IRISH ECONOMY Foreign-owned firms responsible for 89% of Irish tradable goods and services exports in 2008; Jobs in sector down 44,000 since 2000 New Irish housing completions may fall below 10,000 in 2011; Average first time buyer couple paying 13.4% of joint income on mortgage - - compared with 26% in December 2006 Irish food and drink exports fell 12% in 2009 to €7bn - - accounting for 4.5% of total exports from Ireland; Bord Bia predicts some recovery in 2010 ESRI says hard to overstate difficult year; Most of the burden of fiscal adjustment on higher earners Irish GNP down 1.4% but GDP up 0.3% in Q3 2009; Balance of payment deficit improved as imports fell sharply Irish employment fell 184,700 in the year to September 2009 OECD’s Economic Survey of Ireland: Lenihan says report should be "compulsory reading" Irish Live Register: Rises 3,300 to 426,700 in December; 133,577 added in 2009 Irish Economy: Goodbody says recovery will be U-shaped; Private sector debt levels will increase to 225% of GDP in 2009 - - among highest of developed world ESRI paper says 196,000 Irish households may be in negative equity by the end of 2010 The Central Bank forecasts slightly smaller contraction of the Irish economy in 2009 ESRI paper confirms Irish public/private pay premium for comparable jobs jumped from 14% to 26% in 2003/2006 Public pensions accrued liability over €108bn; Irish trade union leaders' pay/benefits top €200,000 Sick leave in Irish civil service almost doubled since 1980s; Average employee absent for over 11 days in 2007 Irish Economy: Davy forecasts GNP growth of 4% in 2011; Ireland to exit recession in Q1 2010 Political and economic reform in conservative Ireland and the promise of an "everlasting boom" Irish net emigration falls for first time since 1995; 65,100 emigrated in year to April 2009 - - 18,400 Irish nationals left World's Most Expensive Streets 2009: Dublin's Grafton Street slips to 8th place; New York's Fifth Avenue remains No. 1 Irish economy remained in recession in Q2 2009; GNP fell 0.5% in quarter and 11.6% in year to June Property related lending accounted for 61% of outstanding Irish private sector credit in Q2 2009 Interest on Irish national debt will take 18.7% of tax revenues in 2013; National Pensions Fund achieved return of 1.3% in H1 2009 Denmark, Ireland and Finland were dearest for consumer goods such as food, clothing and electronics in EU in 2008 Home Truths on Irish Exports as Ireland faces a changed global economy in the decade ahead Lenihan says total cost of State pension for an Irish public sector worker hired after 2004 is 26.1% of pay OIL MARKET BP Statistical Review of World Energy 2009: Developing World leapfrogs sluggish OECD in energy demand; Ex-Canada's tar sands oil reserves sufficient for 42 years at 2008 production International Energy Outlook 2009: World energy consumption projected to rise 44% from 2006 to 2030; Carbon emissions to jump more than 39% without new policies Calculus of globalization becomes more complicated with high price of oil; Shipping cost is on average the equivalent of a 9% tariff on trade CREDIT CRISIS US economist calls for pre-emptive bubble avoidance in contrast with the Greenspan-Bernanke reactive post-bubble cleanup approach This Time It’s Different: Eight centuries of financial folly; conceit and money Simple explanations and cure for global financial instability The influence of "Animal Spirits" on Business Climate Surveys; Economists provide Queen with belated answer on credit crunch IMF says risks to global financial system have subsided; Banks face additional writedowns of $1.5 trillion by end of 2010 - - particularly in Europe Lessons from Global Credit Crisis: Market discipline, regulation, macro-economy main failures; IMF says: Government Debt of rich economies to rise 15% of GDP - biggest 2-year jump since 1945 Global financial crisis slashed value of financial assets worldwide by massive $50 trillion in 2008 - - the equivalent of annual global GDP Merrill Lynch 2008 loss: $27bn - - 700 staff paid bonuses of at least $1m each; Top four received a combined $121m Fixing the Banks - - Glass-Steagall Act was repealed by Congress in November 1999, a measure that has been termed the "Citigroup Authorization Act." The Credit Crisis: Denial, delusion and the "defunct" American economist who foresaw the dénouement How Goldman Sachs made money from US subprime mortgages on the way up and down SPECIAL REPORTS China celebrates remarkable transition at  XXIX Olympiad; Economy forecast to be world's largest from 2015 - regaining position it lost in 1890 IRELAND NON-TECH RANKINGS Dublin ranks 25th of 215 in Mercer’s 2009 Quality of Living Global City rankings; Vienna scores highest - - Baghdad