Economic and Financial News

Elan reports total revenue increased by 18% in H1 2008; Net loss fell by 44% to $159.4 million

August 28, 2008 – 8:46 pm
Elan, the Irish drugs company, reported today that total revenue increased by 18% to $352.1 ;million in the first half of 2008, compared to the same period in 2007 and the net loss fell by 44% to $159.4 million.

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World Bank says new data show 1.4bn live on less than US$1.25 a day; East Asia’s progress has been dramatic since 1981

August 28, 2008 – 8:46 pm
The World Bank said on Wednesday that improved economic estimates showed there were more poor people around the world than previously thought while also revealing big successes in the fight to overcome extreme poverty.

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McInerney Holdings reports H1 2008 loss of €53.6 million

August 28, 2008 – 8:45 pm
McInerney Holdings, the Irish building group, reports today that in the first half of 2008, it made a loss before tax of €53.6 million compared with a profit of €9.2 million in the same period last year.

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UK house prices fell at the fastest annual rate in almost two decades in August

August 28, 2008 – 8:45 pm
UK house prices fell at the fastest annual rate in almost two decades in August after restricted mortgage lending and recession fears put off home buyers, the Nationwide Building Society said today.

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Kentz Group wins US$250 million engineering contract in South Africa

August 28, 2008 – 8:44 pm
Kentz Group, the Irish-Malaysian international engineering contractors, which is listed on London's AIM market, today announced that it has been awarded a contract in excess of Rands 1.75 billion (US$250 million) for the procurement, fabrication and site installation of the air-cooled condensers and associated equipment on the new Medupi Power Station in the Limpopo Province.

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Gross Domestic Product and Corporate Profits: Second Quarter 2008 (Preliminary)

August 28, 2008 – 8:44 pm
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 3.3 percent in the second quarter of 2008, (that is, from the first quarter to the second quarter), according to preliminary estimates released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.9 percent.

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Unemployment in Germany fell slightly in August

August 28, 2008 – 8:43 pm
Unemployment in Germany fell slightly in August despite falling business and consumer confidence in Eurozone's biggest economy, the Federal labour agency said in Nurenburg today.

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Dr. Peter Morici: US GDP up 3.3% in Second Quarter

August 28, 2008 – 8:43 pm
Today, the US Commerce Department reported second quarter GDP rose 3.3 percent, as compared to 0.9 percent in the first quarter. Stronger exports, reduced imports and increased personal consumption contributed importantly to this strong growth report.

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Thursday Newspaper Review - Irish Business News and International Stories - - August 28, 2008

August 28, 2008 – 8:42 pm
Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.

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Eircom reports 8% increase in earnings for the year to the end of June: Australian BCM fund has no plans to sell stake in the Irish telco

August 28, 2008 – 8:42 pm
Eircom, the Irish telco which is majority owned by a fund controlled by the troubled Australian bank Babcock & Brown, today reported an 8% increase in earnings for the year to the end of June.

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