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||Last Updated: Mar 7, 2014 - 5:23 AM
Irish Economy 2014: Did Ireland add 61,000 jobs in 2013?
Irish Economy 2014: Last week the Central Statistics Office's (CSO) report, which showed that 61,000 jobs had been added in Ireland in 2013 triggered elation among government ministers and superlatives were used with abandon across most of the media. After a half decade of grim news, it was surely time for a celebratory drink?
Mar 6, 2014 - 6:58 AM
Irish pension managed funds delivered positive returns in February
Irish pension managed funds delivered a positive month of returns during February, with an average return of 2.5% for the month. Irish Life Investment Managers took top spot with a return of 2.9% for the month, while Merrion Investment Managers propped up the league table with a return of 1.8%.
Mar 6, 2014 - 3:24 AM
Ireland's €6.8bn Strategic Investment Fund open for business; Let the lobbying begin!
The €6.8bn residue of the Celtic Tiger era national pensions fund is ready to be spent and like the ubiquitous but often misplaced use of the term 'world class' in Ireland, 'strategy' and 'strategic' are often used to command gravitas or seriousness. Le's hope this time is different.
Mar 5, 2014 - 1:18 PM
Irish Economy 2014: Annual rise of 3.5% in official services index - more reliable than PMI survey
Irish Economy 2014: The CSO reported today seasonally adjusted monthly services value index increased by 2.5% in January 2014 when compared with December 2013 and there was an annual increase of 3.5%. The PMI (purchasing managers' index) survey issued today, likely has more weighting for the big US services giants such as Microsoft and Google, which book big chunks of their global revenues in Ireland for tax purposes.
Mar 5, 2014 - 12:15 PM
Irish Economy 2014: Live Register and activation numbers at 483,300 in February
Irish Economy 2014: On a seasonally adjusted basis the Live Register total recorded a monthly decrease of 2,500 in February 2014, reducing the seasonally adjusted total to 398,300. Including the number on public activation programmes, the total was about 483,300.
Mar 5, 2014 - 11:47 AM
Irish Economy 2014: Jobless exports boom 2000-2013; What will change to 2020?
Irish Economy 2014: Enda Kenny, taoiseach, on Tuesday again reaffirmed that full-employment will return in 2020 and while a forecast that far ahead has no credibility in these uncertain times, it could be a credible goal if supported by a strategy that is bullshit-free. One key question would be on the 2000-2013 jobless exports boom and if it's realistic to assume that the coming years will be different from the past.
Mar 5, 2014 - 6:55 AM
Irish Economy 2014: Services activity rises with benefit of revenue diversions
Irish Economy 2014: Further sharp rises in activity and new business were recorded in February in the latest PMI (purchasing managers' index)
survey, despite rates of expansion easing. Higher workloads encouraged service providers to take on extra staff at the strongest pace since October 2006. Meanwhile, sentiment regarding future activity improved to the highest in just over ten years. However, it's important to keep in mind that the biggest services companies book big chunks of their global revenues in Ireland that are unrelated to the local economy.
Mar 5, 2014 - 6:02 AM
Irish Economy 2014: February Exchequer returns show rise in VAT but flat income tax despite job creation
Irish Economy 2014: Exchequer returns for February that were issued on Tuesday evening show a rise in VAT collected in the first two months of 2014, pointing to an increase in spending. However, income tax was almost unchanged despite strong job creation figures in 2013.
Mar 5, 2014 - 1:57 AM
Irish Economy 2014: Consumer Sentiment Index increased further in February
Irish Economy 2014: The overall KBC Ireland/ESRI Consumer Sentiment Index increased to 85.5 in February, from 84.6 in January and 59.4 in February last year. The 3-month moving average advanced to 83.3 in February from 78.5 in January.
Mar 4, 2014 - 12:38 PM
Irish Economy 2014: Manufacturing PMI up again, excluding patent drug cliff falls
Irish Economy 2014; The Irish manufacturing PMI sector recorded a further solid improvement in business conditions in February. The rate of growth in production eased, but new orders increased at a faster pace, leading firms to raise their rate of job creation. However, the impact of the drugs patent cliff on output has not been reflected in the survey data through 2013 when official data showed that industrial production fell
Mar 3, 2014 - 6:24 AM
Irish Economy 2014: Quarter of additional jobs in 2013 went to foreign nationals
Irish Economy 2014: Data released by the CSO last Thursday show that almost a quarter of additional jobs in the economy in 2013 went to foreign nationals while the ratio in overall employment was at 15%.
