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5
Nov
2015

The Irish broad level of unemployment was at 416,474 in October — about 19% of the workforce. The narrow level of unemployment in October was at 203,000 in October at a rate of 9.3% — this rate is the same as the average for the EU28: The EU-28 unemployment rate was 9.3% in September 2015, down from 9.4% in August 2015, and from 10.1 % in September 2014.

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5
Nov
2015

A report commissioned by the Department of Finance on the impact of the UK exiting from the EU after a referendum, says Irish trade with Britain could be reduced by 20% or more. However, this week George Osborne, UK chancellor of the exchequer, spoke in Germany to the main business lobby. We say "maybe not" as Germany has a big trade surplus with the UK, and it would be in the interest of all sides to maintain trade. The UK is far more significant than Switzerland or Norway.

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5
Nov
2015

Ireland: Apple's foreign tax rate on its overseas earnings rose to 6% in fiscal year 2015 that ended on 26 Sept 2015, and this compares with a rate of 2% in 2012. Total net income jumped from $53.5bn in 2014 to $72.5bn in 2015. Net income was at $50.1bn in 2013 — the headline corporate tax rate in Apple's main overseas markets is at least 20%.

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4
Nov
2015

A research report on the Back To Education Allowance (BTEA) for Irish unemployed, produced by the Economic and Social Research Institute (ESRI) and published Wednesday says the scheme was in effect useless as there is no evidence of improved employment outcomes for recipients. Some recipients have been on courses for up to six years.

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4
Nov
2015
2
Nov
2015

A further solid improvement in business conditions in the Irish manufacturing sector was recorded in October according to a monthly survey. However, the data are not reliable as official figures show a 30% surge in production in the 12 months to June — a jump of almost a third in activity suggests the booking of overseas production in Ireland for tax purposes, which is termed "contract manufacturing."

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1
Nov
2015

In 1849 with $2,500 borrowed from Charles Pfizer's father, cousins Charles Pfizer and Charles Erhart, young entrepreneurs from Germany, opened Charles Pfizer & Company as a fine-chemicals business. It began in a modest red-brick building in the Williamsburg section of Brooklyn, New York and by 2014 through organic growth and acquisition, it had the second highest revenues for a pharmaceutical company in the world. Now Now Ian Read, its Scottish-born chairman and CEO, wants the group to become Irish for tax purposes. If it succeeds, it will further distort Ireland's national accounts.

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30
Oct
2015

Irish Economy: In 1986 Sir Robert Armstrong, UK Cabinet Secretary, used a euphemism for lying that had its origin in 1796 — "economical with the truth" — during a court case in Australia on the British government's request for a ban on a book by a former spy. The admission by Enda Kenny, taoiseach, this week that his past claims that Patrick Honohan, Central Bank governor, had suggested on a Wednesday in some undated week that the Army could be required to protect banks and ATM machines, from expected mobs in the streets, were not correct, appears to be an admission of a lie rather than tailoring the truth. It also highlights the corrosive impact of political spin.

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29
Oct
2015

Joan Burton, tánaiste and minister of social protection, in an op-ed piece in the Irish Times today writes on "why public sector workers deserve a pay rise." We are not disputing that point in this analysis, but in support of her case Burton appears to be unaware that official data show that pay at Irish micro and small firms fell in the year to June 2015.

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28
Oct
2015

Doing Business 2016: The latest World Bank flagship assessment of the ease of doing business in 189 economies puts Singapore on top again while Ireland slipped to a 17 rank from 13 last year. In the global ranking stakes, joining Singapore on the list of the top 10 economies with the most business-friendly regulatory environments are New Zealand, in second place; Denmark (3); South Korea (4); Hong Kong, China (5); United Kingdom (6); United States (7); Sweden (8); Norway (9); and Finland (10).

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