Irish Economy Thread

[RubaDub]

Got to laugh when he says cabin crew have no relevance to modern air transport industry. Wouldn't you just love to be working for him!

[odlum833]

There is a rumour Michael O'Leary may run for the Dáil - that would ruffle a few feathers! He should be running the country IMO.

[plank007]

As much as would love to see that I very doubt it.

Rules out running for President from 4:10 minutes. Quite funny the stuff he says about Sinn Fien, calls them unemployable headbangers

[Thefancydanhimself]

More good news. Seems like the outlook is changing faster than they expected. Yet another revisal upwards.

Irish economy recovering, says IBEC
Tuesday, 8 June 2010 10:27


Employers' group IBEC has said the weaker euro and stronger than expected consumer demand are helping the Irish economy to recover.

The group said that the recession in Ireland probably ended in the first quarter of this year and that the economy was slowly returning to growth.

In March IBEC forecast GDP would shrink this year by 0.7% - it has now revised that upward to just 0.1%.


In other words the size of the Irish economy will be virtually the same as last year, although GNP is forecast to fall by a further 1.5%.

IBEC believes net exports will make a positive contribution to growth this year.

But it also sees signs that Irish consumers are spending more and an improved outlook for consumer demand is now helping to lift the economy out of recession.

That coupled with competitiveness gains leads IBEC to take a more optimistic view of the economy this year.

However, it warns that the emerging recovery here and elsewhere could be choked off if financial market stress over Europe's sovereign debt crisis continues for a number of months.

RTE

[Lockheed_F-22]

When will that recession will be over


Reid shuts four of its nine shops and axes 50 staff

http://www.independent.ie/business/i...f-2216626.html

By John Mulligan

Friday June 11 2010

The future of home furnishings group Reid Furniture in Ireland remained unclear yesterday after the group shut four of its nine stores here with the loss of an estimated 50 jobs.

Reid's marketing manager at the company's Scottish headquarters didn't return calls yesterday to clarify the long-term position of the group in Ireland, while a company employee told the Irish Independent that staff at the head office had been instructed by management not to comment on the closures.

Reid Furniture has closed its outlets at Galway, Cork, Limerick and Sligo. It retains three stores in Dublin, at Blanchardstown, Stillorgan and Swords, and also in Cork, Kilkenny and Naas, Co Kildare.

A tough retail environment over the past two years has pushed many traders to the edge, and many over it as they struggle with a legacy of crippling rental agreements signed during the boom coupled with a collapse in consumer spending.

Reid Furniture has five outlets in Northern Ireland, 18 in Scotland and three in England.

The company, which was founded in 1970, was taken private in a management buyout in 2006 that was headed by chief executive Alan Marnie.

Reid Furniture is now part of the diversified South African Steinhoff Group that owns brands such as Harveys furniture stores and Homestyle. Mr Marnie resigned as a director of both Reid Furniture and Harveys in April.

Releasing results for the six months to the end of December recently, Steinhoff said that its Irish operations remained a challenge.

- John Mulligan

Irish Independent

[Lockheed_F-22]

Got some more bad news

Just after reading an Article (unfortunately it's in Lthuanian so I won't be able to quote it)

Basically what it said was that EU industry grew (By 0.8% in Eurozone and 0.5% in EU27 respectively) in April compared with march 2010

The Highest increases were in:
Lithuania +6.0%
Estonia +2.4%
Denmark +2.2%

However, the largest decreases were in:
Ireland -10.9%
Portugal -4.4%
Greece -3.4%

So, most of the EU is recovering, but sadly Ireland is still going down, hopefully this won't last long like that

EDIT: Just after finding one in English available, here it is:
http://europa.eu/rapid/pressReleases...guiLanguage=en

[hovis]

Looks like Belfastuniguy was right then :/

[Lockheed_F-22]

Another bit of news:

correct me if I'm wrong, but unemployment in Ireland a couple of months ago was around 13%, and now they are saying that it's twelve?, is the economy getting better again?

