A Bank of England policymaker has said he would not be surprised if the pound fell further, but that the Bank of England could overlook the effect of weak sterling on inflation, possibly for years.

Crude oil futures pared gains yesterday after top producers Russia and Saudi Arabia confirmed they had agreed to co-operate on stabilising the oil market, including limiting output.

Oil investors are finally buying into the notion that the biggest risk to the price now is supply falling short of demand, rather than from any stubborn overhang of unwanted crude, the options market shows.

Oil futures extended their decline yesterday, with US crude touching its lowest since 2003, as a global supply glut bumped up against bearish financial news that sparked deeper worries over demand.

Dutch co-operative bank Rabobank plans to lay off nearly a fifth of its workforce to boost profits and prepare for tougher European banking guidelines.

Europe will have to wait at least five years before banks begin to consolidate across borders, as they wrestle with low interest rates, regulatory reforms and the need to overhaul technology, bank executives said yesterday.

World stock markets plunged yesterday, as a near 9% dive in China shares and a sharp drop in the dollar and major commodities sent investors rushing for the exit.

Confidence in the eurozone economy hit a four-year high in July and the European Central Bank said recovery is picking up, supported by loose monetary policy aimed at countering persistently low inflation.

Finance Minister Michael Noonan has confirmed that the estimated tax paid by companies operating out of the International Financial Services Centre (IFSC), in Dublin, totalled over €950 million in 2013.

FedEx said yesterday that it would buy Dutch package delivery firm TNT Express for €4.4bn, aiming to take on bigger rivals United Parcel Service (UPS) and Deutsche Post in Europe.

Eurozone consumer prices fell again in March, as expected, but the decline was the smallest this year, indicating the price of goods and services could start rising again soon.

Royal Bank of Scotland will hand restructuring chief Rory Cullinan the task of overseeing another major scaling back of its investment bank, sources told Reuters, allowing it to focus on lending to British households and businesses.

Brent crude oil prices fell below $50 a barrel yesterday, after the global economic outlook darkened and Iraq announced record oil production.

The International Monetary Fund has raised its concerns about the Government’s decision not to implement austerity measures in Budget 2015.

Inflation in the eurozone edged up slightly in October, reinforcing the view that the ECB will hold fire on any additional policy action at its meeting next week.

The ECB has outlined the procedures behind the upcoming banking supervision process to help to improve confidence in eurozone banks, says Danièle Nouy

The Dutch government proposed to amend its tax rules to make it easier for lenders there to tap into Europe’s fastest-growing market for bank debt.

SHONA Pitman grew up in a rough patch of a $2 trillion dollar island. Reared in Nicholson Park, a neighbourhood in Jersey once so dangerous the school buses took the long way round it, she was acutely aware she did not belong to the island’s elite.

State-backed Royal Bank of Scotland will begin a new chapter today as New Zealander Ross McEwan takes over the helm.

Royal Bank of Scotland CEO Stephen Hester will be in Dublin tomorrow to meet with Central Bank governor Patrick Honohan.

ECB president Mario Draghi has signalled that policy makers are concerned that the euro’s strength will hamper their efforts to pull the economy out of recession.

Cantor Fitzgerald has been considering a stockbroking acquisition here since 2010 and now, having bought Dolmen Securities, the US firm has ambitious plans to jump start the corporate bond market in Ireland, writes Kyran Fitzgerald

The ECB chief’s plan is awaited with interest by the markets, writes Alan Wheatley

Britain took the rare step of stripping former Royal Bank of Scotland chief Fred Goodwin of his knighthood, after intense criticism of his role in RBS’s near-collapse during the 2008 credit crisis, and amid public anger towards wealthy bankers.

The chief executive of bailed-out lender Ulster Bank’s owners, Royal Bank of Scotland, already under political pressure to give back a £1 million (€1.2m) bonus for 2011, could get eight times as much in future under his current contract.

As Ulster Bank sheds 900 staff, question marks hang over the commitment of RBS and its boss Stephen Hester to Ireland, writes Kyran Fitzgerald

EURO-region inflation slowed for the first time in five months in December, giving the European Central Bank room to lower borrowing costs further as the economy edges toward a recession.

British Chancellor George Osborne has revealed plans to further scale down the investment banking arm at RBS and shift the taxpayer-backed bank’s focus to the UK.

Royal Bank of Scotland was brought to its knees by “multiple poor decisions” and its £50bn (€59bn)“gamble” on buying Dutch bank ABN Amro, a damning report in Britain confirmed today.

Poor management decisions and the last Labour government’s light-touch regulatory regime were key factors in the near-collapse of Royal Bank of Scotland, a long-awaited report by the City watchdog said today.

Shedding 2,000 jobs, restoring shaken morale, changing a disastrous culture and rebuilding the bank’s battered business are just some of the difficulties incoming AIB chief executive David Duffy will have to overcome, reports Kyran Fitzgerald

THE eurozone economy grew just 0.2% in the third quarter, as solid growth in Germany and France was dampened by countries at the sharp end of the debt crisis and economists expect a slide into recession by early next year.

GERMAN investor confidence fell to the lowest level in more than two-and-a-half years in September as Europe’s debt crisis and a global slowdown damped the outlook for growth.

The Irish Stock Exchange, heavily influenced by outside forces like most elements of our economy, has seen some hard times of late. However, the stock exchange could become an integral part of our recovery, writes Kyran Fitzgerald

As the reputation of Irish bankers hits the floor, we have turned to those from outside our shores to help steer our banks back towards some form of respectability. Whether it will work or not remains to be seen, writes Kyran Fitzgerald

A chain of private UK rehab clinics best known for helping wean celebrities off their addictions has been sold to private equity in a deal worth up to £925m (€1.1bn), it was announced today.

Dublin: Up to 65 jobs are to be created before the end of the year, with the launch of new website Betbidder.com.

The City regulator in the UK today bowed to pressure and said it hoped to reveal details of its inquiry into the collapse of Royal Bank of Scotland by the end of March.

The City regulator today defended its decision to take no action against bosses at part-nationalised Royal Bank of Scotland (RBS), but said new rules were needed to punish bankers who take too many risks.

The City watchdog today ruled out action against former bosses at Royal Bank of Scotland after finding no evidence of fraud or dishonest activity in the lead-up to the financial crisis.

RYANAIR has plans to start more routes this year than any other airline worldwide with analysts predicting it could return to aircraft buying in the coming years.

Plans to prop up part-nationalised Royal Bank of Scotland (RBS) will be put to a shareholder vote today.

Disgruntled investors in Royal Bank of Scotland will gather today to consider a possible legal action against the former directors of the part-nationalised bank.