the lowest Alcohol Rankings: Alcohol Consumption in Ireland surged 17% since 1995; Alcohol-related hospital discharges jumped 90% World Bank - Doing Business 2008: Large Emerging Markets reforming fast; Egypt the Top Reformer, Eastern Europe overtakes East Asia on ease of doing business   Irish Government Services to Business - Supports, Grants, Training and Procurement	Markets News Afternoon: Shares fall in Dublin; Inventories at US wholesalers unexpectedly dipped in December indicating rise in demand Feb 9, 2010 - 4:55:13 PM Bank of Scotland Ireland to close Halifax network with loss of 750 jobs; Entry to Irish mortgage market in 1999 resulted in significant increase in competition Feb 9, 2010 - 4:30:59 PM Annual volume of Irish retail sales fell 14.1% in 2009 - -down 18% in value terms; Sales rose 0.4% in December Feb 9, 2010 - 11:28:23 AM German merchandise exports fell 18.4% in 2009; Year marked biggest drop in trade since 1950 - - China becoming the world's top exporter; Exports up 3% in December Feb 9, 2010 - 7:24:52 AM The Big Tilt: Western companies unprepared for the rise of Asia; Senior executives should move to region Feb 9, 2010 - 4:10:20 AM Honohan says Government will provide further significant capital funding to the Irish banks in coming weeks Feb 9, 2010 - 3:29:52 PM Click for Main Business News Page    There are 2 Search options for news content on the left column of the news pages 1) Google customised search for Finfacts 2) a search form for the Finfacts news database KEY RECENT POSTS: Irish Economy: Economists announce new dawn; "Kickstarting" growth from behind a desk! ECB director terms them delusionists The euro, Ireland and the quest for instant competitiveness The challenge of creating 160,000 new Irish jobs Rich countries face years of belt-tightening to reduce high debt levels; Deleveraging following crises lasts six to seven years on average Irish employment fell 184,700 in the year to September 2009 Sweden's Gapminder shatters economic and environmental myths with online animated graphs Political and economic reform in conservative Ireland and the promise of an "everlasting boom"   Share Prices Property Investment Key Weekly Statistics Irish House Prices/Market Global investor risk appetite at four-year high; Japanese equities are the most undervalued in the world Barclays Equity Gilt Study 2009: Past 10 years "lost decade" for shares; US annualised return since 1998 fourth-worst 10-year return of past 83 years Mortgage Rates Savings Rates First Time Buyers Pensions 2010 Mortgage Costs Life Insurance Health Insurance Financial Directory Irish Financial Regulator Consumer Reports  Irish Credit Bureau - credit record held for 5 years Irish Multi-Trip Travel Insurance Rates 2009 Irish managed pension funds rose 21.8% in 2009 compared with a 27% gain in the ISEQ Index and 2008 loss of 34.8% Irish Tax 2010/2009 Irish Revenue Online OECD says recession is taking a toll on tax revenues in the developed world Commission on Taxation Report 2009 - - Proposals on Irish tax overhaul IFSC - Dublin's Offshore Financial Services Centre The "honest Swiss" and tax secrecy Jobs Irish Salary Surveys National Pay Agreement / Minimum Wage Irish employment fell 184,700 in the year to September 2009 Employment Rights Health and Safety     Irish and Eurozone Competitiveness Indicators 1999 - 2009 Irish Central Bank: Compendium of Economic Statistics 2009 Budget and Economic Statistics Ireland - 2008 Economics & Financial data to Aug 2008; Multi-year data covering a multiplicity of areas. IMF says governments need a plan to dispose of the crisis assets; Ireland/Denmark unique in guaranteeing existing bank debt ESRI paper confirms Irish public/private pay premium for comparable jobs jumped from 14% to 26% in 2003/2006 Irish Economy: Davy forecasts GNP growth of 4% in 2011; Ireland to exit recession in Q1 2010 IMF says global recovery under way but likely to be slow V-shaped recovery underway in Emerging East Asia; Asian Development Bank warns of risk from early exit from fiscal and monetary measures IMF says risks to global financial system have subsided; Banks face additional writedowns of $1.5 trillion by end of 2010 - - particularly in Europe Eurozone economy returns to growth in third quarter for first time since Q1 2008; Big 3 - - Germany, France and Italy - - all expanded Greatest Bubble in History: Warnings ignored in US and Ireland; Vacant Irish housing units rise 150% to 350,000 in period 2002/08 Value added of US firms overseas as % of GDP highest in Ireland; US Employment of its Multinationals was 70% of total in 2006 down from 80% in 1988  Irish Economy Reports OECD Factbook 2009 Statistical Yearbook of Ireland 2009 Asia Indicators 2009 Key Economic