MORE COMPANIES OPTIMISTIC, SURVEY FINDS - For the first time since the recession took hold, the number of companies who say they are optimistic exceeds the number who are gloomy. That is according to a new survey which finds that in some sectors of business, the recession may be over.
The survey is among 340 companies, and was carried out for KBC Ireland and Chartered Accountants Ireland.
KBC economist Austin Hughes said conditions were still very difficult, but 'less awful' for companies than at the start of the year. He said there was no return to dramatically better conditions, but companies were 'crawling forward'. 20% to 25% of firms said the last three months were stronger, some in manufacturing and business services, which appeared to be weathering the storm better than others.
The economist said companies were now looking to 2010, and with a world upturn and relatively low interest rates, companies may feel they have done the hardest part in terms of cutting costs and laying off workers.
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$100 OIL ON THE CARDS AGAIN? - The price of oil yesterday went above $80 for the first time this year. Managing partner at Bloxham Stockbrokers, Pramit Ghose, said there was an economic recovery worldwide and a recent increase in industrial production had boosted demand for oil.
Mr Ghose also said institutional investors such as pension funds have also been moving into commodities.
He said he thought oil prices would consolidate around current levels for a while, but could go as high as $100 some time next year as a recovery continued. Mr Ghose said the weak dollar against the euro had prevented prices at the petrol pumps from going higher in recent weeks.
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NEWS IN BRIEF AND CURRENCIES - Pharmaceutical company Elan has reported a net profit of $52.3m - around €35m - for the third quarter of this year, a turnaround from the $83.5m loss in the same period last year. It also raised its profit forecast for the full year.
But the results were helped by a once-off gains of $107.7m linked to the acquisition by Johnson & Johnson of some of Elan's research into the treatment of Alzheimer's disease.
British airport operator BAA has announced the sale of Gatwick, Britain's second busiest airport, to US investment fund Global Infrastructure Partners.
On the currency markets, the euro is worth $1.4937 and 91p sterling.
