TAPE RECORDINGS from inside doomed Anglo Irish Bank reveal for
the first time how the bank's top executives lied to the Government about the
true extent of losses at the institution.
The Anglo Tapes provide a unique insight into the go-go culture
at Anglo Irish Bank in the aftermath of the boom.
Telefonica has agreed to sell its Irish unit O2 for €780 million
to Hutchison Whampoa subsidiary 3 Ireland, Hutchison said in a statement this
NAMA is "monitoring closely" the increasingly bitter takeover
battle for 16 former Treasury Holdings buildings in Dublin and Cork, the Irish
Independent has learned.
All the money so far provided from a funding boost for autism
services announced by Minister for Health James Reilly last year has been spent
on cutting waiting lists for children with the condition in his political
heartland in north Dublin, newly released documents show.
2008 will be known as the year that initiated the great financial crisis, just as 1847 has gone down as “Black 47”, the year when the Great Famine peaked. “Black 47” involved a massive loss of population and a debilitating legacy of emigration. “Black 2008”, while not as catastrophic in human terms, caused extensive damage to a sizeable part of Ireland’s economic fabric and had major repercussions for all parts of Irish society.
Our recent book (The Fall of the Celtic Tiger: Ireland and the Euro Debt Crisis, Oxford University Press) seeks to provide a balanced assessment of the main domestic and international forces that help to explain Ireland’s economic crisis that was triggered in September 2008. Based on a detailed and analytical examination of all the available evidence, the book shows how Ireland experienced four crises – a property crisis, a banking crisis, a fiscal crisis and a financial crisis. It addresses several key questions.
Vodafone has agreed to buy Germany’s largest cable operator Kabel
Deutschland for €7.7 billion, making its biggest deal since 2007 a bet on TV and
fixed line services to protect its most important market in Europe.
The State’s next lottery operator will be required to base its
operation in Ireland for corporation tax purposes, Minister for Public
Expenditure Brendan Howlin has said.
A web developer told the Irish Examiner that one
business he was involved in had lost €5,000 as they had been unable to take
bookings due to the email system crashing.
The report found that the number of people in the world with more than $1m (€755,000) to invest soared to a record of 12m in 2012, a 9.2% increase over 2011. The aggregate wealth of this group hit a new high, too — $46.2 trillion — a 10% increase over the previous year.
What is particularly striking is that even within this rich group, the very, very rich are doing best of all. The ranks of the ultra-rich, whom the report defines as people with investable assets of at least $30m, surged 11%, an even greater rate than the mere millionaires. This small sliver of the global population — 111,000 people — accounted for 35.2% of the entire wealth of all the world’s millionaires taken together.
Presseurop: A Europe of regions in which political leaders set aside national interests: that is how the Vienna-based writer Robert Menasse sees post-national Europe. Trouw interviewed him following the publication in the Netherlands of his book “The European Courier”.
says in Trouw, the Dutch newspaper: “I once called
on someone who worked for the European Commission. Through his window in the
Brussels Berlaymont building he had a view over Wetstraat, of the Justus Lipsius
building of the European Council. The contempt and hatred with which he looked
across the road! The European Commission puts in such effort to build up Europe,
but they are continually encountering resistance from the representatives of
national interests on the European Council!”
The Eurogroup met in Luxembourg on June 20 and 21
to prepare the groundwork for a banking union, first floated last summer as a
way to avoid a return of the debt crisis. Late on Friday night, finance minister
reached an agreement in principle to use funds from the European Stability
Mechanism (ESM) to recapitalise banks suffering liquidity problems,
writes Volkskrant, the Dutch daily.
Euro Topics: Following Fed chief Ben Bernanke's announcement that the expansive monetary policy will soon end, stock markets across the globe dipped on Thursday. The US central bank plans to cut down on purchases of government bonds already this year, and end them entirely by mid-2014. Since the party can't go on forever, this step is inevitable, commentators note, but are optimistic that the financial markets will soon pick up thanks to healthy growth.
The US Federal Reserve's move away from its
extremely lax monetary policy is unavoidable, the Belgian business paper De
Tijd contends: "One can only hope that the expectations of the Fed chairman
prove correct. Otherwise there will be a serious problem. Of course the Fed can
once again have recourse to the money pump if disaster looms, and for example if
the economy collapses again in 2014. But sooner or later the real economy has to
break free of the artificial support provided by the central banks. ... When a
medication is taken for so long that it leads to dependency, it's hard to break
the habit. But it's necessary all the same. At some point we have to return to a
normal state of affairs in which interest rates rise and and the money tap is
US President Barack Obama's visit to German Chancellor Angela Merkel in Berlin on Wednesday highlighted certain similarities between the two leaders, columnist Mary Dejevsky writes in the left-liberal UK daily The Independent, defending them against accusations that they dither on key issues: "Could it be that the more questioning approach of Obama and Merkel and their very reluctance to push themselves forward are qualities that are underrated in political leaders - qualities that actually help to explain their success?... As for accusations of dithering, there is no evidence that when the time comes for a decision to be taken, either Obama or Merkel has been found wanting. Put another way, there are times when a premature, ill-considered action is not decisive, but reckless. Obama and Merkel still have time to make mistakes. But thus far their just-in-time decisions, made carefully, after due consideration of the facts, are at least as effective as any other kind, and infinitely better suited to our perilous times."
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