| 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

Follow Finfacts on Twitter

 
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.

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: Jun 5, 2014 - 6:31 AM


Wednesday Newspaper Review - Irish Business News and International Stories - - June 04, 2014
By Finfacts Team
Jun 4, 2014 - 8:53 AM

Email this article
 Printer friendly page

Irish Independent

MICHAEL Noonan's announcement of his treatment for cancer immediately brought back sad memories of Brian Lenihan's battle with the disease. But there are substantial differences between the diagnosis of the Finance Minister and his predecessor.

The late Mr Lenihan lost his fight with pancreatic cancer three years ago next week.

From the outset, he knew the odds were against him and his bravery struck a chord with many as he struggled on during a fateful period in the economic history of the nation.

Despite the opprobrium heaped upon the administration in which he served, which was responsible for the country entering an EU-IMF bailout, Mr Lenihan is still held in high regard by the public at large.

Mr Noonan's account of his own illness provides a more positive outlook. After guiding the country out of the bailout, the Finance Minister is signalling his intent to stay on his position for the remainder of the Government's term of office.

NAMA wants to sell a major site in the Dublin Docklands, as it seeks to develop the property.

NAMA said it was "inviting proposals from interested parties to acquire a long leasehold interest" in a 2.35-hectare site on the northside of the river Liffey beside the half-built former headquarters of Anglo Irish Bank. That site is now owned by the Central Bank.

Unusually, the site will be offloaded through the public tender process. That means the state bad bank has not retained an agent to sell the property and no asking price has been released.

However, given the size and location of the property, the final sale price is likely to run to several million euro.

The site will be officially listed on the government-run e-Tenders website this morning.

Surprisingly, only the leasehold is being offered for sale.

HE’S the American senator who was happy to wave the tricolour for Irish-American voters at last year’s St Patrick’s Day Parade in New York.

Now Charles ‘Chuck’ Schumer – who has urged Bausch and Lomb’s owner to move the Irish business to the US – has been accused of “smelling blood” and “going in for the kill”.

‘Chuck’ called Valeant Pharmaceutical’s chief executive J Michael Pearson last week, pushing him to bring the jobs to Rochester in New York due to the potential closure of the Irish plant.

Confident

In a press release issued afterwards, he said he was “confident” that Rochester would have a “great shot” at winning the manufacturing jobs.

Schumer said his “latest push” came after success in getting Valeant, which owns Bausch and Lomb, to locate 100 new jobs last year at an ‘ultra’ contact lens production line in Rochester instead of Ireland.

TESCO UK has suffered its worst fall in quarterly sales and market share in at least two decades.

The supermarket company's share of its domestic market fell 1.5 percentage points to 29pc in the 12 weeks to the end of March – the biggest decline since records began in 1994, Kantar Worldpanel said.

The survey, released yesterday, added to investors' concerns ahead of Tesco's quarterly results today as it continues to lose ground to discounters Aldi and Lidl, as well as Britain's upscale Waitrose chain.

Irish Times

The European Commission’s intervention in the nascent debate on the October budget underlines the gravity of the political challenge now facing the Coalition. Six months after Ireland left the bailout, it shows that the 2015 fiscal plan will be an immensely difficult affair.

In spite of a stinging electoral rebuke for both Labour and Fine Gael, the commission has declared that it sees no scope to slacken the rate at which they increase the tax take and cut expenditure.

Although senior figures from Taoiseach Enda Kenny down have raised the prospect of concessions for taxpayers as early as the next budget, the commission is adamant that a further €2 billion retrenchment will still be required.

The State could save €16 billion on the projected cost of its public service pension bill in the coming decades if it links increases for pensioners to the cost of living rather than to pay rises for serving staff, according to new official figures.

Historically, public service pension increases have been based on the principle of pay parity, meaning they were set in line with the pay of the grade from which the pensioner retired.

Pension payments for retired public service staff are frozen until 2016, reflecting the pay freeze for serving personnel under the Haddington Road agreement.

However, confidential official briefing documents seen by The Irish Times suggest that, after 2016, the Government will have to consider whether to maintain the pay parity arrangement or move to a system of linking pension rises to consumer prices.

