Initial estimates of Irish Gross Domestic Product (GDP) and Gross National Product (GNP), on a seasonally adjusted basis, for the third quarter of 2009 show a decline of 1.4 per cent in GNP and a small increase of 0.3 per cent in GDP compared with the previous quarter. In comparison with the corresponding quarter of 2008, GDP at constant prices was 7.4 per cent lower while GNP was 11.3 per cent lower, according to the CSO. The balance of payment deficit improved as imports fell sharply.

Markets news on stocks, currencies and commodities; UK retail sales unexpectedly fell in November for the first time in six months in a signal of what is expected to be a bumpy recovery in 2010. Meanwhile, the US dollar strengthened Thursday to a 3-month high against the euro after the Federal Reserve said the US economy is improving.

US bankruptcy lawyers are earning more than $1,000 per hour and in common with some other professional services, they are raking in a bonanza from the Great Recession.

Pride comes before a fall for the German labour market, warns Dr. Norbert Walter, chief economist of Germany’s biggest bank, Deutsche Bank. Less than 8% unemployment in a country that until recently was looked upon as the sick man of Europe: Germany’s labour market has turned into the star performer on the international stage. However, wage costs are high and businesses are groaning under their weight. One million short-time workers provide sufficient proof of this. If the wage increases agreed next year are similar to those in 2009, then the worst still lies ahead for Germany. The economist says the country would be better advised to use the crisis to provide employees with further training and shelve wage increases until the economy is back on track.

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

The US Federal Reserve said on Wednesday that it would keep rates “exceptionally low” for “an extended period” while acknowledging that the economy is strengthening.

US financial services group Citi on Wednesday was hit by an arbitration claim from the Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds, claiming  “fraudulent misrepresentations”; the US Treasury suspended a planned sale of some of its Citi shares and controversy raged about the decision to allow the group to take advantage of a $38 billion tax credit/break when it is technically not entitled to.

Investors are looking forward to 2010 as a year of moderate economic growth, benign inflation and solid returns in global equities, according to the BofA Merrill Lynch Survey of Fund Managers for December.

Lenders led by HSBC and Bank of America are likely to take ownership of Icon Brickell, a Miami condominium and hotel complex.

News of Dubai World’s woes has property investors giving this city-state a second look.