Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.
Irish pension funds face a return to funding difficulties according to Hewitt Associates, the global pensions consultants, on Wednesday. Meanwhile, in New York, Standard & Poor’s reported that in August, twenty-three of the 25 developed markets declined in August, with both Greece and Ireland posting double-digit declines.
The Commission for Energy Regulation (CER) on Wednesday confirmed a 4.9% hike in electricity prices as disconnections in 2010 surged to 10,678 customers.
The IMF (International Monetary Fund) on Wednesday published three staff papers on the issue of public debt and the conclusion of a paper on default in advanced countries is that it is unnecessary, undesirable, and unlikely.
The US manufacturing sector gathered strength and expanded for the 13th straight month in August, according to an industry report released Wednesday.
Meanwhile, private sector employment decreased
by 10,000 from July to August on a seasonally adjusted basis and construction
spending fell in July to the lowest level in 10 years.
The volume of Irish retail sales (i.e. excluding price effects) decreased by 0.1% in July 2010 when compared with July 2009 and there was a monthly decrease of 0.2%. The motor trade was the only main category which showed year-on-year value increases.
The Irish Live Register total increased from 452,500 in July to 455,000 in August, an increase of 2,500 and a new all-time record for the third straight month.
Data on Irish mortgage arrears show 36,438 households were in arrears for more than 90 days in June 2010.
Markets news on stocks, currencies and commodities; Global foreign exchange daily turnover jumps 20% to trn - - London remains top fx centre; German retail sales dipped in July.
The Markit Final Eurozone Manufacturing PMI (Purchasing Managers’ Index) fell to a six-month low of 55.1 in August, down from 56.7 in July, but above the earlier flash estimate of 55.0. Although the PMI signalled a slight loss of growth momentum, the rate of expansion remained robust and faster than the survey average. Business conditions in the manufacturing sector have now improved in each of the past eleven months. Germany and France led the growth while rate of contraction in Greece grew sharper.
