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News : International Last Updated: Jul 10, 2014 - 2:26 PM


Thursday Newspaper Review - Irish Business News and International Stories - - July 10, 2014
By Finfacts Team
Jul 10, 2014 - 11:57 AM

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Irish Independent

Enda Kenny's senior Cabinet re-shuffle may involve just one personnel change with some reallocation of departments, it has emerged.

Finance Minister Michael Noonan is reported to have intervened on behalf of long-time supporter Jimmy Deenihan to help him save his Cabinet seat.

Leinster House sources suggested that Mr Kenny may now confine himself to replacing Phil Hogan who will be named as Ireland's new EU Commissioner as part of the government changes expected to be announced shortly.
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Dublin Central TD and Junior EU Affairs Minister Paschal Donohoe was still favourite to take the vacant Cabinet seat, though not necessarily in that department.

The new Environment Minister's job is still between FG Cabinet young guns Leo Varadkar and Simon Coveney.

The reallocation of portfolios is central to ongoing Fine Gael-Labour negotiations on the renewal of the Coalition's priorities.

Irish bank debt deal gets shot in arm in Bundestag: However, other member states will have to pass similar rules which are already enshrined in ESM treaty.

GERMANY has approved draft laws including a plan that could give Ireland's bid for a debt deal a shot in the arm.

The laws ensure that biggest European economy is in line with rules that allow the European Stability Mechanism (ESM) to recapitalise banks directly under strict circumstances.

The move is a positive sign for Ireland in light of ongoing talks about recapitalisations that had centred on Bank of Ireland and Allied Irish Banks - these talks are being headed up by Finance Minister Michael Noonan.
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However, given that Bank of Ireland has paid back the money pumped into it, and the State still has a 15pc stake in the institution, it is understood that any recapitalisation talks would centre around Allied Irish Banks.

The bank is still owned by taxpayers who were stumped with over €60bn after the sector collapsed although the Government has not yet decided what would be the best route to take with AIB and it could still be sold privately.

In addition, decisions on recapitalisations would be taken on a case-by-case basis and only €60bn of the ESM's total €500bn fund has been allocated for these scenarios.

The Irish Stock Exchange (ISE) is working with the Government to create a market in bonds backed by Irish SME debt.

It will mirror a new structure pioneered by Germany where mid size companies are now able to bypass banks to borrow through the capital market.

"We are working with the Department of Enterprise, Enterprise Ireland and the Department of Finance to see is there a credible - or on what basis could we have - a credible bond market for mid sized enterprises in Ireland," ISE chief executive Deirdre Somers said in an interview with the Irish Independent.
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Germany's Deutsche Börse has already developed a market that allows investors to buy into securities made up of - and backed by - incoming generating SME debt.

The decline in bank lending since the financial crisis is now seen by policy makers across Europe as a long-term feature prompting the need to develop alternative funding models.

Irish Times

European Central Bank President Mario Draghi urged euro zone states to respect their joint fiscal rules and extend their cooperation to economic reforms, telling governments they must “learn to govern together”.

While reiterating his message that the ECB is ready to use “unconventional instruments” - code for large-scale asset buying - if needed, he devoted most of a speech in London to pressing for closer European integration to deliver growth and jobs.

Mr Draghi, who brought the euro zone back from the brink of break-up in 2012 with his pledge to do “whatever it takes” to save the euro, called on countries to respect the EU’s Fiscal Compact on reducing public debt.

Two Irish MEPs yesterday pressed incoming European Commission president Jean-Claude Juncker on the issue of Ireland’s claim for debt relief.

During a closed meeting between the European People’s Party (EPP) and the proposed head of the European Commission, Fine Gael MEP Brian Hayes outlined the importance of honouring the June 2012 agreement to separate Irish banking debt and sovereign debt.

Meanwhile Independent MEP Luke Ming Flanagan urged the former Luxembourg prime minister to honour his commitment to Ireland regarding bank debt, when the former head of the euro group appeared before the GUE-NGL group, of which Mr Flanagan is a member.

A US court should have information about the finances of Gayle Killilea Dunne, wife of bankrupt developer Seán Dunne, to decide whether she is a “puppet” and he is the “puppet master” in their relationship, a judge has said.

Judge Alan Shiff will examine records in Mr Dunne’s US bankruptcy to decide whether they are relevant to the case after lawyers for Ms Killilea Dunne argued that documents sought by the official overseeing his bankruptcy were not relevant to his investigation and breached her privacy.

The judge said at a hearing in Connecticut that there was at least a suspicion that some of the assets at the centre of the bankruptcy trustee’s investigation were Mr Dunne’s and that he was setting up US companies that the couple have said were owned by Ms Killilea Dunne.

Irish Examiner

Forecasts of technology start-ups contributing €200m a year to the Dublin economy by 2020 and creating 2,800 jobs have been described as "conservative", with one industry mentor suggesting such figures could be doubled.

Addressing the Joint Oireachtas Committee on Jobs, Eoin Costello of Start-up Ireland said while there remain challenges to overcome for Dublin to truly become an internationally renowned technology start-up hub, it could be well on the way by 2020.

Last year’s ‘Activating Dublin’ report from Dublin Chamber of Commerce and Dublin City Council suggested the capital could become the number-one technology start-up city in Europe by 2020, with the sector contributing €200m to the local economy on a yearly basis.

Europe

Euro Topics: Israel has no prospects in permanent state of war: As a country in a permanent state of war, Israel will never achieve its founding goal of becoming a peaceful state, the liberal Swiss tabloid Expressen comments: "Unlike the military, the politicians [in Israel] still believe they can feel safe in their own country if they just use the right amount of violence. ... Hamas bears a major responsibility for the destruction. ... But the main culprit is high-tech military power Israel. ... The Israeli attacks on the Gaza Strip could trigger a new intifada. The Israeli government perhaps believes it's worth the price. It probably assumes that thanks to its military superiority, in an intifada it will be able to deliver such a heavy blow to the enemy that it itself won't suffer too many losses. But an Israel in a permanent state of war, with a conscience troubled by ever more sins, can't be the state that was dreamed of on its founding."

Czechs no longer adequately qualified: The Czech Republic is no longer the top location for German investment in Eastern Europe. According to surveys by several German chambers of commerce, Poland has taken first place for the second time in a row this year. The conservative daily Lidové noviny is worried: "For a long time the Czech Republic was the darling of German investors among the countries of post-communist Europe. We were so proud of this feather in our cap, but now it belongs to Poland. It's shocking to realise that Czech workers are no longer suitably qualified. True, we still have qualified workers, but their qualifications don't correspond to the demands of the market. The fact that things have changed can also be seen in the infrastructure. Poland's road network used to be neglected, but now it's better than ours. Investors expect more from the Czech Republic, and their disappointment is all the greater. ... What German investors think of us is highly significant. After all, Germany is our biggest commercial partner."

Politicians to blame for HSH Nordbank debacle: The trial against six former board members of the state-run HSH Nordbank ended with acquittals all round on Wednesday. The judges ruled that the accused had not deliberately neglected their duties when they hurt the bank with dubious transactions at the start of the financial crisis. The left-leaning daily taz also says others are to blame for the millions the bank lost: "When together with a French bank, northern German bankers found a joint society in Ireland via a branch in London to play with Icelandic government bonds and US certificates, they're knowingly risking ruin. ... But the real culprits of the Nordbank disaster weren't even on trial - the politicians, especially those of the mainstream parties. They turned locally established promoters of industry and trade into global casinos, to fill their state coffers no matter what the consequences. Now they have failed again in the bid to process what happened in the crisis."


© Copyright 2011 by Finfacts.com

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