||Last Updated: Sep 30, 2014 - 2:33 PM
Sep 30, 2014 - 10:37 AM
The European Commission today released its letter to the Irish Government and it outlines why it believes Apple Inc., the American electronics giant, was given special tax deals in 1991 and 2007 to reduce its tax liabilities, that departed from standard international transfer pricing rules.
Sep 30, 2014 - 4:38 AM
Irish Economy: Davy economists in a note published Monday foresee a big bounce-back in the economy in coming years and say the positions of the European Commission and IMF for example, are too pessimistic.
Sep 29, 2014 - 2:34 PM
Irish Economy: The volume of retail sales (i.e. excluding price effects) fell by 2.9% in August 2014 when compared with July 2014 and there was an increase of 6.8% in the annual figure. If Motor Trades are excluded, there was an increase of 0.3% in the volume of retail sales in August 2014 when compared with July 2014 and there was an increase of 3.7% in the annual figure.
Sep 29, 2014 - 6:31 AM
The European Commission is expected to announce today that Apple, now one of the world's biggest listed companies, got special treatment from the Irish authorities, when the American company sought assurances on tax issues in 1991 and 2007 - - from the latter year, Apple's foreign tax rate tumbled compared with earlier in the decade. The Financial Times says today that Apple's CFO said the company in 2007 sought an "advanced opinion" that would provide "complete certainty" about its tax liabilities.
Sep 28, 2014 - 4:20 PM
In 2013 Irish prices for consumer goods and services were 18% above the European Union (EU) average despite Ireland being the only member country to have experienced a fall in prices in the period 2008-2012 while according to the OECD, the US and Ireland are among the countries with the highest proportion of the workforce with low pay. Meanwhile, according to the Department of Finance there has been a huge "competitiveness boost through reduction in unit labour costs with a 20% relative improvement forecast against the euro area average" in 2008-2015.
Sep 26, 2014 - 2:23 AM
New research that will be presented today in Dublin shows that Irish firms are over-dependent on banks and are slow to adopt newer financial products, such as crowdfunding and peer-to-peer lending.
Sep 24, 2014 - 5:37 PM
A 50-page briefing titled 'Inequality and Consumption' on the impact of inequality on consumption, published Monday, has a chart which shows that America and Ireland are among the countries with the highest low-paying jobs in the developed world.
Sep 24, 2014 - 7:52 AM
Last week after the OECD issued its pathbreaking proposals on reform of the international corporate tax system, two Harvard Business School academics were in Dublin advising on how the Irish international food strategy could be improved - - it was an interesting juxtaposition not because we should forego future FDI (foreign direct investment) job opportunities in chemicals or high tech but the food sector has the greatest long-term potential for the economy.
Sep 24, 2014 - 6:55 AM
Irish Budget 2015: The Nevin Institute said in its autumn Economic Observer published today that fiscal consolidation should not exceed €800m in next month's budget - - most of the adjustment would come from the already planned introduction of water charges.
Sep 23, 2014 - 11:56 AM
Following dismal ratings in an index of global financial centres that was published Monday, the Government announced today that it will soon begin a search for a new strategy for Dublin's International Services Centre (IFSC) - - the offshore financial centre.
Sep 22, 2014 - 3:29 PM
New York, London, Hong Kong and Singapore remain the top four global financial centres. All four centres lose points in the 16th biennial GFCI ratings but retain their relative ranks. New York remains the top centre but by only one point on a scale of 1,000. Dublin's International Financial Services Centre (IFSC) got a ranking of 70 compared with 13 in September 2008 and is now behind Mauritius and just ahead of the Bahamas - - the poor ranking raises the question of the role and impact of John Bruton, former taoiseach, as an ambassador for the centre.
Sep 22, 2014 - 9:49 AM
Finance ministers of the G20 group of nineteen leading developed and emerging economies, meeting in Cairns, Australia, at the weekend, confirmed their support for the interim global corporate tax proposals that were published last week by the Organisation for Economic Co-operation and Development (OECD). Meanwhile in an illustration of the rapid pace of change that have naysayers reeling, Ibec, Ireland's top business lobby group, has urged the Government to take pre-emptive action to scrap the 'Double Irish Dutch Sandwich' scheme, the main legal arrangement used in Ireland by American companies to avoid global corporate taxes - as with the property bubble Finfacts has moved from being an outlier to being part of the new conventional wisdom.
