Economy

Translink: “a great set of results”

| Readers 85

That was Translink’s Ciaran Rogan’s response to the customer satisfaction survey which rated high overall satisfaction levels amongst Translink passengers.  I don’t think they asked those who ‘walked the plank’ on the Dublin to Belfast train today… But the survey also revealed 2.5 million fewer journeys taken by the public compared to last year – down from 80.7 million in 2008/09 to 78.2 million in 2009/10.  From the BBC report Ryan Simpson, Senior Consumer Affairs Officer at the Consumer Council, welcomed the …

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TUC and ICTU oppose lower Corporation Tax for Northern Ireland

| Readers 44

Interesting to note ICTU Deputy General Secretary Peter Bunting, now sitting on that interim NI Water Board, welcoming a TUC report critical of attempts to lower corporation tax here.  From the Belfast Telegraph report ICTU Deputy General Secretary Peter Bunting said: “This paper should once and for all lay to rest the argument by some vested interests in Northern Ireland that a low corporation tax regime would assist economic growth for all, as opposed to private profit for the few.” As …

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Concerted Opposition from the Devolved Institutions

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Betsan points us to a pretty significant joint declaration of the three devolved institutions. “That the three devolved administrations believe the impending cuts in public spending run the risk of delivering economic and social harm shouldn’t be news to you.That the leaders of the three devolved administrations have signed a joint declaration saying so, very bluntly, is, as one senior source in Cardiff Bay put it, “massive”.” And: “They say, “We believe that promoting economic growth is the best way to …

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“Ireland and Greece have no choice than ‘to do fairly dramatic things in as clear a manner as possible’.”

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The BBC notes that credit rating agency Fitch have downgraded Ireland’s credit rating from AA- to A+ citing the recently announced cost of rescuing the Irish banking system. RTÉ adds The agency said it was cutting the rating to ‘A+’ from ‘AA-‘ due to what it called the greater than expected costs associated with the Government’s recapitalisation of the Irish banks, especially Anglo Irish Bank. The agency has put a negative outlook on the rating, meaning a further downgrade is …

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“with nothing less than Irish economic sovereignty on the line”

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Another informative entry from the Irish Times‘ Arthur Beesley’s European Diary.  If you were wondering what the European Commission has in mind for those problem PIIGS, including Ireland, you could try the EU economic and monetary affairs commissioner Olli Rehn’s recommended reading…  From the Irish Times As the cost of the banking bailout approaches €50 billion, general government debt is set to rise to 98.6 per cent of GDP this year. As recently as 2007, it was 25 per cent.The upshot is that Ahern’s …

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Austerity and Ireland’s sacrifice of growth (and tax revenue)…

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Stephen Spillane sums up the dilemma of all political parties in the Republic, when he notes the latest word from the IMF… We have no choice but to cut. The deficit is too high. Its that or leave Anglo fall. Maybe that would mean the cuts would not have to be so deep and therefore we would have a fighting chance of recovery. I some how doubt our government will take that chance. And despite the hyperbole from both opposition …

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Lough Neagh Incinerator – update on the process

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(c) Michael High - image of proposed RoseEngery plant accurately superimposed on Parliament Buildings at Stormont

The main event at last night’s meeting of Lisburn City Council’s planning meeting was a briefing by Communities Against the Lough Neagh Incinerator (CALNI) to update council on progress since their previous visit 12 months ago in October 2009. Over twenty CALNI supporters – some wearing distinctive yellow T-shirts – sat in the public gallery. Councillor Ronnie Crawford, the chairman of the planning committee, explained that the council had run out of process on the issue of the chicken litter …

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John Lewis inquiry delayed due to Minister’s comments

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Official statements by the then Northern Ireland Environment Minister, the DUP’s Sammy Wilson, have already been quashed by one member of the judiciary because they unlawfully changed planning policy to “give greater weight to [the] economic considerations” of any proposed development.  Now the BBC reports that the Planning Appeals Commission has confirmed a further delay to the public inquiry into the John Lewis development at Sprucefield.  The reason?  Legal concerns about comments made in a recent interview by the current NI …

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Brian Lenihan: “It is an urgent and immediate priority to reinforce international market confidence…”

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With, as Robert Peston put it, the Irish economy “hideously and perilously balanced between recovery and Armageddon” the Irish Finance Minister, Brian Lenihan, has confirmed that the Anglo Irish Bank bailout will cost between €29.3 billion and €34.3 billion. Additionally AIB and Irish Nationwide will also require more money from the State. The development will push Ireland’s deficit to 32% for this year, according to the Minister for Finance. AIB will need a further €3bn on top of existing State funds being converted …

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Bill Clinton’s Big [Economic] Ideas for NI…

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Or, as I think I heard it described on the fawning UTV report, his “special insight” on developing the local Northern Ireland economy, ahead of next month’s one-day US economic forum on NI.  According to the BBC report Mr Clinton said new jobs could be created through greater investment in renewable energy and rebranding the local fishing industry [as “organic”]. The second is hardly a unique selling point. And I’m sure I’ve seen the first suggested somewhere else before… But we, including …

