Global business confidence has surged across virtually all geographies and industries and in particular in the US and the BRIC countries, according to the latest Business Outlook survey from KPMG International.
Both the Business Climate Indicator and Economic Sentiment Indicator in the Eurozone, rose for the eighth consecutive month in November.
José Manuel Barroso, President of the European Commission, today announced the portfolios responsibilities for the next Commission. Michel Barnier, the former French Foreign Minister, who served as commissioner for regional policy in the Prodi commission between 1999 and 2004, and is currently a member of the European Parliament, takes charge of financial regulation; Joaquín Almunia, the Spanish nominee and holder of the economic and monetary affairs job in the current commission, takes charge of competition from Neelie Kroes of the Netherlands who gets the Digital Agenda portfolio. Finland’s Olli Rehn takes the key role of monetary affairs as part of efforts to revive the European Union economy.Karel De Gucht, outgoing commissioner for Development and Humanitarian Aid, takes charge of trade.
E. Flahavan and Sons Limited, the County Waterford food company, scooped the Irish Exporters Association’s overall Exporter of the Year Award 2009 and Guinness- Diageo Ireland won the Multinational Exporter Award 2009, at the annual Export Industry Awards dinner at the RDS Concert Hall in Dublin, Thursday night. An Taoiseach Brian Cowen was guest speaker at the ceremony and presented the awards.
Based on preliminary data, world trade volume expanded by 5.3% in September 2009, from the previous month, following a revised decline of 1.5% in August (revised up from a decline of 2.0%), according to data published today by the CPB Netherlands Bureau for Economic Policy Analysis. The September figure is the largest increase recorded so far in the series, which started in 1991. Export and import volumes in all major regions have contributed to the September increase, the Eurozone’s contribution being relatively modest. In September, world trade was still 14% below the peak level reached in April 2008, a result of the unprecedented drops in November 2008 up to January 2009. On the other hand, world trade was 8% above the trough reached in May 2009. World industrial production rose by 0.8% in September.
Markets news on stocks, currencies and commodities; Following a slide in markets on Thursday after Dubai World, the Gulf emirate’s public investment company, carrying $59 billion of liabilities, shocked markets by seeking to delay repayment on much of its debt, Asian markets fell sharply Friday. However, worries have eased in Europe. Meanwhile, today, Black Friday, the day after Thanksgiving Day, is generally the single busiest shopping day of the year in the US and accounts for nearly one-fifth of the retail industry’s annual sales.
Up to 600 Irish Central Bank staff are on strike Friday as job losses in the private sector mount. Four in ten workers are worried about the possibility of being made redundant during the next 12 months, according to a new Ipsos MORI poll published today - - fear of redundancy is at a 10-year high. There were at least 600 job losses in the private sector, announced in the past 2 days.
November data covering the Eurozone retail sector signalled a month-on-month fall in sales, with Germany posting the steepest dip in five months. The Markit Eurozone Retail PMI (Purchasing Managers’ Index), based on a mid-month survey of more than 1,000 executives in the retail sector, fell from 50.0 in October to 48.9, showing a modest reduction in the total value of like-for-like store sales compared to one month ago.
Germany wastes an enormous growth potential due to its inadequate education system and every fifth 15-year-old does not get beyond the elementary school level today.
Eurozone lending to the private sector contracted at an accelerating rate in October, despite the regional economy exiting from recession in the third quarter.