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News : International Last Updated: Jul 8, 2014 - 3:12 PM


Tuesday Newspaper Review - Irish Business News and International Stories - - July 08, 2014
By Finfacts Team
Jul 8, 2014 - 12:08 PM

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Irish Independent

AER Lingus long-haul passengers can now bid for an upgrade to business class with the lowest possible price for a seat at about €300.

The service is available on flights to and from the US and Canada with an auction for seats service now available.

The offer closes five days ahead of departure - passengers receive an email after booking the economy seat inviting them to bid.
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A slider on the upgrade page allows the passenger to choose what level they are prepared to pay.

"Make us an offer to upgrade your transatlantic economy booking, and you could be travelling in style in our business class cabin," Aer Lingus said on its website.

A group of businessmen from the north-west have clubbed together to buy the former Quinn Group's manufacturing operations from the receivers potentially saving about 800 direct jobs.

The deal includes a number of Cavan/Fermanagh-based former Quinn businesses including cement but not the glass operations.

The three businessmen have created a firm called Quinn Business Retention Company to buy the businesses of Aventas Manufacturing Group.
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The businessmen are being led by John McCartin a local Fine Gael councillor and the chief executive of Newtowngore Engineering in Leitrim.

He told Independent.ie that he had been asked over a period of time to find a political solution to the situation and following that he brought the group together.

"We signed a memorandum of understanding last night," he said. "The businesses in question include light, cement, tiles and packaging as well as some others.

IRELAND should be given greater flexibility from the European Commission in setting the Budget, Michael Noonan has signalled.

Brussels doesn’t need to pour over every detail of our tax and spending plans, the finance minister said ahead of a meeting of euro zone finance ministers in Brussels yesterday.

His comments come as Italy, which has taken over the six month rotating presidency of the European Union, called for a looser interpretation of the budget rules that European leaders beefed up at Germany’s insistence in 2011 after the scale of Greece’s financial plight became clear.
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“In terms of the rules being interpreted to allow national governments to have slightly more discretion over their own budgets, that would be helpful for Ireland,’’ Mr Noonan said.

“We don’t think we need to have the t’s crossed and the i’s dotted on every issue by the European Commission.”

Irish Times

Minister for Public Expenditure and Reform Brendan Howlin has said Tánaiste Joan Burton will prioritise social policies and a “dividend” for people who had endured economic hardship in her discussions with Taoiseach Enda Kenny today.

Ms Burton was last week elected leader of the Labour Party and appointed Tánaiste, succeeding Eamon Gilmore. She began talks yesterday with Coalition colleague, Taoiseach Enda Kenny on policy direction of Government as well as a Cabinet reshuffle.

Ms Burton was driven into Government Buildings at 8.25am ahead of this morning’s Cabinet meeting. Her talks with Mr Kenny will resume afterwards, with the reshuffle announcement now expected tomorrow.

Mr Howlin, entering his Department, said the implementation of policies was more important than the distribution of portfolios.

He said the last three-and-a-half years had been particularly difficult for working people, for those dependent on social welfare and for the young.

The attraction of Ireland’s low-cost tax regime to American multinationals has again come under the spotlight in the US Congress after a new report found that dozens of corporations have moved their legal addresses to Ireland and other overseas locations over the past two decades.

In all, 76 US companies have shifted their tax domiciles to foreign addresses since 1983, according to the policy research arm of Congress. The companies have mostly relocated their headquarters to Ireland, the UK, the Netherlands and Switzerland.

Top ranking Democratic congressman Sander Levin posted the report from the Congressional Research Service in his push to pass legislation that would make it more difficult for US companies to shift their headquarters overseas to reduce their American tax bills.

Samsung Electronics issued unexpectedly weak quarterly earnings guidance which put it on track for its worst results in two years and cast doubt on the smartphone leader’s strategy against cheaper Chinese rivals.

