Consumer confidence continued to weaken in April, posting a fourth consecutive decline. Meanwhile, home prices fell 12.7% in 20 major cities amid slumping home sales and an increasing inventory of vacant homes.

U.K. house prices could drop by around 30% over the next couple of years if more interest-rate cuts don’t come quickly, a member of the Bank of England’s Monetary Policy Committee said.

The Bank of England’s chief said falling house prices are likely to cut consumer borrowing and slow spending growth.

Lenders are seeing a rapid rise in defaults on a type of mortgage that gives consumers with good credit several different monthly-payment options.

Global Food Crisis: UN Secretary-General Ban Ki-moon announced on Tuesday that he will lead a high-powered task force to coordinate the efforts of the United Nations system in addressing the global crisis arising from the surge in food prices.

The Federal Reserve will almost certainly cut the target federal funds rate a quarter point to two percent on Wednesday. Fed watchers will be looking at the policy statement for clues as to whether the Fed will pause after cutting rates 3.25 percentage points since September.

Markets news on stocks, currencies and oil.

FBD Holdings told shareholders at its AGM today that it was well placed to take advantage of an expected rise in insurance premiums this year.

ADM Londis plc, one of Ireland’s fastest growing retail  symbol groups, today announced its annual results for the year ended 31st December 2007. Profit before tax increased by 20% to €6.1m, on a wholesale turnover of €371m (up 4.5%). ADM Londis also announced that its shares are now valued at €85.04, an increase of 7% on the April 2007 valuation. The Group added 35 new stores in 2007 and now represents a network of over 370 stores with a combined retail turnover of €761m.

US computer giant Dell, which is Ireland’s biggest exporter, is to cut up to 250 jobs in Dublin and Limerick, the company said today.