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Ireland is starting to recover - O'Brien

ECONOMY

BILLIONAIRE businessman Denis O'Brien said Ireland was recovering from the recession. "We're climbing out of this hole and we can see the sunlight," he told Bloomberg television. Banks had been recapitalised properly "unlike the rest of Europe", he added. "Foreign direct investment hasn't blinked in terms of making Ireland a destination," he also said. "There have been no protests in Ireland. Everybody knows we have this problem and everybody has been really adult in facing up to it," he said. "It's really tough in Ireland at the moment but there are signs that we are coming of this recession but very, very small signs."

Blackrock ups stake in Ryanair to 5pc airlines

US investment group Blackrock has boosted its stake in Ryanair again after selling off shares during the summer. It notified the stock exchange yesterday that its holding has topped 5pc again. It now holds 72.6 million shares in the carrier. At the end of June, Blackrock held 74.6 million shares in Ryanair, representing 5.2pc of the airline's outstanding shares.

Jobs outlook boosts confidence in US

economy

US consumer confidence jumped this month to the highest level since February, bolstered by a brighter hiring outlook. US consumer confidence is now at its highest level since February 2.

S&P revises down eurozone forecasts

RATINGS

Standard & Poors' new gloomier economic forecasts for the eurozone has no impact on its sovereign ratings, a spokesman for the rating agency said. Economists at S&P have further cut their forecasts for the eurozone's economy in 2012 to -0.8pc from -0.7pc previously.

EU renews bid for US carrier deal

AIRLINES

The EU is to make a renewed push to persuade Washington to relax its stringent foreign ownership rules on airlines in the belief that combined EU and US carriers would be better able to compete with fast-expanding rivals in the Gulf.

and China.

Siim Kallas, the European commissioner responsible for transport said consolidation between EU and US airlines could result in better capitalised groups.

Irish Independent