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Thursday Newspaper Review - Irish Business News and International Stories - - July 17, 2014
By Finfacts Team
Jul 17, 2014 - 12:10 PM
PRIVACY campaigner Max Schrems will have to pay no more than
€10,000 in legal costs if he loses his complaint about the mass transfer of data
by Facebook Ireland to the US intelligence services, a judge has ruled.
In what is known as a "protective costs order", Mr Justice Gerard Hogan applied
a €10,000 limit to costs of the Austria-based law student's legal challenge to
the Data Protection Commissioner's refusal to deal with a complaint over the
data transfer issue.
The judge said that rather than give a protective costs order for €55,000 – as
sought by the Data Commissioner in recognition of the amount Mr Schrems has
obtained through a fundraising campaign – he would limit it to €10,000.
The judge said as a post-graduate law student in his 20s, on the cusp of his
career, Mr Schrems was somebody who was very likely to be exercised by the
prospect of legal costs.
Cost competitiveness in Ireland has begun to
slip, it has been warned.
The National Competitiveness Council said this threatens to undermine the
hard-won gains made to date, puts job creation at risk and damages living
It called for vigilance to ensure the country’s international competitiveness
does not start to fall back considerably.
Chairman Dr Don Thornhill said the economy was in a much sounder footing for
growth than at any stage over the past five years.
But he warned: “We are especially concerned about the very real threat to
Ireland’s cost competitiveness.
It's a big day for German Chancellor Angela Merkel as she
celebrates her 60th birthday.
And an enthusiastic German reporter wanted to let her know just how special the
At a news conference in Brussels, the journalist wished Merkel a happy birthday
before launching into the traditional song.
However, no other attendees joined in the tune so the reporter continued his
birthday serenade alone.
Plans to invest €3 billion in developing Dublin’s docklands on
the lines of Canary Wharf in London and delivering up to 22,000 houses and
apartments in the greater Dublin area over the next five years have been
announced by the National Asset Management Agency.
The programme was outlined yesterday at the publication of a review by the
Department of Finance of how well the State property agency is progressing.
“Investing in the docklands and . . . housing are key objectives,” Frank Daly,
the chairman of Nama said. “That could be anything in the order of a billion and
a half in each of those programmes so we are talking possibly €3 billion.”
He added: “I also want to make it clear that that is factored into our thinking
about debt repayment. It will not compromise our ability to repay our debt or
leave a surplus.”
Who will be the next chair of the RTÉ board? The appointment will
be one of the first tasks to fall to ex-RTÉ radio producer Alex White, the new
Minister for Communications.
The term of current chairman Tom Savage, a former broadcaster and the director
of PR firm the Communications Clinic, and six other board members is due to
expire on August 31st. But the identity of Savage’s successor in particular will
say a lot about how much the Coalition respects the status of the broadcaster.
The smart money is naturally on an inner-circle grandee, someone who is on the
verge of retirement from their day job, or someone who has just retired,
The Irish economy is set to grow by at least 3 per cent a year
over the coming years, or at twice the European average, according to the latest
report on Ireland by ratings agency Moody’s.
Employment growth is expected to be “robust” and the level of economic growth
will help ease the Government’s fiscal consolidation drive, it said in a
generally positive note on the economy, although it says difficulties with
non-performing bank loans and a shortage of credit will continue to act as a
“Growth in the industrial, service and construction sectors imply that
Government revenues will continue to grow faster than nominal gross domestic
product,” the report said.
The former US Treasury Secretary Timothy Geithner’s recently published memoir,
Stress Tests is deeply uncomfortable reading for anybody even remotely
interested in the fortunes of the eurozone.
Mr Geithner lays bare the inept and shortsighted response by EU leaders to the
financial and debt crises that threatened to rip the eurozone apart.
The fact that the single currency is still in use, and all member states are
still in the club, rests squarely on the shoulders of one man, according to
Geithner. And he is the president of the ECB, Mario Draghi.
Mr Draghi understood the magnitude of the problems facing the region, which
prompted the now infamous July 2012 speech that he will, “do whatever it takes
to save the euro and believe me, it will be enough.” In September of that year,
he unveiled the outright monetary transactions programme.
Since then, eurozone borrowing costs for core and periphery countries have
tumbled to record lows.
The biggest single factor behind the success of Nama is the effect of the
Euro Topics: The Dutch state bears partial
responsibility for the deaths of 300 Bosnian Muslims who were deported by
Serbian soldiers from Srebrenica in 1995, a civil court ruled on Wednesday in
The Hague. The ruling is harsh but fair, some commentators write. Others put the
blame on the United Nations, which had declared Srebrenica a safe area.
Victory for the "Mothers of Srebrenica": The ruling is harsh but fair because
in the court's opinion the Dutch UN unit Dutchbat was in control of the military
base near Srebrenica and so was also duty bound to protect the refugees, the
conservative Dutch daily De Telegraaf writes: "The 'Mothers of Srebrenica'
have won a big victory in The Hague. The ruling states that the Netherlands is
responsible for the deportation of roughly 300 men in the ghastly drama that
took place 19 years ago after the fall of the Muslim enclave. ... The court
leaves no doubt that there was no fear of an attack on Dutchbat as the base was
never fired on and the Bosnian Serbs didn't want to use force against UN
soldiers. But in helping to deport the men who were later killed, the Dutch
acted unlawfully. The judgement is harsh, but it is one the state cannot ignore.
Half-hearted judgement a disgrace: The court ruled that the Netherlands is
not responsible for the deaths of all the 8,000 murdered Muslims. This is a
half-hearted verdict, the liberal Italian business daily Il Sole 24 ore comments:
"You witness a massacre and don't do anything to stop it? And that's not all.
The pictures from back then show General Mladić and the Dutch officers
cheerfully raising their glasses to each other in Potočari while peace-keeping
forces denied hundreds of Bosnians access to the military base and thus refused
to protect them. But according to the court the Netherlands can't be held
accountable for the actions of the peacekeeping forces before the fall of the
Muslim enclave. The ruling is in truth a disgrace, and the Netherlands would
have done well to assume responsibility on its own initiative before it was
Assange to blame for his predicament: A Swedish court on Wednesday upheld the
European arrest warrant against Julian Assange on charges of sexual assault.
For the Swedish daily Dagens Nyheter the Wikileaks founder only has himself to
blame for his predicament: "We don't know to what extent Julian Assange is
guilty. To determine that the preliminary hearings must be concluded and if
necessary the case must go to trial. But Assange alone is to blame for his
prolonged stay in the Ecuadorian embassy in London. ... Assange's anxiety about
being extradited to the US is partly understandable. The anti-terrorist
legislation and the scandals over Guantanamo Bay have undermined trust in the US
legal system. ... But this is not what the arrest warrant deals with. His being
a wanted man has nothing to do with the US or Wikileaks, but is due to the fact
that Assange is accused of having sexually assaulted two women and has prevented
a court investigation for four years."
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