IRISH ECONOMY OECD’s Economic Survey of Ireland: Lenihan says report should be "compulsory reading" Irish Live Register fell 3,000 to 422,500 in October - - first fall since January 2007 may reflect emigration Irish Economy: ESRI says modest growth will return in H2 2010; Budget deficit will be -12.8% of GDP in 2010 despite big cutbacks Irish Economy: Goodbody says recovery will be U-shaped; Private sector debt levels will increase to 225% of GDP in 2009 - - among highest of developed world ESRI paper says 196,000 Irish households may be in negative equity by the end of 2010 The Central Bank forecasts slightly smaller contraction of the Irish economy in 2009 ESRI paper confirms Irish public/private pay premium for comparable jobs jumped from 14% to 26% in 2003/2006 Public pensions accrued liability over €108bn; Irish trade union leaders' pay/benefits top €200,000 Sick leave in Irish civil service almost doubled since 1980s; Average employee absent for over 11 days in 2007 Irish Economy: Davy forecasts GNP growth of 4% in 2011; Ireland to exit recession in Q1 2010 Irish Live Register September 2009: Monthly rise plunges to 600 with help of emigration; In 12-month period total increased by 183,422 Political and economic reform in conservative Ireland and the promise of an "everlasting boom" Irish net emigration falls for first time since 1995; 65,100 emigrated in year to April 2009 - - 18,400 Irish nationals left World's Most Expensive Streets 2009: Dublin's Grafton Street slips to 8th place; New York's Fifth Avenue remains No. 1 Irish economy remained in recession in Q2 2009; GNP fell 0.5% in quarter and 11.6% in year to June Property related lending accounted for 61% of outstanding Irish private sector credit in Q2 2009 Interest on Irish national debt will take 18.7% of tax revenues in 2013; National Pensions Fund achieved return of 1.3% in H1 2009 Denmark, Ireland and Finland were dearest for consumer goods such as food, clothing and electronics in EU in 2008 Home Truths on Irish Exports as Ireland faces a changed global economy in the decade ahead Lenihan says total cost of State pension for an Irish public sector worker hired after 2004 is 26.1% of pay OIL MARKET BP Statistical Review of World Energy 2009: Developing World leapfrogs sluggish OECD in energy demand; Ex-Canada's tar sands oil reserves sufficient for 42 years at 2008 production International Energy Outlook 2009: World energy consumption projected to rise 44% from 2006 to 2030; Carbon emissions to jump more than 39% without new policies Calculus of globalization becomes more complicated with high price of oil; Shipping cost is on average the equivalent of a 9% tariff on trade CREDIT CRISIS This Time It’s Different: Eight centuries of financial folly; conceit and money Simple explanations and cure for global financial instability The influence of "Animal Spirits" on Business Climate Surveys; Economists provide Queen with belated answer on credit crunch IMF says risks to global financial system have subsided; Banks face additional writedowns of $1.5 trillion by end of 2010 - - particularly in Europe Lessons from Global Credit Crisis: Market discipline, regulation, macro-economy main failures; IMF says: Government Debt of rich economies to rise 15% of GDP - biggest 2-year jump since 1945 Global financial crisis slashed value of financial assets worldwide by massive $50 trillion in 2008 - - the equivalent of annual global GDP Merrill Lynch 2008 loss: $27bn - - 700 staff paid bonuses of at least $1m each; Top four received a combined $121m Fixing the Banks - - Glass-Steagall Act was repealed by Congress in November 1999, a measure that has been termed the "Citigroup Authorization Act." Global Financial Crisis: Warnings of danger from 2001 and a Fed all bark but no bite - with monumental consequences The Credit Crisis: Denial, delusion and the "defunct" American economist who foresaw the dénouement How Goldman Sachs made money from US subprime mortgages on the way up and down SPECIAL REPORTS China celebrates remarkable transition at  XXIX Olympiad; Economy forecast to be world's largest from 2015 - regaining position it lost in 1890 IRELAND NON-TECH RANKINGS Dublin ranks 25th of 215 in Mercer’s 2009 Quality of Living Global City rankings; Vienna scores highest - - Baghdad the lowest Alcohol Rankings: Alcohol Consumption in Ireland surged 17% since 1995; Alcohol-related hospital discharges jumped 90% World Bank - Doing Business 2008: Large Emerging Markets reforming fast; Egypt the Top Reformer, Eastern Europe overtakes East Asia on ease of doing business   Irish Government Services to Business - Supports, Grants, Training and Procurement	Employment in Irish industry fell 21,300 