||Last Updated: Oct 9, 2015 - 12:32 AM
Jul 27, 2015 - 8:11 AM
Almost two-thirds of the production of German car manufacturers is outside Germany and they help to make cars + car parts one of the top goods exports from Spain, UK, Portugal, Czech Republic, Slovakia, Hungary, Slovenia, Romania and Poland.
Jul 27, 2015 - 8:04 AM
Irish Budget 2016: Ibec, the principal Irish business lobby, in a submission to the Department of Finance in respect of next October's budget, today outlines demands for a mix of 20 tax cuts, spending and investment rises that it wishes to see implemented. The changes including provisions for a rises in public sector pay and for demographic changes, are estimated to cost €2.5bn.
Jul 24, 2015 - 9:09 AM
Business survey data showed the pace of Eurozone economic growth slowing slightly in July, though the rate of expansion remained one of the strongest seen over the past four years. At 53.7, the Markit Eurozone PMI (purchasing managers' index) fell from June’s four-year high of 54.2 but remained slightly above the average seen over the first half of the year.
Jul 24, 2015 - 7:37 AM
NASA's Kepler mission has confirmed the first near-Earth-size planet in the “habitable zone” around a sun-like star. This discovery and the introduction of 11 other new small habitable zone candidate planets mark another milestone in the journey to finding another “Earth,” according to the space agency.
Jul 23, 2015 - 7:10 AM
For the third year in a row, the US and China are ranked first and second as top target countries for foreign direct investment (FDI), while the UK continues its three-year rise to claim third position. Canada has a fourth rank and is followed by Germany.
Jul 23, 2015 - 3:46 AM
Energy subsidies are projected at US$5.3tn in 2015, or 6.5% of global GDP, according to a recent IMF study with most of this arising from countries setting energy taxes below levels that fully reflect the environmental damage associated with energy consumption. Meanwhile the World Bank said this week that commodity prices will remain weak despite a rebound in the price of crude oil.
Jul 22, 2015 - 9:01 AM
The Low Pay Commission in a report published Tuesday has recommended an increase in the Irish National Minimum Wage which is only one issue in the level of low pay and poor pension coverage in Ireland. The chief of Ibec, the principal business lobby, said "it is inexplicable how such a rise could be proposed" — Irish business firms have the lowest social security and corporate taxes in Europe and several public supports that are provided free.
Jul 21, 2015 - 8:07 AM
Paul Krugman, the New York Times columnist, on Monday called the euro a Roach Motel which is — "a trap that's hard to escape" — and in recent years "Hotel California," the Eagles 1970s song with its lyrics, "You can checkout any time you like/ But you can never leave!" has been invoked during the euro crisis.
Jul 21, 2015 - 1:31 AM
Greece & Euro Crisis: The following are recent articles on Greece and the euro crisis. We had been using a temporary index while doing some repair work.
Jul 20, 2015 - 4:06 PM
John Maynard Keynes, the Depression-era British economist, advocated public deficits during economic downturns to stimulate demand and employment, while he believed that in times of relative prosperity that countries should aim to have budget surpluses. In the period since the end of the Second World War in 1945, Italy has had 60 years of continuous deficits; France and Greece have had 40-year trends while in other developed countries an annual surplus has become rare since the 1980s.
Jun 26, 2015 - 3:57 PM
Ireland vs Greece: Enda Kenny, taoiseach/prime minister, on Thursday in Brussels suggested that following the Irish bailout in 2010 there were no rises in taxes and he also said that Ireland would not support debt relief for Greece.
Jun 25, 2015 - 11:46 AM
US startups rely on personal savings and debt mainly financed by a bank while venture capital funds less than 1% according to a new report.
Jun 24, 2015 - 8:22 AM
Greece and other poor countries in the Euro Area will not become rich unless there is an economic miracle in Europe similar to the catch-up period of 1950-1973 when Southern Europe grew at a 4.5% annual rate.
Jun 23, 2015 - 9:03 AM
Euro Area economic growth hit a four-year high in June, according to the latest PMI (purchasing managers' index) survey data for manufacturing and services activity. Markit’s flash Eurozone PMI, based on around 85% of usual monthly survey replies, rose from 53.6 in May to 54.1 in June, its highest since May 2011.
Jun 23, 2015 - 5:30 AM
The Irish standard of living per inhabitant in 2014 was both below the Euro Area average and below the Italian level but similar to per capita living standards in Spain and Cyprus while price levels in Ireland were the fifth highest among the EU28 countries.
