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||Last Updated: Apr 24, 2014 - 4:31 AM
Ireland's Credit-less Recovery: Household debt/ disposable income ratio at 196%
In the April edition of the Davy Economics Monthly titled, ‘Ireland’s credit-less recovery set to continue,’ the authors, Conall Mac Coille and David McNamara, write that Irish household debt remains at a high level of 196% of disposable income.
Apr 23, 2014 - 10:00 AM
OECD endorses Ireland's Action Plan for Jobs but some key data misunderstood
Ireland's Action Plan for Jobs framework of quarterly improvement targets in various areas of policy and implementation have got general approval from the Organisation for Economic Co-operation and Development (OECD) but a report [pdf] commissioned by the Government for public relations purposes, that uses some key data that is distorted by tax avoidance, is misunderstood by the think-tank.
Apr 23, 2014 - 8:51 AM
Thursday Newspaper Review - Irish Business News and International Stories - - April 17, 2014
Principal news stories from the Irish Independent, Irish Times and Irish Examiner.
Apr 17, 2014 - 8:48 AM
Ireland’s Stability Programme 2014 Update published; Noonan still hopes to cut income tax
The Department of Finance on Tuesday published the Ireland’s Stability Programme – April 2014 Update for the European Commission. The report sets out the official macro-economic and fiscal forecasts for Ireland out to 2018 and is the first revision since last year's budget. Michael Noonan, finance minister, also confirmed on Tuesday that he still hopes to cut income tax in next October's budget.
Apr 16, 2014 - 9:43 AM
Irish Economy 2014: Goodbody hails “A Jobs Friendly Recovery”; Wants austerity to stay
Irish Economy 2014: In its latest economic outlook, entitled “A Jobs Friendly Recovery,” Goodbody says domestic demand is accelerating led by a continued rebound investment. Investment continues to be the key driver of the recovery, said Goodbody, citing record growth in Q4 2013 of 25% (excluding aircraft investment). Coming off a low base, Goodbody expects that strong growth will continue, led by a rebound in business investment and an ongoing recovery in the property market. However, it says it would be wrong to abandon austerity prematurely as Ireland does not have enough in the tank to cope with another international shock or a long period of low inflation/deflation in the euro area.
Apr 15, 2014 - 11:04 AM
Irish Economy: Data confirms jobs in foreign-owned exporting firms in 2013 below 2000 level
Irish Economy: A report published Monday in Dublin confirmed that jobs in foreign-owned exporting firms in 2013 remained below their level in 2000 despite a 22% rise in the workforce in the period since.
Apr 15, 2014 - 9:14 AM
Irish Economy 2014: Department of Finance wants tax rises; Noonan wants tax cuts
Irish Economy 2014: The Department of Finance in its 2014 Stability Programme Update is reported to have retained the existing plan for €2bn in tax rises and spending cutbacks in 2015, while in recent months Michael Noonan, finance minister, has made it clear that he hopes to cut the income tax burden in next October's Budget.
Apr 15, 2014 - 9:11 AM
Irish Economy: Budget deficit was 7.2% in 2013
Irish Economy: The CSO today published the government finance statistics tables for 2013 and the figures show that the General Government Deficit continues to fall and stood at 7.2% in 2013 - - an improvement on the 2012 position of €13.44bn (8.2% of GDP).
Apr 14, 2014 - 5:32 PM
Irish Economy 2014: Merchandise exports up 1% in February
Irish Economy 2014: Preliminary figures for February 2014 indicate an increase in seasonally adjusted exports of €57m (+1%) to €7.23bn from January 2014. Coupled with a fall in seasonally adjusted imports of €69m (-2%) to €4.02bn, the seasonally adjusted trade surplus increased by €127m (+4%) to €3.21bn.
Apr 14, 2014 - 2:50 PM
OECD BEPS Project: Ireland should embrace corporate tax reform
OECD BEPS Project: If new international corporate tax rules take effect from 2016, at least €50bn or half the annual value of services exports will be vapourised. Nevertheless, Ireland should support reform to a) protect the 12.5% corporation tax rate that will continue to give the country an advantage in competing for mobile investment b) remove the taint of sleaze that is associated with being a facilitator of massive corporate tax avoidance and c) enable the production of national accounts that are free of huge distortions which mask the enduring underperformance of the indigenous exporting sector over the past fifty years.
