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News : Irish Economy Last Updated: Nov 21, 2014 - 4:04 AM

News : Irish Economy

The Irish government has caved-in to the powerful vested interests of the legal professions and parked a key legal services reform in Limbo where it is likely to remain indefinitely.

Nov 19, 2014 - 6:46 AM

News : Irish Economy

Irish Economy: Prices on average, as measured by the CPI, were 0.2% higher in October compared with October 2013 with the fall in oil prices leading the decline in the month.

Nov 13, 2014 - 2:25 PM

News : Irish Economy

Irish Economy: Preliminary figures for September 2014 show that seasonally adjusted exports decreased by €323m (-4%) to €7.69bn from August 2014. The CSO said seasonally adjusted imports also decreased by 4% (-€191m) to €4.44bn, leading to a decrease of €132m (-4%) in the seasonally adjusted trade surplus to €3.25bn in September. Exports were down 3.8% in the third quarter.

Nov 13, 2014 - 2:17 PM

News : Irish Economy

Richard Bruton, enterprise minister, is back in the US to reassure investors on the Irish corporate tax regime but apart from the certainty of the headline rate of 12.5%, the ongoing reform process at global and European level suggests that uncertainty will prevail for sometime.

Nov 13, 2014 - 7:47 AM

News : Irish Economy

Hidden Taxes Report: In recent years, Enda Kenny, taoiseach, has made several categorical statements on tax that to informed observers who haven't a vested interest, were economical with the truth, and an international report published Tuesday, says he "has denied any special treatment for Apple despite the clear evidence to the contrary, revealed through the EC investigation," while he "continues to strongly defend Ireland’s overall tax regime."

Nov 12, 2014 - 8:25 AM

News : Irish Economy

The CSO said today that the number of new Irish private cars licensed for the first time increased by 6.7% to 3,021 in October 2014 compared to October 2013. However, used (imported) private cars licensed for the first time were down 8.7% to 4,252 for the same period.

Nov 10, 2014 - 2:24 PM

News : Irish Economy

Irish pension managed funds delivered a mixture of positive and negative returns during October, with a mean gain of 0.5% for the month.

Nov 7, 2014 - 10:24 AM

News : Irish Economy

Irish Jobs: Richard Bruton, enterprise minister, is the frontman for the Government's permanent publicity campaign on jobs but he needs to allocate some time to address key policy flaws rather than spinning for media headlines.

Nov 7, 2014 - 8:51 AM

News : Irish Economy

The European Central Bank threatened to cut off emergency funding to Irish banks, unless Ireland applied for a bailout, according to a November 2010 letter that was sent by Jean-Claude Trichet, ECB president, to Brian Lenihan, finance minister - it contains no surprises.

Nov 6, 2014 - 8:53 AM

News : Irish Economy

Irish Economy 2014: Industrial production excluding construction for September 2014 was 3.3% higher than in August 2014 while there was a decrease of 0.1% in the seasonally adjusted industrial sales value turnover index. The CSO reported that on an annual basis turnover increased by 13.7% when compared with September 2013.

Nov 5, 2014 - 12:53 PM

News : Irish Economy

The CSO reported today that seasonally adjusted monthly services value index increased by 1.1% in September 2014 when compared with August 2014 while, in the year to September 2014, there was an increase of 5.1%. There was a 1.3% fall in August.

Nov 5, 2014 - 12:34 PM

News : Irish Economy

The standardised unemployment rate (SUR) in October 2014 was 11.0%, down from 11.1% in September 2014. The seasonally adjusted unemployment rate from the most recent Quarterly National Household Survey (QNHS) was 11.5% in the second quarter of 2014. The number on the Live Register + activation schemes (data for September at 75,600) was 447,000.

Nov 5, 2014 - 12:21 PM

News : Irish Economy

The Irish Exchequer deficit at end of October 2014 stood at €8.5bn compared to €10.5bn in 2013 as tax receipts exceed target by €1.1bn.

Nov 5, 2014 - 8:13 AM

News : Irish Economy

Growth in the Irish service PMI (purchasing managers' index) remained strong in October, and companies generally foresee further increases in activity over the coming year. However, later this morning the official services index for September (which excludes financial services) will be published and in August it fell.

Nov 5, 2014 - 6:43 AM

News : Irish Economy

The National Treasury Management Agency (NTMA) has priced its 15-year bond sale to yield below the UK's equivalent borrowing costs according to the Financial Times, after attracting an €8.2bn order book for the deal that will be used to pay back International Monetary Fund loans ahead of schedule.

