Credit Unions have the reputation of a saint in Irish financial circles. They are a community based lender with voluntary staff in most cases and are viewed as a holistic type of lender compared to banks and other forms of lending. They are regarded as the bank of the common people and it is true [...]
The credit hurdle for German industry and trade rose somewhat in November, having fallen in the previous month. Currently 42.9% of the firms assess banks’ lending policies as restrictive. In October 41.7% of the survey participants expressed this opinion. The financing situation of the firms remains critical and poses a risk for the economic recovery.
Eurozone deflation ended in November with a rise in annual consumer price inflation for the first time in 7 months.
The Irish Central Bank said today that residential mortgages (including securitised mortgages) fell by €162 million during October – – the seventh straight monthly fall. Mortgages outstanding at the end of October were €147.8 billion. The annual rate of change in mortgage lending is now down to just 0.2 per cent. Non-housing related household credit [...]
Markets news on stocks, currencies and commodities; The United Arab Emirates’ central bank today eased credit for lenders and said it “stands behind” the country’s local and foreign banks as they may have to accept losses Dubai World’s possible default. Meanwhile, Aryzta, which was launched last year after the merger between Irish food and milling [...]
Both AIB (Allied Irish Banks) and Bank of Ireland announced today that EGMs (extraordinary general meeting of shareholders), will be held in coming weeks, to approve participation in the State’s “bad bank,” NAMA (National Assets Management Agency). Both banks signalled they expected that property loans will transfer at a discount of about 30%.
Irish Economy: In a week when public sector staff went on strike and Central Bank staff also went on strike for a second day, on Friday, a citizen contacted Finfacts and wrote: “Please can you tell me are all the other economists in Ireland dead? Do we have to listen, see and read Jim Power [...]
Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.
Retail Ireland, a group within Irish employer representative body IBEC, claims cross-border shopping during November will result in job losses of 1,700. It said cheap alcohol is the single biggest motivation of such trips.
Despite remaining above the neutral level of 50.0, the seasonally adjusted headline Nomura/JMMA Purchasing Managers’ Index (PMI), published today, fell to a four-month low of 52.3 in November, signalling that growth in the Japanese manufacturing sector continued to lose momentum. Official data issued today showed that industrial output rose 0.5% from the previous month, in [...]
Global business confidence has surged across virtually all geographies and industries and in particular in the US and the BRIC countries, according to the latest Business Outlook survey from KPMG International.
Both the Business Climate Indicator and Economic Sentiment Indicator in the Eurozone, rose for the eighth consecutive month in November.
José Manuel Barroso, President of the European Commission, today announced the portfolios responsibilities for the next Commission. Michel Barnier, the former French Foreign Minister, who served as commissioner for regional policy in the Prodi commission between 1999 and 2004, and is currently a member of the European Parliament, takes charge of financial regulation; Joaquín Almunia, [...]
E. Flahavan and Sons Limited, the County Waterford food company, scooped the Irish Exporters Association’s overall Exporter of the Year Award 2009 and Guinness- Diageo Ireland won the Multinational Exporter Award 2009, at the annual Export Industry Awards dinner at the RDS Concert Hall in Dublin, Thursday night. An Taoiseach Brian Cowen was guest speaker [...]
Based on preliminary data, world trade volume expanded by 5.3% in September 2009, from the previous month, following a revised decline of 1.5% in August (revised up from a decline of 2.0%), according to data published today by the CPB Netherlands Bureau for Economic Policy Analysis. The September figure is the largest increase recorded so [...]
Markets news on stocks, currencies and commodities; Following a slide in markets on Thursday after Dubai World, the Gulf emirate’s public investment company, carrying $59 billion of liabilities, shocked markets by seeking to delay repayment on much of its debt, Asian markets fell sharply Friday. However, worries have eased in Europe. Meanwhile, today, Black Friday, [...]
Up to 600 Irish Central Bank staff are on strike Friday as job losses in the private sector mount. Four in ten workers are worried about the possibility of being made redundant during the next 12 months, according to a new Ipsos MORI poll published today – – fear of redundancy is at a 10-year [...]
November data covering the Eurozone retail sector signalled a month-on-month fall in sales, with Germany posting the steepest dip in five months. The Markit Eurozone Retail PMI (Purchasing Managers’ Index), based on a mid-month survey of more than 1,000 executives in the retail sector, fell from 50.0 in October to 48.9, showing a modest reduction [...]
Germany wastes an enormous growth potential due to its inadequate education system and every fifth 15-year-old does not get beyond the elementary school level today.
Eurozone lending to the private sector contracted at an accelerating rate in October, despite the regional economy exiting from recession in the third quarter.
Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.
Markets news on stock, currencies and oil; Markets have fallen sharply after Dubai World, the Gulf emirate’s public investment company, carrying $59 billion of liabilities, shocked markets on Wednesday by seeking to delay repayment on much of its debt.
The American Chamber of Commerce today said that the Government’s budgetary policy must be biased towards cost controls and productivity improvement measures to enhance competitiveness. Speaking at the Chamber’s Annual Thanksgiving Lunch, Brian Lenihan, Minister for Finance said that “over the last 20 years, salaries in the public service and social welfare payments have increased well [...]
Seasonally adjusted Irish merchandise exports rose by 11% in September, relative to August 2009 and imports fell by 2%. August 2009 exports declined by 6% relative to July 2009 while imports fell by 4%. The US-owned medical and pharmaceutical products offset losses in other sectors, according to the CSO.
The insolvent State agency, the Dublin Docklands Development Authority, today published its 2008 financial results and plunged to a massive loss of €213 million mainly arising from a writedown of its investment in the Irish Glass Bottle site, which dates from 2006 — the peak year of the Irish property bubble. The DDDA chairman has [...]
