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Friday Newspaper Review - Irish Business News and International Stories - - October 10, 2014
By Finfacts Team
Oct 10, 2014 - 10:52 AM
A number of economic think-tanks in Germany have slashed growth projections for the country and warned more must be done to boost growth and investments in the Eurozone's largest economy.
It comes as the country suffered another dose of bleak economic news as exports slumped more than 5pc in August, the largest amount since the height of the crisis in 2009.
It is the latest worrying development signalling the country's economy is faltering and heightening fears that it could have slipped into recession.
The country's economy unexpectedly shrank between April and June by 0.2pc compared with the previous quarter, and yesterday's disappointing data suggested either little or no growth in the third quarter, or possibly another contraction.
Microsoft Corp's chief executive officer has suggested that women in technology should not ask for raises but have faith in the "system", bringing a torrent of criticism and causing the executive to backtrack after the statement.
Satya Nadella, who became CEO in February, was asked how women should get ahead in the tech world at a three-day conference in Phoenix, Arizona, intended to celebrate women in computing.
"It's not really about asking for the raise, but knowing and having faith that the system will actually give you the right raises as you go along," Nadella said, according to a recording on the website of the event, the Grace Hopper Celebration of Women in Computing.
PERMANENT TSB has hired a number of investment banks to advise on its future including a sale of all or part of the lender.
The State owns 99pc of the lender – it received about €3bn in funding following the banking crisis.
British prime minister David Cameron took a sideswipe the other day at Ireland’s corporate tax regime and so too did chancellor George Osborne. Amid torrents of tax pressure on the Coalition from Brussels, Berlin, Paris and senior Washington politicians, the British stance bears some scrutiny.
With a decision imminent on the fate of the infamous “double Irish” scheme, in Government Buildings they duly took note of Cameron’s intervention. While he has always made a big political deal of his support for the OECD’s campaign to prise more tax from big business, his own administration has made no secret of its effort to push back the boundaries of the British tax regime. The central thrust of its policy is to bring the tax rate on profits down to 20 per cent next April, from 30 per cent in 2007. A long and ever-growing line of additional trappings make the offering more attractive still.
Teenage activist Malala Yousafzai, who won world acclaim after she was shot by the Taliban, has jointly won the Nobel Peace Prize.
She shares the prize with Indian children’s right advocate Kailash Satyarthi.
The Norwegian Nobel Committee cited the two “for their struggle against the suppression of children and young people and for the right of all children to education”.
Multinational pharmaceutical groups are making a late play to prolong the benefit they take from the “double Irish” tax scheme as the Government prepares moves in the budget to phase out the controversial measure.
The development comes as Minister for Finance Michael Noonan prepares to signal a “significant” overhaul of the wider corporate tax regime in an effort to underpin multinational investment in the State in the wake of the change.
Measures to boost research and development activities are in prospect, as are measures to encourage firms to locate intellectual property in Ireland.
Although Mr Noonan will declare in his speech next Tuesday that the “double Irish” will be phased out over a period of years, there is no settlement yet as to when it would close definitively.
IDA Ireland "has given up on many parts of the country" even though it punches above its weight in attracting investment into Ireland.
That was the claim made yesterday by Fianna Fáil jobs spokesman, Dara Calleary when commenting on new figures showing six counties did not host any IDA-sponsored visits by overseas investors for the first nine months of this year.
Figures provided to Mr Calleary and Tom Fleming TD by the Enterprise Minister Richard Bruton show the number of site visits by overseas investors increased from 272 from January to September last year to 308 for the same period this year — a jump of 13%.
Dublin continues to dominate with 60% or 184 of site visits, but Laois, Longford, Monaghan, Offaly, Roscommon and Wexford were bypassed.
Carlow, Cavan, Kerry, Kildare and Mayo only attracted one visit, while Donegal, Leitrim, Meath and Tipperary each had two visits.
Cork secured the second highest number of visits at 26, with 21 in Limerick and 16 in Galway.
Euro Topics: The European Parliament has performed its control function in an exemplary manner, some commentators write approvingly. Others suspect the conservatives and social democrats conspired against the liberal candidate.
Incompetent candidate gets the thumbs down: The hearings of the candidates for the European Commission have proven their worth, the liberal Dutch daily NRC Handelsblad writes praising the MEPs' decision to reject Alenka Bratušek: "It's good that people who are to hold a position of major responsibility are subject to public examination. ... With a political body like the European Parliament it came as no surprise that the political factor also played a role. And it was also no surprise that a few of the candidates tottered. That was to be expected. It's only natural in a parliament that takes its controlling function seriously. ... The hearings presented the Parliament with a big problem case: the Slovenian Alenka Bratušek. Even on her second attempt she failed to make a good impression. It's better that this has come to light now than after she has taken up her duties as EU commissioner. This proves the value of the hearings."
Belgian liberalism a model for Europe: As of Tuesday evening Belgium has a centre-right government consisting of four parties and led by the Liberal Charles Michel. The left-liberal daily Berliner Zeitung praises the new prime minister not only for his swift formation of a government: "Things are getting moving now. The new government's agenda proves it. Spending is to be cut by eight billion euros, the employers' non-wage labour costs are to go down and the retirement age is to be raised by two years to 67. Michel has big plans. But Michel is more than just a cool economic-liberal. After Xavier Bettel in Luxembourg and Mark Rutte in the Netherlands he is the third liberal head of government in Benelux. 'What do they do differently?' a few suffering liberals may ask. Well, they're counting on performance, not just individualists. So to compensate for the ambitious austerity programme, tax loopholes for the rich are to be closed. Social liberalism. Europe can offer this too."
Spain's authorities can't deal with Ebola: Teresa Romero, the Spanish nurse infected with the Ebola virus, learned of her own disease from the press, she explained in an interview on Wednesday. If the doctors can't even get communication with patients right, their ability to adhere to the safety regulations is in grave doubt, Ignacio Escobar writes in the leftist online paper eldiario.es: "The Health Authority didn't even bother to observe the rule that first the patient and then the journalists are informed. In such circumstances can we expect the safety precautions against Ebola to be observed? Or believe that the teams that treated the two flown-in missionaries [infected with the virus] were adequately prepared and equipped? And what impact are the safety precautions having on the healthcare system? And on this hospital that was once the leading institution in the treatment of complicated diseases and will now go down in history as the first place outside Africa where someone was infected with Ebola?"
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