Statistics Irish Statistics Country Economic Profiles Global Income per Capita      Men who drink alcohol every day can reduce the risk of a heart attack according to 41,438 person study Book Review: Ireland, Europe and the World -- Dan O'Brien Some Irish land will have to be dezoned says planning board head; Ireland has 88 planning authorities for population of 4.4m NCC says Irish industrial electricity prices are 35.5% above Eurozone average: Don't mention wage costs! Zurich employees can buy the most goods after paying taxes/social security - - followed by Sydney, Luxembourg, Dublin and Miami in survey of 73 cities C&AG says €27.3m written-off on dud Irish public service web portal; €15m in fees for “stabilising...banking sector”; Farm scheme cost rockets from €248m to €1.1bn International House Price Comparisons 2009: Dublin plummets but remains expensive; US average for management level house is $363,401; Most inexpensive at $112,675 Boom or bust - - Big accounting firms still in the money but should they be trusted? In praise of manual work and liberation from the "knowledge economy" robotic world! Cost of commonly used services on average 30% higher in Dublin than in Belfast Denmark, Ireland and Finland were dearest for consumer goods such as food, clothing and electronics in EU in 2008 Penny drops as National Consumer Agency decides to launch price comparison site; "A long threatening comes at last" Norman Borlaug - - Father of Green revolution - - saving more lives than any other person who has ever lived Finfacts is independent of vested interests and is not in search of spoils from any political side. We were the iconoclasts, who were among the few who questioned the Irish casino economy of the boom years, long before the crash. During the Irish boom, not one political leader in office, senio r civil servant or central banker, who were the best paid in Europe and had the one of the best pension schemes in the world , took a principled stand against public policy or the lack of it. We have for years advocated reform of Ireland's archaic political system that was inherited from the British - - an essential basis for the development of a modern economy  - - and when the bubble burst, we strongly supported membership of the Eurozone and engagement with the European Union. When spin has primacy over substance in public announcements, encouraged by a receptive audience, Finfacts is often alone in providing the reality check - -  Michael Hennigan Browser crashes can happen for a number of reasons and generally are triggered by a problem with the user's PC; e.g too many windows open using up available memory. outdated browser or Windows not updated via the Control Panel or in automatic mode. The Finfacts home page uses Java, which can trigger a crash, if your system is not updated. Check the browser, which triggers the crash and try an alternative or if you wish to bookmark the main news page, click here.   Download latest browser version free: Microsoft Internet Explorer ; Google Chrome ; Firefox ;  Apple Opera       Web Finfacts The Finfacts Guinness Pint Index The ratio of the price of pint to average earnings   "Believe those who search for truth. Doubt those who claim to have found it" - - André Gide (1869 -1951) Nobel Laureate in Literature 1947 "Error repeats itself endlessly in deeds. Therefore, we must repeat the truth tirelessly in words" - - Johann Wolfgang von Goethe (1749 -1832) German writer "I have observed that the world has suffered far less from ignorance than from pretensions to knowledge. It is not skeptics or explorers but fanatics and ideologues who menace decency and progress. No agnostic ever burned anyone at the stake or tortured a pagan, a heretic, or an unbeliever" - - Daniel Boorstin (1914 - 2004) American social historian "Five score years ago, a great American, in whose symbolic shadow we stand today, signed the Emancipation Proclamation. This momentous decree came as a great beacon light of hope to millions of Negro slaves who had been seared in the flames of withering injustice. It came as a joyous daybreak to end the long night of their captivity. But one hundred years later, the Negro still is not free. One hundred years later, the life of the Negro is still sadly crippled by the manacles of segregation and the chains of discrimination. One hundred years later, the Negro lives on a lonely island of poverty in the midst of a vast ocean of material prosperity. One hundred years later, the Negro is still languished in the corners of American society and finds himself an exile in his own land" - - Martin Luther King, Jr. (1929 – 1968), speaking at the Lincoln Memorial, Washington DC 1963 "If there is anyone out there who still