BUILDING BODY LOWERS EXPECTATIONS - The Irish Independent has learnt that the Construction Industry Federation (CIF) has revised down its expectations for housing completions in 2009, as weaker building statistics emerge.
The paper says the downward revision, by as much as 19% to 30,000, also suggests that the Irish economy could take a hit of as much as 1.5 percentage points as a result, based on the contribution of the construction industry to the economy.
New figures show that while the CIF is maintaining its expectation of 45,000 completions in 2008, the figure for 2009 will be lower than the 37,000 it had predicted earlier in the year.
The Indo says the knock-on effect on the economy is based on a general acceptance that 10,000 housing completions represents about one percentage point of growth in the economy
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RAND MOVES PUT DUNNE FIRM IN THE RED - The Irish Times reports that a foreign currency hit from its South African operations left developer Seán Dunne's Mountbrook Homes in the red in 2006.
The paper quotes accounts just filed with the Companies' Registration Office as showing that in the 12 months to October 31 2006, Mountbrook had profits before tax of €1.56m.
Its after-tax profit for the year was €1.4m, but a €2.4m charge for foreign currency adjustment left it with a €1m loss for the year. The Irish Times says the company yesterday blamed fluctuations in the South African rand for the charge.
Mountbrook owns and operates the Lagoon Beach Hotel complex in Cape Town, South Africa, which it built on a site it bought in 1997.
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BANKS PLAN REFORMS TO CURB RISKS - The Financial Times reports that many of the world's biggest banks are proposing reforms that would limit the size and scope of their businesses in one of the most dramatic responses to the credit crisis.
The FT says the proposals would hold down the number of investors who can buy complex financial products, bring large swathes of the derivatives markets into regulators' sights and call on banks to spend more on technology and risk management.
The paper says the consequence would be that many of the securitisation businesses that helped fuel the boom on Wall Street and the City of London in the middle years of this decade could face tougher oversight and find far fewer opportunities for growth.
Backed by banks including JPMorgan Chase, Merrill Lynch, Citigroup, HSBC, Lehman Brothers and Morgan Stanley, the proposals are being delivered to global regulators in the hope of producing rules for credit markets that would cut risk of contagion and restore confidence.
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LEAVER IN LINE TO SUCCEED ROSE AT M&S? - The Times says the former chief executive of the De Vere hotels group has emerged as a leading candidate to succeed Sir Stuart Rose as chief executive of Marks & Spencer.
The paper says it has learnt that Carl Leaver, who joined M&S last year to develop its international strategy, has been handed the further task of running the retailer's homewares and internet businesses - which between them generate nearly £1 billion of sales a year.
The Times says the move is understood to have been announced to staff last week and comes after speculation that Mr Leaver has grown frustrated in his present overseas role.
Rose promised this year to give his management team the 'elbow room' to develop themselves when he was promoted from chief executive to the controversial role of executive chairman.
