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Friday Newspaper Review - Irish Business News and International Stories - - December 05, 2008
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Dr. Peter Morici: US November jobs report
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Cork's Beamish and Crawford brewery to close with 120 job losses; Brewing on current site dates from 1650
span's Beamish and Crawford brewery is to close with 120 job losses and end operations that began on the current site in 1650./span
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Trichet warns of danger of being trapped at very low interest rate levels; Eurozone demand to fall for protracted period of time”
span's benchmark rate to 2.5%, refused to commit on future cuts and he said that the central bank has to ibe aware of being trapped at nominal levels that would be much too low./i He warned that the Eurozone economy will shrink next year for the first time since 1993 and said /spanspan” /b/i/span/span/span
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Markets News Afternoon: US jobless benefit claims remain at 1982 high; Factory orders fall to 8-year low; Stocks down in US and Europe
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ECB rate cuts lead to monthly savings on €300,000 30-year mortgage of over €300 since September
span% today will result in monthly savings for some mortgage lenders of over €300 since September. /span
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Lenihan announces option for members of Defined Contribution occupational pension schemes to defer annuity purchase
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European Central Bank cuts benchmark rate to 2.5%; Trichet to address Press Conference
span% to 2.50%. The cut was the biggest by the decade old central bank./span/span/span
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Bank of England cuts benchmark rate to 2% - lowest level since 1951; Rate has never been lower since 1694 - -in 314 years
span’s Monetary Policy Committee today voted to reduce the benchmark interest by 1% to 2.0% - - the lowest since 1951and since the bank was founded in 1694, the rate has never been lower than 2%./span
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AIB announces SME package: €1bn funding for investment and working capital requirements; €200m Start Up fund
span lang=EN-IE’s leading business bank with a 41% market share, has today announced a comprehensive package of initiatives to help its 150,000 SME customers during the economic downturn. The bank is providing €1bn funding for investment and working capital requirements and €200m for a Start Up fund./span
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Markets News Thursday: European shares rise; Sweden cuts benchmark rate 1.75% to 2%
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Coughlan appoints Enterprise Feedback Group on plan for Ireland to become a world-class knowledge economy by 2013
spanánaiste and Minister for Enterprise, Trade and Employment,nbsp;Mary Coughlan, T.D., on Wednesday announced her establishment of an Enterprise Feedback Group (EFG) on the implementation of the Government’s Strategy for Science, Technology and Innovation (SSTI) plan for Ireland to become a world-class knowledge economy by 2013 . The EFG is to be charged with providing feedback from business and industry on the SSTI and advice on the commercialisation of research outcomes from the Government’s substantial investment in research and development./span
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Irish economy faces into a bleak 2009 and further contraction in 2010 - Davy
span% by the end of the year. Davy Research predicts that the Irish economy will shrink again in 2010 (albeit only slightly) following a sharp dip in 2008 and 2009. It projects real GNP to slip 0.5% in 2010. That compounds the likely 6%+ drop in real national income cumulatively in 2008 and 2009./span/span
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Thursday Newspaper Review - Irish Business News and International Stories - - December 04, 2008
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Lenihan announces directors' panel for State-guaranteed banks
span“promote the public interest”. /i/span
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European Central Bank may cut benchmark rate by 0.75%; Bank of England may opt to cut by 1% to reduce rates to 1694 level
span% to 2.5%, given the growing evidence of a deep slump in the Eurozone. The Bank of England may cut its benchmark rate by 1% to 2% - - the lowest level since 1951. /spanspan% since the Bank of England was created in 1694./b/span
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Federal Reserve's Beige Book and weak US economic data confirm fears of steep slump
span's Beige Book - - a report on the US economy based on anecdotal evidence from the Fed's 12 District banks - - on Wednesday showed that overall economic activity weakened across all Districts since the last report. Other economic data, on services and private sector jobs confirmed fears that a steep slump is underway./span
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Irish Pension Schemes fail to beat Inflation over 10 Years ; Funds down 32.7% on average in 2008
span% on average during November. Eagle Star was the best performing manager over the month with a return of -3.4%. Irish Life Investment Managers delivered the worst performance over the month, with a return of -5.7%. So far this year, pension funds have declined a worrying 32.7% on average, while over the past year pension funds have lost 33.4%. /span
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Markets News Afternoon: US service sector contracted in November at rapid rate; Anglo Irish Bank falls 25%
span% of Gross Domestic Product, contracted in November at the fastest rate on record, reinforcing fears of a deep recession./span/span
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Irish Live Register: Jobs losses rise 16,900 in November; up 106,684 in 12 months - highest monthly rise since January 1975
span%). This compares with an unadjusted increase of 94,502 (+60.0%) in the year to October 2008, according to the CSO./span/span
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