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Wednesday Newspaper Review - Irish Business News and International Stories - - August 27, 2014
By Finfacts Team
Aug 27, 2014 - 11:31 AM

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Irish Independent

A woman evicted from her rented home in her pyjamas said her family have been “left homeless with no clothes”.

Martin and Violet Coyne are appearing before a judge today for contempt of court for repeatedly failing to comply with orders to vacate their house in Carpenterstown, Dublin.

Dressed in a night dress, dressing gown, slippers and tracksuit bottoms, Mrs Coyne said she believed they would have got notice before officials from the Sheriff's Office and KPMG arrived and changed the locks.

“I’m left homeless with no clothes on me,” she said outside Dublin’s Four Courts.

Ryanair has announced today it will bid for Cyprus Airways.

As had been anticipated, the airline will make the bid ahead of Friday's deadline and is expected to be among up to 15 bidders.

Airline boss Michael O'Leary was on the island last week to submit a proposal to the government that would involve the acquisition of all or part of Cyprus Airways, which has seen its annual traffic volumes plummet to about 600,000 from three million a few years ago.

Mr O'Leary said he believes Ryanair could help put Cyprus Airways and the island's tourism sector "back on a path of a very much renewed and rapid growth, with new routes, more flights and new jobs for pilots, cabin crew and engineers".

The Cypriot government owns 94pc of Cyprus Airlines, which has already received more than €100m in state aid.

Flamboyant US billionaire Donald Trump paid €8.7m for the luxurious Doonbeg golf resort in Co Clare, filings with the Companies Office have revealed.

The high-profile resort was sold in February to Mr Trump by receivers for the property.

A report just filed by the receivers - David Hughes and Luke Charleton of accounting firm Ernst & Young - shows that the proceeds from the sale of the exclusive golf destination amounted to slightly more than €8.7m.

It had been speculated that Mr Trump had paid around €15m for the property, which had been developed at an initial cost of €28m when it opened in 2002.

Irish Times

The Government has been warned against any early unilateral move to recast Ireland’s corporate tax regime by tax advisers to major American multinationals.

The Washington-based Tax Executives Institute said in a submission to the Department of Finance that any sudden change to Irish tax rules would damage the interests of multinational investors in Ireland.

The group, which says it represents the views of in-house tax advisers to 3,000 major firms in the US and Europe, also said any Irish move before similar steps by other countries “may not be prudent”.

Talks between the Government and the Irish Medical Organisation (IMO) on a new pay and career structure deal for new hospital consultants have broken down.

Proposals drawn up as part of the talks would have seen pay for newly-appointed consultants working exclusively in the public hospital system increase from a scale of €116,000 - €121,000 at present to between €127,000 and €175,000 over time.

The proposals drawn up by the Labour Relations Commission (LRC) would have allowed some new consultants with experience to be appointed at an entry level of €155,000.

 Average room rates rose by €2.77 to €77.49 in Ireland in 2013, to 79 per cent of 2007 peak prices, says a survey.

The report, by accountancy firm Crowe Horwath, said the average occupancy rate in Irish hotel rooms was 65.9 per cent in 2013, up 2.1 per cent on the previous year, but it warned of a “two-speed recovery” as Dublin pulled ahead.

Average occupancy in Dublin was 76.3 per cent in 2013, just 0.5 per cent below what it was at the top of the boom.

“The first six months have continued to see more growth,” said Aiden Murphy, a recovery and restructuring specialist with Crowe Horwath.

Irish Examiner

Most people emigrating from Ireland are employed workers or fresh graduates, creating concerns of a skills shortage as the economy begins to recover.

Latest figures from the Central Statistics Office show that just 12,300, or one in six, of the 81,900 people who left the country in the 12 months to April this year was unemployed.

The rest were split mainly between the 28,900 who quit jobs to make a new start abroad and the 29,000 who were students immediately prior to their departure, suggesting they had given up on finding work here before they had even begun.

The number of new graduates leaving was higher than at any time in the previous six years, and almost half (47%) of everyone who left had a third-level education.

Europe

Euro Topics: Russian President Vladimir Putin and his Ukrainian counterpart Petro Poroshenko met in private for the first time since the start of the Ukraine crisis on Tuesday in Minsk, and discussed the options for a ceasefire. The fact that they met at all is a success, some commentators observe, and call for Ukraine to be given a perspective between East and West.

Meeting in Minsk comes too late: If a meeting like the one in Minsk had taken place a year ago the Ukraine crisis could have been avoided, the liberal Italian business paper Il Sole 24 Ore laments: "The association agreement with the EU that Petro Poroshenko has once again marked as a priority could cost Russia over 100 billion rubles - or two billion euros. That's why Vladimir Putin has been defending his right to erect trade barriers on European products. Because they threaten to flood the Russian market by way of Ukraine at a time when import duties are set to be lifted. At the start of the meeting with the Ukrainian president and the partners of the Eurasian Customs Union - Kazakhstan and Belarus - Putin was quick to address this key topic. It's the crux - and the cause - of the crisis that broke out months ago, and which has now led to a war. If the Russians, Europeans and Ukrainians had sat down at this table and attempted to reach a friendly understanding regarding their mutual expectations, the whole crisis might well have been avoided."

Hollande's new government disappointing: The Elysée Palace on Tuesday presented the new French government on which President François Hollande and Prime Minister Manuel Valls have agreed. But the head of state has yet again made the wrong choices for his cabinet, the left-liberal weekly magazine Le Nouvel Observateur criticises. "Without doubt he once again risks not pleasing anyone. Without doubt he disappointed his prime minister by denying cabinet posts to any of the latter's entourage. Without doubt he also disappointed the liberal socialists in his camp, who were hoping for more commitment to his most recent economic decisions. … One rightly wonders why (both in his own interest and from a strategic point of view) he didn't seize the chance to confirm his social-liberal shift by naming some ministers or undersecretaries who are clearly on the right of the Socialist Party, rather than limiting the casting to such an extent."

Stalling Austria urgently needs reforms: Michael Spindelegger, Austria's finance minister and vice-chancellor and chairman of the Austrian People's Party, announced his resignation from all his posts on Tuesday. The move is a pointed response to the lack of reforms, the liberal German business paper Handelsblatt comments: "The government that has only been in office for 11 months is so weak and insipid that Austria's neighbours pity it. Instead of coming up with new ideas and serious reforms, the alliance under bland [Chancellor] Faymann has done nothing but muddle through so far. ... Austria must summon up the energy for real reforms, otherwise the economically stalling Alpine nation will see its competitiveness diminish even further. It already squeezes higher taxes and contributions out of its citizens than Sweden. Companies and banks are encumbered with special taxes. ... Even if the coalition members in Vienna are crippled by fear of the rise of the right-wing populists, failing to introduce comprehensive reforms will hurt the country. This is Spindelegger's unspoken message."


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