Friday, March 15 08:10:06
Consumer prices were 1.1 per cent higher in February 2013, than in February 2012, according to new figures released by the Central Statistics Office. The Consumer Price Index, published this morning, shows an increase of 0.8 per cent in consumer prices last month. The most notable changes in the month were in clothing & footwear (+7.1 per cent) and furnishings & household equipment. There was a decrease in miscellaneous goods & services due to a decrease in charges for hairdressing.
The most notable changes in the year were increases in alcoholic beverages & tobacco (+5.4 per cent), education (+4.7 per cent) and miscellaneous goods & services (+2.9 per cent). There were decreases in Communications (-4.4 per cent), furnishings, household equipment & routine household maintenance (-3.1 per cent) and clothing & footwear (-2.2 per cent) The Irish Times
The issue of whether or not Irish banks are financially strong enough to absorb mortgage writedowns is "the remaining piece in the puzzle", NTMA chief John Corrigan said yesterday.
The mortgage arrears situation is a "concern" for the investors who buy government debt, he added.
Mr Corrigan was speaking after the successful issue of E5bn of 10-year government bonds on Wednesday which attracted offers from 400 different investors.
If banks are a concern for investors, they are a concern for the NTMA, he told a conference organised by the Irish Association of Pension Funds (IAPF). The Irish Independent
Ireland will overtake the UK as the biggest market in Europe for banks selling off multi-billion loan books, according to KPMG. The new report says that almost half of the up to E42bn of loan sales expected in the six biggest European markets this year could happen here.
KPMG was forced to revise up previous estimates because the liquidation of Irish Bank Resolution Corp (IBRC), the former Anglo Irish Bank, puts billions of new assets on the market.
The liquidation means IBRC's remaining E19bn loan book must all be sold off in the next six months by liquidators Kieran Wallace and Eamonn Richardson. The Irish Independent
Trade exports fell to E6.8bn in January from E7.7bn in the same month last year as demand for some chemicals plunged by a third and exports of medical and pharmaceutical products fell by a fifth.
Irish exports have see-sawed in recent months as important drugs such anti-cholesterol treatment Lipitor saw their patents expire - pushing down the value of Ireland's exports and highlighting the sector's dependency on a relatively small number of products.
"The expiry of patents in certain pharmaceutical products is impacting negatively on output," said Merrion Stockbroker's Alan McQuaid. The Irish Independent
Falcon Oil and Gas has applied for admission to trading on the London Stock Exchange and the Irish Stock Exchange and the placing of $25 million. The global energy company this morning said it believes listing on AIM and ESM would give it access to additional sources of finance, to fund growth in the future, including work in Australia and South Africa. The company currently has four exploration permits covering approximately 7 million acres in the Beetaloo Basin in Australia, and a technical Cooperation permit covering approximately 7.5 million acres onshore at the Karoo Basin in South Africa. "We feel that this is the right time to bring the Company to AIM and ESM in order to further support the next stage of Falcon's development," chief executive Phillip O'Quigley said. The Irish Times