Sep 22, 2014 - 8:13 AM
Irish Budget 2015: The fiscal advisory council today published a Pre-Budget Statement and recommended that despite strong second quarter economic data, the Government should keep the champagne on ice and go ahead with a final dose of tax rises and spending cuts valued at €2bn as per the original deficit reduction plan.
Sep 18, 2014 - 4:45 PM
Preliminary figures for July 2014 from the CSO show that seasonally adjusted exports fell by €1.22bn (-16%) to €6.49bn from June 2014. Coupled with an increase of €314m (+7%) to €4.69bn in seasonally adjusted imports, the seasonally adjusted trade surplus fell by €1.54bn (-46%) to €1.80bn from June.
Sep 18, 2014 - 11:38 AM
Irish Economy 2014: Preliminary estimates for the second quarter of 2014 indicate that GDP increased by 1.5% in volume terms on a seasonally adjusted basis compared with the first quarter of 2014 while GNP increased by 0.6% over the same period. In the 12 month period, the CSO reported a 7.7% rise in GDP and 9% in GNP -- the highest growth rates since 2007.
Sep 17, 2014 - 6:16 AM
OECD & Tax: As recently as two years ago the small number of people including myself, who dared to question the wisdom of Ireland facilitating massive corporate tax avoidance, were either ignored or guilty of the bubbletime sin of "talking down the economy." Now in Ireland's Republic of Spin the official eco system - - policy makers + business interests - - ostensibly embraces dramatic proposals to overhaul international corporate tax rules while highlighting "opportunities" and "considerable potential upside for the Irish economy."
Sep 16, 2014 - 7:53 AM
The OECD will today publish its first recommendations for a co-ordinated international approach to combat tax avoidance by multinational enterprises under the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project. Meanwhile there is already evidence in Europe that the confluence of massive tax avoidance and increased concerns about privacy is fanning a blowback against the dominance of big US tech companies.
Sep 15, 2014 - 7:37 AM
Dr Julien Mercille, a Frenchman who lectures at University College Dublin (UCD) has written a book, 'The Political Economy and Media Coverage of the European Economic Crisis: The Case of Ireland' on the performance of the Irish mainstream media in times of boom and bust.
Sep 11, 2014 - 5:12 PM
Irish Economy 2014: The CSO reported Thursday that prices on average, as measured by the CPI (consumer price index), were 0.4% higher in August compared with August 2013.
Sep 11, 2014 - 4:53 PM
The CSO reported today that overseas trips to Ireland increased by 12.3% in the period April to June 2014.
Sep 10, 2014 - 3:27 PM
Enda Kenny, taoiseach, was today joined by Ivan Menezes, Diageo Plc CEO to officially open Guinness ‘Brewhouse No.4’, the €169m "state of the art" brewery at St. James’s Gate, Dublin. The new brewhouse is claimed to be "one of the most technologically advanced and environmentally sustainable in the world," and is also the largest stout brewery in the world.
Sep 8, 2014 - 8:04 AM
Irish Economy: Richard Bruton, enterprise and jobs minister, today announced the prospect of 26 new jobs from last week's trade mission to Australia.
Sep 8, 2014 - 7:35 AM
Irish Budget 2015: Ibec, the principal business lobby group, which a decade ago was among the believers that the free lunch has been invented, is back in boomtime mode with another cheerleading report today pleading with the Government for tax cuts, to avoid its members having to raise pay, while McKinsey the US consultancy, provides a real-world perspective in a report which says beyond the corporation tax rate, Ireland has not standout attractiveness for FDI (foreign direct investment).
Sep 8, 2014 - 6:04 AM
The Bord Gáis Irish Energy Index was unchanged in August with stronger wholesale gas, coal and electricity prices offsetting lower Brent crude prices. In August 2014 the index stood at 128 - - up 28% from December 2009.
Sep 5, 2014 - 4:19 PM
Irish Economy: The CSO reported Friday that drugs production jumped 38.4% in the month of July and the annual change is 44.5% but it's not material for economic growth.
Sep 5, 2014 - 7:27 AM
The internet has a new wave of scam websites causing misery for Irish consumers selling poorly made counterfeit goods that are claimed to be real designer labels for a cheap price. Many young people are eagerly awaiting the start of the Irish debs season so this is the catalyst for the wave of scam clothing sites.