Jun 22, 2015 - 7:37 AM
New passenger car registrations in the EU-15 rose year on year for the 21st consecutive month in May 2015. True, at 0.8% yoy, growth is relatively low. However, this is due to the fact that the number of potential sales days was lower in some countries in May 2015 than in May 2014. In the EU-15, roughly 5.4 m passenger cars were newly registered between January and May 2015. This corresponds to an increase of 6.9% compared to the same period of the previous year (total 2014: +5%). Nevertheless, the number of new registrations in the first five months of 2015 was still below the long-term average values of previous comparative periods (-8.2% vs. the average of the years 2000 to 2015; -15.1% vs. 2000 to 2007). On the one hand according to a comment by Deutsche Bank, this underscores the depth of the sales crisis in the European car market, which took hold in 2008. On the other, the figures show that there is further catch-up potential.
Jun 19, 2015 - 7:35 AM
Alex Tsipras has a difficult choice to make at Monday's Greek crisis emergency meeting of EU leaders in Brussels. He risks losing his job as prime minister either way but the risks of a default and sudden exit from the euro are greater for both him and Greece — while the chaos that would inevitably follow the replacement of the euro at the height of the tourist season would likely resemble Argentina's experience more than a decade ago, absent a commitment to reform the economy, Greece would risk becoming another failed state like Venezuela.
Jun 18, 2015 - 8:44 AM
On Wednesday the European Commission re-launched its Common Consolidated Corporate Tax Base (CCCTB) proposal. It also published a first pan-EU list of third-country non-cooperative tax jurisdictions and launched a public consultation to assess whether companies should have to publicly disclose certain tax information. The Commission also said that studies show that in the European Union (EU) "multinational companies pay on average 30% less tax than their domestic competitors. Corporate tax avoidance can result in SMEs carrying a heavier tax burden, as governments compensate for the revenue losses."
Jun 18, 2015 - 8:33 AM
On Wednesday the European Commission published a list of the 30 of the world's top tax havens but most are based on small islands and the biggest 4 corporate tax havens in Europe do not fall within the official definition of the rich countries.
Jun 17, 2015 - 5:21 AM
Singapore, London and Shanghai were the top cities for new FDI (foreign direct investment) projects in 2014 while Dublin had an 11th place in a ranking of 20 cities.
Jun 17, 2015 - 4:12 AM
Tokyo for long ranked as the most expensive city in the world for expatriates, is no longer in US dollar terms and in Europe, the fall in the euro versus the dollar has kept cities such as Dublin and Paris looking cheap.
Jun 16, 2015 - 8:43 AM
The long awaited European Fund for Strategic Investments (EFSI), the key economic priority of Jean-Claude Juncker, European Commission president, has successfully passed the final stage of negotiations in the EU legislative procedure and is expected to be approved by the ECOFIN council of EU finance ministers on this Friday and in the European Parliament on 24 June. Meanwhile, China is reported today to be willing to pledge a multibillion-dollar investment in the new infrastructure fund at a summit in Brussels later this month, in Beijing's latest round of chequebook diplomacy to win greater influence.
Jun 15, 2015 - 3:32 PM
Preliminary figures for April 2015 show that seasonally adjusted Irish goods exports increased by €989m (+12%) from March to €9.3bn, the highest monthly figure in the published series according to the CSO. Seasonally adjusted imports for April decreased by €279m (-6%) leading to a significant increase of €1.27bn (+38%) in the seasonally adjusted trade surplus to €4.6bn in April.
Jun 15, 2015 - 11:06 AM
Research findings reported today 1) show that Europe produced 13 “unicorns” — technology startups that have reached a value of at least $1bn — in the year since April 2014. The US had 22 new unicorns in the same period. 2) coinciding with the start of London Technology Week, the British capital has been confirmed as the top digital hub in Europe.
Jun 15, 2015 - 6:24 AM
Talks in Brussels between representatives of the Greek government and the European Commission abruptly broke down Sunday while Sigmar Gabriel, Germany's vice-chancellor and leader of the left of centre SPD party, which has been generally conciliatory towards Greece, warns Monday: "The game theorists of the Greek government are just about to gamble away the future of their country."
Jun 14, 2015 - 2:43 PM
Last week Nestlé SA of Switzerland took Indian food regulators to court to challenge a ban on the company’s instant noodles, which authorities claim contain hazardous levels of lead. Meanwhile in China, Western consumer product groups such as Unilever are feeling the heat as large numbers of Chinese are turning from shopping malls to e-commerce retailing.