doubts that America is a place where all things are possible; who still wonders if the dream of our founders is alive in our time; who still questions the power of our democracy, tonight is your answer" - - President-Elect Barack Obama, Election Night Tuesday, November 4th, 2008, Grant Field, Chicago “The scene was sickening and all the Irish were there, most of them vying with each other in eagerness to plunder the public purse,” William Ewart Gladstone, British Chancellor of the Exchequer, in an 1859 letter to his wife concerning a House of Commons debate, on the cancellation of a subsidy for the mail steam-packet service between Galway, Ireland and America. Gladstone was facing a budget deficit of £5m. Engaged in felling a tree at his home in Wales, in 1868, Gladstone remarked on receiving a telegram advising of the planned arrival of an emissary from the Queen, "very significant."  About to become prime minister for the first of four periods, he then remarked to an aide: "My mission is to pacify Ireland." Of the 51 men and one woman, who have occupied 10 Downing Street, Gladstone ranks with Tony Blair for the extent of attention given to the "Irish Question." About Us | Privacy Policy & Legal Disclaimer | Contact Us | Site Guide |	Custom Search IRISH BUDGET DEC 09 2009 How to use our RSS feed ISEQ Daily Chart - Irish Market Click for 5day 3m  6m  1y 2y 5y  max FTSE100 Daily Chart 164 CURRENCY CONVERTER CLICK FOR CROSS-RATES TABLE   EURIBOR INTEREST RATES DAILY COMMODITY PRICES- ENERGY & METAL GOLD MARKET & PRICES 1800-2008 WEEKLY ECONOMIC CALENDAR; CURRENCY ANALYSIS & PRICE ALERTS CELTIC TIGER RIP Irish Glass Bottle Site: How the State purchased property it already owned! The Irish Credit Bubble - - Prof. Morgan Kelly, UCD - pdf paper Celtic Tiger crash and the boom in books Ireland exiting the euro and the risk of setting the Irish economy on fire NAMA Business Plan: Government forecasts Irish “bad bank” profit of €4.8bn by 2020; €15bn worth of loans will default; Adviser fees of €2.64bn expected Kelly tells High Court Irish property prices are likely to fall back to mid-1990s levels Morgan Stanley scenario analyses on Ireland's fiscal sustainability; Legacy of banking crisis likely to be long-lasting if not permanent increase in net public indebtedness Lenihan publishes Bord Snip report; Proposes €5.3 billion in spending cuts and public sector staff reductions of 17,300; Says public pension cost at 30% of salary The Waste Land - - Bord Snip, Irish Public Spending Transparency and the motto "Never do anything for the first time" Celtic Tiger Aftermath: Guilty Irish politicians remain in denial and clover while ignoring their victims Report says Irish Financial Regulator’s failure to control property bubble contributed to economic crash and consumer wealth losses The high price of challenging political, business and religious power The 2001 economic consensus that paved the road to economic ruin New approach needed to fix broken Irish political system Ireland and Japan; the Human Cost of broken political systems State bank guarantee tolls the death knell of the Celtic Tiger; Fairytale ends debunking the myths and exposing the reality of foundations built on quicksand Greatest Bubble in History: Warnings ignored in US and Ireland; Vacant Irish housing units rise 150% to 350,000 in period 2002/08 ECB  & GLOBAL WATCH 2010 Rich countries face years of belt-tightening to reduce high debt levels; Deleveraging following crises lasts six to seven years on average Five themes for the global economy in 2010; Recovery in advanced economies will be creditless and jobless Global Economic Prospects 2010: World Bank says recovery will slow as impact of fiscal stimulus wanes; Says crisis fallout will impact finance and growth over next 10 years Global Productivity 2010: Output of employees in advanced economies fell in 2009 for the first time in more than 40 years IMF warns of decade of restraint ahead; Public debt in developed economies of G-20 to rise to 118% of GDP by 2014 The Euro and Irish Economic Crash  - - Why Spain's big banks fared better Global Economy 2010: Morgan Stanley forecasts advanced economies to grow 2%; Emerging economies 6.5%; BofA Merrill Lynch expects China's GDP to rise 10.1% EU presidency says Europe's top 22 banks are "sufficiently capitalised" Kurzarbeit - - Germany's short-time working scheme Moody's Misery Index ranks Spain at No. 1; Ireland gets a fourth ranking China celebrates 60 years of communism/ capitalism; Ready to reclaim pre-1890 status as world's biggest economy? India has youngest workforce among large economies; Demographics necessary for strong growth but insufficient condition World Bank chief says global economic crisis contributing