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Monday Newspaper Review - Irish Business News and International Stories - - July 21, 2014
By Finfacts Team
Jul 21, 2014 - 10:22 AM
|Front page de Volkskrant, the Dutch daily, on the M17 Malaysian Airlines atrocity|
The long-delayed €3.4bn Corrib gas project has taken a
significant step towards producing gas after tests confirmed all five Corrib
wells are now ready to flow.
The tests came after Shell E&P Ireland flared gas
for a 24-hour period (pictured) at the Ocean Guardian drilling rig about 80km
off the Mayo coast.
The successful gas flare confirms the production capacity of the so-called P6
well and "means that all five Corrib wells are ready to flow", according to a
spokesman for Shell Ireland.
Gas was originally expected to flow from the field in 2003. The project is now
likely to be 12 years behind the original schedule and the outlay will be more
than four times the initial estimate of €800m.
Ukrainian army tanks were reported to be launching an assault to
break pro-Russian rebels' hold on the eastern city of Donetsk on Monday in the
first major outbreak of hostilities in the area since Malaysia Airlines flight
MH17 was shot down last week.
A separatist leader said Ukrainian government forces were trying to break into
Donetsk and fighting was under way near the railway station.
Sergei Kavtaradze, of the rebels' self-proclaimed Donetsk People's Republic,
said at least four tanks and armoured vehicles were trying to break through into
A Ukrainian military spokesman said the operation was in progress but would not
comment on reports of troops entering Donetsk. "The active phase of the
anti-terrorist operation is continuing. We are not about to announce any troop
movements," Vladyslav Seleznyov said.
Reuters journalists also saw two rebel tanks heading towards Donetsk railway
Ireland is set for a heatwave this week since temperatures are
expected to hit a sizzling 25 degrees over five days, Met Éireann has advised.
Warm, humid and dry conditions are expected until the end of the week.
A forecaster told independent.ie: “This week certainly there’s a possibility of
a heatwave. Temperatures will be up around 25 degrees over most of the week.
It’ll be a pleasant, very warm, and humid week.”
A heatwave in Ireland is classified as five consecutive days of temperatures
over 25 degrees.
Today will become warm with lowest temperatures reaching 20 degrees.
“It’s going to be quite humid and the nights will be humid as well with
temperatures of 15 to 16 degrees, which can be uncomfortable for some,” the
THE success of the European Central Bank's as yet unused bond
buying programme in easing market fears reflects the need for a fiscal union,
the IMF's former Ireland mission chief has said.
In a paper published by think-tank Bruegel, Ashoka Mody argued the ECB's
Outright Monetary Transactions (OMT) programme was a "politically pragmatic
tool" to diffuse the euro zone crisis which also exposed key fault lines in the
architecture of the euro.
OMT was unveiled in September 2012 after the ECB pledged to do whatever it takes
to preserve the single currency. It calmed financial markets but stirred
criticism from Germany's Bundesbank.
Britain’s biggest retailer Tesco said on Monday its chief
executive Philip Clarke would quit, to be replaced by Unilever executive Dave
Lewis, after it issued a profit warning.
Tesco said Mr Clarke would continue as chief executive until October 1st when he
would step down from the board but will continue to be available to support the
transition until the end of January 2015.
Tesco said current trading conditions were more challenging than it anticipated
at the time of its first quarter interim management statement on June 4th, and
that sales and trading profit in the first half of the year were below
Britain is prepared to take an economic hit from further
sanctions against Russia because the costs of not acting would be greater,
British finance minister George Osborne said today.
Mr Osborne said no one should doubt Britain’s resolve to punish those
responsible for Thursday’s downing of a Malaysian jet, which killed 298 people.
U.S. Secretary of State John Kerry on Sunday laid out what he called
overwhelming evidence of Russian complicity in the disaster.
John Malone, the billionaire behind UPC-owner Liberty Global, has
bought the five-star Westin Hotel in Dublin for €65 million. The acquisition is
expected to close at the end of August 2014.
The Westmoreland Street hotel will be operated by Lalco Hotel Group under a
franchise agreement with Westin Hotels & Resorts.
