Average Irish national house prices fell 1.5% in August according to the latest edition of the permanent tsb / ESRI House Price Index.  This compares to reductions in July (-1.1%), June (-1.5%) and May 2009 (-1.3%). In the first eight months to end August 2009 national house prices have fallen by 10.1% which compares to a reduction of 6.0% in the same period in 2008.

Markets news on stocks, currencies and commodities; Spain’s government on Saturday agreed a 2010 budget, which includes tax rises to cover increases in government spending as Spain fights a recession after a huge housing boom.

Origin Enterprises, in which food group Aryzta has a 71.4% stake, and is listed on the IEX and AIM small company markets of the Irish and London Stock Exchanges, today reported group operating profits of €75.7m for the year ending July 2009, a 6.7% increase from the €70.9m reported the previous year. Origin reported net loss of €75.7m after exceptional costs of €134.4m, mainly related to property value writedowns.

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

The IMF said on Monday that a mix of increased resources, policy flexibility, and more focused conditionality has resulted in better support for emerging market countries hit by the recent global financial crisis. In an analysis of 15 countries, Review of Recent Crisis Programs, the IMF said that the Fund-supported programs are delivering the kind of policy response and financing needed to help cushion the blow from the worst crisis since the 1930s.

Germany on Sunday voted for a centre-right coalition led by Chancellor Angela Merkel, in an election reflecting the fragmentation in support of the two dominant parties of the postwar era.

Ireland is a significant food producer but it fails to take advantage of its position. Meanwhile, amateur politicians who thought the property bubble was a permanent free lunch, have switched to the aspiration of a “smart economy” as a leading innovator in medical and other high technologies.

Developer Bonita Bay is on the verge of collapse because of a battle that’s pitting residents against each other and the company that sold them lavish dream homes during the height of the boom.

New orders for manufactured durable goods in August decreased $4.0 billion or 2.4 percent to $164.4 billion, the US Census Bureau announced today. This was the second decrease in the last three months and followed a 4.8 percent July increase. Excluding transportation, new orders were down slightly. Excluding defense, new orders decreased 2.4 percent. In a separate report, the Commerce Department said that new home sales rose in August.

World trade volume rose by 3.5% in July 2009 from the previous month based on preliminary data, following a rise of 1.6% in June (revised down from a rise of 2.5%). The rise in July was the strongest since December 2003 - - almost six years, according to CPB Netherlands Bureau for Economic Policy Analysis today. Due to the unprecedented drops in November 2008 up to January 2009, world trade in July was still 15.9% below its peak in April 2008. In July, world trade was 5.2% above the trough reached in May 2009.