| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

We provide access to live business television and business related videos from: Bloomberg TV; The Wall Street Journal; CNBC and the Financial Times. Click image:

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : International Last Updated: Feb 18, 2010 - 6:56:12 AM


Markets News Afternoon: Ryanair's O'Leary accuses Cowen of lying as truth behind Dublin Airport saga remains unclear; Shares rise in Europe and US
By Finfacts Team
Feb 17, 2010 - 5:02:01 PM

Email this article
 Printer friendly page

Ryanair today rejected the "false claims" made by An Taoiseach, Brian Cowen in the Dáil this morning which mirrored equally "misleading claims"made by Tánaiste Mary Coughlan yesterday. In the Dáil this morning, An Taoiseach made what Ryanair claim as  four false claims about Ryanair’s offer to create up to 300 jobs, if the airline was sold or leased the Hangar 6 heavy maintenance facility.

The lies according to Ryanair:

Lie No. 1
The Taoiseach claimed that Aer Lingus has a 20 year lease over the Hangar 6 facility and that this lease cannot be broken. This is untrue, since the Tánaiste at last night’s meeting with Ryanair confirmed that Aer Lingus’ 20 year lease has the same 12 month’s notice clause in it (as all DAA leases do), allowing the DAA to request Aer Lingus to vacate Hangar 6. The exercise of this Clause by the Govt owned DAA would not be a breach of the lease, and nor would it be breaking the law, as the Taoiseach wrongly claimed.

Lie No. 2
The Taoiseach claimed that there was a 24 months notice period in the Aer Lingus Hangar 6 lease. This is also untrue, since the Tánaiste at least evening’s meeting with Ryanair confirmed that the notice clause in the Aer Lingus Hangar 6 lease was 12 months. The fact that Aer Lingus have put very little into Hangar 6 (other than 95 line engineers) means that this facility could be vacated by Aer Lingus within 12 weeks which would allow Ryanair to start recruiting some former SRT engineers for heavy maintenance on Ryanair’s fleet from September 2010 onwards.

Lie No. 3
The Taoiseach claimed that there was “a competition” for the Hangar 6 facility. This is untrue. There was no such competition. Ryanair calls on the Taoiseach to publish the terms of this competition (since they don’t exist) and he should also confirm how Aer Lingus won this competition in November, when they created not one new job in the Hangar 6 facility, over Ryanair, which offered (last September) to create up to 500 jobs in the facility. How could an airline creating no jobs, win this alleged competition over an airline offering to create 500 jobs. The Taoiseach should explain this false claim.

Lie No. 4
The Taoiseach claimed Ryanair “did not make an offer” for Hangar 6. This is also untrue. Ryanair have published the written offers it made directly to An Tánaiste in August and September last year, offering to create up to 500 maintenance jobs in Hangar 6 on the basis that Ryanair would be sold or leased the Hangar 6 facility. The Taoiseach’s claim that Ryanair did not make an offer for the facility is false.

Finfacts opinion article on the Dublin Airport saga/media offensive:

Ryanair, the Dublin Airport hangar, jobs and a media campaign

Ryanair’s Michael O’Leary said today: “It is extraordinary that the Taoiseach has now allowed himself to be tied up in the same lies which have been put about by the DAA for a number of days now. The Tánaiste last night confirmed (1) that the DAA can require Aer Lingus to vacate Hangar 6, (2) this can be done within 12 months (although Ryanair believes it could be done within 12 weeks given that Hangar 6 is empty) (3) that Ryanair did make an offer for the Hangar 6 facility last September and (4) the claim that Aer Lingus “won” a competition in November last despite creating no new jobs whatsoever are all false claims.

“Ryanair calls on the Taoiseach to correct these false claims, or alternatively publish the terms of the competition he claims Aer Lingus won last year, and explain to the 800 unemployed SRT engineers on what basis Aer Lingus won this competition (when they have created no jobs and have no heavy maintenance hangar) over Ryanair who offered 500 jobs and can start putting heavy maintenance work into Hangar 6 from September of this year.

“The Govt have yet to explain (as the Tánaiste refused to at last night’s meeting) why they are allowing Aer Lingus and the DAA to block Hangar 6 which is currently empty, from an airline which is offering to create 300 jobs and allocate a large volume of heavy maintenance work to this facility. Why does the Taoiseach, the Tánaiste and this Govt willingly allow 300 aircraft engineers to draw the dole, while they preside over and defend Aer Lingus blocking the large heavy maintenance Hangar 6 facility, when all of Aer Lingus’ heavy maintenance has been contracted overseas for the next 8 years?”

President Obama discusses the effectiveness of the $787 billion stimulus package, which was signed into law one year ago today:

Eurozone

In the construction sector, seasonally adjusted production increased by 0.5% in both the Eurozone (EA16) and the EU27 in December 2009, compared with the previous month. In November, production fell by 0.8% and 0.4% respectively.

Compared with December 2008, output in December 2009 dropped by 3.1% in the Eurozone and by 3.3% in the EU27. Compared with 2008, average construction output index in 2009 decreased by 8.0% in the Eurozone and by 8.2% in the EU27.

These first estimates are released by Eurostat, the statistical office of the European Union.

The first estimate for the Eurozone (EA16) trade balance with the rest of the world in December 2009 is a €4.4bn surplus, compared with -€1.8bn in December 2008. The November 20092 balance was +€4.0bn, compared with -€6.9bn in November 2008. In December 2009 compared with November 2009, seasonally adjusted exports rose by 3.1% and imports by 1.7%.

