A round-up of today's other stories in brief
US trade deficit hits record $68bn
The US trade deficit widened unexpectedly in October to a record $68.9 billion (€57.4 billion), government data showed yesterday, setting the stage for a sharp slowdown in economic growth in the fourth quarter.
Economists had expected the trade gap to shrink in October to $63.0 billion, but deficits with China, Canada, the European Union, Mexico and Opec all ballooned to fresh highs, while petroleum imports hit a record despite falling prices.
The surprising deterioration in the trade balance - coming a day after government data showing US consumers were spending less than expected - sent analysts scrambling to revise down forecasts for economic growth. - (Reuters)
Ryanair hopes for 10% rise in profit
Low-cost carrier Ryanair reaffirmed its earnings forecasts despite easing fuel prices and said it had signed a 10-year deal for expansion at Brussels Charleroi Airport.
Chief executive Michael O'Leary said Ryanair still expected to deliver a 10 per cent rise in net profit for the current year.
Ryanair said it had signed a 10-year deal with Belgium to expand at Charleroi airport where it would add five new routes from April next year.
Ryanair said the expansion would deliver 250,000 extra passengers to the airport a year. - (Reuters)
Isme warns of rising labour costs
Rising wages are threatening the ability of Irish companies to do business and remain competitive, according to business lobby group Isme.
The group yesterday called on the Government to limit labour cost increases and bring them into line with the rest of the European Union.
According to an Isme survey, the average wage paid by Irish small and medium-sized business rose by 5.6 per cent this year, from the prior year.
This is well ahead of the rate of inflation and more than twice the average growth rate across the euro zone, which was 2.6 per cent.
Investment from abroad falls
Foreign direct investment has dropped significantly according to the Central Statistics Office (CSO) with less investment coming from EU and Caribbean countries in 2004. Direct investment flows into Ireland fell from €20 billion in 2003 to €8.9 billion last year.
Revised figures show that for European sourced investment there was lower funding from the Netherlands and France as well as disinvestment by UK residents. Some of the drop was due to the impact of sizeable dividend repatriations by Irish-based foreign companies, according to the CSO.
Commenting on the figures yesterday Fine Gael deputy leader and finance spokesman, Richard Bruton, expressed concern in relation to Ireland's ability to compete.
Mr Bruton said while Ireland's economic performance is exceptionally strong at present he cautioned about a fall off in the consumer and construction boom.
ITV News Channel closes
ITV is closing the ITV News Channel after five years on air. Executives and staff were told at a meeting yesterday by the ITV chief executive of nations and regions and news, Clive Jones, and the ITN chief executive, Mark Wood, that the service was being axed. ITN News admitted that as many as 70 jobs could go.
