April 2009

Sensationalist Coverage of Irish Economic Woes

The New York Times has run a sensationalist piece on the sudden economic implosion in Ireland. This comes on the back of the Sean Dunne expose back in Janaury and ahead of todays emergency budget announcement.

Similarily BBC Radio 4’s venerable Today programme ran a feature this morning on the perceived pitiful economic situation in Ireland.

Added to this was the recent Sunday Times magazine feature on Ireland’s beleagured economy.

There seems to be a sense of schadenfreude to the current international coverage. Just how accurate is all this doom-filled commentary? Does the irish media have a riposte?

Sensationalist Schadenfreude?

Links: www.nytimes.com, www.bbc.co.uk/radio4 & www.sundaytimes.co.uk

ECB surprises markets with smaller than expected interest rate cut

THE EUROPEAN Central Bank (ECB) surprised financial markets by cutting its main interest rate by a smaller than expected 25 basis points yesterday to a new low of 1.25 per cent, triggering a sharp rise in the euro.

Surprise bounce to March house prices

– House prices increased by 0.9% in March
– House purchase activity reaches highest level since May 2008
– Welcome signals of market improvement but too early to talk of house price recovery

House prices rose in March for the first time since October 2007, according to the Nationwide.

The building society said that property prices increased by 0.9% compared with the previous month.

That reduced the annual rate of house price falls from 17.6% in February to 15.7% in March, with the average UK home costing £150,946.

Nationwide described the change as a “surprise bounce” and warned against concluding the market had turned.

Source: Nationwide Building Society
Link: http://tinyurl.com/clqvu9