European consumer and business confidence fell to new record lows in March but the pace of decline slowed in a signal of possible stabilisation.

Irish Economy: With the budget now little more than a week away, the fiscal situation is becoming clearer.

The Bloomberg Eurozone Retail Purchasing Managers’ Index (PMI), based on a mid-month survey of more than 1,000 executives in the euro area retail sector, provides data one month ahead of government-issued figures. The PMI rose from 42.3 in February to 44.1 in March, signaling the smallest monthly drop in the value of sales in five months. The first quarter has seen an average monthly decline that was less steep than the record drop seen during Q4 of last year. The March decline remained strong by the survey’s historical standards, and sales have now fallen for ten consecutive months.

 Markets news on stocks, currencies and commodities.

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

Irish-Malaysian engineering group Kentz  today reported a 19 percent rise in its full-year adjusted pretax profit, before floatation costs, a  strong backlog of orders.

The Obama administration has used the threat of withholding more public support to force out General Motors (GM) Chief Executive Rick Wagoner and set strict conditions for the third US car maker Chrysler.

Taoiseach Brian Cowen signalled on Sunday, that tax revenues may fall to €32 billion in 2009, compared with €47.8 billion in 2007 and 2009 public spending of about  €58 billion. A deficit of €26 billion this year has to be met with borrowings, spending cuts and tax increases.

Irish business sentiment shows “faint glimmers of light” according to a survey of business prospects for the next three months, despite activity levels continuing to weaken and more jobs being cut. Meanwhile, General Electric (GE), the world’s biggest industrial group, says it has started to see the first “glimmers of hope” in the world economy.

MGM Mirage hired bankruptcy counsel in a last-ditch effort to salvage an $8.6 billion resort and casino development in the heart of the Las Vegas strip.