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Irish Independent
They were responding to new figures showing the value of homes and apartments
jumped by 10.6pc in the past year.
The surge in the capital in August was the strongest rise since the housing
market collapsed.
Prices in the Dublin area have risen every month this year, new figures from the
Central Statistics Office (CSO) show.
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Dublin valuations are now going up by around €3,000 a month.
Average prices on the east coast are now €213,000, calculations based on the CSO
data show.
Two days after insisting that the notorious tapes did not reveal new evidence of
potentially criminal acts, Mr Honohan decided to pass new information to gardai.
The Central Bank will offer gardai a breakdown of why exactly it has not asked
them to move ahead with a criminal probe into the tapes published by the Irish
Independent, ‘Sunday Independent’ and Independent.ie this summer.
The Central Bank has not completely changed its mind on the issue, but the news
will still be seen as a climbdown after two days of pressure over the issue
including a grilling for Mr Honohan at the Oireachtas Finance Committee.
Mr Honohan is effectively passing the buck on the final decision on whether the
Anglo Tapes do contain evidence of potential criminal wrongdoing.
The threat is one of a number of new measures outlined in the latest targets
agreed between the Government and the bailout partners, the European Union and
the International Monetary Fund (IMF).
It can take years for a repossession case to go through the courts.
Now the Government plans to decide by the end of next month if it needs to
introduce “tight deadlines on plenary repossession proceedings for non-principal
private residences”.
There is also a commitment to deal with “non co-operative borrowers”.
A major study has found that Ireland, despite having the same economic problems
as Spain, Italy, Portugal and Greece, has by far the highest emigration levels
within the EU.
The study, conducted by University College Cork (UCC) and the Irish Research
Council (IRC), found that 70pc of Irish people emigrating are in their 20s.
The UK, US, Australia and Canada are the most popular work destinations, with
the majority saying their move abroad had positive lifestyle implications.
Unlike in the United States, where rapid infusions of capital put its banks
quickly back on track, Europe’s financial system remains frozen, with lenders in
countries such as Greece, Spain and Italy hurt by weak demand and soured loans.
To break the “doom loop” between indebted European countries and their banks and
reassure investors that stressed euro zone lenders would be dealt with on a
regional level, a banking union, with the ECB as supervisor, is viewed as
crucial.
Irish Times
Oracle will be more profitable as technology
spending is directed toward cloud-computing tools, Ms Catz said at a meeting
with analysts in San Francisco.
Analysts project on average that Oracle will
reach an operating margin of 48 per cent for the fiscal year through May,
compared with 39 per cent in the previous year .
Nama chief executive Brendan McDonagh told the
Committee of Public Accounts yesterday that this would be mostly land “outside
the commuter belts” in Ireland with little or no commercial value.
He suggested that it would be more appropriate to
give these assets to the Office of Public Works or another state agency rather
than retaining Nama to manage them out.
Nama has sold about €1.2 billion of assets in
Ireland and has €12 billion left on its books, in addition to about €9 billion
overseas. It has achieved €9.2 billion in disposals – 80 per cent in the UK –
and generated income of €4.5 billion, mostly from property rentals.
Solicitor William Garnett, of London firm Bates
Wells Braithwaite, said he expects cases to be taken where it will be asserted
that pilots engaged though English company, Brookfield Aviation International
Ltd, to fly for Ryanair are entitled to certain employee or workers’ rights,
including paid holidays and certain employment protections. The rights would
exist in relation to Brookfield, according to Garnett.
Brookfield is believed to supply the majority of
Ryanair’s contracted pilots, who, in turn, make up a majority of the airline’s
pilots.
Joe Public sees it as a wheeze to bail out the
developers or the banks; take your pick. Others are suspicious of the
remuneration levels offered to staff. It has been accused of being secretive, of
unnecessarily hoarding land and of interfering with the normal operation of the
hotel sector by offering cut-price deals via its network of hotels.
It has also been accused of not doing enough to
provide social housing or community facilities, or to address the problem of
ghost estates.
Nama is a handy punchbag for those with a gripe.
Yesterday, at a hearing of the Committee of
Public Accounts, Nama chief executive Brendan McDonagh and chairman Frank Daly
attempted to shatter some of those myths and demonstrate to the members, who
were sparse in their attendance, that it is methodically working its way through
a series of targets towards it wind-down in 2020.
Irish Examiner
A €30m investment in a new manufacturing facility
has secured the future of the GlaxoSmithKline (GSK) plant in Currabinny in Co
Cork, according to site director, Finbar Whyte.
The new facility, which officially opens today, will create 20 full-time jobs
and for the first time on the Cork site it will manufacture product for its
consumer division.
Since the company set up in Cork in 1975 it has been a dedicated manufacturing
site for pharmaceutical products. However, this division has come under huge
pressure because of the ‘patent cliff’ which has seen a number of GSK products
come off patent.
