Quoteheard on the work grapevine that we're pretty much set for 2009 and have half our order book for 2010 filled up. thank god for investment in infrastructure by stormont. would probably be the best thing that the republic could do at the minute.
Seems this is THE Plan. Got to wonder how it took them months to come up with this. 500m is far too small stimulus package. Its E200-250 per worker in the state. Very light on details because I suspect they don't actually have any...
heard on the work grapevine that we're pretty much set for 2009 and have half our order book for 2010 filled up. thank god for investment in infrastructure by stormont. would probably be the best thing that the republic could do at the minute.
i believe in one man, one vote. i should be that one man with that one vote.
ALWAYS ON TOUR!
There is the National Development Plan, active until 2013. Don't know if spending for this is now on hold though.Originally Posted by shantykelly
thats the impression that cowen et al. are giving on the news - cut spending, renegotiate the national pay deal, rein in all government depts. and remove agencies where possible. they seem to be laagaring up for the long night of the crunch.
i believe in one man, one vote. i should be that one man with that one vote.
ALWAYS ON TOUR!
Reading that it took 6 months to come with THE plan.
ESRI Gloomy Projections
These seem to be the most reliable as don't have the agenda of some bank economists or the blinkers of the Department of Finance. Looks like a lot of the National Debt paid off in the last ten years will be borrowed again.The Economic and Social Research Institute has warned that economic output will fall dramatically next year and that unemployment will reach 10% of the labour force.
Its latest Quarterly Economic Report warns of a 4.6% fall in activity in 2009, which would be the largest annual slump in economic activity ever recorded.
The ESRI forecast suggests that 117,000 jobs will be wiped out, and net emigration will soar to 50,000 people, which would be one of the largest annual migration totals ever recorded.
The contraction in activity, it says, will plunge our public finances deeply into deficit. The ESRI says Government borrowing will soar to almost €17 billion in 2009. The General Government Deficit will exceed 10% of GDP - close to four times the EU borrowing limit - and the public debt burden will have doubled in two years.
In this question, I think a recovery is defined by an upward movement for a period of time after Ireland has hit the bottom.
We do not know when that bottom will be. There is no model to predict when the bottom will be reached. Forecasts have been way off the mark so far. At present it is just a question of how many months will it take unemployment to reach 10%.
There are enough visible signs that the recession has a "fair bit" to go yet.
Then there are the big unknowns eg the blow torch potential of a rise in the price of oil.
Then there is the world economy, the state of the UK, then the USA economy will be one of the last to topple.
Using the GNP figures is not enough of a determination, you have to look at trends in many areas including the vital areas of unemployment and real standard of living.
Job creation outdoing job losses.
Then you are looking at what type of recovery, sustained or slow or flaccid after a short period of stimulous.
Regardless of what restricted economic formulas say, Ireland's recession has been hidden for years by the huge personal debt taken on board by thousands of people around the inflated price of housing. When someone buys a home they also purchase many other things—appliances,furniture etc. A housing boom is the best thing that can happen to an economy.
Where are the new jobs going to be in 5 or 10 years time? The cute government focuses investment in productive job creation and uses part of that revenue for job creation through infrastructure.
Probably the árse about face governments think that borrowing to invest in non productive infrastructure is going to stimulate a recovery.
The external debt that is choking Ireland is recorded by the CSO 2 page pdf
Averages at over €400k per 4m.citizens.
There may be even a need for national debt clock counter on O'Connell st. and leave a bit of room for a few extra zeroes - €1,670,000,000,000 and only going one way.
Gonna be a hell of a lot harder now in the wesht.
http://www.sbpost.ie/post/pages/p/st...366-qqqx=1.asp
That is a big blow for Limerick even if it was only a matter of time before they cut back manufacturing here. I suspect if you buying a PC for E500 then labour is a significant part of the cost. Since Michael Dell cam back to the company he has been cutting costs across the board.
This has been on the cards for two years and all the Government could do was a quick trip to the US to beg last week when it was too late?!
They should've had re-training and local stimulation plans in place and ready to roll out.
But what else should we expect from this bunch of clowns other than a pathetic, reactive, empty-handed gesture?
Anyone hear Lenihan on Morning Ireland? We're totally goosed with these spoofers in charge.... We're currently engaged in intensive discussions with the social partners, starting next week!?! We're waiting on reports on what to do with the banks! Then the dick tried to make out they were acting decisively and said there was no need to recall the dail if all that's going to happen is the opposition debate what's going wrong! It's like a Bird & Fortune gig, without the bloody gags...
