Hedge funds administrator Citco has told employees in Dublin that there would be staff cuts at the firm within the next month.

Global Financial Crisis: Inflation was a pressing concern of central bankers until recently but in a time of dizzying change, the latest scare is deflation and the experience of Japan’s lost decade is a potent reminder of its impact.

The current economic crisis, which is likely to result in profound changes in nearly every major industry worldwide, is the latest in a series of powerful disruptive forces that have wracked the global economy in the past ten years, the Economist Intelligence Unit says in a new report. The combination of forces such as fluctuating markets for raw materials, frequent financial upheavals, and a growing scarcity of talent are making commercial life increasingly difficult.

The US Federal Reserve today cut its key federal funds rate by 0.5% to 1% in response to fears of a severe recession.

Markets news on stocks, currencies and oil.

The chairman of the Planning Tribunal, Judge Alan Mahon, today thanked witnesses, their legal representatives and tribunal staff, as well as members of the public and the media on what he said was effectively the tribunal’s final day of hearing evidence.

The value of Irish merchandise exports in August 2008 was down 5% on August 2007, while the value of imports was down 14%. The value of exports in July 2008 was down 4% on July 2007, while the value of imports was unchanged. The CSO says that seasonally adjusted imports decreased by 10% in August relative to July 2008 and exports held steady . Relative to June 2008, exports in July held steady, while imports increased by 3%.

GM wants to unlock its equity in the five Renaissance Center towers it owns in Detroit.

US durable goods orders - - for items that are expected to last at least three years - - rose in September following a plunge in August. The orders were boosted by demand for aircraft.

Spread betting group WorldSpreads today reported a 137% rise in profits before tax and flotation costs to €3.1m for the six months to the end of September. This compares to a figure of €1.31m the same time last year. Revenues jumped by 69% to €8.43m from €4.99m as turmoil in equity and commodity markets boosted business.