In the US, Federated Department Stores have thrown a $11 billion lifeline merger to May Department Stores, which will result in the single largest department store in the US.

With over 1,000 outlets, and annual revenues of over $30 billion, the combined department store giant under the banner of Federated will see the companies joined to face off strong competition from Wal-Mart.

Both had been in stalled talks two years ago, but quickly resumed after May Department Stores chairman left the company in January.

Yesterday saw the US dollar fall sharply, then rise again, after comments from Seoul were interpreted that Asia was planning on selling its dollar reserves.

As there is already over $2 trillion held in Asia, with Japan the single biggest holding of dollar reserves in the region, then China, Taiwan, and South Korea the fourth largest holders in the world, the suggestion of Asia selling dollar reserves to buy into euros created a sense of alarm among traders.

After experiencing its single biggest fall for four months, Japan and South Korea both came out to state that although they were happy to diverse their reserves among different currencies, they were also happy to preserve existing dollar reserves.

Irish equities continue to offer quality growth at a reasonable valuation, as the country's economic climate continues to grow strong.

With 5% growth forecast for 2005 and 2006, major companies are already enjoying high evaluations.

However, market analysts still suggest that Irish equity is still trading at a discount.

Royal Dutch Shell became the latest oil company to report massive profits after huge oil prices last year.

While also downgrading their oil reserves by 1.4 billion, Shell filed a profit ofr 2004 of $17.5bn (£9.3bn) - the highest ever for a UK listed company.

It had been a mixed year for Shell, with previous scandals of exaggerated reserves ;eading to the resignation of chairman Sir Philip Watts.

US markets warmed to strong profit results from major coporations today.

Although Boeing reported a profit fall of 84% on last year, due to closure of its 717 programme, this still created above expectation net profits of $186m. The defence arm was especially credited with good performance. And with the Boeing 7E7 due for ceremony in April, 2005 and 2006 are ones the company is confident of strong returns in.

Additionally, Rupert Murdoch's News Corp reported an 80% increase in Q4 profits to $386m (£205m), with film and DVD sales being particular earners for the company. And these are areas expected to see further growth in 2005.

Google reported profits of over $204.1m for Q4, which again exceeded market expectations, resulting in a stock price's rise that at one point peaked at $216.80 per share.

Amazon was the only large trader to disappoint. Although a tax credit swelled their Q4 earnings to $346.7m, the site of overall revenues climbing but with little return on net profits left shareholders feeling shunned in lieu of consumers, and devalued the company by over 13%.