America’s most famous investor, Warren Buffett, today issued the latest of his celebrated “letters” to investors and reported that his holding company Berkshire Hathaway had achieved a jump in fourth-quarter profit on the recovery of derivative bets tied to the world’s stock markets.
European Commission approves establishment of National Asset Management Agency – – the State toxic property loans relief scheme for financial institutions in Ireland
The European Commission has approved the establishment of the National Asset Management Agency (NAMA), the State toxic property loans relief scheme for financial institutions in Ireland. The Commission says it is satisfied that the scheme is in line with its guidelines on impaired asset relief for banks that allow State aid to remedy a serious disturbance in a Member State’s economy. The scheme will help address the issue of asset quality in the Irish banking system and promote the return to a normally functioning financial market.
US real gross domestic product (GDP) increased at an annualised 5.9 percent rate in the fourth quarter of 2009, after increasing 2.2 percent in the third quarter, according to estimates released today by the Bureau of Economic Analysis. The fourth-quarter growth rate was revised up 0.2 percentage point from the advance estimate released in January. Economic growth accelerated to the strongest pace in more than six years late last year, as revisions showed businesses slowed inventory reduction and boosted spending, but consumers spent less than first estimated.
Irish private sector credit continued to decline in January according to data issued today by the Central Bank.
Eurozone annual inflation was 1.0% in January 2010, up from 0.9% in December 2009. A year earlier the rate was 1.1%. Monthly inflation was -0.8% in January 2010. EU27 annual inflation was 1.7% in January 2010, up from 1.5% in December 2009. A year earlier the rate was 1.8%. Monthly inflation was -0.5% in January 2010. These figures come from Eurostat, the statistical office of the European Union.
Markets News Friday: UK GDP in Q4 2009 revised up to 0.3%; Lloyds Banking Group reports £6.3bn loss in 2009 – – £2.9bn in Irish write-offs; NAMA decision from European Commission expected
Markets news on stocks, currencies and commodities; UK GDP (gross domestic product) for the fourth quarter of 2009, was revised up to 0.3% from the third quarter, compared with a previous announcement of 0.1% growth, the Office for National Statistics said today in London.
Top US hedge fund managers are wagering big bets against the euro and at an “idea dinner” at a private townhouse in Manhattan, earlier this month, they plotted how they could make big killings from euro woes and the Greek crisis.
Output at Japanese manufacturers rose solidly in February according to PMI data; Official data showed Japan’s industrial output increased for an 11th consecutive month in January
Output at Japanese manufacturers rose solidly in February, extending the current period of growth to nine months according to PMI (Purchasing Managers’ Index) survey data issued today. Where a rise in production was signalled, panellists generally attributed this to greater inflows of new orders. Meanwhile, Japan’s industrial output increased for an 11th consecutive month in January, according to statistics released on Friday by the Ministry of Economy, Trade and Industry (METI).
Mayer and Company LLP, leading certified public accountants and business advisors, announced today that they have created a New Business Practice, providing key services to start-up businesses at discounted fees.
Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.