EURO CLOUD'S SLIDE SILVER LINING FOR EXPORTERS - If you are in business in Ireland today, one item is likely to be on your mind. That is the state of the euro, which is now rapidly depreciating in value against the dollar and the yen.
John Moclair of Bank of Ireland Global Markets said the euro fell as low as $1.2235 during the night, and has now fallen by 6% in the last week. He said that if it stayed at these levels for another few days, it could then fall as low as $1.16.
He said the credibility of the ECB had been damaged, and reports that France and Germany had been at odds about the €750 billion rescue deal had not helped sentiment towards the currency.
But John Whelan of the Irish Exporters' Association said exporters would be quietly happy, adding that exports to the US were receiving a tremendous boost. Mr Whelan said Ireland had $42.6 billion worth of exports to the US last year, and the recent euro fall was effectively a €6 billion boost to the Irish economy.
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NEWS IN BRIEF AND CURRENCIES - Alliance Boots, Britain's biggest pharmacy chain, has reported annual profits of just over £1 billion, becoming only the third UK retailer to pass that milestone.
But the company said its Boots business in the Republic of Ireland was the only one of its international businesses which did not record an increase in profits.
On the currency markets, the euro is worth $1.2309 and 85.42p sterling.