If you attack me with stupidity, I'll be forced to defend myself with sarcasm.
Thought exactly the same myself.
The (lack of) speed and decisiveness of decision making is absolutely astonshing.
How long can they be rabbits in the headlights?
And where is Enda Kenny?!?! Any decent opposition would be tearing the Government to pieces right now. On second thoughts, any decent opposition would be in Government by now....
Bringing the budget forward was supposed to bring clarity, but it's managed to muddy the waters further, as they were so optimistic about the outcome of 2008 when they didn't have the actual figures.
The other thing that really annoyed me was Lenihan effectively blaming our lack of a direct tax base for his inability to do anything on the tax side. FFS it was FF that kept reducing the tax rates and basing the tax take on indirect taxes. You'd swear they'd been in opposition since '97 and had just come in to clear up the mess...
I'd agree about Kenny being no where, but Bruton is the obvious man to talk economics. There is no one to blame for putting FF back in except the electorate. Labour are the real attack dogs of the opposition - hard for Lenihan to respond to what Quinn had to say, given Quinn's record in Finance.
If you attack me with stupidity, I'll be forced to defend myself with sarcasm.
Read this another way and its simply Lenihan trying to avoid admitting that the Government stoked the housing bubble and over-relied on unsustainable indirect taxation receipts directly related to the housing bubble.
The lack of leadership is the biggest problem. There are no obvious quick fixes but the government could at least act like they knew what they were doing.
If FG really want to be in government they should be putting together a plan for th economy as there are only so many points you can score by attacking the government which of course is all the more difficult with no Dail sitting.
Ignoring the left-right issues Labour have been stagnant in recent General Elections & I don't see they are any more electable now.
Irish Times
Can't see them surviving this one as debts are too large. Government grants would be a waste of time as they would spend it in a matter of months.WATERFORD WEDGWOOD appears finally to have run out of last chances. The luxury goods group has been in corporate intensive care for so long that the announcement yesterday of the appointment of a receiver came almost as a confirmation of the inevitable.
Over the past five years, the company has undergone six separate fundraising exercises involving a total of €550 million - aimed largely at restructuring the company and trimming its workforce. Sir Anthony, who first joined the company in 1985 - just ahead of its merger with Wedgwood - and his brother-in-law Peter Goulandris have between them poured about €400 million into the group in recent years.
Existing employees likely to lose all or most of their defined benefit pensions as it is already underfunded.
The Government needs to do something about pension protection legislation.
Its way behind most other EU nations in this area.
The galling thing for the Irish Waterford workers is that I'd hazard a guess the UK employees will be covered under UK legislation.
Not exactly a surprise but 1,900 jobs to go at Dell. Not manufacturing jobs to stay.
I presume the government politicians will be in hiding.
Aren't they all buggering off to Japan soon?
If you attack me with stupidity, I'll be forced to defend myself with sarcasm.
Got to get in the free trips while they still here. Clearly no more junkets left to Texas.
Indo
When people can get away with sh*te like that nit a good advert for companies to locate here.THREE carpet factory workers have been awarded five-figure compensation sums for unfair dismissal, despite admitting they slept on the job.
An Employment Appeals Tribunal heard workers at Waterford Carpets were clocked in and paid while still at home. At work, they sometimes played cards or "snoozed" in a warehouse.
The general manager said he was "shocked" by the level of absenteeism revealed by a CCTV monitoring investigation launched in February 2006 because he was concerned that production was not increasing despite the amount of overtime being claimed.
The investigation revealed that one worker was clocked in but absent from work on four occasions over a period of up 16 days.
UK Interests down to 1.5% from 2%
Financial markets had been almost evenly split in pricing in a cut of either 50 or 75 basis points and analysts say another reduction next month looks a sure bet and that interest rates could fall below 1 per cent.
Rates never fell below 2 per cent, even during the Great Depression of the 1930s, and they are now at their lowest level since the central bank was founded more than 300 years ago
Last edited by pete; 08/01/2009 at 12:44 PM.
Employment tribunal nearly always favours the worker. all the payouts are never that high. cost is in going to it hiring lawyers (eventho ya dont have to.)and what have ya. smart companies will pay off the worker regardless. small businesses run by guys with big egos will always go all the way to the tribunal if necessary. expensive lesson.
Posting Permissions
Bookmarks