Markets news on stocks, currencies and oil: Irish Central Bank appoints outsider as Assistant Director General for Financial Institutions Supervision.

Monsanto, the US company that has been the pioneer in developing genetically modified (GM) seeds  and Limerick-based biotechnology firm, Stokes Bio Limited, announced today that they have entered into a licensing agreement and R&D collaboration, which is expected to help accelerate the pace of new advancements in plant breeding.

The US monthly international trade deficit increased in November 2009, according to the US Bureau of Economic Analysis and the US Census Bureau. The deficit increased from $33.2 billion (revised) in October to $36.4 billion in November, as imports increased more than exports. The previously published October deficit was $32.9 billion.

Bank of Ireland said today it expects to receive a 30% on €16 billion of loans it transfers to the State agency for toxic property loans, the National Asset Management Agency (NAMA). Several shareholders made angry interventions at the meeting.

Markets news on stocks, currencies and commodities; President Obama is reported to be planning to recover for taxpayers as much as $120 billion of the money spent to bail out the financial system, through a special fee on large banks.

The debate on the role of the euro in the crash of the Celtic Tiger and proposals for Ireland to reintroduce the punt as an option to produce instant competitiveness, is seldom bolstered with the challenging task of examining scenarios that would follow the exit.

US import cargo volume at the nation’s major retail container ports ended a nearly 30-month streak of declines in December and is on track to show gains through the first half of 2010, according to the monthly Global Port Tracker report released Monday by the National Retail Federation and consulting firm Hackett Associates.

Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.

Public finance problems in Greece and some other European Union (EU) member states hit by the financial crisis, are posing “a very serious challenge” for the euro, Olli Rehn, the Finnish commissioner-designate for the key economic and monetary affairs position on the European Commission, told members of the European Parliament at a confirmation hearing on Monday. Rehn said Estonia is likely to be the next country to join the 16-member state  Eurozone.

In September 2009, leaders of the Group of Twenty (G-20) industrial and emerging market countries, at their meeting in Pittsburgh, asked the IMF to prepare a “range of options” for “how the financial sector could make a fair and substantial contribution toward paying for any burdens associated with government interventions” to counteract financial sector crises.

European Central Bank President Jean-Claude Trichet said on Monday that the global economy continues to recover from the worst recession in 70 years with "dynamic" emerging markets leading the way. Meanwhile, central bankers have reviewed progress on banking supervision.

Markets news on stocks, currencies and oil; Shares trade in tight ranges in Europe and US;  Developer Bernard McNamara cannot discharge judgement of €62.5m; Heineken acquires Mexican brewery.

Annual Irish manufacturing production in November 2009 was 9.1% lower than in November 2008, according to the CSO.

The Ulster Bank Northern Ireland PMI (Purchasing Managers' Index) report for December 2009 - - produced for Ulster Bank by Markit - - signalled that business activity in Northern Ireland’s private sector fell in December following no change in the previous month. Although levels of new and outstanding business both fell at faster rates on the month, jobs were cut at the slowest pace since April 2008.

The overall KBC Ireland/ESRI Irish Consumer Sentiment Index was marginally lower in December 2009 at 53.3. This compares to a figure of 53.6 in November.

Markets news on stocks, currencies and commodities: Irish M&A activity back to levels previously seen in early to mid 90’s; Shares rise in Europe and Asia.

Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.

Dr. Peter Morici: Goldman Sachs, JPMorgan and other big Wall Street banks are awarding multi-million dollar bonuses to the same financiers who pushed the nation to the brink of financial ruin. President Obama voices outrage but fails to stem the abuse.
 

China's exports rose 17.7% n December; foreign trade in 2009 dropped 13.9 percent from a year earlier to US$2.21 trillion and its trade surplus slid 34.2 percent year on year to $196.1 billion, according to figures released Sunday by the General Administration of Customs (GAC). China also announced on Sunday that the maximum loan-to-value on investment residential property should be 60 per cent.

Irish construction sector data in December 2009, signalled a further deterioration of business conditions in the Irish construction sector. Activity, new business and employment all fell at faster rates during the month. For the second consecutive month, firms forecast that activity would be lower in twelve months’ time than current levels.