Economy – Page 58 – Slugger O'Toole

Support provided to Anglo Irish Bank in September 2008

Pete Baker on February 11, 2009, 3:51 am

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With a number of investigations continuing into Anglo Irish Bank all sorts of information is tumbling out into the public domain. The latest is an RTÉ report of confirmation from Irish Life & Permanent that it provided “exceptional support” to the bank during September 2008. From the RTÉ report The statement follows an earlier revelation [added link] that Government appointed directors in Anglo Irish Bank are investigating a deposit of billions of euro by Irish Life & Permanent in the …

About Project Kelvin

Pete Baker on February 11, 2009, 2:01 am

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On Stormont Live today a conversation which began on a PriceWaterhouseCoopers report on the Review of Public Administration, and how existing economic disadvantage for two of the new council areas will continue, turned into a single issue discussion – Project Kelvin. Despite being announced on 6th January it seems to be the campaign du jour – even Máirtín’s got involved. The turning point happened, coincidentally, when Jim Fitzpatrick asked Sinn Féin’s Martina Anderson whether her party “must share responsibility for …

PMS members accept administrator’s deal

Pete Baker on February 10, 2009, 4:11 pm

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Now that the members of the Presbyterian Mutual Society have voted “overwhelmingly to allow the administrator to run down the company in an orderly manner over time”, will the politicians, including the NI Executive, stopped preaching about someone else’s “moral duty”? [And how did that meeting go? – Ed] Adds Alan in Belfast has some links of interest. Pete Baker

The cuckoo clock

Pete Baker on February 9, 2009, 3:55 am

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With protectionist sentiments being expressed by politicians in any number of countries it’s interesting to note the result of a Swiss referendum “renewing an existing agreement allowing migrant workers into Switzerland and extending it to new EU members Bulgaria and Romania.” But, then again, it is Switzerland.. Longer scene below the fold. Here’s the longer version of that scene from The Third Man. Pete Baker

“if we can stick to those two things..”

Pete Baker on February 8, 2009, 9:11 pm

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On the Politics Show economist John Simpson offered some questions for the Northern Ireland Executive’s Programme for Government and in the studio NI Employment Minister, the UUP’s Reg Empey, returned to the subject, the economy, that he had previously discussed on Stormont Live. Pete Baker

First Slugger ‘unconference’ in May…

Mick Fealty on February 6, 2009, 4:27 am

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Over the next few months you should see Slugger become much active, both on the net and on the ground. Right now, we’re on the lookout for the donation (or very cheap hire) of a suitable venue in May for an event we’re planning. The intention is to co-ordinate some activity where government policymakers, NGOs, social media practitioners and commercial providers can get their heads together to share ideas, experiences and an understanding of how social media tools can be …

There’s [more] gold in them thar hills!

Pete Baker on February 6, 2009, 3:55 am

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Apparently.. At least according to the RTÉ report. For their part Conroy Diamonds and Gold say that the samples taken at the Clay Lake target [pdf file] in County Armagh contain “average gold-in-soil values [] twice the average of those recorded at Clontibret.” The press release states – “More than 80 soil samples were collected at Clay Lake, returning average gold-in-soil values of over 50ppb, with six greater than 100ppb and a highest value of 1,531ppb”. That’s parts per billion …

Cowen’s approach: what a Tory approach to the recession would look like?

Mick Fealty on February 5, 2009, 8:36 pm

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Conor Ryan has an interesting observation on current problems in the Republic. This, he believes, is the kind of mess the UK would have found itself in if the Tories had continued with the economic policy they were espousing pre Lehman brothers (the detailed picture of the Opposition’s economic policies are much dimmer these days). That is to load indirect taxation whilst keeping direct and corporation taxation as low as you can get away with. Conor’s point: large and rapidly …

John Lewis say: Panic ye not Basil, we’re still planning to come to Sprucefield…

Mick Fealty on February 5, 2009, 4:50 pm

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Basil McCrea made the radical suggestion (video clip added) the other day of getting the Legislative Assembly to legislate to make sure the John Lewis store planned for Lisburn was assured of getting its space, suggesting that with progress already taking place in Dublin, Northern Ireland might lose out at a time when both private and public sector capital was in short supply. Yesterday the FT added to the ambiguity when it noted uncertainty around the Northern Ireland end of …

And now the end is near..?

Mick Fealty on February 5, 2009, 2:33 pm

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The latest on that Northern Irish owned white elephant on the south coast of England. Head office in Belfast is refusing to take calls from the local press… Mick FealtyMick is founding editor of Slugger. He has written papers on the impacts of the Internet on politics and the wider media and is a regular guest and speaking events across Ireland, the UK and Europe. Twitter: @MickFealty

A Victory bonanza?

