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Last Updated: Feb 10, 2012 - 3:20 PM |
News
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Innovation
The Swedish Paradox, innovation, entrepreneurship and outcomes
We have reported in recent times on separate research that was done in the US and Europe, which confirms the crucial importance of entrepreneurship in developing startups and young firms because all net job creation is dependent on these firms of up to 5 years in age. Investments in knowledge do not automatically lead to innovation and economic growth. In Sweden, the observed low return for the considerable investment in research and development (R&D) and innovation is termed the Swedish Paradox.
Feb 10, 2012 - 8:51 AM
News
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Global Economy
The end of the halcyon days of the global finance industry
The US financial sector accounted for just over 8% of the market capitalisation of the S&P 500 stock index companies in 1990 and peaked at over 22% by late 2006. It had dipped to 8.6% in early March 2009 and while it has recovered to about 12% in the interval, the halcyon days of the industry both in the United States and at global level, are over.
Feb 10, 2012 - 8:36 AM
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US Economy
US goods and services trade deficit was $558.0bn in 2011 - - up $58bn on 2010
The US monthly international trade deficit increased in December 2011, according to the US Bureau of Economic Analysis and the US Census Bureau today. The deficit increased from $47.1bn (revised) in November to $48.8bn in December, as imports increased more than exports. The previously published November deficit was $47.8bn. The goods deficit increased $1.8bn from November to $64.3bn in December, and the services surplus was virtually unchanged from November at $15.5bn. The goods and services deficit was $558.0bn in 2011, up from $500.0bn in 2010. As a percentage of US GDP (gross domestic product), the goods and services deficit was 3.7% in 2011, up from 3.4% in 2010.
Feb 10, 2012 - 3:10 PM
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Irish Economy
Irish industrial production rose 3.5% in December 2011; Down in Q4 2011 and in full year 2011
Irish industrial production in Manufacturing Industries for December 2011 was 3.5% higher than in November 2011. On an annual basis production for December 2011 decreased by 4.1% when compared with December 2010. The seasonally adjusted volume of industrial production for Manufacturing Industries for the three month period October 2011 to December 2011 (Q4) was 1.4% lower than in the preceding three month period.
Feb 10, 2012 - 2:07 PM
News
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International
Markets: Greece back at the brink; Barclays reports dip in 2011 profits - - cuts cash bonuses
Markets news on stocks, currencies and commodities; Greece back at the brink; Barclays reports dip in 2011 profits - - cuts cash bonuses.
Feb 10, 2012 - 10:34 AM
News
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International
Friday Newspaper Review - - Irish Business News - - February 10, 2012
Principal news stories from the Irish Times and Irish Examiner.
Feb 10, 2012 - 6:38 AM
News
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Irish Economy
IDA Ireland announce 500 jobs at New York Irish investment conference
IDA Ireland, the inward investment promotion agency, made jobs announcements totalling almost 500 on Thursday to coincide with an investment conference in New York at which former President Bill Clinton was the guest of honour. Taoiseach Enda Kenny, Tánaiste Eamon Gilmore and Minister for Jobs Richard Bruton met potential American investors at the event.
Feb 10, 2012 - 3:27 AM
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EU Economy
Draghi says economic outlook has improved but subject to downside risks
European Central Bank President Mario Draghi told a press conference in Frankfurt today following the decision of the governing council to leave the benchmark rate unchanged at 1% that the economic outlook has improved even though many downside risks remain.
Feb 9, 2012 - 4:47 PM
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US Economy
Obama administration announces $25bn foreclosure deal with 5 mortgage banks; Weekly jobless claims dip
The Obama administration today announced that the federal government and 49 state attorneys general have reached a $25bn agreement with the top 5 mortgage banks to address mortgage loan servicing and foreclosure abuses. The agreement provides what has been termed substantial financial relief to homeowners and establishes significant new homeowner protections for the future. Meanwhile weekly jobless benefit claims fell again last week.
Feb 9, 2012 - 4:28 PM
News
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EU Economy
Greek leaders agree new austerity measures to pave way for second bailout
Leaders of political parties backing Greece's government agreed Thursday on an austerity package to comply with demands set by international creditors for a second bailout deal, according to Interim Prime Minister Lucas Papademos.
Feb 9, 2012 - 3:46 PM
News
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EU Economy
ECB keeps benchmark interest rate of 1.0%; Bank of England keeps rate unchanged and adds £50bn to bond-buying program
The European Central Bank (ECB) kept its benchmark interest rate of 1.0% unchanged, at the meeting of the 23-member governing council in Frankfurt today. In London, in response to evidence of a fragile economy, the Bank of England's Monetary Policy Committee kept the Bank's key interest rate at 0.5%, the lowest since the bank was founded in 1694. The Bank of England added £50bn to its bond-buying program.
Feb 9, 2012 - 1:33 PM
News
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International
Markets: Credit Suisse reports Q4 2011 loss; UK-listed Greencore has strong start to its financial year; ECB expected to keep rates on hold
Markets news on stocks, currencies and commodities; Credit Suisse reports Q4 2011 loss; UK-listed Greencore has strong start to its financial year.