in 12 months to Q2 2009 despite rise in pharmaceutical production; Private sector unit labor costs also dipped Nov 20, 2009 - 3:54:30 PM Why is "Irish reform" an oxymoron? Nov 20, 2009 - 4:50:18 AM Asia’s rising “clean technology tigers” - - China, Japan, and South Korea - - to overtake United States Nov 20, 2009 - 12:52:44 AM Overseas visits to Ireland for September 2009 return to September 2004 levels Nov 20, 2009 - 2:11:30 PM Men who drink alcohol every day can reduce the risk of a heart attack according to 41,438 person study Nov 20, 2009 - 11:26:52 AM Markets News Friday; Japan warns of deflation - central bank more upbeat; One in 10 US homeowners with mortgages missing payments in Q3 2009 Nov 20, 2009 - 9:15:44 AM Click for Main Business News Page    There are 2 Search options for news content on the left column of the news pages 1) Google customised search for Finfacts 2) a search form for the Finfacts news database KEY RECENT POSTS: Ireland exiting the euro and the risk of setting the Irish economy on fire Irish Glass Bottle Site: How the State purchased property it already owned! OECD’s Economic Survey of Ireland: Lenihan says report should be "compulsory reading" Minister warns "a type of civil war" exists between workers in Irish public/ private sectors; Suicides jump 43% in Q1 2009 Global Irish Economic Forum and branding Ireland: Green Party minister Eamon Ryan is both for and against science Political and economic reform in conservative Ireland and the promise of an "everlasting boom" Ireland: A "smart" economy in food better than pie-in-the-sky aspirations? The Waste Land - - Bord Snip, Irish Public Spending Transparency and the motto "Never do anything for the first time"   Share Prices Property Investment Key Weekly Statistics Irish House Prices/Market Global investors' risk appetite has reached its highest point in more than three years as double-dip recession fears fade Barclays Equity Gilt Study 2009: Past 10 years "lost decade" for shares; US annualised return since 1998 fourth-worst 10-year return of past 83 years Mortgage Rates Savings Rates First Time Buyers Pensions 2009 Mortgage Costs Life Insurance Health Insurance Financial Directory Irish Financial Regulator Consumer Reports  Irish Credit Bureau - credit record held for 5 years Irish Multi-Trip Travel Insurance Rates 2009 Irish pension funds lose €27 billion during 2008 as managed funds decline 34.8% Irish Tax 2009 and 2008 Irish Revenue Online OECD countries' tax burdens back up to 2000 historic highs Commission on Taxation Report 2009 - - Proposals on Irish tax overhaul IFSC - Dublin's Offshore Financial Services Centre The "honest Swiss" and tax secrecy Jobs Irish Salary Surveys National Pay Agreement / Minimum Wage Irish employment fell 174,300 in year to June 2009 Employment Rights Health and Safety     Irish Central Bank: Compendium of Economic Statistics 2009 Budget and Economic Statistics Ireland - 2008 Economics & Financial data to Aug 2008; Multi-year data covering a multiplicity of areas. IMF says governments need a plan to dispose of the crisis assets; Ireland/Denmark unique in guaranteeing existing bank debt ESRI paper confirms Irish public/private pay premium for comparable jobs jumped from 14% to 26% in 2003/2006 The Central Bank forecasts slightly smaller contraction of the Irish economy in 2009 Irish Economy: Davy forecasts GNP growth of 4% in 2011; Ireland to exit recession in Q1 2010 Irish economy remained in recession in Q2 2009; GNP fell 0.5% in quarter and 11.6% in year to June IMF says global recovery under way but likely to be slow Resilient Asia poised to lead recovery from Global Recession IMF says risks to global financial system have subsided; Banks face additional writedowns of $1.5 trillion by end of 2010 - - particularly in Europe Eurozoze economy contracted slightly more than originally estimated in the second quarter Greatest Bubble in History: Warnings ignored in US and Ireland; Vacant Irish housing units rise 150% to 350,000 in period 2002/08 Measuring Ireland's Progress 2008: Ireland lost competitiveness in last decade; Became second most expensive EU country for consumers Value added of US firms overseas as % of GDP highest in Ireland; US Employment of its Multinationals was 70% of total in 2006 down from 80% in 1988    Irish Economy Reports OECD Factbook 2009 Statistical Yearbook of Ireland 2008 Asia Indicators 2009 Key Economic Statistics Irish Statistics Country Economic Profiles Global Income per Capita      Book Review: Ireland, Europe and the World -- Dan O'Brien Some Irish land will have to be dezoned says planning board head; Ireland has 88 planning authorities for population of 4.4m NCC says Irish industrial