A US judge will today hear closing statements in the bankruptcy trial of former Anglo Irish Bank chief executive David Drumm to decide whether he should be discharged from bankruptcy and given a clean financial start. Judge Frank Bailey will listen to statements from lawyers for the former Anglo Irish Bank, now Irish Bank Resolution Corporation, and from Mr Drumm’s own legal team at the conclusion of his trial in the Massachusetts bankruptcy court in Boston.

The bank, which is owed €8.5 million by Mr Drumm, and the court-appointed trustee overseeing his bankruptcy are seeking to block his discharge from bankruptcy, claiming that he defrauded creditors by transferring about €2 million in cash and property to his wife and that he lied on his bankruptcy statements by failing to disclose those asset transfers.

Google inundated with requests to remove Europeans’ data - Search-engine giant receives more than 41,000 requests in four days

Google has received more than 41,000 requests in four days from Europeans wanting the company to remove personal information from its web search results, according to people close to the company.

If Narendra Modi, India’s prime minister, seeks an example of a democratically elected leader embarked on radical reform, he could look to Enrique Peña Nieto. True, the latter is president of a far-smaller country. And a richer one – Mexico’s average standard of living is double India’s, although poor economic performance in recent decades has narrowed the gap substantially.

The two countries’ leaders confront related challenges. Both need to generate market-oriented growth in economies that show a huge gulf between a high-productivity formal sector and a low-productivity informal one. Mr Peña Nieto has embarked on bold reforms. Is his the model to be followed?

Irish Examiner

The Irish Government has agreed through the excessive deficit procedure to reduce its deficit below 3% by the end of 2015. Moreover, by 2018, under the Fiscal Stability Treaty, it has agreed to achieve structurally balanced budgets.

According to the terms of the excessive deficit procedure, the Government is set to implement €2bn in fiscal consolidation in October’s budget in order to reach the 3% target.

But now that is coming under huge pressure.

The front-runner in the race to succeed Eamon Gilmore as the leader of the Labour Party, Joan Burton, has said she will look to ease up in the planned €2bn in consolidation in October.

Europe

Euro Topics: After almost 40 years on the throne, King Juan Carlos of Spain announced his abdication in a surprise move on Monday. The 76-year-old monarch's son Felipe will succeed him on the throne. While his father's main achievement was overseeing the country's transition from dictatorship to democracy, Felipe must now protect Spain's unity, commentators write.

Achievements will outweigh the mistakes: Even if the end of his reign has been anything but glorious Juan Carlos will be remembered as a great democrat, the liberal daily La Libre Belgique comments: "Certainly, the Spanish king has had - and still has - health problems. Yes, his popularity suffered from the scandals involving his daughter Cristina and his son-in-law. And it was definitely not a glorious thing for him to go on an elephant hunt in Botswana as Spain sank deeper and deeper into economic crisis. ... But in a few decades, when the eldest daughter of future king Felipe ascends the throne, historians will underline the key role Juan Carlos played in Spain's return to the values of European democracy. ... He played the democratic game against the Franco regime and scored a spectacular victory in the decisive match in 1981. ... That, and not the scandals that overshadowed the end of his reign, is what will go down in history."

Juan Carlos's greatest achievement was his exemplary role in the country's transition to democracy, the left-liberal daily El Periódico de Catalunya comments: "The king's indisputable contribution to the success of the transition from dictatorship to democracy will go down in the history books. His legitimacy as king, reaffirmed by the constitutional referendum of 1978, facilitated the arduous task of dismantling the structures of the Franco dictatorship and establishing a parliamentary monarchy that has given Spain the longest period of democracy, harmony, stability and progress in its tumultuous history. The role he played on the morning of February 23 [1981], when he opposed the insurgents and ratified his commitment to democracy, will always remain an iconic image for us. This historical moment endowed the head of state with a popularity that has endured right through to the end of his reign."

