TENSIONS ON MARKETS TO CONTINUE AS GREEK UNSTABILITY WORRIES INVESTORS - Lots of things have been worrying the stock, bond and currency markets this week. We have had political instability in Greece, and tension over that country's rescue; not to mention Finance Minister Michael Noonan's comments in Washington that losses could be imposed on certain senior bondholders in Anglo Irish Bank and Irish Nationwide Building Society.
Oliver Gilvarry, head of research at Dolmen Securities, says he expects to see further pressures on the markets today and next week. He says the fact that yields on Greece's two-year bonds rose to over 30% underlines the deep concerns in the markets. The fact that very different messages are coming from Europe and the US is not helping the uncertainty on the markets. Market traders do not like uncertainty he stresses. He adds that comments from the likes of Alan Greenspan - the former US Federal Reserve Chairman - that a Greek default is now inevitable are also not helping tensions.
On AIB, Mr Gilvarry says that the vast majority of bondholders have accepted the bank's offer for cash and this should reduce the amount of money the Government will have to pump into the bank.
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JOBS BOOST FOR ATHLONE - 100 new jobs are being created at Ericsson in Athlone. The company says the new staff will be working on things like mobile broadband services, like IP-television and smart phone applications. It already employs 1,400 people in the town. IDA Ireland's Frank Conlon says the organisation is very happy with the Ericsson announcement, and says it is a 'great company'. He says the new jobs are highly skilled positions - exactly the type of jobs IDA Ireland is trying to attract to Ireland, and the Midlands gateway of Athlone.
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MORNING BRIEFS - Eason's, the book and stationery retailer, reduced its losses last year, despite a fall in sales. The company, which is family owned, reported losses of €4.4m in the year to the end of January 2011, compared to €10.1m in the previous year. The value of Eason's retail sales in Ireland fell by 5% last year; but because it bought seven of the Hughes and Hughes shops at Dublin and Cork airports, it actually added €16.8m to its turnover. But the company says it expects revenue at airport shops to fall by 40% his year with the opening of Terminal 2 in Dublin, and WH Smith getting the contract there.
*** A centre has been set up in Shanghai for Irish companies who want to get a start in the Chinese market. Treasury China Trust, which is the Chinese unit of property firm Treasury Holdings, set up the centre so Irish firms can meet potential clients. It will be run on a not-for-profit basis, but companies will pay to use its services. Company chairman Richard Barrett said anything that presents Ireland in a better light would benefit Treasury.
*** Prada has raised over $2 billion on its initial public offering on the Hong Kong stock exchange. It is the first Italian firm to list in Hong Kong. The company was founded in 1913 and also owns Miu Miu and Church's Shoes brands.
*** On the currency markets the euro is trading at $1.4152 cents and 87.79 pence sterling.
