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  • strict warning: Non-static method view::load() should not be called statically in /home1/finfacts/public_html/sites/all/modules/views/views.module on line 879.
  • strict warning: Declaration of views_handler_argument::init() should be compatible with views_handler::init(&$view, $options) in /home1/finfacts/public_html/sites/all/modules/views/handlers/ on line 745.
  • strict warning: Declaration of views_handler_filter::options_validate() should be compatible with views_handler::options_validate($form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/handlers/ on line 589.
  • strict warning: Declaration of views_handler_filter::options_submit() should be compatible with views_handler::options_submit($form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/handlers/ on line 589.
  • strict warning: Declaration of views_handler_filter_node_status::operator_form() should be compatible with views_handler_filter::operator_form(&$form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/modules/node/ on line 14.
  • strict warning: Declaration of date_api_filter_handler::value_validate() should be compatible with views_handler_filter::value_validate($form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/date/includes/ on line 578.
  • strict warning: Non-static method view::load() should not be called statically in /home1/finfacts/public_html/sites/all/modules/views/views.module on line 879.
  • strict warning: Declaration of uc_product_handler_field_price::options() should be compatible with views_object::options() in /home1/finfacts/public_html/sites/all/modules/ubercart/uc_product/views/ on line 94.
  • strict warning: Declaration of uc_product_handler_field_weight::options() should be compatible with views_object::options() in /home1/finfacts/public_html/sites/all/modules/ubercart/uc_product/views/ on line 61.
  • strict warning: Declaration of views_handler_field_user::init() should be compatible with views_handler_field::init(&$view, $options) in /home1/finfacts/public_html/sites/all/modules/views/modules/user/ on line 48.
  • strict warning: Declaration of semanticviews_plugin_style_default::options() should be compatible with views_object::options() in /home1/finfacts/public_html/sites/all/modules/semanticviews/ on line 232.
  • strict warning: Declaration of views_plugin_row::options_validate() should be compatible with views_plugin::options_validate(&$form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/plugins/ on line 135.
  • strict warning: Declaration of views_plugin_row::options_submit() should be compatible with views_plugin::options_submit(&$form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/plugins/ on line 135.
  • strict warning: Non-static method view::load() should not be called statically in /home1/finfacts/public_html/sites/all/modules/views/views.module on line 879.
  • warning: Creating default object from empty value in /home1/finfacts/public_html/sites/all/modules/views/includes/ on line 653.
  • strict warning: Declaration of views_plugin_style_default::options() should be compatible with views_object::options() in /home1/finfacts/public_html/sites/all/modules/views/plugins/ on line 25.
  • strict warning: Non-static method view::load() should not be called statically in /home1/finfacts/public_html/sites/all/modules/views/views.module on line 879.
  • strict warning: Non-static method view::load() should not be called statically in /home1/finfacts/public_html/sites/all/modules/views/views.module on line 879.
Weekly Summary

Weekly Summary

(July 2014) Dublin prices surged 22% in 12 months to May and jumped 4.2% in the month. Meanwhile, the CSO said today that residential property prices at a national level, increased by 10.6%. This compares with an increase of 8.5% in April and a decrease of 1.1% recorded in the twelve months to May 2013. Meanwhile, US real gross domestic product (GDP) fell an annualised 2.9% in the first quarter of 2014, according to the third estimate released today by the Bureau of Economic Analysis. In the fourth quarter of 2013, real GDP increased 2.6%. It was the fastest rate of decline since the first quarter of 2009, when output fell 5.4% and has been mainly blamed on bad weather.
(June 2014) Mario Draghi, European Central Bank president, on Thursday announced that in addition to the governing council agreeing to cut its key benchmark rate from a record low of 0.25% to 0.15%, and in an unprecedented move for a big central bank, cut its deposit rate, which it pays banks for overnight bank funds to a negative -0.1%, a package of extraordinary measures will be deployed to head off deflation and raise economic growth from current dismal levels.
(June 2014) Ireland's statistics office reported that 12-month job creation had dropped 22,000 in Q1 2014 (see report link below); Google announced plans to build and launch onto city streets a fleet of small driverless cars that could operate without a person at the wheel. In fact there will be no steering wheel or accelerator and brake pedals. The company says the vehicles will use sensors and computing power, with no human needed. Meanwhile in a scenario from an older world, China asserted its right to disputed waters in the East and South China Seas and in Singapore at the weekend, Lt. Gen. Wang Guanzhong, the Chinese military's deputy chief of general staff, said a speech by Chuck Hagel, US secretary of defense, at a forum in the island city, was "full of hegemony, full of words of threat and intimidation," and part of "a provocative challenge against China." Also in the week, in a dispute between economists, The Financial Times announced a 'scoop' saying it had found flaws in the data used in “Capital in the Twenty-First Century”, the bestselling book on inequality by Thomas Piketty, a French economist. The paper said it had uncovered errors in Excel spreadsheets that undermined the economist's claims. Piketty said that he had to make use of some data from the past on wealth that could be improved but the FT was wrong to suggest that this casts doubts on his conclusion that inequality is becoming more entrenched - - the consensus among economists was that the paper lost the run of itself.
