US existing-home sales fell again in January with some buyers waiting to see how details of the economic stimulus package would affect them, according to the National Association of Realtors. At the same time, inventories fell to a two-year low. Distressed sales arising from foreclosures, accounted for 45 per cent of sales.

IStar Financial, the commercial-mortgage REIT, is in danger of violating certain bank-debt covenants.

In the fourth quarter of 2008, UK gross domestic product (GDP) in volume terms fell by by 1.5 per cent compared with the previous quarter of 2008. The Office for National Statistics (ONS) said gross domestic product (GDP) said in the third quarter of 2008, GDP contracted by 0.7%.

Pharmaceutical firm Elan, which recently said it was for sale or alternatively available for a strategic alliance, today announced it plans to cut 115 jobs at its Irish operations as part of an ongoing strategic review process. It is understood that most of the job cuts will be made in Athlone and another 115 will be cut in the US, to total 230 reductions.

Bank of America avoided the excesses of many rivals during the housing boom, but its performance isn’t nearly as impressive with regard to mortgage-backed securities.

Markets news on stocks, currencies and commodities.

Japan’s exports tumbled in January by 45.7% from a year earlier, pushing its trade deficit up to the biggest on record, signalling the severe pain from the global recession, being endured by the world’s second-largest economy.

Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.

IBEC, the principal Irish employers’ body, has slammed the plan of the ICTU trade union congress, to ballot for a one-day national work stoppage, in response to last Saturday’s public protest in Dublin, either against Government policy or lack of a credible one, to deal with the economic crisis.

Former Anglo Irish Bank director Gary McGann on Tuesday resigned as Dublin Airport Authority (DAA) chairman on a day when the Government warned of an “outflow of funds” from the economy and Garda Bureau of Fraud Investigation detectives, at the request of the Office of the Director of Corporate Enforcement (ODCE), raided the Anglo Irish headquarters, as part of an investigation into possible company law breaches. .