The first estimate for the December 2009 extra-EU27 trade balance was a €2.5bn deficit, compared with -€11.3bn in December 2008. In November 20092 the balance was -€6.8bn, compared with -€24.4bn in November 2008. In December 2009 compared with November 2009, seasonally adjusted exports rose by 2.0% and imports by 0.5%.

During 2009, Eurozone trade recorded a surplus of €22.3bn, compared with -€54.7bn in 2008. The EU27 recorded a deficit of €105.5bn in 2009, compared with -€258.4bn in 2008.

China is no longer the world's biggest foreign holder of US debt after it sold a record amount of Treasurys. Thomas Byrne from Moody's Sovereign Risk Group told CNBC the move is not necessarily bad news for the economy:

US markets

US housing starts rose in January to a higher level than expected in a signal that government support is helping to stabilise the property market. The extension and expansion of a homebuyer tax credit is expected to boost demand in coming months while builders will have to contend with rising foreclosures and a high unemployment rate.

US housing starts rose in January to a higher level than expected with the help of a homebuyer tax credit

The Dow is up 22 points or 0.21% to 10,290.

The S&P 500 has risen 0.24% and the Nasdaq has added 0.23%.

Live US indices

In Europe, the Dow Jones Stoxx 600 has risen 1.39% Wednesday.

In Dublin, the ISEQ has gained 1.42%.

Market cap leader is up 3.48% and AIB has dipped 2.22%.

European Benchmarks

Irish Share Prices

Euribor Rates

Oil

On the New York Mercantile Exchange, oil for March 2010 delivery is trading at $76.88 down 13 cents from Tuesday's close. In London, Brent crude  for March delivery is trading at $75.74 a barrel.

Currencies

The euro is trading  at $1.3647 and at £0.8680.

For live currency updates, check the right-hand column of the Finfacts home page.  The dollar traded at a record low $1.6038 per euro on July 15, 2008.

"The market is pricing in another euro fudge; the EU has always fudged its way around fundamental issues," Julian Pendock from Senhouse Capital told CNBC Wednesday when discussing the outlook for stocks in the wake of Greece's debt problems:

Related Articles


© Copyright 2009 by Finfacts.com

Top of Page

International
Latest Headlines
Markets: Greece back at the brink; Barclays reports dip in 2011 profits - - cuts cash bonuses
Friday Newspaper Review - - Irish Business News - - February 10, 2012
Markets: Credit Suisse reports Q4 2011 loss; UK-listed Greencore has strong start to its financial year; ECB expected to keep rates on hold
Thursday Newspaper Review - Irish Business News and International Stories - - February 09, 2012
Markets: Smurfit Kappa reports pre-tax profits trebled in 2011; Nokia to cut 4,000 jobs and move production to Asia
Wednesday Newspaper Review - Irish Business News and International Stories - - February 08, 2012
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
Tuesday Newspaper Review - Irish Business News and International Stories - - February 07, 2012
Markets News: Aer Lingus reports rise in January traffic
Monday Newspaper Review - Irish Business News and International Stories - - February 06, 2012
Markets: Ryanair warns Aer Lingus on covering €400m deficit in staff pension fund
Friday Newspaper Review - - Irish Business News - - February 03, 2012
Markets: Deutsche Bank plunges to loss in Q4 2011; Baltic Dry Index sinks to 25-year low on shipping glut
Thursday Newspaper Review - Irish Business News and International Stories - - February 02, 2012
Markets News: Amazon.com's fourth-quarter earnings fell 57%
Wednesday Newspaper Review - Irish Business News and International Stories - - February 01, 2012
Markets News: EU25 leaders agree to sign fiscal compact agreement in March
Tuesday Newspaper Review - Irish Business News and International Stories - - January 31, 2012
Markets News: EU leaders expected to approve text of new intergovernmental treaty today
Monday Newspaper Review - Irish Business News and International Stories - - January 30, 2012
Spain's jobless rate at end 2111 was 22.85%; Samsung reports record profits; Baltic Dry Index down 27 days in a row
Friday Newspaper Review - Irish Business News and International Stories - - January 27 , 2012
Markets News: Japan's struggling giants NEC and Nintendo expect big losses; NEC to cut 10,000 jobs
Thursday Newspaper Review - Irish Business News and International Stories - - January 26, 2012
Markets News: Japan reports first annual trade deficit since 1980; World Economic Forum opens in Davos
Wednesday Newspaper Review - Irish Business News and International Stories - - January 25, 2012
Markets News: Irish retail sales continued to fall in Q4 2011; India's Reserve Bank switches stance to economic growth
Tuesday Newspaper Review - Irish Business News and International Stories - - January 24, 2012
Markets News: EU finance ministers to discuss new bailout fund and Greece restructuring talks
Monday Newspaper Review - Irish Business News and International Stories - - January 23, 2012
Markets: Year of Dragon set to commence as China's manufacturing weakness persists; Greencore decamps to London
Friday Newspaper Review - Irish Business News and International Stories - - January 22, 2012
Markets News: 1880 vintage Eastman Kodak has little left but a patents' trove; Readymix in takeover talks
Thursday Newspaper Review - Irish Business News and International Stories - - January 19, 2012
Markets News: Tullow Oil says revenues doubled to $2.3bn in 2011
Wednesday Newspaper Review - Irish Business News and International Stories - - January 18, 2012
Markets News: RBS sells Dublin-based aviation leasing unit for $7.3bn; C&C reports strong Christmas drinks performance
Tuesday Newspaper Review - Irish Business News and International Stories - - January 17, 2012
Markets News: Sarkozy to continue to implement reforms despite ratings downgrade; DCC says good weather is bad news
Monday Newspaper Review - Irish Business News and International Stories - - January 16, 2012