Finfacts Ireland Business & Finance Portal
Improving competitiveness/ innovation in Eurozone's struggling peripheral countries
Last month we said in an article on Greece's potential to improve its dismal inward foreign direct investment record, that the World Bank's 'Doing Business 2012' rankings of the ease of doing business in 183 countries, put Greece at 100, behind Yemen and Vietnam and just ahead of Papua New Guinea. This compares with Italy at 87, just behind the former communist ruled Mongolia; Spain is at 44; Portugal at 30 and Ireland at 10. In recent times there has been a focus on how the struggling peripheral economies of the Eurozone can end decades of underperformance through improving competitiveness and what a focus on innovation could do for Greece, Ireland and Portugal.
Bord Gáis Energy Index: Rising tensions on Iran oil sanctions pushed energy prices higher in January
Rising tensions between Europe and Iran on oil sanctions pushed wholesale energy prices higher in January, more than offsetting the positive impact of mild weather in Europe during the month, according to the Bord Gáis Energy Index.
Mexican cement giant Cemex increases offer for remaining stake of Readymix Ireland
Cemex, the Mexican cement and building materials giant, has increased its offer for the remaining stake of Readymix Ireland, which it does not own.
Monday Newspaper Review - Irish Business News and International Stories - - February 06, 2012
Principal news stories from the Irish Times and Irish Examiner.
US services sector accelerated in January to its highest level in a year
Growth in the US services sector accelerated in January to its highest level in nearly a year, according to an industry report issued on Friday. The Institute for Supply Management said its services index rose to 56.8 last month from a revised 53.0 in December. It was the highest level since February 2011.
US added 243,000 jobs in January; Unemployment rate falls to February 2009 level
Total nonfarm US payroll employment rose by 243,000 in January, and the unemployment rate decreased to 8.3% - - the lowest since February 2009, President Obama's first full month in office - - the US Bureau of Labor Statistics reported today. Jobs growth was widespread in the private sector, with large employment gains in professional and business services, leisure and hospitality, and manufacturing. Government employment changed little over the month.
Markets: Ryanair warns Aer Lingus on covering €400m deficit in staff pension fund
Markets news on stocks, currencies and commodities; Ryanair warns Aer Lingus on covering €400m deficit in staff pension fund.
Eurozone service sector stabilises in January as growth in France and Germany offsets declines in Spain and Italy
Business activity in the Eurozone service sector stabilised in January, with a marginal expansion ending a four-month period of contraction. Underlying conditions in the sector nonetheless remained lacklustre overall, as inflows of new business fell further and job losses were recorded for the first time since April 2010. Growth in France and Germany offset declines in Spain and Italy.
Irish pension funds increased 3.7% in January following a 2.4% drop in 2011
Aon Hewitt Ireland, a unit of Aon Corporation of the US, says Irish pension funds increased 3.7% in January following a 2.4% drop in 2011.
Irish services sector activity falls for second straight month in January; Rate of decline in new business slows
Irish services sector activity fell for a second straight month in January 2012 but the rate of decline in new business slowed according to a report issued today.
Friday Newspaper Review - - Irish Business News - - February 03, 2012
Principal news stories from the Irish Times and Irish Examiner.
Irish Exchequer Returns 2012: Tax receipts up 17% in January with a boost from timing of corporation tax
Irish Exchequer Returns 2012: The Department of Finance said today that the Exchequer deficit in January 2012 was €394m compared to €483m last January. Increased tax and non-tax revenues and lower net voted expenditure were largely offset by higher debt servicing costs and higher non-voted capital expenditure. Tax receipts were up 17% with a boost from timing of corporation tax.
Vhi health insurance premiums to rise by 6% - 12.5%
Vhi Healthcare, the State-owned health insurer, announced today that it will increase its prices by an average of 9% next month with increases ranging from 6% - 12.5%. For most plans the price increase will be effective from 1st March, 2012. Vhi Healthcare said that the price increase is necessary to fund the healthcare needs of its customers.
Irish Economy 2012: Central Bank sharply cuts Ireland's economic growth forecast for this year
Irish Economy 2012: The Central Bank today sharply cut Ireland's economic growth forecast for this year as the Eurozone faces recession and consumer spending falls at a time of continuing fiscal retrenchment.
Markets: Deutsche Bank plunges to loss in Q4 2011; Baltic Dry Index sinks to 25-year low on shipping glut
Markets news on stocks, currencies and commodities; Deutsche Bank reports plunge in Q4 2011 earnings; Baltic Dry Index sinks to 25-year low on shipping glut.
Irish Health Contribution Refunds
The Department of Social Protection has this morning clarified the conditions applying to Irish Health Contribution Refunds.
Spain's Insider-Outsider Divide: Young temporary workers overwhelmingly the victims of brutal recession
Spain's Insider-Outsider Divide: Some of Europe's worst governed countries operate two parallel labour markets -- one mainly protected from economic shocks and the other comprising temporary workers, where all risks are concentrated. In Spain severance pay of up to 45 days' wages per year of service for permanent workers is available while in the current brutal recession, it's young temporary workers who overwhelmingly have borne the brunt of the huge rise in unemployment.
Facebook files for an IPO; Claims 845m users
Facebook on Wednesday filed for an IPO (initial public offering) that is expected to value the eight-year old social media network between $75bn and $100bn. It is set for one of the biggest US stock-market debuts and hopes to raise an initial $5bn when it begins selling shares in coming months.
Thursday Newspaper Review - Irish Business News and International Stories - - February 02, 2012
Principal news stories from the Irish Times and Irish Examiner.
Dr Peter Morici: US jobs report expected to show little progress; Economy slowing
Dr Peter Morici: Friday, forecasters expect the US Labor Department to report the economy added 135,000 jobs in December, after gaining 200,000 in December. In 2012, weaker jobs gains are likely as consumer spending and economic activity slow.