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NAMA takes on £3.35bn (€4bn) loans linked to NI assets

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The BBC notes that “Nama, the bad bank agency set up by the Irish government, is to take over loans originally worth around £3.3bn linked to assets in Northern Ireland.”   RTÉ gives the figure revealed today by Peter Stewart, the head of Nama’s advisory committee on Northern Ireland, as a “qualified estimate” of £3.35billion [pdf file] (€4billion) and adds Mr Stewart estimated that around €2.4bn of the loans were linked to undeveloped land, €1.2bn to investment properties and €400m to projects which …

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In terms of post-recession employment, the young and the vulnerable are suffering the most – but what will we do about it?

| Readers 62
Equality Commission for Northern Ireland logo

In many ways the Equality Commission’s 115 report confirmed my shallow understanding of the recession. People who’ve never worked – eg, the young – are struggling to get jobs. People who have lost jobs are struggling to regain employment. Vulnerable groups are finding it tough. And blue collar has so far been worse than white collar.

Hacks and Hackers Hack Day Belfast (and Dublin)

| Readers 12
logo from scraperwiki.com

Just noticed an event on Saturday 13 November that is likely to be of interest to some Slugger readers and contributors. (I’ve no connection with Scraperwiki or 4iP!) Free ticket booking – for hacks and hackers – over at Eventbrite. To quote from their blurb … What? Scraperwiki, the award-winning new screen scraper and data mining tool, funded by 4iP, is putting on a one day practical hack day* in Belfast at which web developers and designers will pair up …

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NI Agriculture Minister: “I know that I am not alone in that concern among member states.”

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The Northern Ireland Department of Agriculture may have sought £100 million to cover the eventual total disallowance by the EU Commission for the maladministration of EU funds but, as RTÉ reports, the Minister, Sinn Féin’s Michelle Gildernew, has told the Assembly that “the Department is taking the necessary steps today to take a case to the European Court of Justice” challenging that disallowance.  From the Minister’s press release The Minister delivered her statement to set out her Department’s position in regard to …

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Robert Peston: “the Irish economy is hideously and perilously balanced between recovery and Armageddon”

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As John has noted, the Irish government is teetering on the brink of a lost confidence vote.  And the Anglo-Irish Bank’s credit rating has just been significantly downgraded by credit agency Moody’s, just as the Irish Finance Minister prepares to reveal how much more that bank will cost the state tax-payers.  But a change in government won’t change the fundamentals.  And, everyone’s hero, Robert Peston spells out the scary reality All of which is to say that the banks and the Irish state …

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Owen Paterson: “the momentum is increasing further…”

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That would be the ‘momentum’ of the Ministerial Working Group on the troubled Presbyterian Mutual Society which met, again, yesterday.  From the Northern Ireland Secretary of State’s statement Financial Secretary to the Treasury Mark Hoban came to Belfast for the first time in his ministerial role to attend the meeting. Secretary of State for Northern Ireland Owen Paterson MP chaired it.  First Minister Peter Robinson, deputy First Minister Martin McGuinness, NI Minister for Enterprise Trade and Investment Arlene Foster and Minister of State …

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“The pressure is on to re-establish lost market confidence.”

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With Irish Government bond yields still above 6%, the Finance Minister, Brian Lenihan, has told the Oireachtas Finance Committee that an estimate for the cost of the Anglo Irish Bank bailout will be published by the end of the month. This will “reassure the public and the markets that the costs of restructuring Anglo, while huge, are very manageable,” he told the Oireachtas Finance Committee. We’ll see…  Meanwhile, as some are talking up yesterday’s bond auction, the Irish Times‘ Arthur Beesley had …

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Now he wants them to “wake up”…

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According to The Guardian report that’s the message US President Barack Obama is sending to the Democrats ahead of the up-coming mid-term congressional elections, as another advisor leaves.  From The Guardian report Obama deployed a carrot and stick approach at the three events – a televised town hall meeting and a fundraising dinner in Washington, and a speech to party members in Philadelphia. On the one hand he attempted to assuage Democratic doubts about his administration, but he then went …

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NI Energy Minister: “I have received assurances from ESB on a range of issues relating to the transaction.”

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The BBC reports that the Northern Ireland First Minister, Peter Robinson, wearing his other hat as leader of the DUP, and out-going UUP leader Reg Empey have jointly written to the Irish government to object to the proposed sale of NI Electricity (NIE) to the state-owned Electricity Supply Board (ESB).  NIE is currently owned, through Viridian, by Arcapita, a Bahrain-based bank. A RTÉ report adds It has emerged that Northern Ireland First Minister Peter Robinson and outgoing UUP leader Reg …

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Overheard this weekend…

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I followed Ian Paisley’s directions to see the Whore of Babylon. Very disappointed – expected some Iraqi babe, instead some German bloke in a white dress was there. Should we report the “Rev” to the ASA? – Confused of Shankill Road. In other news, tomorrow morning Micheál Martin kicks off alongside Hillary Clinton (about whose hair the Daily Mail has been only partly diplomatic), jointly hosting an event in New York devoted to infant nutrition and the First Millennium Development …

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