Jun 12, 2015 - 5:04 AM
Using four key measures of an economy’s health: per capita GDP, labour productivity, the number of jobs, and median household income, for more than three decades after World War II, In America all four went up steadily and in almost perfect lockstep. Job growth and wage growth, in other words, kept pace with gains in output and productivity. American workers not only created more wealth but also captured a proportional share of the gains.
Jun 11, 2015 - 9:39 AM
The Mexican tall ship ARM Cuauhtémoc ("one who has descended like an eagle") will sail into Dublin Port on Wednesday next June 17th and will be open to the public for five days.
Jun 11, 2015 - 8:30 AM
Irish-based technology firms raised €120m in the first quarter of 2015, according to the Irish Venture Capital Association VenturePulse survey which is published in association with William Fry. However some of the biggest recipients of funding did not originate in Ireland but are headquartered in Ireland for tax purposes.
Jun 11, 2015 - 1:09 AM
A structural growth slowdown has been underway in many developing countries as the growth in working age populations, productivity, and investment has eased, according to the World Bank.
Jun 10, 2015 - 2:07 PM
Irish industrial production rose 20% in the first four months of 2015 while construction fell 2.6% in the first quarter according to data today from the CSO.
Jun 10, 2015 - 6:40 AM
Irish Economy 2015: The Economic and Social Research Institute (ESRI) says today that "an expansionary budgetary policy is not advisable and does suggest that the government is adopting a pro-cyclical fiscal policy. While there was little alternative in the aftermath of the financial crisis to a contractionary, pro-cyclical fiscal policy, given the state of the public finances, it is regrettable now, once we have discretion in terms of the policy choices available, that such a course of action has been signalled."
Jun 10, 2015 - 6:00 AM
OECD BEPS Tax Project: In a significant signal of the potential impact of the emerging changes in the international corporate tax regime, Amazon.com, the US e-commerce giant, has reverted to booking UK sales in the UK rather than in lower-tax Luxembourg, which it has been doing in recent years to avoid tax. Meanwhile, Australia has proposed up to 100% in penalties to curb tax avoidance by multinationals.
Jun 9, 2015 - 8:22 AM
Ireland: In 2013 Ireland at 51% had the fourth highest 25-34 year old ratio of third-level graduates to population in the developed world after South Korea at 67% and both Japan and Canada at 58% while at the other end of the spectrum, Italy was at 23% and Austria at 25%, according to the latest 'Education at a Glance' annual report compiled by the Organisation for Economic Co-operation and Development (OECD).
Jun 8, 2015 - 8:31 AM
German exports in April rose more sharply than expected while industrial output also posted a strong rate, signalling a good start for the Eurozone's largest economy at the start of the second quarter.
Jun 8, 2015 - 1:43 AM
The rate of output growth in emerging markets slowed for the third month running in May, according to the latest survey data from HSBC and Markit. Manufacturing contracted.
Jun 5, 2015 - 8:01 AM
The Aon Hewitt Managed Fund Index, an index representing the performance of traditional Irish pension managed funds, increased by 1.6% in May. This has contributed to the index delivering a positive return of 13.0% since the beginning of the year and 24.1% over the past 12 months. Rubicon Investment Consulting report (see below) that its portfolio of funds achieved an average return of 1.8%.
Jun 5, 2015 - 7:38 AM
Last week the key 2015 Kauffman Index of US startup activity showed a rise in 2015 but nevertheless, business dynamism as reflected in employer firm startups has been in a secular decline in the United States since the 1970s.
Jun 4, 2015 - 9:57 AM
Tackling Inequality: Scandinavian countries have the most successful welfare systems in Europe according to a paper on research with the goal to identify innovative ways to limit inequality in households’ disposable incomes and living standards while keeping welfare systems fiscally sustainable — one key finding is that "compared with other world regions, inequality in disposable income in Europe is relatively low and has not increased sharply during the last two decades."
Jun 4, 2015 - 9:17 AM
The Irish service sector PMI (purchasing managers' index) survey data saw an improvement in growth momentum in May, with activity and new business rising at faster rates and companies taking on extra staff at the strongest pace so far this year. On the price front, higher staff costs and a weak euro led to rising input prices while a solid increase in charges was recorded. However, as the biggest companies in the sector such as Google divert revenues from its main markets to Ireland for tax purposes, the real level of activity while positive is more muted.