Friday Newspaper Review - Irish Business News and International Stories - - September 12, 2014
By Finfacts Team
Sep 12, 2014 - 11:24 AM

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Irish Independent

Taoiseach Enda Kenny has warned that no one is going to walk down the road like a millionaire after the budget.

Mr Kenny refused to be drawn if households might be “better off” with tax reliefs after Budget 2015, adding that no decisions have been made on the figures yet.

“What people really want here is the knowledge and security that we are making it more safe in terms of our economic progress and the opportunities that present themselves,” he told RTE Morning Ireland.

“When the budget is over nobody is going to walk down the street and said ‘I suddenly feel like a millionaire’.

THE Government is a step closer to saving €375m a year, after Germany backed a plan to slash the cost of repaying debt to the International Monetary Fund.

Public Reform Minister Brendan Howlin said yesterday that Germany supported the Government's efforts to save a sum equivalent to the overspend in the Department of Health.

German Chancellor Angela Merkel's backing comes as Finance Minister Michael Noonan prepares to meet other Eurozone finance ministers in Italy for dinner tonight where he is expected to press them to back the deal. Mr Noonan travelled to Brussels and Frankfurt earlier the week to argue that Ireland should be allowed to repay expensive IMF loans before repaying cheap loans from Europe.

Ireland is over reliant on royalty fees booked by multinational companies that pass through the country without always creating much in the way of local jobs or productive investment, leading management consultancy McKinsey has warned.

The country "has long punched above its weight" in attracting foreign direct investment (FDI), it said.

Irish Times

This country appears to be developing a dreadful image problem Down Under. Which is a pity, considering such a good lump of our workforce has decamped there. So what can Ireland do about it?

For the last few years, Australian newspapers have delighted in purveying stories about the supposed boozed-up shenanigans of Irish emigrants, many of them construction workers. It’s more Paddy the Plastered than Paddy the Plasterer.

This country is now also routinely portrayed in Australia as some sort of corporation tax-grabbing nirvana for financial fly-by-nights.

Almost 300 hospital beds will be closed and 2,400 fewer high-tech operations carried out next year if the Government insists on making further spending cuts of several hundred million euro, the Department of Health has warned.

Opening hours will be curtailed in five emergency departments and a raft of new charges introduced if even deeper cuts being considered are implemented, it warns.

In its confidential submission on the Government’s comprehensive review of expenditure, the department says the “draconian” measures required to deliver the level of spending cuts suggested are not achievable and would “seriously compromise patient safety”.

Britain said on Friday that it was about to sign commercial deals with China worth more than £2.4 billion, as finance minister George Osborne prepared to meet China’s vice premier Ma Kai in London.

Full details of the prospective transactions were not immediately available. But Britain’s finance ministry said they included a $1 billion joint venture with China related to a Malaysian oil terminal, and a £200 million project to develop nursing homes and vocational training schools in China.

Britain will also refund visa costs for up to 25,000 Chinese visitors on organised tours between 2015 and 2017.

Mr Osborne is meeting Mr Ma as part of an annual Anglo-Chinese economic and financial dialogue, which last year took place in Beijing.

Irish Examiner

The founders of a family-run whiskey distilling company, based in Co Carlow, yesterday turned the sod on what will be the country’s largest independent whiskey distillery, once completed.

Bernard and Rosemary Walsh, founders of Walsh Whiskey Distillery, marked the beginning of a €25m construction project by the banks of the River Barrow with Rural Affairs Minister Ann Phelan in attendance.

The project will create 70 construction jobs and a further 55 permanent roles once the distillery is up and running.


Euro Topics: Anti-terror strategy comes far too late: Obama's new anti-terror strategy comes far too late, the conservative French daily Le Figaro complains: "'Our goal is clear', the US president announced. But what comes next is less so. It is based on an unlikely coalition of countries with conflicting interests, all of which have at some point supported one or another of the players in the big Middle Eastern game. ... The plan foresees attacks in Syria that could have been carried out a year ago; support for a dying breed - the moderate Syrian rebels - which could also have been given months ago; and strengthening the Iraqi army, a measure that should have been carried out ten years ago. All this wasted time! ... The number of hot spots where intervention is needed is increasing. And Obama hasn't even dared to predict a short war."

Swedish government better than its reputation: Shortly before Sweden's parliamentary elections on Sunday, the parties of the conservative governing coalition, which long trailed behind in the polls, have come within five percentage points of the left-wing opposition. The liberal daily Göteborgs-Posten is not surprised: "It seems voters are increasingly remembering all the government has achieved in its eight years in office. ... Despite two international crises, Sweden's economy is today among the strongest in the EU. ... The buying power of private households has risen, which has been an important factor in stimulating the economy. Tax reductions have benefited above all low and middle earners; nurses, for example, receive higher net pay as a result of the tax cuts. ... The right to a free choice of care homes for the elderly and other services has been vastly extended under the coalition. Don't we want to retain this right to self-determination?"

Danish campaign for healthy eating absurd: As part of a campaign for healthier eating habits in Denmark, food minister Dan Jørgensen has called on the people to select a "Danish national dish". The liberal-conservative daily Jyllands-Posten praises the idea but finds fault with its implementation: "A large proportion of Denmark's population is overweight. As a result of this and a lack of exercise, the number of cases of type 2 diabetes has risen significantly. In this respect the focus on a healthy lifestyle and the quality of food products is welcome. Somewhat depressing, however, is the fact that all of this has to be packaged in an infantile hype campaign meant to encourage discussions about whether fried pork or meatballs with potatoes and brown gravy should be the national dish. ... That will hardly encourage a more healthy lifestyle. To that end banal considerations such as the size and number of helpings are the decisive factor."

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