Finfacts Ireland Business & Finance Portal
Glanbia reports 19% fall in 2009 pre-tax profits; Majority shareholder is interested in acquiring Glanbia's Irish dairy operations
Food group Glanbia today reported a 19% fall in pre-tax profits for the year ending 2009. The group also announced its majority shareholder is interested in acquiring Glanbia's Irish dairy operations.
China's exports jumped by 46% in February compared with a year ago; Imports climbed 44.7%
China's exports jumped by 46% in February compared with a year ago, confirming the robust recovery in the Asia region. China's imports also rose strongly, climbing by 44.7% last month.
Wednesday Newspaper Review - Irish Business News and International Stories - - March 10, 2010
Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.
Innovation Ireland Taskforce: Yet another 120,000 jobs plucked from the air by insiders?; In UK 2,900 high-tech companies in business since 1991 have only 40,000 jobs
The taskforce on innovation in Ireland that was established by Taoiseach Brian Cowen in June 2009, is reported to have projected that almost 120,000 new jobs could be created by the end of the decade, if Ireland transforms itself into an innovation centre, according to a report to be published on Thursday. However, a reality check is necessary as this body is dominated by insiders, who have form in plucking jobs figures from the air to justify spending by receptive politicians. Meanwhile, Bart Clarysse, professor of Entrepreneurship, at Imperial College London, said in 2009 that in the UK there are over 2,900 of high-tech companies that have been in business since 1991. Despite spending over £2.5 billion, they are responsible for only 40,000 jobs.
IDA Ireland Horizon 2020 Strategy: Lack of coherence on changes facing existing Irish-based multinationals/ challenges of adapting model for China and India - - Prof. Seamus Grimes
IDA Ireland Horizon 2020 Strategy: In this article, Seamus Grimes, a professor at the Centre for Innovation & Structural Change, NUI Galway, says he is less than convinced that the published document presents a coherent strategy because there is no clear vision of what role Ireland can play in the next stage of the development of multinational subsidiaries based in the country, or what the rationale is for attracting new investment. Prof. Grimes, who was based at the East China Normal University, Shanghai, in 2009, says there are few ideas presented about how to engage with such rapidly growing markets as China and India.
Dr. Peter Morici: US trade deficit threatens a second recession
On Thursday, the US Commerce Department will report the January deficit on international trade in goods and services. Analysts expect it to increase to $41 billion from $40.2 billion in December. My forecast for January is $41.5 billion.
The Next Big Thing: America's top 50 venture capital backed young companies with potential
The Next Big Thing: The Wall Street Journal has selected America's top 50 venture capital backed young companies that have the potential to become significant in a diverse range of sectors in coming years.
Markets News Afternoon: One year after bear market 12 year lows in US and Europe when Warren Buffett said the US economy had "fallen off a cliff"
Markets news on stocks currencies and oil; A year ago today, America's legendary Warren Buffett said the US economy had "fallen off a cliff" and was engaged in the economic equivalent of war.
Slow job creation continues to drag on the US economy
Slow job creation continues to drag on the US economy, according to the Consumer Reports Index for March. This month’s findings show that, although the tide of job losses has been stemmed, the level of job creation needed to fuel a consumer recovery has not developed.
German manufacturing sector turnover and industrial output grew in January despite the severe weather
The German federal statistics office Destatis, reported today that on the basis of provisional data, the manufacturing sector saw turnover rise in real terms adjusted for seasonal factors, 1.0% in January 2010 compared with December 2009. Domestic turnover increased by 1.8% and business with foreign customers was on the level of the preceding month. Meanwhile, the Economics Ministry announced today that German industrial output also increased in January despite severe weather.
Ryanair condemns Irish Government for losing "500 well paid engineering jobs for Ireland"; Genuine or another publicity stunt?
Ryanair today condemned the Irish Government for its failure to win 500 well paid engineering jobs for Ireland as it confirmed that all 500 jobs, which it had originally promised to create in Hangar 6 at Dublin Airport, will now be lost to Glasgow Prestwick and one other European airport/country. This may well be the end of another publicity stunt from the low fares airline.
Markets News Tuesday: Standard & Poor's Ratings Services is maintaining its negative outlook for the US banking industry
Markets news on stocks, currencies and commodities.
Aer Lingus reports revenue fall of 11% in 2009 and operating loss before exceptional items of €81.0m; Board to meet on restructuring plan
Aer Lingus today issued an unaudited trading update for the year ended 31 December 2009. It reported a revenue fall of 11% and operating loss before exceptional items of €81.0m.
Tuesday Newspaper Review - Irish Business News and International Stories - - March 09, 2010
Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.
Irish Economy: Political spin, jobs and IDA Ireland
Irish Economy: Political spin on jobs is a dangerous game in these perilous times when the imperative should be to prepare for a changed post-recession world, built on a realistic assessment of the challenges. However, the habit of spin has been long engrained in the enterprise policy area and is apparently a hard one to kick. Last week, IDA Ireland, which has a deserved reputation for helping to establish Ireland as a significant base for foreign direct investment, had a supporting role in more spinning on jobs.
Merkel backs EMF fund proposal for Eurozone
German Chancellor Angela Merkel on Monday welcomed proposals for a so-called European Monetary Fund (EMF), that would aid a Eurozone member country at a time of economic crisis, similar to the role of the International Monetary Fund (IMF).
Risk of “lost decade” for the global economy warns ECB economist
The lessons from the current crisis and previous crises suggest that failure to address long overdue reform challenges promptly might result in a “lost decade” for the global economy, Jürgen Stark, the chief economist of the European Central Bank (ECB) said on Monday.
Africa seeing signs of recovery after global crisis - - IMF
With recovery getting under way, Africa should now address longer term challenges to the continent’s future, including governance issues and climate change, to be able to press ahead with the region’s economic transformation, IMF Managing Director Dominique Strauss-Kahn said on Monday.
Markets News Afternoon: Aer Lingus delays 2009 results because of staff ballots; OECD unemployment rate falls to 8.7% in January driven by US and Japan
Markets news on stocks, currencies and oil.
New Irish car sales in February rose strongly compared with lows of February 2009
Official figures released today show a strong recovery in new Irish car sales in February compared with the dip in February 2009.