Employment levels fall by 5.5% - CSO

http://www.rte.ie/business/2010/0615/cso.html

Tuesday, 15 June 2010

Ireland's unemployment rate is now 3.1% higher than the EU average, with a further 100,000 jobs being lost in the last twelve months according to the latest Quarterly National Household Survey.

But the figures from the Central Statistics Office also show the rate of decline in the amount of people at work has eased slightly to 5.5% compared to an 8.1% decline the same time a year ago.

Unemployment now stands at 12%, comparable to figures last seen in 1995 while the amount of people at work compares to figures last seen in 1998. Across the EU, the average unemployment rate is 9.1%.

The CSO figures noted a 7.5% annual decrease in the number of men in employment, while the number of women fell by 3.1%.

The participation of foreign nationals in the workforce fell by almost 16% or 53,500 people in the past twelve months. Employment in the construction industry has fallen 50% since its peak in 2007.

Today's figures show that there were 194,900 men and 80,200 women unemployed in the first quarter of 2010, bringing the total number of unemployed up to 275,000, an increase of 52,200 or 23.4% in the year.

The number of unemployed men increased by 36,500 (23%), with female unemployment increasing by 15,700 (24.3%).

The number of long-term unemployed increased by 63,500, bringing total long-term unemployment to 112,600. The long-term unemployment rate now stands at 5.3% compared with 2.2% in the first quarter of 2009.

[odlum833]

Originally Posted by Lockheed_F-22

Got some more bad news

Just after reading an Article (unfortunately it's in Lthuanian so I won't be able to quote it)

Basically what it said was that EU industry grew (By 0.8% in Eurozone and 0.5% in EU27 respectively) in April compared with march 2010

The Highest increases were in:
Lithuania +6.0%
Estonia +2.4%
Denmark +2.2%

However, the largest decreases were in:
Ireland -10.9%
Portugal -4.4%
Greece -3.4%

So, most of the EU is recovering, but sadly Ireland is still going down, hopefully this won't last long like that

EDIT: Just after finding one in English available, here it is:
http://europa.eu/rapid/pressReleases...guiLanguage=en

Those stats are for last year which we all know. Quarter 1 results are not out yet.

[belfastuniguy]

Originally Posted by odlum833

Those stats are for last year which we all know. Quarter 1 results are not out yet.

Could you please read what it says.

In April 2010 compared with March 2010, seasonally adjusted industrial production1 grew by 0.8% in the euro area2 (EA16) and by 0.5% in the EU272. In March3 production increased by 1.5% and 1.4% respectively.
In April 2010 compared with April 2009, industrial production increased by 9.5% in the euro area and by 7.8% in the EU27.


The figures are up to date. They are formulating a monthly breakdown, not a quarterly breakdown. Thought that was rather obvious really.

[odlum833]

Originally Posted by belfastuniguy

Could you please read what it says.

In April 2010 compared with March 2010, seasonally adjusted industrial production1 grew by 0.8% in the euro area2 (EA16) and by 0.5% in the EU272. In March3 production increased by 1.5% and 1.4% respectively.
In April 2010 compared with April 2009, industrial production increased by 9.5% in the euro area and by 7.8% in the EU27.


The figures are up to date. They are formulating a monthly breakdown, not a quarterly breakdown. Thought that was rather obvious really.

No you are wrong. In relation to Ireland the CSO results for quarter 1 are not out yet. That will show growth in the economy and the industrial output. They can assume all they like. All there is is unofficial statistics for Ireland. The 1% growth rate for Q1 is unofficial - should we take that as right? No. The actual facts are not out yet. Rest assured when I know the forum will know.

[belfastuniguy]

You're an absolute joke.

I have assumed fuck all, Eurostat assumed fuck all as well. They based that report on actual facts, something I know you have a terminal difficulty understanding.

So nothing in my post was incorrect in any way, shape or form.

[odlum833]

Once again you fail to understand. Let me make it clear.



Official Statistics for the Irish economy are not available yet for the first 3 months of this year.