Mar 1, 2014 - 9:50 AM
Irish Economy 2014: Retail sales rose 8.9% in 12 moths to January boosted by car sales
Irish Economy 2014: The volume of retail sales (i.e. excluding price effects) in January 2014 increased by 2.3% when compared with December 2013 and there was an increase of 8.9% in the annual figure. If Motor Trades are excluded there was an decrease of 1.0% in the volume of retail sales in January 2014 when compared with December 2013 and there was an increase of 2.7% in the annual figure.
Feb 28, 2014 - 3:01 PM
Irish Economy 2014: Action Plan for Jobs has 385 item to-do list but no strategy
Irish Economy 2014: The Government has published its latest Action Plan for Jobs and it has a 385 item to-do list but there is still lack of a strategy.
Feb 27, 2014 - 2:14 PM
Irish Economy 2014: 61,000 jobs added in 2013; 27,000 in agriculture while high tech fell by 600
Irish Economy 2014: There was an annual increase in employment of 3.3% or 61,000 in the year to the fourth quarter of 2013, bringing total employment to 1,909,800, according to the CSO's Quarterly Household Survey. The largest rates of increase were recorded in the Agriculture, forestry and fishing (+29.8% or 26,800), the Accommodation and food service activities (+14.7% or 17,400) and the Professional, scientific and technical activities(+12.7% or 13,000) sectors. The four sectors in which annual declines were recorded were the Financial, insurance and real estate activities (-5.6% or -5,700), Wholesale and retail trade; repair of motor vehicles and motorcycles(-1.1% or -3,000), Public administration and defence; compulsory social security (-1.0% or -1,000) and Information and communication - - high tech positions- - (-0.8% or -600) sectors.
Feb 27, 2014 - 12:24 PM
Irish Economy 2014: The politics of jobs announcements and propaganda
Irish Economy 2014: The current government has much more in common with its recent predecessors than not in its governing style (the demands of an international bailout required some innovation in economic policy making) and in the area of the politics of announcements on jobs and related propaganda, the playbook is an old one.
Feb 27, 2014 - 4:23 AM
Irish Economy 2014: Trips to Ireland increased by 8.2% in November-January
Irish Economy 2014: In the period November 2013 – January 2014, the total number of trips to Ireland increased by 8.2% to 1,350,800 - - an overall increase of 102,500 compared to the same period twelve months earlier, according to the CSO.
Feb 26, 2014 - 4:32 PM
Irish Economy 2014: Gilmore launches Lilliputian wish-list on trade and tourism
Irish Economy 2014: Eamon Gilmore, tánaiste (deputy prime minister) and foreign affairs/ trade minister, on Monday launched a report titled, 'Review of the Trade, Tourism and Investment Strategy,' [pdf], which updates what was a 2010 wish-list. It's a Lilliputian endeavour that characterises much of modern policy making in Dublin.
Feb 25, 2014 - 6:38 AM
Irish Public Procurement: Victorian-era secrecy protects well-connected; Breaks EU law
Irish Public Procurement: The Government keeps information on most contract awards secret, a legacy of the Victorian public service system, that protects the well-connected and is in breach of EU law.
Feb 25, 2014 - 12:45 AM
Irish Corporate Tax 2014: Noonan signalls publicity offensive on effective rate
Irish Corporate Tax 2014: Michael Noonan, finance minister, signalled in a statement last Thursday that his Department is preparing a report on the corporation tax rate that is expected to be ready by the end of March as part of a publicity offensive to counter claims that Ireland's effective rate (actual tax paid or provided for in an accounting period as a ratio of reported net income) is in low single digits.
Feb 24, 2014 - 7:16 AM
Real value of Irish equities grew by a factor of 96.6 in 114 years 1900-2013
The real value of Irish equities, with income reinvested, grew by a factor of 96.6 in the 114 years 1900-2013, compared to 4.9 for bonds. Bonds outpaced shares in 2000-2013 as all gains to 2007 were more than wiped out - - this is just one piece of interesting information, published this month in 'The Credit Suisse Global Investment Returns Yearbook 2014' and Credit Suisse Global Investment Returns Sourcebook 2014.' The authors are Elroy Dimson, Paul Marsh, and Mike Staunton of London Business School.
Feb 21, 2014 - 7:09 AM
Irish Economy 2014: Consumer prices fell in January; Wholesale prices slightly rose
Irish Economy 2014: Prices on average, as measured by the CPI (consumer price index), were 0.2% higher in January 2014, compared with January 2013 while there was a fall in the month, according to the CSO. Meanwhile wholesale (factory gate) prices rose slightly in the month.