The Westin is the third hotel in Dublin to be acquired by Mr Malone and his
Irish partners Lalco, operated by John Lally and Paul Higgins. The others are
the Trinity City Hotel, Pearse Street and Hilton Hotel, Charlemont Place.
Lalco Hotel Group employs 1,100 people. As well as three hotels in partnership
with Mr Malone, it also runs the Limerick Strand Hotel, the Harbour Hotel in
Galway and the Glenlo Abbey Hotel and Golf Club among others.
Businessman Harry Crosbie lost up to €20 million investing in
shares in Yahoo and AIB at the peak of the boom.
Mr Crosbie’s failed investment took place at a time when his company borrowings
were on their way to more than €400 million as he sought to achieve an ambitious
vision for Dublin’s docks.
Mr Crosbie first invested about €20 million in Yahoo in the middle of the last
decade. He cut his losses after losing several million euro, switching to AIB
shares, his principal lender at the time.
AIB’s share price then collapsed to almost zero because of its exposure to
property developers. Mr Crosbie yesterday declined to comment on his stock
Private debt collectors are to be employed on an “ongoing basis”
to chase up unpaid Dáil bar tabs running into tens of thousands of euro.
The decision has been taken by the Houses of the Oireachtas Commission, which
runs Leinster House, after it was found that a small number of TDs and senators
are consistently breaching credit limits.
The committee — which includes Ceann Comhairle Seán Barrett and Paddy Burke,
Cathaoirleach of the Seanad — had requested a “progress report” on unpaid debts
from the Oireachtas catering service.
The minutes of its May meeting state that “the commission agreed in principle to
the recruitment of a credit controller who will have responsibility for this
area on an ongoing basis”.
DutchNews.nl says: Dutch foreign minister Frans Timmermans is in
New York on Monday to gather UN support for a united international approach to
bringing the bodies of those killed in the Malaysia Airlines flight MH17 crash
back from Ukraine.
‘This is my first and most important task,’ Timmermans said on his Facebook
The minister said he will also strive to ensure the international community
supports calls for a full, independent and international inquiry ‘so we can
establish exactly what happened and call those responsible to justice.’
Timmermans said US secretary of state John Kerry and Britain’s foreign minister
Philip Hammond have pledged their full support.
‘In these difficult times for our country, we are not alone,’ Timmermans said.
‘Our friends are at our side. And we will not rest until justice is done.’
BBC News: US Secretary of State John Kerry has said there is
overwhelming evidence of Russian complicity in the downing of a Malaysia
Airlines plane in Ukraine.
Mr Kerry called on Russia to take responsibility for the actions of the rebels,
saying their handling of the dead had been "grotesque".
All 298 people on flight MH17 died when it was reportedly hit by a missile.
Russia has been accused of providing the rebels with an anti-aircraft system
that was allegedly used in the attack.
The London Independent: Russian President Vladimir Putin has
condemned what he says is the exploitation of MH17 for “mercenary objectives,”
as rescue workers continue to plough through the remains of the downed plane and
the UN Security Council prepares to vote on a resolution demanding full access
to the Ukraine crash site.
In a statement posted to the Kremlin website, Mr Putin said that the crash was
being manipulated by forces keen use it for their own purposes, without hinting
as to who that might be.
He also said that his government supports an investigation run by a “full team
of experts” working at the behest of UN agency the International Civil Aviation
He criticised Ukraine for reigniting fighting with the rebels and said: "We can
say with confidence that if fighting in eastern Ukraine had not been renewed on
28 June, this tragedy would not have happened.
"Nobody should or does have a right to use this tragedy for such mercenary
El País of Spain reports that the auditor of failed free wi-fi
company Gowex, José Antonio Díaz Villanueva, voluntarily appeared before a judge
in the High Court on Friday. Díaz Villanueva was subject to an international
arrest warrant after police reported that they had been unable to locate him.
Both the auditor and the disgraced founder of Gowex,
Jenaro García, have been named as official suspects in an investigation into the
Gowex, which had previously been touted by politicians as a Spanish business
success story, was brought down by a damning report by the mysterious financial
analysis company Gotham City Research. The report claimed that Gowex was
falsifying its accounts, something that was initially denied by García, but he
later admitted to be true. The value of the company’s stock tumbled and it has
since filed for bankruptcy.
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