Apr 14, 2014 - 7:28 AM
Irish Economy 2014: Reliable sectoral jobs data missing for first time in 60 years
Irish Economy 2014: The Economic and Social Research Institute (ESRI) says in its quarterly economic commentary published today that reliable sectoral data on Irish jobs is not available for the first time in 60 years.
Apr 11, 2014 - 8:46 AM
Irish Economy 2014: ESRI says growth will remain strong in 2014 and 2015
Irish Economy 2014: The Economic and Social Research Institute (ESRI) says today in its quarterly report on the economy that economic growth is expected to remain strong in 2014 and 2015, with GNP (gross national product) of over 3.5% forecast in both years. However, the institute warned that if measures to increase housing supply in Dublin are not implemented, the current housing shortfall could undermine recovery as higher house prices and rents made it more expensive for people to live and work in the economy.
Apr 11, 2014 - 8:03 AM
Rise in Irish jobs vacancies in first quarter
Two jobs reports issued today show rises in Irish vacancies in the first quarter of 2014.
Apr 8, 2014 - 9:43 AM
Irish Economy 2014: Consumer sentiment slightly down in March
Irish Economy 2014: The overall KBC Ireland/ESRI Consumer Sentiment Index fell to 83.1 in March, from 85.5 in February. The 3-month moving average increased to 84.4 from 83.3 in February, a seven-year high and the eleventh consecutive increase.
Apr 7, 2014 - 5:08 PM
Irish Corporate Tax: Government begins publicity offensive on tax with irrelevant paper
Irish Corporate Tax 2014: The Government today issued what it calls a technical paper on effective corporation tax rates to effectively confuse the public by avoiding the key issues about its facilitation of corporate tax avoidance. It's irrelevant to the core issues as it is simply trying to divert attention from them.
Apr 7, 2014 - 4:40 PM
Irish Economy 2014: Bord Gáis Energy Index rises 1% in March; Up 41% from start 2010
Irish Economy 2014: The Bord Gáis Energy Index rose 1% in March as a 6% month-on-month rise in Irish wholesale electricity prices was offset by falling oil (down 1% month-on-month) and wholesale UK gas prices (down 5% month-on-month). The index is up 41% since the start of 2010.
Apr 7, 2014 - 7:42 AM
Irish Economy 2014: Ibec forecasts robust growth in tax-related services exports
Irish Economy 2014: Ibec, Ireland's leading business lobby group, in its latest economic forecast today forecasts "continued robust growth in services exports and a recovery in goods exports." The strong growth in services mainly reflects tax-avoidance related revenue diversions to Ireland that do not reflect local economic activity.
Apr 7, 2014 - 1:48 AM
Irish Economy 2014: Industrial production up; Services dip contrary to PMI
Irish Economy 2014: Industrial production continued its volatile swings in February in response to the drugs patent cliff and jumped 5.3% following a 0.8% climb in January. A separate CSO report showed that the monthly services index dipped 2.9% in February showing a wide divergence with the PMI (purchasing managers' index) surveys.
Apr 5, 2014 - 1:15 AM
Irish Economy 2014: Central Bank expects GDP to grow 2% this year
Irish Economy 2014: The Central Bank expects GDP (gross domestic product) to grow by 2% this year, powered by employment growth, investment by companies and improving economic growth overseas.
Apr 4, 2014 - 11:59 AM
Irish Economy 2014: Claim IFSC firms employ 35,700 - official data at 23,300
Irish Economy 2014: Financial Services Ireland (FSI), a unit of Ibec, the principal Irish business lobby, says in a presentation issued today that total jobs in IFSC firms amounted to 35,700 at the end of 2012. However official data puts the number at 23,300.
Apr 4, 2014 - 8:25 AM
Irish pension managed funds returned 1.9% in Q1 2014
Irish pension managed funds delivered positive returns on average during March, with a mean gain of 0.4% for the month. However, there was a wide range of returns among the funds, with Setanta Asset Management taking top spot with a return of 1.7% for the month, while Standard Life Investments propped up the league table with a return of -0.4%. Managed funds returned 1.9% on average over the first quarter of 2014.