Feb 20, 2014 - 2:01 PM
Irish Corporate Tax 2014: How official spin and distortion works - in short-term
Irish Corporate Tax 2014: The current Irish governance system has remained unchanged through boom and bust and the addiction to political spin, distortion and sometimes lies, works at least in the short term while in some cases it has an enduring impact. To paraphrase Abraham Lincoln, America's 16th president, it's possible "to fool some of the people all of time, and all of the people some of the time."
Feb 18, 2014 - 6:42 AM
Irish goods export performance in 2013 back to 2008 level
Irish goods exports fell in 2013, mainly reflecting the decline in pharmaceutical exports by American-owned firms - - drugs/chemical exports accounted for 58% of merchandise exports in the year, the same level as in 2012.
Feb 16, 2014 - 4:40 AM
Corporate Tax 2014: Feargal O'Rourke's Irish tax fairytales and "meaningless" US data
Corporate Tax 2014: Feargal O'Rourke, head of tax at PricewaterhouseCoopers (PwC) in Ireland, in a radio interview this morning dismissed US Bureau of Economic Analysis (BEA) data collected from US companies in respect of Irish affiliates as "meaningless." He said there was a “hole the size of the grand canyon” in the data but that claim was not supported with any evidence and what he appeared to want was more Irish tax fairytales.
Feb 11, 2014 - 3:57 PM
Corporate Tax 2014: Ireland's effective rate for US companies in 2011 was 2.2%
Corporate Tax 2014: The effective rate of corporation tax for US companies in Ireland in 2011 was 2.2% according to a paper published on Monday by a Trinity College academic [pdf]. It was 2.5% in 2010 according to Finfacts.
Feb 11, 2014 - 12:44 AM
Irish Economy 2014: Energy index rose 1% in January
Irish Economy 2014: Rising Irish wholesale electricity and coal prices offset decreasing oil and wholesale natural gas prices resulting in a 1% month-on-month increase in the Bord Gáis Energy Index in January. Bord Gáis Energy (BGE) said the reduced availability of relatively cheap and efficient power plants in January due to maintenance issues, put upward pressure on wholesale electricity prices despite falling wholesale gas prices*and near record volumes of electricity produced from wind turbines. European coal prices rose by 4% due to supply concerns following a surprise export ban by the Colombian government on one of the country’s biggest exporter of coal due to breaches of environmental regulations. Wholesale natural gas prices dropped by 5% as the extended spell of unseasonably mild weather continued to erode UK demand amid ample gas supplies. The Brent crude oil price was 2% lower due to concerns about emerging market economies.
Feb 10, 2014 - 7:23 AM
Corporate Tax 2014: Yahoo! joins “Double Irish Dutch Sandwich” club; IDA Ireland wants more members
Corporate Tax 2014: Yahoo! is to shift its European headquarters from Switzerland to Ireland to take advantage of the “Double Irish Dutch Sandwich” tax dodge that has been used by companies such as Google, Microsoft and Facebook to reduce their overseas tax bills to low single digits. Meanwhile, IDA Ireland, the inward investment agency, is reported to have said that it is working on luring other companies from Switzerland and elsewhere to Ireland, to also join the tax dodge sandwich club.
Feb 9, 2014 - 8:09 AM
Irish industrial production fell in 2013; PMI data misleading
Production for Irish Manufacturing Industries for December 2013 was 2.2% lower than in November 2013. On an annual basis production for December 2013 decreased by 7.5% when compared with December 2012, according to the CSO. However, PMI (purchasing managers' data) in 2013 was misleading as it suggested an improvement in conditions.
Feb 7, 2014 - 3:56 PM
Irish economy 2014: New cars licensed up 48.8% in January
There were 15,975 new private cars licensed in January 2014, compared with 10,735 in January 2013, an increase of 48.8%, according to the CSO. The corresponding figure for January 2014 in respect of used (imported) private cars was 3,966 and this was up 47.9% from January 2013.
Feb 7, 2014 - 12:25 PM
Irish pension managed funds lost 1.0% on average in January
Irish pension managed funds lost 1.0% on average in January. Merrion Investment Managers took top spot with a return of -0.2% for the month, while Prescient Investment Managers propped up the league table with a return of -1.9%.