Nov 4, 2014 - 3:22 PM

News : Irish Economy

The overall KBC Ireland/ESRI Consumer Sentiment Index decreased in October to 85.5, from 92.8 in September. The 3-month moving average fell to 88.5 in October, from 89.8 in the previous month.

Nov 4, 2014 - 3:04 PM

News : Irish Economy

Irish Economy 2014 : Growth in the Irish manufacturing sector gathered momentum in October according to the latest survey. Firms reported that they took on extra staff at a faster pace, in turn helping lead to a stronger rise in production. Inventory building was a feature of the latest survey, and stocks of purchases rose at the sharpest pace since the survey began in May 1998. Meanwhile, input costs decreased for the third successive month and firms lowered their output prices again in response.

Nov 3, 2014 - 7:30 AM

News : Irish Economy

Last year Germany announced that the Kreditanstalt für Wiederaufbau (KfW), the state development bank, would provide lending for Irish SME (small and medium size firms) firms and today Wolfgang Schäuble, the German finance minister, will be in Dublin together with representatives from the KfW and the European Investment Bank (EIB), the EU's investment bank, for the launch of the Strategic Banking Corporation of Ireland (SBCI) - an Irish State vehicle for funding SMEs.

Oct 31, 2014 - 8:19 AM

News : Irish Economy

Bono, the frontman for U2 the Irish rock group, has again revealed his struggle to reconcile his role as a anti-poverty campaigner with his use of international loopholes to avoid paying income tax in Ireland.

Oct 30, 2014 - 8:21 AM

News : Irish Economy

Eircom Business Solutions today launched Digital Boost, a €250,000 seed fund for Irish SMEs looking to innovate and grow their business through investment in digital solutions. The fund is designed to offer tangible assistance to the SME community in four key areas: business mobility; digital training; sales and marketing; and business productivity. Eircom Business Solutions has partnered with Google, PayPal, Samsung, the Digital Marketing Institute and Salesforce to deliver a suite of digital funding to successful applicants.

Oct 30, 2014 - 3:50 AM

News : Irish Economy

Irish Economy 2014: The volume of retail sales (i.e. excluding price effects) increased by 0.1% in September 2014 when compared with August 2014 and there was an increase of 5.9% in the annual figure. If Motor Trades are excluded, there was a decrease of 0.6% in the volume of retail sales in September 2014 when compared with August 2014 and there was an increase of 3.1% in the annual figure. Sales excluding motor vehicles were also flat in the third quarter.

Oct 29, 2014 - 2:01 PM

News : Irish Economy

Irish Economy: As the country's annual budget deficit falls below the European Union's 3% limit, the Government's band-aid measures in response to serious issues reveal a growing strategic deficit.

Oct 24, 2014 - 8:00 AM

News : Irish Economy

Irish Finance Bill 2014: Last Sunday The New York Times in an editorial following the decision in Budget 2015 to eliminate the Double Irish tax dodge from 2021, said "Ireland, which for years used policies like the Double Irish to attract multinational businesses, appears uninterested in true reform. It will create a new provision known as the Knowledge Development Box that will allow technology, pharmaceutical and other companies that make money from patented products and services to pay a discounted tax rate." Today in further affirmation that the indigenous sector will effectively remain the second fiddle in terms of priorities, the Government is to broaden incentives for foreign executives and increase the opportunities for abuse.

Oct 23, 2014 - 4:25 PM

News : Irish Economy

In recent decades globalization has been a catalyst of technological change, which in turn has accelerated economic integration through step-changes in communications, science, transport and industry. However, there is evidence of a growing disconnect between GDP (gross domestic product) rises and incomes for most workers.

Oct 21, 2014 - 8:38 AM

News : Irish Economy

Randox Laboratories, the medical diagnostics company that is headquartered in County Antrim, today set out a new vision for the company's future in Dungloe, County Donegal where it plans to add 470 jobs by 2020.

Oct 20, 2014 - 3:35 PM

News : Irish Economy

Irish Economy 2014: Preliminary figures for August 2014 show that seasonally adjusted exports increased by €1.46bn (+23%) to €7.97bn from July 2014. Coupled with a small increase of €29mn (+1%) to €4,63bn in seasonally adjusted imports, the seasonally adjusted trade surplus increased by €1.44bn (+75%) to €3.34bn from the low figure in July.