(May 2014) In the week of the European Parliament elections, for the first time in modern history, neither Labour nor Conservatives have won a British national election - - the insurgent Ukip party topped the poll in Doncaster, the constituency of Ed Miliband, Labour Party leader - - and the governing Irish Coalition was badly shaken by both the local and European elections forcing the resignation of the tánaiste / deputy prime minister and leader of the Labour Party. Credit Suisse, Switzerland's second-biggest bank, admitted criminal guilt for tax evasion in the US and Thailand's military staged its 18th coup since absolute monarchy was ended in 1932.
(May 2014) India's voters chose Narendra Modi, a Hindu-nationalist and pro-business politician to be their next prime minister, rejecting the Congress Party that has led the country for most of the past 67 years. In Vietnam protesters burned factories that they believed were owned by Chinese (Taiwanese factories were also targeted), in reaction to China moving an oil rig into disputed waters while In Europe, the European Central Bank came under renewed pressure to ease monetary policy after the Eurozone showed fresh signs of weak growth - - GDP only expanded 0.2% in the first three months of the year with France, the second-biggest economy, at a standstill.
(April 2014) Portugal succeeded in holding its first regular bond auction since seeking an international bailout in 2011. The sale was oversubscribed, with €750m worth of 10-year bonds achieving a low yield of 3.57%.
(April 2014) Mario Draghi, ECB president, said the European Central Bank is ready to take unconventional measures in the fight against deflation, with policy makers debating what form of quantitative easing they might need to use. “There was a discussion about QE, it wasn’t neglected,” the ECB president said at a press conference in Frankfurt Thursday after keeping the benchmark interest rate unchanged at a record-low 0.25%. “There are obviously different preferences about which QE would be more effective. We will continue working on that in the coming weeks.” On Friday the Frankfurter Allgemeine Zeitung, the German newspaper, reported an ECB study which showed that €1tn in additional money supply via what's called quantitative easing (QE) or bond buying would raise Eurozone inflation by just 0.2 percentage points, while another model came up with 0.8 points.
(April 2014) King Digital Entertainment Plc, maker of mobile game "Candy Crush Saga" that helped propel its revenues from $164m in 2012 to $1.9bn in 2013, had a floatation on the New York Stock Exchange and it ended Wednesday's session down 16%, the worst opening for a US-listed IPO (initial public offering) this year. On Thursday, shares declined 2.7%, and on Friday the stock dropped 41 cents, or 2.2%, to $18.08, down 20% from its IPO price of $22.50. It raised about $500m for the company, with the IPO giving the game maker a valuation of $7.1bn - - the company, founded in Sweden, has game studios in Stockholm, Barcelona, Bucharest, Malmö and London, along with offices in San Francisco and Malta. Last year, it became an Irish company and moved its 'headquarters' for tax purposes to Dublin - - it is basically a mailbox company based at the office of William Fry, a Dublin law firm. Meanwhile, Jens Weidmann, the president of the Bundesbank, Germany’s central bank, suggested that QE (central bank buying of bonds and other securities, commonly termed money printing) was now not out of the question. Weidmann has been a strong critic of the ECB directly buying government and private bonds, but with inflation falling, Europe’s central bankers are again forced to look at unconventional policies.
(March 2014) The European Union agreed a deal with the European Parliament that will see centralised supervision of the Eurozone's biggest banks from later this year. The agreement covers so-called single-resolution mechanism which will see a single bank-resolution fund of €55bn funded by banks in eight years rather than 10, as was originally agreed. National funds will also be merged more rapidly to create the common fund. In the first year, 40% of money in the national funds will be available for general use, and 60% by the second year. In Europe, the other big story was what the severity of sanctions that should be imposed on Russia for annexing Crimea.
(March 2014) Norbrook Laboratories said it would defend the “extraordinary legacy” of its founder Lord Ballyedmond after the peer was killed in a helicopter crash. The Northern Ireland-based company has become one of the world’s biggest makers of animal health products, competing against multinational groups such as Bayer of Germany and Novartis of Switzerland. Edward Haughey - - who was made a life peer as Lord Ballyedmond in 2004 - - was one of Northern Ireland’s richest men and the private company has a 3,000 person payroll. Fyffes, the Irish fruits distributor, and Chiquita, a successor to the United Fruit Company of the US, that in the early decades of the last century gave rise to the term 'Banana Republic, because of its domination of small Central American banana-growing countries such as Honduras, created a new top banana in tropical fruit distribution, with a merger targeted to respond to big supermarkets using bananas as loss-leaders, and crop blight.