Do you dispute that? I don't think so.

[niterider]

One day you two will declare your love for each other

[Lockheed_F-22]

Finally some action in my town

New hotel group to hire 50

http://www.rte.ie/business/2010/0616/jobs.html

Wednesday, 16 June 2010 19:15

Great National Hotels has announced it will recruit 50 new staff members at the group's new head offices and customer contact centre in Ennis, Co Clare.

The company was launched in February and now provides marketing services and centralised reservations call centre support to five hotels throughout Ireland.

Great National Hotels plans to recruit a further 20 hotels to its hotel group over the course of the next 12 months. The group is comprised of a four-star group, and a three-star group.

[Lockheed_F-22]

40 new jobs for medical devices firm

http://www.rte.ie/business/2010/0618/biotrin.html

Friday, 18 June 2010 11:29

Medical devices company Biotrin has announced 40 new jobs are to be created in Dublin.

The jobs will be in R & D, manufacturing and marketing and are supported through IDA Ireland.

Biotrin, a subsidiary of Italian firm Diasorin, develops technologies to run tests on common infectious diseases.

'Ireland has a strong cluster of firms in the life science sector with eight of the top 10 pharmaceutical and 15 of the top 20 medical devices companies based here,' said Minister for Enterprise, Trade and Innovation, Batt O'Keeffe announcing the jobs.

'The 40 new jobs will add to our reputation as a global leader for life science firms'.

The project establishes the Dublin site as Diasorin's corporate headquarters for molecular diagnostics R & D, and brings the total number of workers there to 100.

Biotrin was established in Dublin in 1992 and is the world leader in tests for Human Parvovirus B19, a virus that can cause miscarriage in pregnancy.

But However

21 Halifax branches to close today

http://www.rte.ie/business/2010/0618/bosi.html

Friday, 18 June 2010 15:27

Halifax has started to close its branch network in the Republic today.

The withdrawal of the bank from the market here was announced by Halifax owner Bank of Scotland earlier this year, resulting in 750 job losses.

21 of the 44 Halifax branches will close this evening at 5pm, with the remaining 23 branches shutting next Wednesday.

The bank is also closing its Bank of Scotland (Ireland) Asset Finance and Homeloans divisions to new business. Those with existing mortgages can stay put.

Halifax has not revealed how many customers have not yet closed their accounts - it had 50,000 credit card and 50,000 current account holders.

Halifax credit cards will no longer work from today, and those who owe money will be offered a revised payment deal.

Money will be returned to current accounts holders in credit, after customers contact the bank to arrange details.

If the customers have an overdraft that will be changed into a loan with interest rates between 10 and 13.5% interest, depending on the state of the account and after customers contact Halifax.

[hakz2007]

INDIA INC LIKELY TO INVEST US$100 MILLION IN IRELAND

MUMBAI (INDIA), June 20 (NNN-PTI) -- India Inc is expected to invest around USD 100 million in Ireland, which is increasingly being recognised as an attractive investment destination by Indian companies, in next 18 months.

"I expect around USD 100 million of investment by Indian companies in Ireland over the next 18-months. These will mainly be in the IT, ITeS and financial services sectors," Director India, IDA Ireland Minakshi Batra told PTI here.

The IDA is an Irish Government agency for facilitating inward investment into the country and Ireland is giving India a special focus, she said.

In 2008 (figures of which are available presently), Ireland was the number three recipient of Indian investment in Europe at Euro 29-million, she said.

So far, Indian IT, ITeS and pharma companies have invested substantially in Ireland, she said.

http://namnewsnetwork.org/v2/read.php?id=124328

[odlum833]

Yes, India, China and other booming Asian countries are a priority for the IDA. There is an Asia strategy for attracting investment from countries like India.

http://www.deti.ie/trade/bilateral/asiastrategy.htm

Economy improving faster than expected: survey

Monday, 21 June 2010 08:35

A new survey on the economy shows that things have improved in the first half of the year and at a quicker pace than expected by most economists at the start of 2010.