to shifts in power relations; Euro and Chinese renminbi to assume bigger roles Rapid growth in foreign R&D centres in China but many investments are modest IMF says governments need a plan to dispose of the crisis assets; Ireland/Denmark unique in guaranteeing existing bank debt China's under-consumption over-stated Japan’s economy in valley of tears with record public debt heading for 300% of GDP IMF says debt-to-GDP ratio of advanced countries to rise by 20 percentage points in 2009 - - biggest upturn in decades Government budget deficits in the EU more than doubled in 2008; Ireland headed deficit rankings at 7.1% of GDP; Finland top surplus country at 4.2%; Denmark runner-up at 3.6% Rise of the BRICs - - Brazil, Russia, India, China - - Chinese economy larger than the three others combined INFLATION/GLOBAL FOOD CRISIS REPORTS Irish Consumer Prices fell by 5.0% in 2009 Eurozone inflation Dec 2009 Irish Consumer Prices since 1970 Global food production will have to increase 70% for additional 2.3 billion people by 2050 Global Food Crisis: Malthus, Food Price Surge, Climate Change and a 42% rise in World Population by 2050 World Bank study says 12 economies account for more than two-thirds of world’s output; Chinese economy size cut by 40%; Ireland is fourth most expensive world economy CLIMATE CHANGE REPORTS Global forest cover shrinking by 20,000 hectares a day Average age of world's 435 nuclear power plants is 25 years; 75% of Western Europe's plants in last half of life The year 2009 is likely to rank in the top 10 warmest on records from 1850 International Energy Agency calls for greenhouse gas emissions slump to be made permanent Global carbon market market doubled to an estimated value of more than $126 billion in 2008 New scientific study shows Climate Change largely irreversible for more than 1,000 years; There’s no going back US REPORTS United States: Say goodbye to job recession...and hello to census effect; Solid rebound after aggressive cuts - - despite only moderate economic growth Wall Street's Accountability Deficit: "Money is like sea water. The more you drink, the thirstier you become" Big US banks/ securities firms to pay record $145bn for 2009; Earnings rise 18% at 38 firms - - above pre-crash record year of 2007 Multi-billion bond fund manager Bill Gross warns US economy not strong enough for government to “gracefully exit” stimulus spending programs US high-tech entrepreneurship: The "get rich or die trying spirit" that brings results Obama may have to play the Nixon card with China in 2011 The Federal Reserve and the paranoid style in American Politics GE chief attacks "meanness and greed'; Richest made most mistakes with least accountability; Bottom 25% of Americans poorer than 25 years ago US budget deficit hit a record $1.4 trillion in year to September 2009; Deficit was more than treble 2008 level at 9.9% of GDP - - the highest peacetime level since 1920 Senator Edward Kennedy - - a politician who made a difference US survey reveals gulf between scientists and public; Just 32% of Americans believe in evolution; 49% of public accepts global warming is caused by human activity America's long-awaited fiscal train wreck is now underway IRELAND: WORLD-CLASS KNOWLEDGE ECONOMY BY 2013? Venture capital investments shift to energy closely tracking oil price movements New start-ups in 2009 fell 10% in 20 of the world's richest nations according to the annual Global Entrepreneurship Monitor Government publishes "Delivering the Smart Economy" report on Irish science research activity Global Irish Economic Forum and branding Ireland: Green Party minister Eamon Ryan is both for and against science Ireland: A "smart" economy in food better than pie-in-the-sky aspirations? Irish R&D Public Funding: Hard science supported by few hard facts Innovation Ireland: Science Foundation claims 8 spinout companies from university research; Enterprise Ireland claims over 100 Irish Economy: Achieving economic success requires more than investing in creativity Denmark, Sweden and Netherlands head the 2009 e-readiness rankings; Ireland up three rungs to 18th ranking Ireland falls in broadband rankings; Denmark heads the 30 member countries of OECD; Irish penetration less than half Denmark's China moves up Global Innovation Index; Japan, Switzerland, Finland and US in lead; Ireland retains 19th ranking Lands of Opportunity: Israel, Denmark and Singapore - - and what about Ireland? Letter from Shanghai -- Prof. Seamus Grimes, NUI Galway FINFACTS TV Diversions The Daily Sudoku Puzzle Hennigan-Wall Genealogy + National Geographic/IBM Genographic Project NASA Satellite Images Irish Lotto Results Groucho Marx & Taxes! 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