Oct 15, 2014 - 4:41 PM

News : Irish Economy

Irish Budget 2015: The Government implemented €1bn of tax cuts and spending increases in Tuesday's Budget -- we present economic analyses here.

Oct 15, 2014 - 9:09 AM

News : Irish Economy

The notion just two years ago that the Double Irish tax avoidance scheme would be axed in the short-term would have been viewed as risible but just as the economy is at last recovering from a momentous crash, conventional wisdom has been shown to be wrong again.

Oct 15, 2014 - 7:24 AM

News : Irish Economy

Irish Budget 2015: The IPOA (Irish Property Owners' Association) called on the 85 Oireachtas members who are landlords (including 9 Ministers) to "get real" about the value of the private rental sector....

Oct 14, 2014 - 6:07 PM

News : Irish Economy

Irish Budget 2015: With Michael Noonan, finance minister, due to begin his Budget speech at 2:30 pm to be followed by Brendan Howlin, spending minister, the final big leak has been reported.

Oct 14, 2014 - 2:12 PM

News : Irish Economy

Irish Budget 2015: After 3 months of lobbying by vested interests and ministerial leaks, modest cuts in income taxes are expected today when the finance and public expenditure ministers outline tax and spending measures. In addition, officials have leaked that the Double Irish corporation tax dodge will be axed in 2020. Meanwhile after the huge anti-water protest in Dublin last Saturday, pensioners will get a €100 gift to defray the cost of water.

Oct 14, 2014 - 4:53 AM

News : Irish Economy

In an interview published today in the Observer, the British newspaper, Bono, the font man of the Irish U2 rock group, has defended the Irish corporate tax regime as U2's own use of a Dutch letter-box company to avoid tax, has dented Bono's bona fides as a celebrity anti-poverty campaigner.

Oct 12, 2014 - 3:56 PM

News : Irish Economy

Last Thursday the Government issued what it termed "a new plan aimed at creating an extra 93,000 jobs from startup companies in the next five years" - - in effect doubling employment at Irish young firms.

Oct 12, 2014 - 12:55 PM

News : Irish Economy

The European Commission is reported to be pressing Ireland to end the 'double Irish' tax dodge in next Tuesday's budget.

Oct 10, 2014 - 8:45 AM

News : Irish Economy

Irish Budget 2015: In last October's budget a second pension tax/ levy on Irish private sector pension funds was introduced and this new tax may well be raised to fund the much spinned income tax cuts or to make the continued raid on funds appear more palatable - to help finance a social housing programme.

Oct 10, 2014 - 8:36 AM

News : Irish Economy

Irish Economy: CSO data show that tourism/restaurant jobs rose 23,000 from the second quarter of 2011 to the same period in 2014 but it's foolish or self-serving to claim all of these jobs resulted from a cut in the VAT rate. A major trade union today proposed that the VAT cut be reversed.

Oct 9, 2014 - 2:15 PM

News : Irish Economy

Irish Economy: The Economic and Social Research Institute (ESRI) says today that the 2013 Balance of Payments surplus turns into a deficit when the impact on the national accounts of tax inversions are excluded. The institute also notes that new trade data standards have "apparently had a significant effect on the national accounts for recent quarters."

Oct 8, 2014 - 8:51 AM

News : Irish Economy

Irish Economy 2014: The Economic and Social Research Institute (ESRI) says economic growth is expected to be strong in 2014 and 2015, with Ireland's gross national product (GNP) forecast to grow by approximately 5% in each year.

Oct 8, 2014 - 7:56 AM

News : Irish Economy

Irish Economy 2014: The CSO said today that the number of new private cars licensed for the first time increased by 34.4% to 4,376 in September 2014 compared to September 2013. However, used (imported) private cars licensed for the first time were down 7.6% to 4,376 for the same period. In total, there were 86,894 new private cars licensed in the year to the end of September 2014, a rise of 30.5% compared to the same period in 2013. The corresponding figure for 2014 in respect of used (imported) private cars was 41,134 and this was up 9.9% from 2013.

Oct 7, 2014 - 3:36 PM

News : Irish Economy

Both Irish industrial production and the monthly services index fell in August according to the CSO today -- which could be attributed to volatility but remember the headlines in early September following the publication of PMI (purchasing managers' index) surveys that manufacturing activity rose to a 15-year high in August while services were back to early 2007 levels?

Oct 7, 2014 - 1:48 PM

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