A roundup of today's other business news in brief
0.6% fall in prices for Irish goods in July
There was a 0.6 per cent fall in prices paid for goods leaving Irish factories in July, according to Central Statistics Office data.
Despite last month’s fall in the wholesale price index, annual prices were up 0.3 per cent. The index measures the selling price of goods manufactured in the State.
Prices for meat and meat products dropped 1.9 per cent last month, while office machinery and computer prices fell 1.2 per cent.
Over the year pharmaceutical and chemical product prices have risen 7.2 per cent. Building materials were down 5.5 per cent compared with last year.
Oil prices rise to seven-week high
Oil prices rose slightly to near a seven-week high yesterday, as optimism for economic recovery and rising fuel demand outweighed a rise in new US jobless claims.
US crude for September delivery, which expired at yesterday’s close, settled 12 cents higher at $72.54 a barrel. Crude prices earlier rose to $72.88, the highest level since June 30th. October Brent futures settled down $1.26 a barrel at $73.33. Oil markets have been rising, with gains in the stock market and broad economic indicators and a weaker US dollar. – (Reuters)
Lower US budget deficit forecast
A stabilising US financial sector may have freed the White House to trim its 2009 budget deficit projection but the still-record-breaking figure will not make it easier to sell healthcare reform.
President Barack Obama’s administration will lower its budget deficit forecast next week for the current fiscal year to $1.58 trillion from $1.84 trillion after removing $250 billion set aside for bank bailouts, officials pointed out.
The decision shows the administration has enough confidence in the financial sector’s strength to forego an option to ask the United States Congress for further rescue funds.
– (Reuters)
Ryanair to open eight new routes
Ryanair is to open eight new routes from its Edinburgh base from October 30th. The routes, serving airports in Spain, Germany, Norway, Belgium and Poland, will bring to 26 the number of routes Ryanair operates out of Edinburgh. It also announced four new routes from Madrid, Spain, to Fez, Marrakesh, Nador and Tangier in Morocco. New routes from Dusseldorf- Weeze, in Germany, to/from Agadir and Fez were also announced
Microsoft wins injunction delay
Microsoft, the world’s biggest software maker, won a prompt hearing on its request to delay imposition of an injunction order that would affect its ability to offer features in its popular Word program.
An appeals court in Washington that specialises in patent law said it will hear arguments on September 23rd regarding Microsoft’s request that the order be put on hold until the court rules on Microsoft’s appeal against an underlying patent- infringement verdict won by i4i LP of Canada.
– (Bloomberg)
US and UK in energy crackdown
US and UK regulators yesterday moved to increase supervision of energy markets as part of a wider effort by Washington to crack down on speculation in commodities trading.
The Commodity Futures Trading Commission and the UK Financial Services Authority announced the changes, which include closer auditing and mutual on-site visits of exchange operators, in order to gain a better view of trading in US oil futures on the Intercontinental Exchange’s London exchange.
– (Bloomberg)
