Categorized as: Syndicated News

Bank stress tests set to be delayed until late October

The European Central Bank (ECB) is looking at how 130 of the eurozone’s largest banks value their assets.

Those banks will also undergo EU-wide tests on whether they have enough capital to weather future crises.

The ECB had informally pencilled in Friday, October 17, as the date for publication of the results of the combined exercise and had given this date to some banks. The sources told Reuters that this …

Low ECB rates set to last for rest of decade

The ECB surprised markets last week with its decision to ease monetary policy again.

Rates were last cut in June and there were strong hints at that time that it would not be lowered any further.

However, the weakness of the economy over the summer spurred it to take a further cut of 10 basis points to its key interest rates.

The refinancing rate was reduced to 0.05%, with the …

Tax credit for ad industry urged after slump post 2007

Advertising agency Core Media, in conjunction with the Association of Advertisers in Ireland (AAI), has been pushing the Department of Finance to include a 25pc tax credit for incremental advertising in the upcoming Budget in an effort to return the sector to growth.

Core Media chief executive Alan Cox said that advertising spend in Ireland slumped 41pc to €910m last year compared to 2007, with the ad spend per capita …

Builders see first full year’s growth since recession

Following another sharp expansion in August, activity in the construction sector has now increased in each month throughout the past year.

Growth last month was boosted by a steep rise in new orders, Ulster Bank’s August Purchasing Managers Index (PMI) found. PMIs are closely watched indicators of a sector’s health. Its headline reading was 61.4; anything over 50 indicates expansion. Companies were strongly optimistic that activity will continue to increase …

FTSE 100 volatility index jumps on Scottish fears

In early trade, the FTSE 100 Volatility Index, which measures the price of options on UK blue-chip stocks, rose to 16 percent, having closed at around 13 percent on Friday.

In early trade, sterling weakened to its lowest in nearly 10 months amid worries about political uncertainty after an opinion poll showed supporters of Scottish independence from Britain taking the lead for the first time since the referendum campaign began.

Euro slides after ECB shocks markets with interest rate cu

In early trade, the FTSEurofirst 300 index of top European shares was down 0.1pc at 1,399.68 points, retreating from a 6-1/2 year high hit in the previous session.

The euro nursed hefty losses, having suffered its biggest one-day fall in nearly three years against the greenback after the European Central Bank delivered a fresh round of stimulus and promised even more if needed.

The common currency slumped over 1 percent …

ECB resists Irish plan to repay IMF bailout loans early

reland’s plan to repay its IMF loans early is facing resistance from the European Central Bank amid continuing concerns that last year’s promissory note deal was bordering on monetary financing.

In a setback to the Government’s bid to secure political agreement for the early repayment of the IMF portion of the bailout, ECB chief Mario Draghi indicated yesterday that concerns remained about the promissory note deal.

Asked about his views …

Tax Institute calls for new measures to attract investment

The Irish Tax Institute has urged the Government to do more in next month’s Budget to attract senior decicion makers and investment to Ireland.

Speaking at the organisation’s annual general meeting in Dublin on Thursday, the organisation’s new president Andrew Gallagher called on the coalition to take measures to ensure that Ireland continues to be an attractive location for foreign investment.

“Ireland needs to be not only a good location …

ECB’s €40bn stimulus gamble to boost European economy

The move will directly benefit Ireland, which has begun to show signs of recovery but is being hampered by insipid economic growth across the other 17 countries that use the euro.

The hope is that money pumped into the eurozone economy will trickle down into under-pressure households here.

ECB boss Mario Draghi is expected to outline plans to inject as much as €40bn into the flagging economy.

According to US …

Ireland must learn from Scandinavian recovery – Noonan

The minister said the country’s recovery was not “an act of God” but the result of government decisions which he claimed eurozone giants France and Italy didn’t take, and are now paying for.

And he gave one of the strongest signals yet that the Government may not need to pursue a deal from Europe to help ease the burden imposed by the state’s banking debt.

Mr Noonan said the fruits …