February 16, 2011
By Staff Reporter
By Stephen McKinley
The worrying rate of inflation in Ireland may have peaked already, according to Bloxham senior economist Alan McQuaid, after the release of the February Irish consumer price index. There was a slight February increase, and McQuaid said that expected sharp increases in motor vehicle and house insurances and a rise in the price of beer, may keep the inflation rate over 5 percent in the short term.
Trade surplus figures
The Central Statistics Office shows trade surplus in Ireland for November 2000 was £2.16 billion. Imports are estimated at £4.24 billion, exports at £6.40 billion. By way of comparison, the surplus for the same period in 1999 was £1.28 billion.
Examiner profits
The Irish Examiner and Evening Echo group, Examiner Publications, has reported comfortable profits for year ending December 2000 — £6 million (about $7 million), up from £5.5 million in 1999. Chief Executive Alan Crosbie has stepped down in favor of Padraig Mallon.
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New job for Bruton
Former Taoiseach and recently deposed Fine Gail leader John Bruton has secured a new job. He is co-president of a European Commission committee that will examine the future of the Common Agricultural Policy, one of the oldest and most controversial European Union-wide enactments. The committee will seek to reassure consumers about the safety and quality of European farm produce in the wake of BSE and foot-and-mouth disease.
35 out of 215 ain’t bad
Dublin has been ranked 35th in a quality of life survey of 215 cities worldwide. The survey by Mercer consultants places Dublin ahead of London, New York, Rome, Boston and Madrid, in certain categories.
Best overall winners were Vancouver and Zurich. Quality of life was calculated by 39 criteria, including political stability, medical and educational services and recreational facilities. New York and Los Angeles came out top in the recreational facilities category.
Jurys buys Chamberlain
With a payment of £8 million (sterling) in cash, £19.6 million in convertible loan notes and the assumption of existing bank loans and other liabilities of £14.3 million, Jury’s Doyle Hotel Group Plc. bought Chamberlain Hotels Ltd., based in Birmingham.
Jurys Doyle’s portfolio now stands at 31 hotels in the UK, Ireland and the U.S.
Nua nightmare
The famous Irish Internet consultancy Nua appears in a perilous situation this week, and some say it is close to collapse.
According to ENN.ie, a funding deal with British investor, Garnham Corporate Finance, has fallen through. Garnham Corporate Finance is run from the UK by Irishman John McKeon.
Twenty-two staff members have gone from Nua, leaving only 35.
FMD damage
After estimates suggesting that the foot-and-mouth disease crisis will cost the British economy $11 million, Davy Stockbrokers said that even though no disease has been found in the Irish Republic, similar damage to the economy will happen in Ireland. Jim O’Leary, chief economist, has warned that a proper balance must be struck between reducing the risk of getting the disease and jeopardizing jobs and output outside agriculture.
He pointed out that it was in everyone’s interests to keep the disease out of Ireland, as general taxpayers (that is, everyone) would foot the compensation bill.
Jobs lost
Compaq is set to cut 5,000 jobs worldwide, and with 2,200 employees in Ireland, there can only be speculation that layoffs will occur there. The world’s largest PS maker says it will save $600 million worldwide with the cutback.
3com, the U.S. computer equipment maker has killed off 30 jobs at its Dublin plant. The company is set to cut a total of 1,200 jobs worldwide.
Also, facing up to the inevitable, broadband services provider Formus Communications has cut 71 jobs in its Dublin office, with alleged debts of $2.5 million.