European elections: Council must block Juncker: Unlike the European Parliament, the leaders of the EU member states have a democratic mandate and should therefore nominate their own counter candidate to Jean-Claude Juncker in the struggle over the post of EU Commission president, The Financial Times argues: "Unlike the relative unknowns that populate the parliament in Brussels the national leaders are well-known at home, so have a genuine democratic mandate. That should give them the courage to face down the pretensions of the parliament and its standard-bearer, Mr Juncker, and choose their own candidate for commission president. Any such decision would, in turn, be likely to provoke months of confrontation between the parliament and national leaders in the European Council, and a stalemate over the commission presidency. So be it. In the interests of democracy, it is important to have that confrontation now."

Growing inequality fuels WM protests: Shortly before the World Cup begins, thousands of Brazilians have staged protests in recent days. It is mainly the growing inequalities that are driving the people onto the streets, the state-run liberal Austrian daily Wiener Zeitung comments: "Above all in Rio de Janeiro, which will also host the Olympic Games in 2016, underground lines and tramlines are being built. And a lot of money is being invested into 'appeasing' in the poor neighbourhoods controlled by drug gangs. ... Investments in these areas are therefore a good thing - for many people. But the large-scale revamp of the city also has its losers. Fifa will earn an estimated five billion US dollars while street vendors are banished from the streets. In Rio, the underground is being extended to the rich southern part of the city but not to the poor areas in the north. It's above all black youths who pay for the 'appeasement policy' with their lives and become the victims of human rights abuses committed by police units deployed in the favelas."


© Copyright 2011 by Finfacts.com

Top of Page

International
Latest Headlines
Wednesday newspaper review: December 17, 2014
Tuesday newspaper review: December 16, 2014
Monday Newspaper Review - Irish Business News and International Stories - - December 08, 2014
Friday Newspaper Review - Irish Business News and International Stories - - November 28, 2014
Thursday Newspaper Review - Irish Business News and International Stories - - November 27, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - November 25, 2014
Friday Newspaper Review - Irish Business News and International Stories - - November 21, 2014
Thursday Newspaper Review - Irish Business News and International Stories - - November 20, 2014
Wednesday Newspaper Review - Irish Business News and International Stories - - November 19, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - November 18, 2014
Monday Newspaper Review - Irish Business News and International Stories - - November 17, 2014
Friday Newspaper Review - Irish Business News and International Stories - - November 14, 2014
Thursday Newspaper Review - Irish Business News and International Stories - - November 13, 2014
Wednesday Newspaper Review - Irish Business News and International Stories - - November 12, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - November 11, 2014
Monday Newspaper Review - Irish Business News and International Stories - - November 10, 2014
Thursday Newspaper Review - Irish Business News and International Stories - - November 06, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - November 04, 2014
Monday Newspaper Review - Irish Business News and International Stories - - November 03, 2014
Friday Newspaper Review - Irish Business News and International Stories - - October 31, 2014
Thursday Newspaper Review - Irish Business News and International Stories - - October 30, 2014
Wednesday Newspaper Review - Irish Business News and International Stories - - October 29, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - October 28, 2014
Friday Newspaper Review - Irish Business News and International Stories - - October 24, 2014
Wednesday Newspaper Review - Irish Business News and International Stories - - October 22, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - October 21, 2014
Monday Newspaper Review - Irish Business News and International Stories - - October 20, 2014
Friday Newspaper Review - Irish Business News and International Stories - - October 17, 2014
Thursday Newspaper Review - Irish Business News and International Stories - - October 16, 2014
Wednesday Newspaper Review - Irish Business News and International Stories - - October 15, 2014
Monday Newspaper Review - Irish Business News and International Stories - - October 13, 2014
Friday Newspaper Review - Irish Business News and International Stories - - October 10, 2014
Thursday Newspaper Review - Irish Business News and International Stories - - October 09, 2014
Wednesday Newspaper Review - Irish Business News and International Stories - - October 08, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - October 07, 2014
Monday Newspaper Review - Irish Business News and International Stories - - October 06, 2014
Thursday Newspaper Review - Irish Business News and International Stories - - October 02, 2014
Wednesday Newspaper Review - Irish Business News and International Stories - - October 01, 2014
Monday Newspaper Review - Irish Business News and International Stories - - September 29, 2014
Friday Newspaper Review - Irish Business News and International Stories - - September 26, 2014