MARKET FEARS DESPITE US DEBT DEAL - The US House of Representatives has passed a deal to avoid a federal debt default. The bill is expected to be approved by the Senate and signed into law by President Barack Obama today. It raises the debt limit by up to $2.4 trillion from $14.3 trillion.
Louise Cooper, markets analyst at BGC Partners, said a 'relief rally' on the markets early yesterday did not last long. She said markets were saying that the deal was not tough enough to deal with the debt problem, while there were also growing fears that the US could slip into a second recession.
***
UK DISCOUNTER POUNDLAND'S IRISH EXPANSION - Discount retailer Poundland will open six stores in Ireland by next March, creating 180 jobs, in the company's first expansion outside the UK. The company says it could open up to 50 stores in the Republic in the coming years.
The stores here will be called Dealz, as its fixed price format will be adapted for its European outlets, giving the retailer flexibility to vary its prices.
Jim McCarthy, Poundland's chief executive, said the Irish stores would be in the main population centres such as Dublin
Asked about the weakness in Irish consumer spending, Mr McCarthy said Poundland was well-positioned to cater for consumers who were looking for more value.
He said the prices in its Irish stores had not yet been fixed. The stores will sell 3,000 products, mainly food and drink, but also household and health and beauty products.
***
NEWS AND CURRENCIES - British bank Barclays has reported that its half-year profits fell by a third from a year earlier.
On the currency markets, the euro is trading at $1.4245 and 87.25p sterling.
