CapitaLand said third-quarter net profit fell 33%, due to the lack of substantial divestment gains made a year earlier, but the group was encouraged by the absence of revaluation losses and impairment charges seen earlier this year.
Markets news on stocks, currencies and oil; The European Central Bank (ECB) said today that bank lending to the private sector contracted by 0.3% in September, a signal that the Eurozone recovery is fragile. It was the first contraction in lending since 1983.
US home price data through August 2009, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, ae leading measure of U.S. home prices, show that the annual rate of decline of the 10-City and 20-City Composites improved compared to last month’s reading. This marks approximately seven months of improved readings in these statistics, beginning in early 2009. The Biggest 12-month price drop was in Las Vegas: down 30%.
The US Conference Board Consumer Confidence Index, which had declined in September, deteriorated further in October on bleak jobs news.
Bank of Ireland today announced the launch what it terms a new independent mentoring initiative that is targeted at its SME customers to help and support them through these challenging times. Called ‘Enterprise Builder’, this new consultation service is exclusively designed to support growing enterprises in various stages of business development.
Markets news on stocks, currencies and commodities; China on Tuesday forecast an acceleration in industrial production and reported a 190% rise in overseas investment for the third quarter, confirming it key role in the global economic recovery; Oil giant BP’s third-quarter replacement cost profit was reported today as $4.98bn compared with $10.0bn a year ago, a decrease of 50%. For the nine months, replacement cost profit was $10.5bn compared with $23.0bn a year ago, down 54%.Meanwhile, the Irish National Pension Reserve Fund had the worst pension fund performance in the OECD in 2008 because of its equity weighting.
Entrepreneurial spirit and innovation are key factors in recovering from the crisis and in a paper published on Monday by Germany’s Kiel Institute for the World Economy, asks if the US is better equipped than Europe? It is suggested that Europe’s “extreme” export-orientation may be problem.
IBEC, the main Irish business representative group, says today in its pre-Budget submission, that GDP (gross domestic product) will fall by a further 1.6% in 2010 only returning to growth of around 1.7% in 2011. It calls for a €5bn fiscal adjustment; jobs stimulus; a deferral of a carbon tax and a lower minimum wage.
Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.
German consumer confidence experienced a slight decline in October. Both income expectations and the propensity to buy posted falls. However, economic expectations continued their upward trend. The overall indicator is forecasting a value of 4.0 points for November 2009, following a revised value of 4.2 points in October, according to market research firm Gfk.