More than 900 jobs are to be cut at Quinn Insurance as part of a restructuring plan the joint administrators of the company announced this afternoon.
Average Irish national house prices in Ireland fell by 4.8% in the first three months of 2010 according to the permanent tsb / ESRI House Price Index quarterly review published today. This compares to a reduction in Qtr 1 last year of 4.3% and a reduction of 7.7% in Qtr 4 2009. The year on year decline (Qtr 1 2009 to Qtr 1 2010) was 18.9% and compares to a reduction of 18.5% year on year to Qtr 4 2009.
US GDP increased at annualised 3.2% rate in the first quarter of 2010 after increasing 5.6% in the fourth quarter of 2009
Real US gross domestic product (GDP) increased at annualised 3.2 per cent rate in the first quarter of 2010 after increasing 5.6 per cent in the fourth quarter of 2009, according to estimates released today by the Bureau of Economic Analysis.
Central Bank reports continued decline in Irish credit to non-financial corporations in March; Residential mortgage lending outstanding fell again
Irish credit to non-financial corporations (NFCs), excluding valuation effects, as NFC credit fell by 4.6 per cent in the year ending March 2010, following annual declines of 3 per cent in January and 3.6 per cent in February 2010. Residential mortgage lending outstanding (including securitised mortgages) declined by €717 million during March, bringing the annual rate of decline in residential mortgage lending to minus 1.4 per cent.
Eurozone annual inflation rises to 1.5% in April; Unemployment rate steady at 10% in March — Germany only EU27 country where jobless rate fell from March 2009
Eurozone annual inflation is expected to be 1.5% in April 2010 according to a flash estimate issued by Eurostat, the statistical office of the European Union. It was 1.4% in March. Meanwhile the unemployment rate in the Eurozone was steady at 10% in March. Germany was only EU country where the jobless rate fell in the 12 month period from March 2009.
Markets News Friday: Spanish unemployment rate rises above 20%; US federal prosecutors open criminal investigation of Goldman Sachs
Markets news on stocks, currencies and commodities; the Spanish unemployment rate rose to 20.05% from 18.83% in the fourth quarter of last year; Goldman Sachs: US federal prosecutors are conducting a criminal investigation into whether Goldman Sachs or its employees committed securities fraud in connection with its mortgage trading, people familiar with the probe say, according to The Wall Street Journal.
Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.
Asia is leading the global recovery and the region’s contribution to global growth will continue to exceed that of other regions in the next two years, the International Monetary Fund (IMF) said Thursday in its latest Regional Economic Outlook (REO) for Asia and the Pacific. The IMF revised upward its growth forecast for Asia to 7.1 per cent for 2010, 1¼ percentage points higher than projected in October 2009, and expects that growth to maintain the same pace in 2011.
Reducing high public debt will restrain growth for years in the advanced economies and on Wednesday this week, Jürgen Stark, member of the Executive Board of the ECB, said the current trend in fiscal policies is simply not sustainable. He says with an annual structural deficit reduction of only 0.5% of GDP (gross domestic product), it will take the Eurozone 20 years or more to return to the pre-crisis level of debt-to-GDP.
The Greek government has agreed the draft outline of a €24bn three-year fiscal rescue plan, which includes cuts in public sector pay and welfare benefits; tax hikes and disposal of state assets.