Pete Baker on February 5, 2009, 2:06 am

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The reports of the discovery of the wreck of 18th Century 100-gun first-rate ship of the line HMS Victory, flagship of Admiral Sir John Balchen, in the English Channel by marine exploration company Odyssey Marine Exploration raise the prospect of also finding it’s reported cargo of four tonnes of gold and silver coins – now being estimated as worth anything up to $1 billion (€0.79 billion). The Discovery Channel has footage of the retrieval of one of the cannons and …

“We are effectively doing it on behalf of the wider government in Northern Ireland”

Pete Baker on February 4, 2009, 7:41 pm

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More problems with the public procurement process [Or just the same ones? – Ed]. This time it’s with the Department of Education’s major capital works framework which reportedly “aimed to deliver almost 70 new schools in four years.” [Aren’t there too many schools already – Ed] That was in 2006. A recent High Court ruling scrapping the £500million plus programme has left the Department with a reported £2.4million bill, but that is likely to rise as the Department Minister intends …

Garland remanded in custody

Pete Baker on February 4, 2009, 7:13 pm

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Former Irish Workers’ Party president Sean Garland was remanded in custody for another week today, on foot of an extradition warrant by the US authorities for alleged counterfeiting charges, when his solicitor told the court he was not ready to make a bail application. [Having difficulty finding someone to provide sureties on his behalf? – Ed] Adds The RTÉ report provides another snippet of info Sean Garland was elected as President of The Workers’ Party in 2006. He retired from …

“our economy appeared to be performing well..”

Pete Baker on February 4, 2009, 5:28 pm

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Whilst Taoiseach Brian Cowen tries to balance the [Irish] books the Northern Ireland Assembly has been debating the Programme for Government and Budget. Below the fold the NI deputy First Minister, Sinn Féin’s Martin McGuinness, reads out the brief provided to him on the economy [to a yawning Paul Maskey and few others – Ed] and claims that the NI government polit-bureau is “far from powerless”. Also below, NI Enterprise Minister, the DUP’s Arlene Foster, defends a trade mission to …

Balancing the [Irish] books

Pete Baker on February 4, 2009, 12:09 am

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When BBC NI Dublin correspondent Shane Harrison appeared on Stormont Live today, the Irish government talks with those unelected social partners had broken down but the statement to the Dáil by Taoiseach Brian Cowen had yet to be made. RTÉ reports on the details of that statement. And here’s Shane Harrison on the problems ahead for the Irish government this year, and next.. Pete Baker

Magical unicorn fairyland – redux

Pete Baker on February 3, 2009, 6:02 pm

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Those fears that the US Stimulus Bill will spark a global trade war remain, despite the re-assuring words of Paul Krugman.. Several reports note more warnings from the EU and elsewhere, whilst a detailed SF Chronicle report notes, “The administration is reviewing that provision” – Irish Eagle also has a couple of posts on this too. Here it’s a welcome change to see that a local politician appears to get it – “If we learned anything from the outcomes and …

“unusual patterns of dole claimants”

Pete Baker on February 2, 2009, 9:27 pm

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The Belfast Telegraph reports a complaint, by Donegal Fine Gael TD Joe McHugh, of “unusual patterns of dole claimants” in certain towns. Social and Family Affairs Minister Mary Hanafin confirmed the problem was so serious it had been raised at a formal meeting of the North-South Ministerial Council by her SDLP counterpart Margaret Ritchie. The minister also noted that this activity “wasn’t confined to Donegal but was a feature of all border counties”. She also said: “We were always conscious …

PM Post…

Mick Fealty on February 2, 2009, 8:51 pm

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Sunday Business Post: Central players in the old conflict are still players in the new dispensation. Derry Journal: Has the romantic Republican dream finally died? Belfast Telegraph: Republican sources accuse dissident Republicans of being criminals…News Letter: On the want of an Opposition at Stormont… News Letter: Loyalist peace broker dies… Irish Times: Ian Paisley and the Late Late are a perfect match… Republic: Sunday Times: Republic takes on €24 Billion pound risk in big two banks… Sunday Business Post: Republic …

Anglo Irish shareholders consulting solicitors

Pete Baker on January 31, 2009, 2:14 am

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I suspect the shareholders concerned may have to wait until the Irish Financial Regulator and the Director of Corporate Enforcement decide on whether any illegalities occurred before they’ll be able to proceed.. But since the Regulator and the Irish Finance Minister knew at least part of what was going on at the bank at the time.. ANYhoo.. RTÉ tells us that two firms of solicitors are talking separately to shareholders in now nationalised Anglo Irish Bank [Including Sean Quinn? – …

US seeking extradition of Sean Garland from Ireland

Pete Baker on January 30, 2009, 10:26 pm

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If you’d been wondering what was happening in the long running saga of the counterfeit US super-dollars, North Korea, and the former Irish Workers’ Party president Sean Garland [you were? – Ed], I have news.. There had been a report of that the US intended to request the extradition, in March 2006, after he had jumped bail on extradiction proceedings in Belfast – briefly turning up at an Irish Labour Party conference in Dublin. The original indictment dates back to …