November, 2009 | Refinancing

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Archive for November, 2009

Markets News Afternoon: Bank shares fall in Dublin; Dubai says "lenders should bear part of the responsibility’" for Dubai World’s $59bn in liabilities

November 30th, 2009

Markets news on stocks, currencies and oil; Bank shares fell in Dublin after announcements of EGMs to get approval for loan transfers to “bad bank” NAMA; Dubai’s government said it hasn’t guaranteed the debt of Dubai World, the state-controlled holding company struggling with billion in liabilities, and that creditors must help it restructure.

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German firms report lending continues to be restrictive

November 30th, 2009

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.

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Eurozone deflation ended in November as annual consumer price inflation rose for first time in 7 months

November 30th, 2009

Eurozone deflation ended in November with a rise in annual consumer price inflation for the first time in 7 months.

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Central Bank says Irish residential mortgage lending fell for seventh straight month

November 30th, 2009

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 continued to decline during the month, and was approximately 18 per cent lower on an annual basis in October.

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Markets News Monday: Dubai fears ease; Food group Aryzta reports 16% fall in first quarter revenues

November 30th, 2009

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 group IAWS and Swiss bakery group Hiestand, announced today that sales fell by 16% to close to €730m in the first three months of its financial year, to the end of October.

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AIB and Bank of Ireland announce EGMs to approve participation in "bad bank" NAMA – – discounts of 30% expected on transferred loans

November 30th, 2009

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%.

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Irish Economy: A citizen sick of an economist’s "whingey, whiney voice"

November 30th, 2009

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 all the time, when we turn on the radio, watch the TV, internet sites, read the newspapers? I am so sick of his whingey, whiney voice…Please spare us.”

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Monday Newspaper Review – Irish Business News and International Stories – – November 30, 2009

November 30th, 2009

Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.

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Retail Ireland says cross-border shopping in November will cost 1,700 jobs; Cheap alcohol biggest attraction

November 30th, 2009

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.

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Growth of Japanese manufacturing eased in November; Data on October industrial output less than expected; Wages slide for 17th straight month

November 30th, 2009

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 October, much lower than forecasts for a 2.5% increase. The figure was also lower than the revised 2.1% increase in September, the Ministry of Economy, Trade and Industry said. In a separate report, the Labour Ministry reported that wages dipped for a 17th straight month in October.

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