Economy – Page 59 – Slugger O'Toole

“Buy American” clause prompts global trade war fears

Pete Baker on January 30, 2009, 6:03 pm

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It looks like the concerns expressed on Stormont Live by economist Mike Smyth were well founded. The US Stimulus Bill passed by Democratic Party representatives, 11 of them joined Republicans in opposing it, contains a “Buy American” clause for public infrastructure projects. Alex Singleton identifes the old protectionist problem at the Telegraph blog and concerns of a trade war are already being expressed by the Canadian government and by the European Commission – the US Chamber of Commerce are also …

“Monument to peace” mothballed

Pete Baker on January 29, 2009, 8:48 pm

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In March last year the then Irish Minister for Foreign Affairs, Dermot Ahern launched an international competition, with an allocated €5m, to select the design of a monument to be sited at Carrickcarnan, Co Louth, near the Louth-Armagh border. After all, then-Taoiseach Bertie Ahern had promised that, if returned to government, Fianna Fáil would allocate €5m for a permanent “monument to peace” to be located in the border region.. But that was then.. way, way back then.. Today RTÉ reports …

DUP votes with Government on Heathrow vote…

Mick Fealty on January 29, 2009, 5:58 pm

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Anyone who thinks the DUP’s capacity to influence the government on larger matters is over (you know who you are! – ed 😉) might like to think again. Although it is unlikely that the pro business party would have voted against a third runway at Heathrow, it would seem they are still being treated like ‘favoured sons by Labour. As Sam Coates in The Times today: In a sign of anxiety about the vote, the Government persuaded five Democratic Unionists …

“it appeared that Sinn Féin and the DUP could not agree..”

Pete Baker on January 29, 2009, 4:26 pm

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According to a BBC report, those “dishonourable persons” who leaked confidential Northern Ireland Executive papers on post-primary transfer arrangements and on the axing of the Maze stadium proposal may have been premature.. in that those issues may not appear on the agenda of today’s Executive meeting. From the BBC report On Wednesday night, it appeared that Sinn Féin and the DUP could not agree on whether to put the matter to a vote. There also appears to be no agreement …

It’s an ex-stadium-plan for Maze

Pete Baker on January 28, 2009, 7:01 pm

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Some “dishonourable person” has leaked another Northern Ireland Executive document.. This time it’s a paper by Culture Minister, the DUP’s Gregory Campbell, detailing the end of any plans for a multi-sports stadium at the Maze site. From the BBC report In his paper to executive colleagues, Sports Minister Gregory Campbell said the plan did not enjoy sufficient political consensus, and he said a net loss to the economy of between £156m and £193m did not compensate for the non-monetary benefits …

“The [Anglo Irish] bank is now of course owned by the State.”

Pete Baker on January 28, 2009, 2:30 am

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It looks like there could be a whole new story to tell about Sean Quinn and his stake in the now nationalised Anglo Irish Bank. The Irish Times reports that it understands the Irish Financial Regulator intervened last year when they discovered the Quinn family “had built up a stake [in Anglo Irish] of 25 per cent by way of contracts for difference” – a stake that, legally, they didn’t need to declare. The 15% stake they did eventually declare …

“Reading the briefs provided to them..”

Pete Baker on January 27, 2009, 5:40 pm

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Perhaps with the background of the ongoing conversation about making Question Time in the Northern Ireland Assembly more engaging [or more accountable? – Ed] in mind, BBC NI political editor Mark Devenport comments on the jargon-filled “cure for insomnia” that was questions to OFMDFM yesterday – “reading the briefs provided to them by officials without an awful lot of insight into what it’s about.” The example being discussed, an answer by the NI deputy First Minister, Sinn Féin’s Martin McGuinness, …

Rent is up to 185% higher for southern retailers…

Mick Fealty on January 26, 2009, 7:16 pm

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The sound of bolts being slammed shut after the exit of prize race was audible with the news that the Oireachtas Enterprise committee is investigate the impact of cross border shopping on the Republic… But Caroline Byrne of ShelfLIfe trade magazine is adamant that the problems were obvious long before the Minister of Finance delivered the news of the growing hole in the government budget; “This report finds that operating costs are up to 30% higher, for a comparable retail …

“Surely not; it might mean replacing mantras with hard thinking..”

Pete Baker on January 26, 2009, 4:15 am

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In the Sunday Business Post, as the discussion on the Irish economy continues, David McWilliams has another look at the history of economic recoveries. In the light of our own banking travails, much has been made of Sweden and Finland’s bank recapitalisation and recovery plan. What most of this discussion fails to mention is that the devaluation and subsequent printing of money by both central banks did the trick. Is it worth considering here? Surely not; it might mean replacing …

“I think preference should be given to people from Northern Ireland..”