electricity prices are 35.5% above Eurozone average: Don't mention wage costs! Zurich employees can buy the most goods after paying taxes/social security - - followed by Sydney, Luxembourg, Dublin and Miami in survey of 73 cities C&AG says €27.3m written-off on dud Irish public service web portal; €15m in fees for “stabilising...banking sector”; Farm scheme cost rockets from €248m to €1.1bn International House Price Comparisons 2009: Dublin plummets but remains expensive; US average for management level house is $363,401; Most inexpensive at $112,675 Boom or bust - - Big accounting firms still in the money but should they be trusted? In praise of manual work and liberation from the "knowledge economy" robotic world! Cost of commonly used services on average 30% higher in Dublin than in Belfast Denmark, Ireland and Finland were dearest for consumer goods such as food, clothing and electronics in EU in 2008 Penny drops as National Consumer Agency decides to launch price comparison site; "A long threatening comes at last" Norman Borlaug - - Father of Green revolution - - saving more lives than any other person who has ever lived Finfacts is independent of vested interests and is not in search of spoils from any political side. We were the iconoclasts, who were among the few who questioned the Irish casino economy of the boom years, long before the crash. During the Irish boom, not one political leader in office, senior civil servant or central banker, who were the best paid in Europe and had the one of the best pension schemes in the world , took a principled stand against public policy or the lack of it. We have for years advocated reform of Ireland's archaic political system that was inherited from the British - - an essential basis for the development of a modern economy  - - and when the bubble burst, we strongly supported membership of the Eurozone and engagement with the European Union. When spin has primacy over substance in public announcements, encouraged by a receptive audience, Finfacts is often alone in providing the reality check - -  Michael Hennigan Browser crashes can happen for a number of reasons and generally are triggered by a problem with the user's PC; e.g too many windows open using up available memory. outdated browser or Windows not updated via the Control Panel or in automatic mode. The Finfacts home page uses Java, which can trigger a crash, if your system is not updated. Check the browser, which triggers the crash and try an alternative or if you wish to bookmark the main news page, click here.   Download latest browser version free: Microsoft Internet Explorer ; Google Chrome ; Firefox ;  Apple Opera       Web Finfacts The Finfacts Guinness Pint Index The ratio of the price of pint to average earnings   "Believe those who search for truth. Doubt those who claim to have found it" - - André Gide (1869 -1951) Nobel Laureate in Literature 1947 "Error repeats itself endlessly in deeds. Therefore, we must repeat the truth tirelessly in words" - - Johann Wolfgang von Goethe (1749 -1832) German writer "I have observed that the world has suffered far less from ignorance than from pretensions to knowledge. It is not skeptics or explorers but fanatics and ideologues who menace decency and progress. No agnostic ever burned anyone at the stake or tortured a pagan, a heretic, or an unbeliever" - - Daniel Boorstin (1914 - 2004) American social historian "Five score years ago, a great American, in whose symbolic shadow we stand today, signed the Emancipation Proclamation. This momentous decree came as a great beacon light of hope to millions of Negro slaves who had been seared in the flames of withering injustice. It came as a joyous daybreak to end the long night of their captivity. But one hundred years later, the Negro still is not free. One hundred years later, the life of the Negro is still sadly crippled by the manacles of segregation and the chains of discrimination. One hundred years later, the Negro lives on a lonely island of poverty in the midst of a vast ocean of material prosperity. One hundred years later, the Negro is still languished in the corners of American society and finds himself an exile in his own land" - - Martin Luther King, Jr. (1929 – 1968), speaking at the Lincoln Memorial, Washington DC 1963 "If there is anyone out there who still doubts that America is a place where all things are possible; who still wonders if the dream of our founders is alive in our time; who still questions the power of our democracy, tonight is your answer" - - President-Elect Barack Obama, Election Night Tuesday, November 4th, 2008, Grant Field, Chicago “The scene was sickening and all the Irish were there, most of them vying with each other in eagerness to plunder the public purse,” William Ewart Gladstone, British Chancellor of the Exchequer, in an 1859 letter to his wife concerning a House of Commons debate, on the cancellation of a subsidy for the mail steam-packet service between Galway, Ireland and America. Gladstone was facing a budget deficit of £5m. Engaged in felling a tree at his home in Wales, in 1868, Gladstone remarked on receiving a telegram advising of the planned arrival of an emissary from the Queen, "very significant."  