Feb 9, 2012 - 10:00 AM
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Irish
National Irish Bank's losses and deposits rose in 2011
Danske Bank Group today announced its financial results for the twelve months to 31 December 2011. Profit before tax was down 35% to €566m. Irish unit, National Irish Bank, reported an operating profit before impairment charges of €45m, a decrease of 7% on last year. Income fell 13% to €141m due to reduced customer demand and the impact of impaired loans. Costs fell by 15% to €96m, driven by the Bank’s restructuring programme. Bad debt provisions rose to €850m, leading to a loss before tax of €805m compared with €618m in 2010.
Feb 9, 2012 - 9:18 AM
News
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Property
Number of Irish properties for rent in 2012 lowest in more than 3 years; State rent supplement in 2011 was €503m
The number of Irish properties available to rent nationwide at the start of 2012 is at its lowest level in more than 3 years, according to the latest report published today by Ireland's largest property website, Daft.ie. The number of properties available to rent nationwide has fallen by 5.7%. This is primarily driven by Dublin, where there are almost 1,000 fewer properties available to rent now than a year ago. The State rent supplement in 2011 was €503m.
Feb 9, 2012 - 7:20 AM
News
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International
Thursday Newspaper Review - Irish Business News and International Stories - - February 09, 2012
Principal news stories from the Irish Times and Irish Examiner.
Feb 9, 2012 - 6:59 AM
News
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Irish
Irish Finance Bill 2012: Includes tax incentives for executives of foreign firms and mortgage relief for first time homebuyers
The Minister for Finance Michael Noonan T.D. today published the Irish Finance Bill 2012 which gives effect to the taxation measures announced in last December’s Budget. The measures include tax incentives for executives of foreign firms and mortgage relief for first time homebuyers.
Feb 8, 2012 - 2:48 PM
News
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International
Markets: Smurfit Kappa reports pre-tax profits trebled in 2011; Nokia to cut 4,000 jobs and move production to Asia
Markets news on stocks, currencies and commodities; Smurfit Kappa reports pre-tax profits trebled in 2011; Nokia to cut 4,000 jobs and move production to Asia.
Feb 8, 2012 - 9:57 AM
News
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Irish
Elan reports pre-tax profits of $560.5m in 2011
The drugs firm Elan today reported pre-tax profits of $560.5m in 2011, following a loss of almost $325m in 2010.
Feb 8, 2012 - 9:41 AM
News
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International
Wednesday Newspaper Review - Irish Business News and International Stories - - February 08, 2012
Principal news stories from the Irish Times and Irish Examiner.
Feb 8, 2012 - 8:25 AM
News
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EU Economy
German exports fell in December; Exports rose 11.4% in 2011 to €1.06trn
German exports, adjusted for work days and seasonal changes, fell 4.3% in the month of December, Destatis the federal statistics office said today. German exports gained 11.4% n 2011 to €1.06trn, crossing the trillion- euro mark for the first time.
Feb 8, 2012 - 7:56 AM
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Irish Economy
Increase of 6.5% in new Irish private cars licensed in January 2012
There were 14,507 new private cars licensed in January 2012, compared with 13,624 in January 2011, an increase of 6.5%.
Feb 7, 2012 - 2:23 PM
News
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International
Markets: UBS reports plunge in 2011 profit: BP reports profit surge; Santander adds €2.3bn to provisions; Toyota's 9-month profit dips; Glencore to buy Xstrata
Markets news on stocks, currencies and commodities: UBS reports plunge in 2011 profit: BP reports profit surge; Santander adds €2.3bn to provisions; Toyota's 9-month profit dips; Glencore to buy Xstrata.
Feb 7, 2012 - 10:13 AM
News
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UK Economy
UK retail market in January was grim
UK retail sales values were down 0.3% on a like-for-like basis from January 2011, when sales had risen 2.3%, picking up after December 2010's snow disruption. On a total basis, sales were up 2.1%, against a 4.2% increase in January 2011. On both measures it was the second-worst January, after January 2010, since the survey began in 1995.
Feb 7, 2012 - 8:21 AM
News
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International
Tuesday Newspaper Review - Irish Business News and International Stories - - February 07, 2012
Principal news stories from the Irish Times and Irish Examiner.
Feb 7, 2012 - 6:37 AM
News
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US Economy
New factory orders rose in US and Germany in December
US factories saw an increase in demand in December and new orders for manufactured goods climbed a seasonally adjusted 1.1% from November, marking the second consecutive monthly rise. German manufacturing orders rose more than expected in December, driven by a rise in demand from outside the Eurozone, in the latest signal that Europe's largest economy may yet avoid recession despite the debt crisis.
Feb 6, 2012 - 4:34 PM
News
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Irish
Irish low-income families and the unemployed do not have enough money to achieve a basic standard of living
Irish low-income families and the unemployed do not have enough money to achieve a basic standard of living, according to a report published today.
