NEW LEASE OF LIFE FOR BELLEEK POTTERY - Having restructured and downsized in recent years there has been a big turnaround in the business of Belleek Pottery. This morning it has announced record Irish sales, with its Living brand in Ireland recording over €10m in sales last year. The 152 year old company aims to increase that €15m within the next three years. Belleek's managing director John Maguire says the company has further ambitious plans for this year.
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EURO ZONE INTEREST RATES SET TO HIT ANOTHER NEW LOW - The European Central Bank is expected to cut its benchmark interest rate to a record low today of 1% later today. Austin Hughes, economist at KBC, says that very weak euro zone data on inflation and economic activity point to the need for a further interest rate cut and several ECB officials during the last few weeks have indicated that it is on its way. The economist says that while it is not certain as to by how much the ECB will cut by, he says it is far more likely the bank will reduce cut rates by a half percentage point. He says the bank knows it needs to more aggressively and that there is no point in a delay.
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MORNING BRIEFS - World leaders are set to declare an end to unfettered capitalism at today's G20 summit after France and Germany have demanded the group acts fast on promises to prevent a repeat of The Great Depression. Reuters is reporting that a communique drafted for release at the summit today in London, says that leaders will submit large hedge funds to supervision for the first time and enhance regulation through a new agency and a beefed-up International Monetary Fund. It included a pledge to deliver 'the scale of sustained effort necessary to restore growth'.
*** The three main indices on Wall Street were higher on the first day of the second quarter, with the Dow closing up 2%, and the S&P and the Nasdaq over 1% higher. This followed better-than-expected readings on housing and manufacturing.
*** On the currency markets, the euro is trading at $1.3272 cents and 91.36 pence sterling.
