‘Topics’ – Media Round Up – week ending 20 October 2013
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The week’s financial news was dominated by Budget 2014 and events in Washington which saw a last minute agreement, all be it temporary, on the maximum borrowing by the US Federal Government. This avoided a probable default by the US on its loans and the ripple affects on economies around the Globe.
The main talking points following the Budget were in relation to the Banking sector in regards to the €150m levy imposed on the sector although this will be offset by the lifting of the restriction of offset of tax losses incurred on loans sold to NAMA. The increase of DIRT tax to 41% maybe of more concern to the sector, as depositors may seek to transfer their money to a less tax bearing home, such as An Post Savings certificates & bonds where the interest earned is tax free.
The main European & US stock markets were all up on the news of a pick up in the Chinese economy and the US Federal Government agreement in Washington.
- Irish firms set to benefit from British housing stimulus. Read more: Sunday Business Post Money 20 October 2013
- Plan to stop tax relief for those in arrears delayed. Read more.
- OECD tax chief backs Ireland’s corporation tax rate. Read more.
Banking / Credit
- Deposits at Irish banks stable during September. Read more.
- Investors are back in the market, hungry for bargains. Read more: Sunday Business Post Property
- China’s Q3 GDP growth fastest this year, but outlook murky. Read more.
- European Union and Canada agree free trade deal. Read more.
- Obama calls for fresh budget talks following debt deal. Read more.
- Stocks rise as growth picks up in China
- European stocks rise for a seventh day
- The Stoxx Europe 600 up 0.8% (highest level since 2008)
- UK FTSE 100 up 0.7%
- French CAC 40 up 1.1%
- Germany’s DAX up 0.6%
- Dublin Iseq up 0.88%