Feb 6, 2012 - 1:33 PM
News
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EU Economy
Greece’s debt rose to 159.1% of GDP in Q3 of 2011 from 138.8% year earlier; Ireland's rose from 88.4% to 104.9%
Greece’s debt rose to a ratio of 159.1% of GDP (gross domestic product) in Q3 (the third quarter) of 2011 from 138.8% a year earlier. Ireland's ratio rose from 88.4% to 104.9%, according to Eurostat, the statistics office of the European Union, on Monday.
Feb 6, 2012 - 1:24 PM
News
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International
Markets News: Aer Lingus reports rise in January traffic
Markets news on stocks, currencies and commodities; Aer Lingus reports rise in January traffic.
Feb 6, 2012 - 9:36 AM
News
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Innovation
Improving competitiveness/ innovation in Eurozone's struggling peripheral countries
Last month we said in an article on Greece's potential to improve its dismal inward foreign direct investment record, that the World Bank's 'Doing Business 2012' rankings of the ease of doing business in 183 countries, put Greece at 100, behind Yemen and Vietnam and just ahead of Papua New Guinea. This compares with Italy at 87, just behind the former communist ruled Mongolia; Spain is at 44; Portugal at 30 and Ireland at 10. In recent times there has been a focus on how the struggling peripheral economies of the Eurozone can end decades of underperformance through improving competitiveness and what a focus on innovation could do for Greece, Ireland and Portugal.
Feb 6, 2012 - 9:01 AM
News
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Irish Economy
Bord Gáis Energy Index: Rising tensions on Iran oil sanctions pushed energy prices higher in January
Rising tensions between Europe and Iran on oil sanctions pushed wholesale energy prices higher in January, more than offsetting the positive impact of mild weather in Europe during the month, according to the Bord Gáis Energy Index.
Feb 6, 2012 - 8:30 AM
News
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Irish
Mexican cement giant Cemex increases offer for remaining stake of Readymix Ireland
Cemex, the Mexican cement and building materials giant, has increased its offer for the remaining stake of Readymix Ireland, which it does not own.
Feb 6, 2012 - 7:52 AM
News
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International
Monday Newspaper Review - Irish Business News and International Stories - - February 06, 2012
Principal news stories from the Irish Times and Irish Examiner.
Feb 6, 2012 - 6:45 AM
News
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US Economy
US services sector accelerated in January to its highest level in a year
Growth in the US services sector accelerated in January to its highest level in nearly a year, according to an industry report issued on Friday. The Institute for Supply Management said its services index rose to 56.8 last month from a revised 53.0 in December. It was the highest level since February 2011.
Feb 3, 2012 - 3:48 PM
News
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US Economy
US added 243,000 jobs in January; Unemployment rate falls to February 2009 level
Total nonfarm US payroll employment rose by 243,000 in January, and the unemployment rate decreased to 8.3% - - the lowest since February 2009, President Obama's first full month in office - - the US Bureau of Labor Statistics reported today. Jobs growth was widespread in the private sector, with large employment gains in professional and business services, leisure and hospitality, and manufacturing. Government employment changed little over the month.
Feb 3, 2012 - 3:12 PM
News
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International
Markets: Ryanair warns Aer Lingus on covering €400m deficit in staff pension fund
Markets news on stocks, currencies and commodities; Ryanair warns Aer Lingus on covering €400m deficit in staff pension fund.
Feb 3, 2012 - 10:33 AM
News
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EU Economy
Eurozone service sector stabilises in January as growth in France and Germany offsets declines in Spain and Italy
Business activity in the Eurozone service sector stabilised in January, with a marginal expansion ending a four-month period of contraction. Underlying conditions in the sector nonetheless remained lacklustre overall, as inflows of new business fell further and job losses were recorded for the first time since April 2010. Growth in France and Germany offset declines in Spain and Italy.
Feb 3, 2012 - 8:55 AM
News
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Irish
Irish pension funds increased 3.7% in January following a 2.4% drop in 2011
Aon Hewitt Ireland, a unit of Aon Corporation of the US, says Irish pension funds increased 3.7% in January following a 2.4% drop in 2011.
Feb 3, 2012 - 8:34 AM
News
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Irish Economy
Irish services sector activity falls for second straight month in January; Rate of decline in new business slows
Irish services sector activity fell for a second straight month in January 2012 but the rate of decline in new business slowed according to a report issued today.
Feb 3, 2012 - 7:24 AM
News
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International
Friday Newspaper Review - - Irish Business News - - February 03, 2012
Principal news stories from the Irish Times and Irish Examiner.
Feb 3, 2012 - 6:28 AM
News
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Irish Economy
Irish Exchequer Returns 2012: Tax receipts up 17% in January with a boost from timing of corporation tax
Irish Exchequer Returns 2012: The Department of Finance said today that the Exchequer deficit in January 2012 was €394m compared to €483m last January. Increased tax and non-tax revenues and lower net voted expenditure were largely offset by higher debt servicing costs and higher non-voted capital expenditure. Tax receipts were up 17% with a boost from timing of corporation tax.
Feb 2, 2012 - 4:55 PM
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