Apr 4, 2014 - 8:21 AM
Alexion Pharma International Trading of US to add 200 jobs in West Dublin
Alexion Pharma International Trading of US, a subsidiary of Alexion Pharmaceuticals, Inc., today announced its plans to expand its operations in Ireland following the acquisition of a new site in West Dublin. The Company expects that this expansion will create approximately 200 new jobs at Alexion as part of investment of approximately €75m in this new site over the next two years. In addition to the company jobs, up to 200 new construction jobs are also expected to be created as a result of this expansion.
Apr 3, 2014 - 11:11 AM
Corporate Tax: OECD's Saint-Amans says "Double Irish Dutch" sandwich tax scheme will be axed
Corporate Tax Reform: The Organisation for Economic Co-operation and Development (OECD) held a briefing and webcast at its Paris headquarters Wednesday on its Base Erosion and Profit Shifting (BEPS) project and Pascal Saint-Amans, the director of the OECD’s tax centre confirmed that "Double Irish Dutch" sandwich tax schemes, which involve global revenues of services giants being routed through Ireland and transferred via the Netherlands to Irish offshore companies in Bermuda and the Cayman Island will be axed.
Apr 3, 2014 - 9:39 AM
Irish Economy 2014: Services PMI accelerates in March but official data more muted
Irish Economy 2014: Services PMI (purchasing managers' index) survey data issued Thursday shows an acceleration in March but official data in recent months has been more muted.
Apr 3, 2014 - 8:16 AM
Irish Economy 2014: Q1 Exchequer Returns income tax up €4m on target despite jobs growth
Irish Economy 2014: The Exchequer Returns statement for the first quarter of 2014 was published today by the Department of Finance and the Department of Public Expenditure and Reform. An Exchequer deficit of €2.3bn was recorded to end-March 2014. This compares with a deficit of €3.7bn to end-March 2013. Income tax totalled €3.79m to end March, an increase of €129m (3.5%) year-on-year and up €4m (0.1%) on target.
Apr 2, 2014 - 5:12 PM
Irish Economy 2014: Numbers on Live Register/ activation programs in March at 22% of workforce
Irish Economy 2014: The numbers on Live Register and activation programs in March was at 482,000 -- this is equivalent to 22% of the workforce.
Apr 2, 2014 - 11:57 AM
Irish pension managed funds index up only 0.12% in March 2014
Aon Hewitt on Tuesday released pension fund investment performance figures for the month of March 2014 and the Aon Hewitt Managed Fund Index, an index of traditional Irish pension managed funds, rose by 0.12% in March. This has contributed to the index delivering a positive return of 2.39% since the beginning of the year. Meanwhile LCP Ireland said: "Developed World equities increased by 0.7% over the month, with Emerging Market equities up 4.1%. Long dated AAA Eurozone bonds were up over the period, with bond yields falling."
Apr 2, 2014 - 9:04 AM
Ireland is high cost business location; Labour, electricity, business service costs, rising
Ireland is still a high cost location for a number of key business inputs and the economy is at turning point in terms of cost competitiveness, with overall relative cost competitiveness disimproving and a series of upward cost pressures emerging: the harmonised competitiveness indicators show that Ireland’s relative cost competitiveness is now deteriorating vis-à-vis our main competitors; labour costs are rising again following a number of years decline, industrial electricity prices have increased in recent years; and an upward trend is evident across a range of business service costs.
Apr 2, 2014 - 7:19 AM
Irish Economy 2014: Manufacturing PMI rises in March; Misses impact of drugs patent cliff
Irish Economy 2014: Growth in the Irish manufacturing PMI (purchasing managers' index) gathered momentum in March, with rates of expansion in output and new orders quickening sharply during the month. Expectations of further improvements in coming months led companies to raise staffing levels markedly and increase their inventory holdings. However, this survey does not capture the impact of the so-called drugs patent cliff and according to the CSO, industrial production fell in the year to January 2014.
Apr 1, 2014 - 7:12 AM
New Irish startups at average of 127 per day in Q1 2014 -- reality check?
The number of new Irish startups is reported to have risen by an average of 127 per day in Q1 2014 but this count is not in reality a measure of new startup businesses.
Mar 31, 2014 - 7:43 AM
Irish Economy 2014: Retail sales volume dipped in February
Irish Economy 2014: The volume of retail sales (i.e. excluding price effects) in February 2014 dipped by 1.5% when compared with January 2014 and there was an increase of 5.0% in the annual figure. If Motor Trades are excluded there was a drop of 0.4% in the volume of retail sales in February 2014 when compared with January 2014 and there was an increase of 2.3% in the annual figure.
