18 Business Tuesday, January 12, 2010 D At global level we are on a recovery mode Edited by Alan Caulfield news@metroherald.ie Business & Finance v$v$ vv ISEQISEQ by 18.93 at 3099.68$1.45 0.90 Business Bites IRISH consumers faced into the new year with a cautious, yet less pessimistic mood than twelve months previously. The KBC Bank/ ESRI Consumer Sentiment Index showed sentiment held mainly steady through the last three months of 2009, slipping marginally last month to 53.3 from 53.6 in November but comfortably above December 2008s 50.2 reading. The survey mostly reflected pre-Budget speculation and its impact on household finances, with child benefit, social welfare and public sector pay cuts expected. The message coming from the December survey is Irish consumers sense the worst is over, said Austin Hughes of KBC Ireland, but they remain cautious though less nervous than they were 12 months ago. 2009 ended on a weak but notably less awful note than it began, he added. New year better for consumers Euro bank chief upbeat about economic recovery THE global economy continues to re- cover from the worst recession in 70 years with dynamic emerging mar- kets leading the way, top policymak- ers said yesterday. European Central Bank president Jean-Claude Trichet, who chaired talks on the global economy at a Bank for International Settlements meet- ing, said fiscal consolidation reduc- ing government deficits and debt ac- cumulation was essential for a sustainable recovery and for econom- ic confidence. There is a confirmation of the pro- gressive normalisation of the econo- my and of the fact that at a global level we are on a recovery mode, Mr Trichet told reporters. The worlds biggest economies the By Roger Weathers Spar at Parkwest in Dublin has been named National Convenience Store of the Year for the third time at the annual industry awards organised by ShelfLife magazine. The store also picked up the Gold Award in its size category. Pictured are owner David Bagnall and manager Mohammad Chisty Picture: Maxwells Kings of convenience CITYJET passenger numbers on the Dublin to London City Airport route increased by 23 per cent during the last three months of 2009, leading to the airline adding an extra flight for the route. CityJet said yesterday it recorded almost 150,000 passengers from Dublin to London City Airport, an increase of 28,000 compared to the same period in 2008. Chief executive Geoffrey OByrne White said the surge in business was a result the route flying directly into the heart of London, which decreased passengers total travel time. Direct route boosts sales PrOPErTY tycoon Bernard McNamara sought a stay on judgments against him and his company totalling 160.5million in the Commercial Court yesterday. The 62.5m judgment against Mr McNamara and a 98m judgement against his company, Donatex, arise from the purchase of the Irish Glass Bottle site in ringsend three years ago. The court ruled on December 18 a group of investors who are clients of stockbroker Davy who part-funded the site purchase for 412m in 2006 were entitled to the judgments. Mr McNamara is to appeal that decision to the Supreme Court. STuDENTS are being invited to open their own virtual GAA store. The County and City Enterprise Boards have set up a free online business simulation game called BusinessGame.ie, in which students can run their own sports shop for 52 virtual weeks. Nearly 9,000 students from more than 200 schools have already signed up for the game in the past year, which it is hoped will encourage more Irish students to set up a real-life business in the future. Players must make day-to-day decisions around ordering county jerseys, sales, merchandising, insurance, human resources and finance. THE construction industry continues to decline, with the ulster Bank Construction Purchasing Managers Index falling its fastest in seven months. The index fell to 33.1 last month from 34.2 in November, where a figure below 50 means the sector is contracting. Activity has been falling for 31 months, and this is the steepest decline since May. Simon Barry, chief economist at ulster Bank, said: The index continues to point to a sector that is contracting deeply. New business also declined faster during December, with the rate of contraction the biggest since April. Eu, the uS and Japan emerged from recession in the third quarter of last year. But many central bankers and ana- lysts have expressed doubts about the sustainability of the recovery and have warned of a rocky road ahead. Mr Trichets comments came as Ire- lands main shares index spiked in early trading but failed to stay above the 3,100 at close of business despite renewed confidence in the future of equities worldwide thanks to strong Chinese trade data. Latest data also showed the volume of Irish manufacturing production fell 9.1 per cent in the year to the end of November. index.html2.html3.html4.html5.html6.html7.html8.html9.html10.html11.html12.html13.html14.html15.html16.html17.html18.html19.html20.html21.html22.html23.html