7.4% plunge and 5% or more was lost in markets in Singapore, Hong Kong
and China.
Last week, the three major indexes lost at least 4% with the S&P 500 losing 5.4%, its worst weekly loss
since July 2002.
President Bush's stimulus plan did
not impress market players in New York on Friday and clearly, overseas investors
took the cue from New York.
In Asia, there
were rumours that some of China's banks may have incurred US
subprime related losses.
In Mumbai today, the Bombay Stock Exchange's Sensitive Index
fell 1408.35 points, or 7.41%, to close at 17605.35. The fall came despite
confidence in recent weeks that Indian stock markets would weather a US recession.
Japan's benchmark index
fell almost 4% while the Hong Kong sunk 5.5%.
Japan's Nikkei 225 fell 3.86% to
close at 13325.94. Hong Kong's Hang Seng Index finished 5.5% lower at 23818.86.
In China, the
Shanghai Composite index lost 5.1%
The Australian share market fell for an 11th consecutive day,
the longest losing streak in 26 years, heavily impacted by plunges in
financial stocks. The S&P/ASX 200 index closed down 2.9%, or 166.9
points, at 5580.4. The index has dropped 18.6% from its record high 6851.5 in
November.
Asia-Pacific -
Key Benchmarks
In Europe, the Dow Jones 600 is down over 5%, the biggest fall
since the 9/11 terrorist attack.
Germany's Dax is down almost 7%; the FTSE 100 almost 5% and France's
CAC 40 over 6%.
Spain's IBEX 35 index has plunged over 7%.
In Dublin, the ISEQ index is down almost 4%.
National benchmarks - Europe
Irish Share Prices
Euribor Rates
AIB Daily Report
Bank of Ireland Daily Report
Currencies
The euro is trading at
$1.4441 and at £0.7428.
The euro fell after
Dutch Central Bank Governor and ECB Governing Council member, said
that Eurozone economic growth had fallen faster than
policymakers had expected.
For live
currency updates, check the right-hand
column of the
Finfacts home page.
Commodities
Crude oil for February
delivery is trading on the
New York
Mercantile Exchange (Nymex)
at $88.89 per barrel - down $1.70 from Friday.
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