Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.
The European Union Chamber of Commerce in China on Thursday launched a report which examines the impact and influence of industrial overcapacity in China, which it says is “wreaking far-reaching damage on the global economy.”
Three of the principal Irish airlines - - Aer Lingus, Ryanair and CityJet - - have commissioned a report which claims the Irish Air Travel Tax (ATT) of €10 will lead to the loss of 3,000 jobs and will cost €482 million or more in lost revenue annually. Is this a case of more vested interests defending their patch?
Markets news on stock, currencies and oil; Markets have fallen sharply after Dubai World, the Gulf emirate’s public investment company, carrying $59 billion of liabilities, shocked markets on Wednesday by seeking to delay repayment on much of its debt.
The American Chamber of Commerce today said that the Government’s budgetary policy must be biased towards cost controls and productivity improvement measures to enhance competitiveness. Speaking at the Chamber’s Annual Thanksgiving Lunch, Brian Lenihan, Minister for Finance said that “over the last 20 years, salaries in the public service and social welfare payments have increased well ahead of inflation. Given the parlous state of the public finances and the fact that falling prices have boosted consumers’ real spending power, it is not unreasonable to examine the feasibility of reductions in public expenditure. It is only through making improvements in both public and private sector competitiveness that we can protect and grow the number of jobs in Ireland.”
Seasonally adjusted Irish merchandise exports rose by 11% in September, relative to August 2009 and imports fell by 2%. August 2009 exports declined by 6% relative to July 2009 while imports fell by 4%. The US-owned medical and pharmaceutical products offset losses in other sectors, according to the CSO.
The insolvent State agency, the Dublin Docklands Development Authority, today published its 2008 financial results and plunged to a massive loss of €213 million mainly arising from a writedown of its investment in the Irish Glass Bottle site, which dates from 2006 — the peak year of the Irish property bubble. The DDDA chairman has signalled a taxpayer bailout of the agency after a reckless venture in property speculation.
Markets news on stocks, currencies and commodities; The National Council of Irish business representative group IBEC has announced that it has decided to formally withdraw from the terms of the current national pay agreement before the end of December. The group reiterated its position that there should be no pay rises before 2011.
Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.
Quinn Healthcare, which acquired the operations of BUPA Ireland in 2007, has announced a price hike of 15% in 2010 - - this is against a backdrop of deflation currently at an annual rate of 6.6%.