Principal news stories from the Irish Times, Irish Examiner, Financial Times and New York Times.
Morgan Stanley economists said on Monday that while tensions in the financial markets remain elevated, investors should also keep in mind that the global economy is likely to enter a pronounced slowdown in the quarters ahead. They say that Emerging Market (EM) economies will not only experience a material slowdown, but the world’s capital flows to EM will also likely be significantly reduced, undermining EM currencies.
International Monetary Fund Managing Director Dominique Strauss-Kahn, has called for a global solution to the US financial crisis, saying coordination of the reform effort “is a job for the IMF.”
In a day of turmoil, US stocks suffered their worst one-day fall since the 1987 crash on Monday, after the House of Representatives stunned investors by rejecting the $700 billion rescue plan for Wall Street. Money market interest rates rose while in Dublin, Irish stocks suffered their biggest fall since 1983, shedding almost €6.5 billion in value.
Maguire Properties completed a $100 million refinancing that will give the real estate investment trust breathing room in its efforts to reduce its overall debt.
FINANCE Irish Accountancy Survey 2008: The golden era of uninterrupted double digit fee income growth by Ireland’s largest accountancy firms is showing signs of flagging, according to the results of the FINANCE Accountancy Survey 2008, which shows fee income of the twenty largest practices up by 11.0 per cent in the past year, a reduced rate of increase compared with the 19.6 per cent recorded in 2006/7.
Markets news on stocks, currencies and commodities.
The latest Bloomberg Eurozone Retail Purchasing Managers’ Index (PMI), which is produced by Markit Economics, and based on a mid-month survey of economic conditions in the euro area retail sector, fell from 47.7 in August to 46.2 in September, registering a drop in eurozone retail sales for the fourth consecutive month and one of the largest monthly declines recorded since the survey began at the start of 2004. Sales rose marginally in France
The latest Bloomberg Eurozone Retail Purchasing Managers’ Index (PMI), which is produced by Markit Economics, and based on a mid-month survey of economic conditions in the euro area retail sector, fell from 47.7 in August to 46.2 in September, registering a drop in eurozone retail sales for the fourth consecutive month and one of the largest monthly declines recorded since the survey began at the start of 2004. Sales rose marginally in France
FINANCE Irish Accountancy Survey 2008: The golden era of uninterrupted double digit fee income growth by Ireland’s largest accountancy firms is showing signs of flagging, according to the results of the FINANCE Accountancy Survey 2008, which shows fee income of the twenty largest practices up by 11.0 per cent in the past year, a reduced rate of increase compared with the 19.6 per cent recorded in 2006/7.