About to become prime minister for the first of four periods, he then remarked to an aide: "My mission is to pacify Ireland." Of the 51 men and one woman, who have occupied 10 Downing Street, Gladstone ranks with Tony Blair for the extent of attention given to the "Irish Question." About Us | Privacy Policy & Legal Disclaimer | Contact Us | Site Guide |	Custom Search IRISH BUDGET DEC 09 2009 How to use our RSS feed ISEQ Daily Chart - Irish Market Click for 5day 3m  6m  1y 2y 5y  max FTSE100 Daily Chart 164 CURRENCY CONVERTER CLICK FOR CROSS-RATES TABLE   EURIBOR INTEREST RATES DAILY COMMODITY PRICES- ENERGY & METAL GOLD MARKET & PRICES 1800-2008 WEEKLY ECONOMIC CALENDAR; CURRENCY ANALYSIS & PRICE ALERTS CELTIC TIGER RIP Ireland exiting the euro and the risk of setting the Irish economy on fire David McWilliams - - a short-termist like his Celtic Tiger villains? NAMA Business Plan: Government forecasts Irish “bad bank” profit of €4.8bn by 2020; €15bn worth of loans will default; Adviser fees of €2.64bn expected Irish "bad bank" NAMA will accept €77bn in property loans for value of €54bn - - a 30% discount Kelly tells High Court Irish property prices are likely to fall back to mid-1990s levels Morgan Stanley scenario analyses on Ireland's fiscal sustainability; Legacy of banking crisis likely to be long-lasting if not permanent increase in net public indebtedness Lenihan publishes Bord Snip report; Proposes €5.3 billion in spending cuts and public sector staff reductions of 17,300; Says public pension cost at 30% of salary The Waste Land - - Bord Snip, Irish Public Spending Transparency and the motto "Never do anything for the first time" Celtic Tiger Aftermath: Guilty Irish politicians remain in denial and clover while ignoring their victims Report says Irish Financial Regulator’s failure to control property bubble contributed to economic crash and consumer wealth losses Three Irish economists each have an opportunity to make a difference of consequence during the financial crisis The high price of challenging political, business and religious power The 2001 economic consensus that paved the road to economic ruin New approach needed to fix broken Irish political system Ireland and Japan; the Human Cost of broken political systems State bank guarantee tolls the death knell of the Celtic Tiger; Fairytale ends debunking the myths and exposing the reality of foundations built on quicksand Brian Cowen and his "educated" Government on its first anniversary Anglo Irish Bank reports €4.1bn loss for 6-months to March 31, 2009 - - greatest business loss in Irish history; State to inject €4.0bn; Losses of €7.5bn by 2011 Greatest Bubble in History: Warnings ignored in US and Ireland; Vacant Irish housing units rise 150% to 350,000 in period 2002/08 ECB  & GLOBAL WATCH 2009 IMF warns of decade of restraint ahead; Public debt in developed economies of G-20 to rise to 118% of GDP by 2014 The Euro and Irish Economic Crash  - - Why Spain's big banks fared better Australia raises benchmark interest rate to 3.25% - - first G-20 central bank to hike; Economists see subtle shift to monetary tightening EU presidency says Europe's top 22 banks are "sufficiently capitalised" China celebrates 60 years of communism/ capitalism; Ready to reclaim pre-1890 status as world's biggest economy? Asian central banks intervene to slow fall of US dollar; IMF asks if large reserves helped countries during the financial crisis? World Bank chief says global economic crisis contributing to shifts in power relations; Euro and Chinese renminbi to assume bigger roles Rapid growth in foreign R&D centres in China but many investments are modest Global growth expected to exceed annualised 4% rate in second half of 2009; 4%+ growth maybe unsustainable during 2010 IMF says governments need a plan to dispose of the crisis assets; Ireland/Denmark unique in guaranteeing existing bank debt China's under-consumption over-stated Five million young people - - 15 to 24 year olds - - unemployed in the EU27 in Q1 2009; Irish unemployment rate at 21%; Spain at 34% US economist calls for pre-emptive bubble avoidance in contrast with the Greenspan-Bernanke reactive post-bubble cleanup