EUROCONSTRUCT CONFERENCE SEEING BRIGHTER TRENDS IN EASTERN EUROPE - Up to 150 leading players from the European construction industry are gathering in Dublin this morning for the 69th Euroconstruct conference. The gathering provides analysis and forecasting of construction market trends in Europe.
One of the organisers of the event, Annette Hughes from DKM Consultants, says today's conference is taking place against the backdrop of the biggest contraction in the Irish building industry in 40 years. She says that confidence is at a serious low in the sector as job losses continue. Ms Hughes says the 27.5% contraction this year is the worst in Europe. The industry declined by 35% in 2009 and she predicts a further contraction of 7% next year. She says the construction industry worldwide is experiencing a downturn with many countries in Europe in recession and facing austerity measures.
However, she points out that there are differences between Western and Eastern European countries. She says that the building sectors in Eastern and Central European countries - dominated by Poland and the Czech Republic - are still doing well. She points out that EU structural funds are helping civil engineering projects in these countries and such projects could provide opportunities for Irish building companies.
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MORNING BRIEFS - Stream Global Services, a US firm that operates call centres around the world is to create up to 400 jobs in Dublin. According to media sources, the firm has won a contract with Microsoft to support customers of its Xbox 360 games console to the European market. Stream currently employs about 300 staff at its Santry offices. DSG International - the group which owns Curry's electrical goods retail chains and PC World here - plans to create 100 new jobs by end of the year. Professional networking site LinkedIn is also to add 35 finance positions to its international headquarters in Dublin.
*** Bank of Scotland Ireland, which last week closed its Halifax retail banking division here, generated a pre-tax loss of €2.96 billion last year. The figure is a significant increase on the €212m loss recorded the preceding year and was driven by a large increase in impairment charges to cover losses from bad loans. Last week Hailfax closed its 44 retail branches with the loss of 750 jobs.
*** BP has spent $2.35 billion in its response to the massive oil spill in the Gulf of Mexico, the company said this morning. BP has resumed full siphoning operations from the ruptured Gulf of Mexico oil well, but Florida was forced to close down popular tourist beaches at the height of the summer season as more crude washed ashore.
*** Speaking ahead of the G8 and G20 meetings, which begin later today in Toronto, the US Treasury Secretary Timothy Geithner has said that the world 'cannot depend as much on the US as it did in the past'. Speaking to the BBC he said that other major economies would have to grow more for the global economy to prosper. He also played down any differences in policy between the US and Europe regarding deficit reduction.
*** On the foreign exchanges this morning, the euro is trading at 83.38 pence sterling and at $1.23.