Sep 5, 2014 - 6:16 AM
"What the experience of the last two years shows is that the standard EU harmonised national accounts are not a satisfactory framework for understanding what is happening in the Irish economy," Prof John Fitzgerald of the Economic and Social Research Institute (ESRI) wrote last April. Our idiot/ eejit's guide covers such technical issues but also the collateral damage in a system addicted to spin and an economic crash that followed a period when delusions of Irish policy makers were sustained by foolish international observers who lauded Ireland for its miracle economy.
Sep 4, 2014 - 3:40 AM
Irish pension managed funds delivered further positive returns during August, with a mean gain of 2.9% for the month.
Irish manufacturing sector PMI in August rose to a 42-month high as output and new orders each rose at sharper rates. This encouraged firms to up their rates of growth in input buying and employment, according to the survey. Meanwhile, input prices fell for the first time in over a year and firms lowered their output charges - - this PMI (purchasing managers' Index) survey has not reflected the volatility in the dominant US-owned drugs sector in recent years and CSO data in respect of June showed a rise of 3.5% in industrial production in 12 months and a growth of 3.4% since 2010.
Sep 1, 2014 - 7:25 AM
Irish Economy: The volume of retail sales (i.e. excluding price effects) increased by 8.2% in July 2014 when compared with June 2014 and there was an increase of 8.6% in the annual figure with the the introduction of new 142 car registration plates triggering the surge. If Motor Trades are excluded, there was a dip of 0.7% in the volume of retail sales in July 2014 when compared with June 2014 and there was an increase of 3.1% in the annual figure.
Aug 28, 2014 - 4:06 PM
Frank Barry, professor of International Business and Economic Development at Trinity College, Dublin, is the author of a paper for a special issue of Oxford Review of Economic Policy on the question of Scottish independence. He was asked to reflect on Irish economic performance since independence in 1922, including the exercise of fiscal and monetary sovereignty, and on migration policy, without saying anything about Scotland.
Aug 28, 2014 - 8:54 AM
Ireland: The recovery is on track but almost six years after the economic bust, fantasy economics endure.
Aug 27, 2014 - 7:19 AM
Net emigration by Irish nationals in the period May 2009-April 2014, amounted to 124,000, according to estimates issued by the CSO on Tuesday.
Aug 27, 2014 - 6:11 AM
The current Irish governing coalition assumed office in March 2011 and today's jobs data from the Central Statistics Office shows that net of public activation scheme jobs, the number of employee jobs is up 21,000 in more than 3 years with a total of almost 130,000 in part-time workers seeking full-time employment - - full-time employees are employees who work 30 or more hours per week.
Aug 26, 2014 - 3:10 PM
Irish Economy: The number of job numbers fell in the first half of 2014 by 8,000 from 1.910m in December 2013 to 1.902m in June 2014 according to the Central Statistics Office today -- having for long sailed against the winds of conventional wisdom, we can say that Finfacts has been proved right about jobs data that had exaggerated jobs data in the second half of 2013. The overall workforce numbers also contracted.
Aug 26, 2014 - 1:06 PM
Irish Economy: In the 4 years to Q2 2014 while overall average hourly earnings decreased by 1.5% from €21.95 to €21.63, across the sectors hourly earnings have increased in 6 of the 13 sectors according to the CSO on Monday.
Aug 26, 2014 - 8:57 AM
Irish Budget 2015 & Economy: The renowned American baseball player Yogi Berra (b. 1925) once quipped "It's déjà vu all over again" and there is that sense about the continuing drumbeat of demands for tax cuts in next October's budget.
Aug 21, 2014 - 8:21 AM
At least one fifth of Irish SMEs (small & medium size firms) have direct exposure to property debt and these firms are almost twice as likely to default compared with a similar firm with no property debt according to research [pdf] by Central Bank economists.
Aug 20, 2014 - 5:16 PM
Irish economy 2014: The CSO reported today that preliminary figures for June 2014 show that seasonally adjusted exports fell by €321m (-4%) to €7.64bn from May 2014. While seasonally adjusted imports declined by €341m (-7%) to €4.28bn, the seasonally adjusted trade surplus increased by €21m (1%) to €3.36bn from May. Export volume grew by 7% in the second quarter.
Aug 14, 2014 - 3:00 PM
Irish consumer sentiment increased in July to 89.4, from 81.1 in June. The 3-month moving average rose to 83.3 from 82.6 in June.
Aug 13, 2014 - 3:05 PM