This is Irish Banks’ Recapitilisation Day when the State will provide further funds of about two-thirds of annual tax revenues of €32bn to five of the six Irish lenders.
Speaking at the Warsaw School of Economics, IMF Managing Director Dominique Strauss-Kahn said on Monday that while the recent global financial crisis had exposed some weaknesses in Europe’s institutional framework, there is now an opportunity to strengthen integration and cooperation across the continent. “The crisis has been a setback, but the benefits of integration are beyond doubt,” he said. “Now is the time to take the European project to the next, higher level.” The IMF chief said Poland shows that “good policies and strong institutions matter.”
The German Federal statistics office, Destatis, reported today that employers of the German private industry paid an average €30.90 per hour worked in 2009. Compared with the other European countries (EU26), the level of labour costs in Germany was eighth after Denmark, Belgium, Luxembourg, France, Austria, Finland and the Netherlands. Denmark recorded the highest labour costs per hour worked at €37.40 and Bulgaria the lowest ath €2.90. There was no data for Ireland.
Markets news on stocks, currencies and oil.
AIB today announced that it is to increase some of its mortgage rates with effect from close of business today.
Both the Business Climate Index and the Economic Sentiment Index rose sharply in March in the Eurozone.
Markets news on stocks, currencies and commodities; In a stark illustration of the steep fall of the Irish economy from the dizzy heights of the bubble years, Tuesday is D-Day for Irish banks, when after the markets close, the Minister for Finance Brain Lenihan is expected to outline recapitalisation plans for the five Irish institutions - - AIB, Bank of Ireland, Anglo Irish Bank, and the building societies: EBS and Irish Nationwide, to Dáil Éireann.
Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.
US ratings agency Standard & Poor’s, asks in a new report if China is ready to become the next economic superpower?
US ratings agency Standard & Poor’s, asks in a new report if China is ready to become the next economic superpower?