Markets News Afternoon; Fed reports rise in US industrial production; IATA says global airlines will lose $5.6bn in 2009; ACCBank opposes Fleming Construction rescue plan in Supreme Court

Dec 15th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Markets news on stocks, currencies and oil; The US Federal Reserve reported today that industrial production increased 0.8% in November after having been unchanged in October - - the biggest rise in three months. Manufacturing production advanced 1.1%, with broad-based gains among both durables and nondurables; the International Air Transport Association (IATA) revised its financial outlook for airlines in 2010 to an expected US$5.6bn global net loss, larger than the previously forecast loss of US$3.8 billion. For 2009, IATA maintained its forecast of a US$11 billion net loss; ACCBank today began a Supreme Court challenge to a ten-year survival plan for the Bandon, Co. Cork-based Fleming Construction Group. The bank is owed €21.5m by one of the companies in the group which has overall debts of €1bn.

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