Though the South Korean company said it saw better business conditions in the third quarter, it faces slowing market growth, intensifying price competition at the lower end and the looming threat of Apple Inc’s next iPhone.

“The earnings deliver a harsh reality check to Samsung that it is not Apple, but

Samsung. Its strategy of selling phones at expensive prices will not work anymore, as Chinese rivals also offer good enough phones at much cheaper prices,” Lee Seung-woo, a technology analyst at IBK Securities, said.

“Samsung needs to review its smartphone strategy,” he said. While smartphones drove Samsung to record profits last year, the market is maturing. Research firm IDC predicts global shipments growth will slow to 19.3 per cent this year from 39.2 per cent in 2013, while average sales prices will also drop.

Irish Examiner

IDA Ireland is hopeful that 2014 will rank as the fourth consecutive year of record investment and net job creation among its client companies.

The agency yesterday said the prospects look strong, with an immediate pipeline of over 150 investments currently in play.

The IDA’s annual report showed that as of the end of last year, 161,112 people were working at IDA client companies, a record for inward investment in Ireland.

“There remain significant economic challenges at home and abroad, but Ireland remains an attractive location for dynamic global companies and this was evident in the first half of the year,” IDA chief Barry O’Leary said.

SEE: IDA Ireland: Jobs in Irish FDI exporting sector remain below 2000 level

Europe

Euro Topics: The series of reciprocal attacks continues in the Middle East: after large-scale missile attacks by Hamas, the Israeli air force has again bombed targets in the Gaza Strip. Some commentators blame Israel's government for the climate of hate, while others urge the moderate forces to stop extremists in both camps.

Israeli government puts revenge above legality: The climate of hate that now has Israel in its grips after the murder of three Israeli youths is highly dangerous and has been fuelled by leading politicians, the left-liberal daily Süddeutsche Zeitung believes: "All this has been fanned by ministers in the Netanyahu government who vie with one another with their vows of revenge - and by military action on the West Bank that deliberately goes beyond any semblance of proportionality. The search for the missing and their kidnappers took the form of a punitive strike: with mass arrests, arbitrary searches and the destruction of suspects' houses. By acting in this way, the government has demonstrated that revenge takes precedence over legal scruples when dealing with Palestinians. ... It is time Israel defended itself not only from external enemies, but also from internal ones. In the Middle East, extremism is not an exclusively Islamic or Arab phenomenon. There is also a form of Jewish extremism that constitutes a real danger for Israel's democracy."

German car toll absolutely un-European: Germany's Transport Minister Alexander Dobrindt presented his plans for a car toll in the country on Monday. People with cars registered in Germany would have the charges deducted from their taxes, so that effectively only foreign motorists would pay for using German roads. These plans go against the European project and must be scrapped, the conservative Dutch daily De Telegraaf demands: "It's frightening to see Dutch drivers and companies suddenly being lumped with major costs. As if there were any alternative for those travelling to Austria. ... The European project is being sidelined. Germany's plan is driven by short-sighted interests, and [Dutch] Transport Minister Schultz must spell this out clearly for her German colleague. ... Will the Netherlands be forced to introduce tolls for cars and lorries with German number plates? That's not a pleasant prospect."

German minimum wage has no impact on Polish migrants: The minimum wage passed by the German parliament last week is a positive development for low earners in Germany but its impact on the Polish job market will be limited, the liberal daily Gazeta Wyborcza comments: "This is good news for some Poles who already work in our neighbouring country. But there won't be a mass exodus of Polish migrants to Germany. It's true that we like to travel to Germany. ... They [the Poles in Germany] mainly earn their money in restaurants and cafes, at hotel reception desks, in the healthcare sector and in German car repair shops and agricultural businesses. But also our IT experts, engineers, nurses, chemists and a growing number of doctors go there to have successful careers. ... But because they earn far more than 8.50 euros an hour, the new minimum wage is irrelevant for them."


© Copyright 2011 by Finfacts.com

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