SERVICE EXPORTS STILL STRONG - Last evening's Exchequer figures for the six months to the end of June show that the Government is on track to meet its 2011 budgetary targets.
Tax revenues between January and June came to just under €15.3 billion - €115m or 0.7% below targets set by the Department of Finance. Current spending was €219m, or 1.1% below target.
Meanwhile, NCB Stockbrokers says Ireland's services sector is still expanding and grew at its fastest pace in four months in June.
NCB chief economist Brian Devine says the Exchequer figures are showing the influence of higher taxes, but overall the economy is flat.
He says the deficit planned for this year is still unsustainable, which is why Finance Minister Michael Noonan is signalling further cuts.
On the latest service sector figures, the economist says service sector exports are continuing to grow strongly, but it will take time for this to feed through to the wider economy.
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NEWS AND CURRENCIES - Tullow Oil expects to reported record revenue of $1.05 billion for the first six months of this year, helped by higher oil and gas prices and sales from its Jubilee field in Ghana
In a trading update, chief executive Aidan Heavey said that the performance since the start of 2011 had been excellent. and he expected record financial results for the first six months.
Finland's new finance minister says the country will demand guarantees against participation in any new euro area bail-outs and wants private investors to bear more of the burden.
On the currency markets, the euro is trading at $1.4473 and 90.23p sterling.
