COWEN US VISIT INCLUDES TRADE MISSION - Taoiseach Brian Cowen is leading a trade mission for more than 100 Irish exporters in New York this morning. At an Enterprise Ireland event in Manhattan, he is expected to announce deals worth €150m between US and Irish companies.
Later, the Taoiseach will brief business leaders on the Government's economic strategy at an event hosted by Tourism Ireland, where he is expected to put particular emphasis on promoting tourism in the US market.
Tonight, vice-president Joe Biden is expected to be among the attendance as the Taoiseach addresses the annual American Ireland Fund.
***
FED CHIEF'S COMMENTS KEY FOR MARKETS - Asian stocks struck a one-month high today as reassurances over the health of the US banking sector sparked a broad recovery in investor appetite for risk, while safe-haven government bonds also gained on hopes for more central bank buying.
Oil prices tumbled $1.87 a barrel to $44.38 as market players questioned whether OPEC's weekend decision to enforce better compliance on previous supply cuts would be enough to offset the drop in global demand.
James Hughes of CMC Markets in London says the markets' recent performance was leading to more confidence. He said Ben Bernanke's comments that the US recession would end this year was a 'key statement'.
***
NEWS AND CURRENCIES - Dublin-listed pharmaceutical company Merrion has reported a pre-tax loss of just over €5m for last year, a sharp fall from the €12m loss reported in 2007.
The company's revenue almost trebled to €1.34 billion, boosted by a collaboration agreement with Novo Nordisk, which has led to two development and licensing agreements for products such as oral insulin.
Merrion spent €3.9m on research and development, up 17% on the previous year.
The results were helped by the elimination of financing costs linked to loan notes issued by Merrion in 2006.
On the currency markets, the euro is worth $1.2910 and 91.9p sterling.
