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Business Briefs Ireland’s economy headed for soft landing: bank chief

February 16, 2011

By Staff Reporter

By Stephen McKinley

Ireland’s vigorous economy will sustain little damage from an impending "soft landing," according to Maurice O’Connell, the governor of the Central Bank of Ireland.

O’Connell’s prediction comes as outside factors — foot-and-mouth disease, and a slowdown in the U.S. — are having a braking effect on the Irish economy, even though it is still growing at 6 percent. The Central Bank has wanted to cool the economy for some time, but has been unable to achieve this — now, O’Connell says, there is a chance for an "orderly slowdown."

The Central Bank of Ireland came into being in 1943 following the passing of the Central Bank Act 1942. It replaced the Currency Commission, which functioned as the national currency issuing authority from 1927-42.

Aer Lingus in peril?

Beset by strikes, Aer Lingus could find itself in serious financial trouble, according to the Sunday Times newspaper, even to the point of being put out of business.

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The airline, which is being privatized this year, has had to cancel flights on several occasions due to strikes, and wage settlements this year are expected to cost and extra £30 million. On top of this, fares were cut two weeks ago in response to the diminishing tourist trade due to the foot-and-mouth crisis and the slowdown in the U.S. economy. A profit warning is expected to be issued to the government this week, and job losses are possible.

‘r Mathilda?

Ireland’s airport authority, Aer Rianta, confirmed that it had considered bidding for Kingsford Smith Airport, in Sydney, Australia. The deal would have been worth more than £2 billion. A spokesperson said that while the deal had been under consideration, Aer Rianta was definitely no longer considering a purchase.

Merger for Irish telecoms

Esat and BT Northern Ireland currently operate as two separate entities, but BT plans to introduce a single all-island tariff this summer, which could be seen as an indication of its intentions. BT has been pondering its £30 billion debt and a process of asset sales may be used to try to reduce the deficit. Part of this process would include uniting Esat and BT Northern Ireland into a single, island-wide unit. Cheaper calls? No guarantee of that just yet.

Ireland Show in N.J.

The Ireland show is coming. From April 28 through May 1 at the Embassy Suites Hotel in Secaucus, N.J., you’ll find jewelry, apparel, ceramics, glassware, giftware, stationery, music, gourmet items, heraldic goods, religious goods, baby items, bridal merchandise, souvenirs and general giftware — all manufactured in Ireland, and filling more than 180 rooms in the hotel.

The event is a trade show, open to retailers and other interested parties. After the show on Saturday, April 28, there will be a concert with various musicians from Ireland, Scotland, England and Wales, and on Sunday the 29th, Andy Cooney and his band will entertain during a reception. Monday night will be capped off with a concert by Tony Kenny. Richie O’Shea and his Band will accompany him. Throughout the show, retailers will have opportunities to win more than $100,000 in merchandise prizes and airline tickets to Ireland. For more information, call Michael McNicholas at Enterprise Ireland, (212) 371-3600.

Scottish connection

The McInerney contruction group has set its eyes on an expansion into Scotland. The Dublin-based company says that it hopes to offset any economic slowdown in Ireland with potential contracts elsewhere. Director Barry O’Connor believes that the economy is headed for a slowdown but not a crash. McInerney reported end-of-year results last week showing a 35 percent increase in pre-tax profit to about $17.2 million.

New real estate finder

Finding commercial property in Ireland just got easier — or so says Maria Sweeney, managing director of a new web site, locator.ie. The site aggregates the information of about 1,600 realtors in Ireland and allows them to add property details and customers can of course search for real estate with certain criteria.

"Looking for property is extremely time-consuming. People have to trawl through newspapers and contact all the different agencies. What we are offering is a one-stop shop whereby if you log on, the information is there, including photos of the property available in a lot of cases," Sweeney told Electric News Network.

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