“The effects of coming off patent can be quite dramatic. The sales of that
product can reduce by 75% in the following three months and manufacturing
volumes drop by a similar amount,” said Mr Whyte.
Europe
Presseurop: Although it claims allegiance to the
Military Junta (1967-74) and is hostile to trade unions, the neo-Nazi Golden
Dawn party is gaining ground in working class districts, where it has struck a
chord with the primary victims of a never ending crisis. A French journalist
reports from Piraeus, where unemployment and misery are grist to the Golden
Dawn’s mill. Excerpts.
Amélie Poinssot of
Mediapart.fr, the French online news service,
writes: “On Tsaldani Street in Keratsini, in front of a bakery, someone has
laid fresh flowers. It was on this street that, in the early hours of the
morning of September 18, a young rapper, Pavlos Fyssas, was murdered by a member
of the neo-Nazi Golden Dawn party.
Pavlos’ murder, although it shocked public opinion and revealed – if need be –
the criminal nature of the neo-Nazi organisation, was part of an planned
strategy. For several months, the party, which is founded on nostalgia for the
Military Junta, has attempted to spread terror and to gain ground in the Piraeus
region, in the working class suburbs and trade union bastions that are today
stricken by the collapse of the naval industry and by the economic crisis. In
Keratsini, Nikaia and Perama, three neighbouring communities, where the
unemployment rate is over 40 per cent, most of the men used to work in the
dockyards or in the metal industry.
Euro Topics: The French Minister of the
Interior Manuel Valls spoke out on Tuesday for repatriating Roma from France to
their countries of origin, Romania and Bulgaria, saying that the problems posed
by Roma cannot be solved by integration alone. On the same day Pope Francis
warned against marginalising migrants with a policy of fear. The French Catholic
daily La Croix agrees with the pontiff: “This firmness is being sold as
‘republican’, but the associations that champion the rights of these populations
will have a hard time distinguishing it from a non-republican firmness! Many
French citizens and local politicians, by contrast, will appreciate the interior
minister’s policy. And many believers will have a hard time interpreting the
calls by the religious authorities as imperatives. Nevertheless both are called
upon to fight against knee-jerk defensive reactions and fear. … Politics
cannot be based on fear. And we must not be content just to ‘manage’ our
problems.”
Hollande’s draft budget foresees a drop in France’s budget deficit in the coming
year to 3.6 percent of GDP, compared to an estimated 4.1 percent in 2013. Not
low enough, the liberal-conservative Swiss daily Neue Zürcher Zeitung
criticises: “A comprehensive strategy for restructuring the chronically deficit
budget is not in sight, and certainly not on the expenditure side. … Until now
France has continued to profit from very low interest rates on the capital
markets. But if it fails to do more to tackle its problems, the yields on
French government bonds will rise in the short or long term. Many players on
the financial markets are reckoning with a ‘French crisis’ as one of the next
developments in the European financial and debt crisis. President Hollande and
his government team would do well to allay these fears before it’s too late. The
time bomb is already ticking.”
US President Barack Obama stressed in his speech before the United Nations on
Tuesday that the US would maintain its role as leading nation. This is good news
for Europe, the liberal Dutch daily NRC Handelsblad points out: “It was the
speech of a man who has learned how difficult it can be to turn good intentions
into reality, also in international politics. Obama said that the wars in Iraq
and Afghanistan had taught America a ‘hard-earned humility’ about what military
intervention can achieve. But he also warned of the consequences of
isolationism. Because for the world the danger is not an America that wants to
greedily interfere in the affairs of other countries, he said. The danger is
an America turns its back on the world after a decade of wars, creating a vacuum
that no other country wants to fill. Obama wants America to continue its
involvement in the rest of the world. This is in America’s best interest. And
it’s also in Europe’s best interest.”
Europe does nothing but shrug its shoulders when Russia breaches the rule of
law, the left-liberal German daily Berliner Zeitung comments with an eye to two
events this week: “The musician Nadezhda Tolokonnikova [of the activist band
Pussy Riot] went on a hunger strike in protest at inhumane prison conditions.
She speaks of catastrophic conditions and raw violence. The prison
administration simply locked the young woman in a solitary cell and called it a
‘secure area’. … For its part Greenpeace wanted to install a protest poster on
an oil rig in the Arctic. As is its custom, the organisation didn’t ask for an
authorisation. Consequently they are criminals who endangered the rig workers’
life and health, the Russian president stated categorically. … Politicians,
security agencies and courts in Putin’s Russia are zealously working at
harassing and criminalising critics. That’s nothing new. But it is almost
scandalous how Europe’s governments accept such injustices with no more than a
shrug.”
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Source Article from http://www.finfacts.ie/irishfinancenews/article_1026605.shtml