approach Germany - - the world’s biggest exporter to become the consumer of last resort? Japan’s economy in valley of tears with record public debt heading for 300% of GDP Financial crisis triggers fall in foreign direct investment to/from developed countries; Set to rise in 2010; FDI inflows to Ireland turned negative in 2008 IMF says debt-to-GDP ratio of advanced countries to rise by 20 percentage points in 2009 - - biggest upturn in decades Inflation worriers hit the panic buttons during Great Recession; Medium-term inflation risks - - are they a serious threat? Government budget deficits in the EU more than doubled in 2008; Ireland headed deficit rankings at 7.1% of GDP; Finland top surplus country at 4.2%; Denmark runner-up at 3.6% Global Economy: Nouriel Roubini - - America's Dr. Doom - - says tentative green shoots may well be overrun by yellow weeds Rise of the BRICs - - Brazil, Russia, India, China - - Chinese economy larger than the three others combined INFLATION/GLOBAL FOOD CRISIS REPORTS Irish consumer prices fell 6.5% in the year to September; Deflation deepened to steepest level since 1922 Eurozone annual inflation was -0.3% in September 2009 down from -0.2% in August Irish Consumer Prices since 1970 Global food production will have to increase 70% for additional 2.3 billion people by 2050 Global Food Crisis: Malthus, Food Price Surge, Climate Change and a 42% rise in World Population by 2050 World Bank study says 12 economies account for more than two-thirds of world’s output; Chinese economy size cut by 40%; Ireland is fourth most expensive world economy CLIMATE CHANGE REPORTS International Energy Agency calls for greenhouse gas emissions slump to be made permanent ‘Climate smart’ world within reach says World Bank Global carbon market market doubled to an estimated value of more than $126 billion in 2008 New scientific study shows Climate Change largely irreversible for more than 1,000 years; There’s no going back Switzerland tops 2008 Environmental Scorecard at World Economic Forum followed by Sweden, Norway, Finland, and Costa Rica; Ireland gets 34th ranking among 149 countries World loses forest area size of Ireland annually; Accounts for 18% of CO2 emissions - exceeding entire global transport sector US REPORTS US budget deficit hit a record $1.4 trillion in year to September 2009; Deficit was more than treble 2008 level at 9.9% of GDP - - the highest peacetime level since 1920 Wall Street Journal says latest forecasting survey of US economists shows a rocky road to recovery Senator Edward Kennedy - - a politician who made a difference US recession ending with a roar US survey reveals gulf between scientists and public; Just 32% of Americans believe in evolution; 49% of public accepts global warming is caused by human activity America's long-awaited fiscal train wreck is now underway Obama announces regulatory reform;  "Money changers" lobby Congress Billion-dollar bond fund manager Bill Gross says US trillion-dollar deficits are here to stay US personal incomes show surprise rise in April; American savings rate jumps to 14-year high  Brightest not always the best - - difference between intelligence and wisdom Obama administration to make proposals on avoidance of US tax by US corporations operating overseas US Personal Savings Rate rises; Asian countries led by China and Japan forced to reassess over-dependence on exports Greed Incorporated: Obama slams "irresponsible" and "shameful" bonuses for Wall Street bankers Obama blames economic crisis on era “of greed and irresponsibility"; "our collective failure to make hard choices" - - Inaugural Video IRELAND: WORLD-CLASS KNOWLEDGE ECONOMY BY 2013? Government publishes "Delivering the Smart Economy" report on Irish science research activity Global Irish Economic Forum and branding Ireland: Green Party minister Eamon Ryan is both for and against science Ireland: A "smart" economy in food better than pie-in-the-sky aspirations? Irish R&D Public Funding: Hard science supported by few hard facts Innovation Ireland: Science Foundation claims 8 spinout companies from university research; Enterprise Ireland claims over 100 Irish Economy: Achieving economic success requires more than investing in creativity Denmark, Sweden and Netherlands head the 2009 e-readiness rankings; Ireland up three rungs to 18th ranking Ireland falls in broadband rankings; Denmark heads the 30 member countries of OECD; Irish penetration less than half Denmark's China moves up Global Innovation Index; Japan, Switzerland, Finland and US in lead; Ireland retains 19th ranking Lands of Opportunity: Israel, Denmark and Singapore - - and what about Ireland? 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