Bloxham Stockbrokers says that although the Irish economy is not out of the woods yet, it believes the recession has ended.

'Assuming the euro zone debt issue does not turn into a full-blown crisis, then Ireland should be roaring back up the euro zone GDP growth league table over the next 12 months, led in the main by a strong export performance,' the stockbrokers said.
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Bloxham says it is now expecting the economy - in GDP terms - to grow by 0.5% compared to its previous estimate in March for a contraction of 0.75%. It also predicts growth of 3.5% in 2011 and 4% in 2012.

The stockbrokers said that the fall in the euro is very encouraging for Irish exporters, as the country benefits more than other euro zone countries from euro weakness against the dollar and sterling. They predict that the dollar and sterling will continue to strengthen as the year goes on and they noted that a strong pound in particular will boost Irish indigenous exports.

Exports will lead the economic recovery, today's report stated, while the building sector will remain a drag on economic growth for some time to come. Bloxham estimated that house completions this year and next set to be in the 10,000-15,000 range. This is well off the 93,000 in 2006 at the height of the construction boom.

Consumer spending looks set to be higher this year, mainly driven by people who have no mortgage and very little personal debt. But the stockbrokers warned that people can only drive spending so far. Bloxham said it is important that the banking sector gets back to 'normal' lending practices as soon as possible.

They also warned that the labour market will be the last piece of the jigsaw in the Irish recovery story. They said that it will be the end of the year at least before there is an underlying improvement in the employment situation.

Bloxham also suggests that the Government should follow the lead of other euro zone states and consider selling off state assets to meet its funding needs and to pay for more ambitious economic programmes.

RTE

[Lockheed_F-22]

that's the way to do it, they should make meetings with Chinese more and to encourage them to invest in here, because they're the people that most likely will get us all out of this recession

Plan to bring Chinese investment to Athlone

Monday, 21 June 2010 13:35

Taoiseach Brian Cowen has confirmed today that he has held talks with potential investors and promoters behind a multi-million euro international project aimed at attracting major Chinese investment to the midlands.

The project Mr Cowen is trying to bring to Athlone is reported to be a world trade centre type hub for Chinese industry - a project that would be built on a 600-acre site just east of Athlone and with the potential to create up to 10,000 jobs over five years.

The project is in its infancy but this afternoon Westmeath County Council will debate a proposal to re-zone hundreds of acres of land in an area known as Creggan on the Dublin side of Athlone. The Creggan area plan also provides for a new railway station and a new school in the area, alongside hundreds of apartments and factory units.

Some of the land for the project was bought in the last five years for over €50m.

Confirming that the Government was involved in the project this morning Mr Cowen said that Ireland is being looked at positively by international investors, and the Government will now work with potential investors to try and make this project come to fruition

[Lockheed_F-22]

500 new jobs at Dublin Airport

http://www.independent.ie/breaking-n...t-2232320.html

Wednesday June 23 2010

Dublin Airport Authority (DAA) has launched a recruitment drive for 500 staff at the new Terminal 2.

The DAA said new employees will run all services and facilities catering for 15 million passengers a year when the terminal opens in November.

Transport Minister Noel Dempsey gave the go-ahead for the authority to operate the new terminal, the DAA said.

The authority's chief executive Declan Collier said: "We are delighted to have been given the go-ahead to operate Terminal 2 (T2) and will continue to focus on putting the customer first and operating T2 as efficiently as possible."

About 1,000 staff will work in the new terminal, with 400 employed in shops and food outlets.

Positions will also be available in security, cleaning, customer service, and passenger processing.

The DAA added the T2 main construction phase had effectively been completed and officials had started to commission and test the new facility ahead of its opening.

The authority is also seeking volunteers for its full-scale passenger trials later in the summer.

Plans for the terminal include parking for up to 19 aircraft, a US Customs and Border Protection facility, an energy centre and improvements to Dublin Airport's road network.

Mr Collier said: "We look forward to welcoming passengers to their new terminal."

Press Association