Building materials and DIY group Grafton today reported that pre-tax profit in the six months to June — H1 2009 - - fell from €53.4m in the same period in 2008, to €3.7m. Revenue fell by 31% to just under €1 billion. Earnings per share dipped from 20.2 cent to 1.5 cent.
Asia’s middle class is one of the fastest growing population groups in the world. According to the World Bank, the middle class of South and East Asia accounted for 1.4% of the global population and 2.1% of global income in 2000. By 2030, the World Bank forecasts that this same group will account for 8.9% of the population and 7.7% of global income - - much higher than the middle class growth in other developing regions, according to Deutsche Bank Research.
The Bloomberg Eurozone Retail Purchasing Managers’ Index (PMI), based on a mid-month survey of more than 1,000 executives in the Eurozone retail sector and issued one month ahead of government-issued figures, indicated a further modest month-on-month fall in like-for-like sales in August. Broad stabilisation of sales in Germany contrasted with continued steep falls in Italy. Separately, the European Central Bank (ECB) said on Thursday, that credit demand fell in July.
In July, the Economic Sentiment Indicator (ESI) for the EU and the Eurozone improved further, registering the fourth consecutive increase in both series since the trough in March. However, in both areas, the level is still far below the long-term average. The ESI increased by 3.9 points in the EU, and by 2.8 points in the Eurozone, to 75.0 and 76.0 respectively.The Business Climate Indicator also improved.
Irish Venture Capital Association (IVCA) VenturePulse survey finds that Irish technology firms raised €110.7 million in the first half of 2009, up 7% on the previous year.
Markets news on stocks, currencies and commodities.
German consumer rose for the fifth straight month in August. Both economic and income expectations have once again increased and the propensity to buy has also improved, according to the monthly survey by the Gfk marketing firm. The overall indicator is forecasting a value of 3.7 points for September 2009, following a revised value of 3.4 points in August. However, in a long-term comparison, the consumer climate continues to remain at a relatively low level.
German consumer rose for the fifth straight month in August. Both economic and income expectations have once again increased and the propensity to buy has also improved, according to the monthly survey by the Gfk marketing firm. The overall indicator is forecasting a value of 3.7 points for September 2009, following a revised value of 3.4 points in August. However, in a long-term comparison, the consumer climate continues to remain at a relatively low level.
Friends First today announced it plans to cut Irish 147 jobs from the current level of 540 people. The majority of jobs will be lost as a result of the closure of the asset finance division, Friends First Finance. The company said Friends First Finance has been significantly impacted by the global credit crunch and its business model of borrowing from the inter-bank market is no longer sustainable in the current climate. The closure of Friends First Finance will result in the loss of 98 jobs on a phased basis as the business is wound up over the next 5-7 years.
Friends First today announced it plans to cut Irish 147 jobs from the current level of 540 people. The majority of jobs will be lost as a result of the closure of the asset finance division, Friends First Finance. The company said Friends First Finance has been significantly impacted by the global credit crunch and its business model of borrowing from the inter-bank market is no longer sustainable in the current climate. The closure of Friends First Finance will result in the loss of 98 jobs on a phased basis as the business is wound up over the next 5-7 years.