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News : International Last Updated: Jun 17, 2014 - 7:13 AM


Monday Newspaper Review - Irish Business News and International Stories - - June 16, 2014
By Finfacts Team
Jun 16, 2014 - 11:35 AM

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Irish Independent

GARDAI are investigating a suspected fraud at a credit union involving up to €400,000.

The "unauthorised transactions" at Larkhill and District Credit Union in Whitehall, Dublin, have also been reported to the Central Bank, the Irish Independent has learned.

The credit union has had to refund thousands of euro to members, while consultants Grant Thornton have been appointed to work out the extent of the alleged fraud.

Money was taken from members' accounts without their knowledge and children's accounts were also tampered with. Loan repayments were also not debited from borrowings.

It is understood the report to gardai in the Ballymun district centres on an employee who worked at the local lender. It is understood up to €400,000 was involved, but most of the money has since been refunded.

WE are being tracked almost every minute of the day – with mobile phones revealing the most information, according to experts.

The Data Protection Commissioner Billy Hawkes (below) has already warned of a "crisis" if public bodies do not offer more protection for people's vital information.

Internet experts have pieced together how people provide information for the lucrative social media and retail industries free of charge, and in some cases unwittingly.

Your mobile phone reveals the most information about you, through your usage patterns and the data it sends and receives through the mobile phone network.

When you make or receive a call, text or email, use a smartphone app or access the internet, the time, location and relevant numbers or website addresses are logged by the network.

HEALTH Minister James Reilly's clampdown on cigarette packets won't come in for another three years – if it ever makes it into law.

Dr Reilly has rushed ahead with his legislation for plain packaging, before clearing difficult EU approval hurdles, amid speculation it will be one of his final acts as Health Minister.

The Fine Gael deputy leader is widely expected to be moved from his portfolio in next month's reshuffle and replaced by Leo Varadkar.

While Dr Reilly is thought to be on the brink of being moved aside, Arts Minister Jimmy Deenihan is predicted for demotion.

Environment Minister Phil Hogan is still strongly linked with the European Commissioner's post, while there is uncertainty around Jobs Minister Richard Bruton.

Irish Times

Ireland can expect no further debt relief from its EU partners unless it shows readiness to reform its corporate tax system, German finance politicians will argue today in Dublin.

Members of the Bundestag finance committee, visiting until Wednesday, have suggested that naming the investors who benefited from EU-IMF bailouts in Ireland and elsewhere would boost the chances of further European debt relief.

“Right now, nobody is talking about legacy debt in Germany and I would expect that the idea of sharing part of the Irish debt burden is not popular with German taxpayers,” said Dr Gerhard Schick, a senior deputy with the opposition Green Party and deputy head of the Bundestag committee.

Apple and Samsung Electronics have agreed to drop their appeals of a patent-infringement case at the US International Trade Commission that resulted in an import ban on some older Samsung phones.

The import ban will remain in effect, according to a filing with the US Court of Appeals for the Federal Circuit in Washington dated June 13th. Details weren’t provided.

Adam Yates, a spokesman for Samsung, and Kristin Huguet, an Apple spokeswoman, declined to say whether the companies had reached an agreement.

The annual cost of servicing the debt associated with the financial sector bailout in Ireland in 2008 is estimated at about €1.6 billion, according to figures provided by Minister for Finance Michael Noonan.

This is from an expected cost of €8 billion to service Ireland’s sizeable national debt this year.

The Department of Finance has also estimated that about €41 billion of our national debt is associated with the cost of rescuing the financial sector, said the Minister in a written reply to Fianna Fáil’s finance spokesman Michael McGrath.

Irish Examiner

A US bound Aer Lingus flight has returned to Dublin Airport this evening after a number of crew members fell ill.

Flight EI-139 left Dublin for Boston around 4.20pm with 280 passengers on board.

About two hours and 15 minutes into the six hour flight, the captain opted to turn around and return to Dublin.

Europe

Euro Topics: According to media reports from Monday the US plans to initiate direct talks with Iran about tackling the radical Islamic group Isil. In reaction to the latter's advance in Iraq the US is deploying an aircraft carrier to the Gulf while Iran is sending in troops. Some commentators are delighted at this surprising alliance between long-standing adversaries Iran and the US. Others stress that it was the consequences of the US invasion that plunged Iraq into chaos.

An unexpected holy alliance: The common threat posed by the jihadists has led to a rapprochement between the erstwhile arch-enemies the US and Iran, the Italian Catholic daily Avvenire rejoices: "The only seemingly anachronistic goal of the Islamic State of Iraq and the Levant (ISIL) - namely to create a new caliphate - should not be underestimated. It is the essence of an old dream. ... But the emerging caliphate has already produced its unthinkable antipode, a wonderful holy alliance. Never before have Washington and Tehran talked like this to each other, never before have they been so close to an agreement in the nuclear dispute, but also so close to something that looks like a joint military operation: Iranian Revolutionary Guards and American drones working together. Hard to believe that the Great Satan (as Khomeini once called America) is working side by side with the martyrs of the Revolution for a common goal. To extinguish the fire of the caliphate before it spreads and the map from Morocco to Afghanistan goes up in flames."

Don't make scapegoats of Bush and Blair: Many Western critics are now saying that the invasion of Iraq spearheaded by the US and Britain in 2003 paved the way for the recent escalation of violence in the county. The left-liberal daily The Guardian disagrees: "To claim, 11 years on, that what is happening now can be attributed to what was done then is both facile and insulting. It suggests, in a sort of inverted, postmodern neo-colonialism, that Iraqis remain incapable of assuming responsibility for their own country. The invasion, whatever else it did, gave Iraq the chance of democratic self-governance that it would never have experienced under Saddam Hussein. It is this imperfect democracy that is now under threat - and which must now be improved, even as it is preserved."

Finland's new PM may get things moving: Finland's Minister for European Affairs Alexander Stubb is taking over as head of government. On Saturday he won the vote for the leadership of the conservative National Coalition Party and will replace the former prime minister Jyrki Katainen, who resigned in the wake of coalition disputes, at the end of the month. The social democratic daily Demari is ready to give the new prime minister a chance: "The keynote speech - or shall we say political show - the new party leader delivered yesterday strengthened the faith of the believers. Even those who find Stubbs' political style odd couldn't avoid the impression that his smooth and skilful manner is perhaps precisely what the country needs now. ... It's also clear that the Finnish government will be led by a man who gives Europe policy sufficient priority. We can trust that the Finland led by Stubb will make a lasting impression in many different ways in the EU and all over the world."

Roma can never please Hungarians: The roughly 800,000 Roma living in Hungary often meet with the contempt and even hatred of the majority of the population. At the same time the country's media often say the "Gypsies" should study, work and integrate if they want to be accepted. The left-liberal Hungarain daily Népszabadság poses some provocative questions to those who hold the latter point of view: "This statement is somehow hard to believe: Hungarians have no problem with minorities when they study, work and integrate. Then what problem did they have with Jews [during the Nazi occupation], who were more assimilated in Hungary than in any other European country [but hundreds of thousands of whom were deported]? ... Will we like a Roma painter, mechanic, lawyer or computer scientist if he takes a job away from us or our children? To what extent should the Roma assimilate at all? Is it enough for them to bathe every day and not talk too loudly on the bus? Or do they have to go as far as whitening their skin?"


© Copyright 2011 by Finfacts.com

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