Feb 6, 2014 - 8:48 AM
Irish Economy 2014: Number on Live Register/ activation programmes in January at 487,000
Irish Economy 2014: On a seasonally adjusted basis the Live Register total recorded a monthly fall of 2,300 in January 2014, reducing the seasonally adjusted total to 400,700. When the number in publicly funded activation programmes are included the total was about 487.000 (there were 86,162 people in training programmes at the end of December) - - 22.3% of the workforce..
Feb 5, 2014 - 2:41 PM
Eurozone economy expands at fastest pace since June 2011; Services subdued
Output in the Eurozone economy expanded for the seventh successive month in January. At 52.9, up from 52.1 in December, the final Markit Eurozone PMI (purchasing managers' index) Composite Output Index posted its highest reading since June 2011, but nudged lower from the flash estimate of 53.2. The upturn was led by the manufacturing sector, where accelerated growth of both total new orders and new export business drove the rate of expansion in production to a near three-year record. Meanwhile the recovery in the service sector remained subdued in comparison, with business activity only rising at a modest pace – albeit a three-month high. Slower growth in new business to service providers suggests that the expansion in output in this sector may remain weak in February.
Feb 5, 2014 - 1:56 PM
Irish Economy 2014: Services sector expands in January boosted by tax-related activity
Irish Economy 2014: Business activity continued to increase strongly in the Irish services sector at the start of 2014 as new business continued to rise. This led companies to increase their staffing levels again in January. Improving demand enabled service providers to raise their output prices, the first time this has been the case since July 2008. As the biggest services companies in Ireland: Google, Apple, Microsoft and Facebook are diverting big chunks of their global revenues to Ireland, this becomes virtual output and exports in official data.
Feb 5, 2014 - 7:08 AM
Irish Economy 2014: Exchequer deficit of €1.1bn in January; European payment system blamed for rise
Irish Economy 2014: An Exchequer deficit of €1.1bn was recorded in January 2014. This compares with a surplus of €0.7bn in January 2013. The Department of Finance said it did not receive about €650m in taxes because of delays in the processing of direct debits linked to the implementation of the Single Euro Payment Area or SEPA. It also noted that the sale of the Bank of Ireland Contingent Convertible Capital notes for over €1bn in January 2013.
Feb 5, 2014 - 1:54 AM
Irish Economy 2014: Consumer Sentiment Index back to 2007 levels
The overall KBC Ireland/ESRI Consumer Sentiment Index increased to 84.6 in January, from 79.8 in December and 64.2 in January 2013. The 3-month moving average increased from 75.7 last month to 78.5 in January. The index is back to May 2007 levels.
Feb 5, 2014 - 12:27 AM
Irish new car sales in January up 33% on same month in 2013
Irish new car sales rose to 22,927 in January, up 33% on last year and 8% up on the 21,309 cars sold in January 2012.
Feb 3, 2014 - 2:54 PM
Irish Economy 2014: Manufacturing expanded in January but at slower pace
Irish Economy 2014: Manufacturing sector continued to improve in January as output, new orders and employment all increased again. However, there were some signs of an easing in momentum at the start of the year as production growth slowed to the weakest in five months and firms lowered their purchasing activity.
Feb 3, 2014 - 1:13 AM
Foreign government requests Bermuda to investigate Microsoft's Irish-linked subsidiaries
A foreign government has requested Bermuda to investigate three of Microsoft's subsidiaries in the Caribbean nation that are in effect Irish offshore shell companies linked to the software giant's companies in Ireland, and are used for corporate tax avoidance and maybe evasion.
Feb 1, 2014 - 3:32 PM
Irish Economy: Volume of retail sales increased 0.6% in December 2013
Irish Economy: The volume of Irish retail sales (i.e. excluding price effects) in December 2013 increased by 0.6% when compared with November 2013 and there was an increase of 3.0% in the annual figure. If Motor Trades are excluded there was an increase of 1.4% in the volume of retail sales in December 2013 when compared with November 2013 and there was an increase of 3.0% in the annual figure.
Jan 28, 2014 - 1:19 PM
Corporate Tax: Kenny reassures Facebook but Ireland's rate is too high
Corporate Tax: Enda Kenny, taoiseach, on Thursday met Sheryl Sandberg, chief operating officer of Facebook, at the World Economic Forum annual meeting in Davos, Switzerland, and he said later that he had reassured her that Ireland's headline corporation tax rate will not change. However, Sandberg isn't concerned about the headline rate which is too high for the social media giant.
Jan 24, 2014 - 6:26 AM