Pete Baker on January 25, 2009, 11:38 pm

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Previously Sinn Féin argued that some migrant workers were the wrong sort of Catholics for the purposes of monitoring workforce equality. Now the DUP’s Sammy Wilson, MP, MLA, Northern Ireland Environment Minister, is arguing that they should be discriminated against in favour of “people from Northern Ireland.” Below the fold his party colleague, Jeffrey Donaldson, MP, MLA, NI junior Minister, chips in to claim that “I think Sammy has a fair point.. we’re not talking about discrimination, we’re talking about …

“we didn’t actually enter magical unicorn fairyland on November 5th”

Pete Baker on January 25, 2009, 2:21 am

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I know it’s only the first few days, but change is already evident under the Obama adminstration.. Via the Professor. From the New York Times Two missile attacks launched from remotely piloted American aircraft killed at least 15 people in western Pakistan on Friday. The strikes suggested that the use of drones to kill militants within Pakistan’s borders would continue under President Obama. Meanwhile on the [US] domestic front.. The Obama administration fell in line with the Bush administration Thursday …

“It is entirely spin, entirely semantics.”

Pete Baker on January 23, 2009, 6:50 pm

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As the UK joins Ireland in an official recession via the Guardian’s politics blog comes this fascinating snippet of information about that ‘official’ definition from Peter Jay, former UK ambassador in Washington, former BBC Economics editor, and current non-executive director at the Bank of England’s Court of Directors. Paul Waugh was, fortunately, listening to the Radio 4 interview. “Art had the neat idea that if we had a definition of recession which meant that people could say we are not …

Still paying the price [for peace]?

Pete Baker on January 23, 2009, 3:35 am

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From tonight’s Hearts and Minds, some welcome straight-talking from Liam Clarke on the size, and cost, of our local administration – and the departments within. Expect this issue to feature, explicitly or implicitly, in other discussions ahead.. Pete Baker

Keeping free speech in the balance?

Mick Fealty on January 23, 2009, 1:12 am

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I’m not quite sure what’s been going on at the excellent new Irish Economy blog since the thread concerned has been wiped. But Gerard and John think there is some very suspicious about it… According to one commenter on John’s blog, the piece itself appears to have consisted of little more than linking to Morgan ‘briomhar’ dumping on the Irish Government’s plans for the Anglo Irish Bank. Gerard suspects foul play from inside an institution, “the incident strikes at the …

What’s to be done with the Irish economy?

Mick Fealty on January 23, 2009, 12:42 am

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Last week’s podcast has comfortably passed the 200 download mark. That’s thanks mostly to a little bit of buzz around the Irish blogosphere. For which, thanks to John, the Irish Left Review, Stephen, and Gerard did their bit to spread the word… If you enjoyed the last chat tune in again tomorrow at 11.30… And spread the word… Mick FealtyMick is founding editor of Slugger. He has written papers on the impacts of the Internet on politics and the wider …

Obama will need global answers to domestic questions…

Mick Fealty on January 22, 2009, 5:48 pm

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Didn’t get time yesterday to blog my Telegraph piece on Obama’s speech… Looking back on Bush’s first inaugural speech, there was little there to indicate what followed. For what follows, nothing Obama said can be taken for granted; other than for the Americans and the rest of us, sovereignty is not longer what it once was. The answer to the US’s domestic problems lie in global solutions… Mick FealtyMick is founding editor of Slugger. He has written papers on the …

“Who are they going to borrow it from?”

Pete Baker on January 21, 2009, 1:15 am

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It’s still the economy, stupid [Who are you calling stupid? – Ed]. This time from today’s Stormont Live we start with the Northern Ireland DETI Minister, the DUP’s Arlene Foster, answering questions in the Assembly on projected job losses – and noting the multitude of voices with a multitude of forecasts. One of the voices referenced is economist Mike Smyth and back in the studio he still sounds less than optimistic, despite what the minister says. But he does do …

NI Executive finances in economic climate change

Pete Baker on January 21, 2009, 12:08 am

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The economy featured heavily on today’s Stormont Live with the Northern Ireland Finance Minister, the DUP’s Nigel Dodds, fielding questions in the Assembly after a ministerial statement about balancing the books – see below the fold – although I’m not sure if the problems with Workplace 2010 surfaced. Back in the studio economist Mike Smyth began in a more optimistic mood than the minister but by the time he was contemplating the year ahead, and the potential nationalisation of UK …

“an absolutely disgraceful saga of political and civil service failure”

Pete Baker on January 20, 2009, 7:22 pm

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The negotiations over Workplace 2010 were suspended at the end of October last year whilst the two remaining bidders prepared to merge – another unsuccessful bidder, Partenaire, which brought a legal challenge to the procurement process in August 2007, was awarded damages in a confidential legal settlement in January last year. The Irish News reports today that the 3 and a half year long negotiations have now been terminated “putting the process right back to the start”. [subs req] Government …

Fianna Fail’s painful and very personal dilemma over Anglo…

Mick Fealty on January 20, 2009, 3:20 pm

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It’s very hard these days to hear the word ‘plasterer’ and not put the words ‘Paddy’ and ‘the’ in front of them. Of course Paddy Reilly was so much more than a plasterer. Not one was he one of the Manchester lads who provided the then Minister of Finance a dig out, but he also became Director of Elections for Ahern’s Dublin Central constituency. Morgan Kelly, whose gloomy presentation recently wowed economists today spells out in no uncertain terms what …