Mar 28, 2014 - 1:19 PM
Annual money laundering in Ireland at least €3bn
The level of annual money laundering activity in Ireland is estimated to be at least €3bn according to a new report published today by Grant Thornton, an accountancy firm. The report - - Illicit Trade: an Irish and Global Challenge [pdf} - - says that while the 2010 Criminal Justice Act has improved the regulatory environment, money laundering activity remains a threat to Ireland’s reputation as a financial centre and is benefiting criminal gangs.
Mar 27, 2014 - 3:24 PM
Ibec begins PR campaign for income tax cuts
Ibec, the main Irish business lobby group, today has launched a new PR (public relations) campaign, 'An Ireland that works,' which sets out the business priorities for the next phase of the recovery. Its main focus is on pressing the Government to cut income taxes.
Mar 25, 2014 - 8:52 AM
Corporate Tax Reform: OECD says Ireland/ India top global ICT services exporters
Corporate Tax Reform: The OECD (Organisation for Economic Co-operation and Development) on Monday published a draft document for discussion as part of its Base Erosion and Profit Shifting (BEPS Action Plan) project that it has undertaken at the request of the G-20 (the group of twenty that comprises the 19 leading developed and emerging economies in the world) to develop new international tax rules to counter massive corporate tax avoidance. The document shows that Ireland is just behind India as a top global exporter of ICT (information, communications, telecommunications) services.
Mar 25, 2014 - 5:22 AM
Corporate Tax 2014: Irish tax partner forecasts influx of foreign firms to cut tax burdens; Really?
Corporate Tax 2014: The international tax partner in an Irish firm of chartered accountants has forecast an influx of foreign firms to cut their tax burdens, despite the likelihood of significant changes in international tax rules in coming years.
Mar 21, 2014 - 7:25 AM
Average Irish land price in 2013 fell to €9,400 an acre & €23,200 per hectare
The 2013 Irish Farmers Journal Land Price Report, published in this week's issue of the newspaper, reveals that the average price paid for land last year was €9,400 an acre/ €23,200 per hectare, down 5.6% from 2012.
Mar 20, 2014 - 9:30 AM
Irish Economy 2014: Merchandise exports fell in January
Irish Economy 2014: The CSO said today that preliminary figures for January 2014 indicate a decrease in seasonally adjusted exports of €479m (-6%) to €7.22bn from December 2013. Seasonally adjusted imports decreased by €166m (-4%) to €4,119m resulting in a 9% decrease in the seasonally adjusted trade surplus to €3,098m.
Mar 19, 2014 - 1:59 PM
Corporate Tax & Ireland as Doormat: Enda Kenny offers personal support service for US business
Corporate Tax & Ireland as Doormat: Enda Kenny during his US visit for the St Patrick's Day holiday made it clear to US business that he was personally available on the phone for lobbying or other anxieties. He in effect made it explicit that there's "an open door" to continue the traditional role of the Irish Government as being available for requests for tax personal as well as corporate tax breaks in addition to the existing low headline corporation tax rate of 12.5%.
Mar 19, 2014 - 1:07 PM
Irish adjusted GNP in 2013 estimated at 1% compared with official level of 3.4%
While the recovery is real, Finfacts estimates Irish adjusted GNP in 2013 at 1% compared with the official level of 3.4% as reported by the CSO today - - the additional net tax-related services exports are eliminated while an adjustment is made for the impact of so-called headquarter companies.
Mar 13, 2014 - 3:57 PM
Irish Economy 2014: Consumer prices fell in year to February
Irish Economy 2014: The CSO said today that prices on average, as measured by the CPI (consumer price index), were 0.1% lower in February compared with February 2013. This is the first time since July 2010 that the CPI has fallen on an annual basis. The most notable changes in the year were decreases in Communications (-4.0%), Furnishings, Household Equipment & Routine Household Maintenance (-3.6%), Clothing & Footwear (-3.4%) and Transport (-2.0%). There were increases in Education (+4.6%), Alcoholic Beverages & Tobacco (+3.3%) and Miscellaneous Goods & Services (+3.2%).
Mar 13, 2014 - 12:44 PM