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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

(February 2013) Weekly Business News Summary: The big news of the week was the liquidation of the former Anglo Irish Bank - - the most reckless bank of the Irish property bubble -- and the extension of the maturity of a related bailout advance of €28bn to the Government from the Irish Central Bank, to up to 40 years (another reckless Irish lender, Irish Nationwide Building Society, was also included in that debt). In the US, Dell, the world’s third-largest PC computer-maker, announced details of its plan to take itself private. Michael Dell, who founded the company in 1984 from his college dormitory in Texas, is to head a buy-out consortium that includes Silver Lake, a private-equity firm, and Microsoft. If the $24.4bn deal is approved by shareholders, it will be the biggest leveraged buy-out since the start of the financial crisis in 2007. Dell’s share price plunged by half over the past five years as the firm has been overtaken by smartphones and tablets such as the iPad.
(February 2013) Weekly Business News Summary -- week ending Feb 02, 2013: Ireland's GDP (gross domestic product) likely grew by 0.7% in 2012, just the second year of growth since 2007, the central bank said, increasing its estimate from 0.5% after the latest GDP data. However, it cut its forecast for 2013 to 1.3% from 1.7% and warned the volatile global economy posed a risk of future downgrades. Meanwhile the Economic and Social Research Institute (ESRI), an independent but publicly-funded think-tank, said GDP is estimated to have climbed 1.3% for 2012 and predicted a rise to 2.3% in 2014. Domestic demand is due to contract again in 2013 and 2014, though the pace of contraction is easing. In the US, the Dow Jones Industrial Average and the Standard & Poor's 500-stock index are within 1.1% and 3.4%, respectively, of the record highs they set on October 9, 2007. The US economy shrank by 0.1% in the fourth quarter of 2012, its first contraction since the recession ended in 2009.
(January 2013) Weekly Business News Summary -- week ending Jan 26, 2013: Reuters reported that the European Central Bank (ECB) has rejected Ireland’s preferred solution for handling the €30.6bn worth of promissory notes due to the Irish Central Bank on behalf of the ECB which resulted from State support for Anglo Irish Bank and Irish Nationwide in 2010. Citing “EU sources familiar with the talks” the news agency reported that a meeting of the central bank’s governing council on Wednesday and Thursday agreed that Irish plans to turn the note into long-term bonds that the ECB would then add to its portfolio amounted to “monetary financing” of the government, banned under article 123 of the EU treaty. Apple reported flat earnings in the holiday quarter and by Friday, ExxonMobil had regained its position as the world's most valuable company. The stock has dropped 37% since hitting an all-time high on September 19, just two days before the iPhone 5 launched in stores. On Friday, Samsung Electronics reported a 76% surge in fourth quarter profits. The S&P 500 closed above 1500 for the first time in five years on Friday, capping its longest streak of daily gains since 2004.
(January 2013) Weekly Business News Summary -- week ending Jan 19, 2013: The US Federal Aviation Administration grounded Boeing’s 787 Dreamliner after an All Nippon Airways flight in Japan had to make an emergency landing because of a burning smell, the most serious of several recent incidents related to the aircraft’s electrical systems - - in particular lithium-ion batteries that were manufactured in Japan. The Dreamliner was also grounded in Europe, Japan and elsewhere. Germany cut its forecast for economic growth this year to 0.4%, from a previous estimate of 1%. China’s economy grew in 2012 at the slowest in 13 years as official efforts to reduce property speculation coupled with external economic woes, dampened activity. However, there was a rebound in the fourth quarter. In Ireland, Patrick Honohan, Central Bank governor, said that while the state of the economy leaves a lot to be desired, he believes it is moving in the right direction.
(January 2013) Weekly Business News Summary - - week-ending Jan 12, 2013: Ireland's debt agency, the National Treasury Management Agency (NTMA) had a successful auction of sovereign debt, selling €2.5bn of a five-year issue, having received bids of more than €7bn. Ireland also sold its €1bn holding of Contingent Capital Notes (CCN’s) in Bank of Ireland at a price of 101% of their par value plus accrued interest. Meanwhile, the European Commission has warned that Ireland’s “hard-earned” reform progress to regain financial market trust will be “destroyed” unless EU leaders act quickly on debt promises made last year.
(January 2013) Weekly Business News Summary -- week ending Jan 04, 2013: With 325,000 unofficially unemployed, Richard Bruton, Ireland's jobs minister, hailed the 3,800 additional jobs created by indigenous firms in the internationally tradeable goods and services sectors in 2012. In the US the Congress agreed a deal that averted a “fiscal cliff” of automatic spending cuts and tax rises. Under the deal, taxes will rise for individuals who earn over $400,000 compared with Barack Obama’s initial ceiling of $250,000.The next cliff to be endured is raising the limit on America’s federal debt ceiling. Over the holiday period, the Constitutional Council in France struck down President François Hollande’s 75% top income-tax rate on individuals who earn at least €1m. On Friday, the US Labor Department reported that the economy added 155,000 jobs in December, and that the unemployment rate remained unchanged at 7.8%.
(December 2012) In a week when European leaders accepted the Nobel Peace Prize in Norway, EU finance ministers agreed to let the European Central Bank supervise big Eurozone banks - - in numbers: the range of 150 to 200 - - in the first step towards a banking union. The Eurozone leaders also approved a total of €49.1bn in bailout funds for Greece, €34.3bn of which will be disbursed in the coming days. In the US with talks continuing to avert automatic tax and spending cuts being triggered at the year end, the Federal Reserve made a big policy move on Wednesday when the Federal Open Market Committee (FOMC) agreed for the first time on specific numbers for the inflation and unemployment rates that will lead it to start considering raising interest rates. The Fed now expects to keep its historically low interest rates until unemployment rate reaches 6.5% or inflation looks set to exceed 2.5%. The Irish Central Bank published an expanded detail on mortgage arrears, restructures and repossessions for the period ending September 2012. The figures showed that 86,146 (11.3%) private residential mortgage accounts for principal dwelling houses (PDH) were in arrears of over 90 days at end-September, up from 81,035 accounts (10.6%) at end-June 2012. Buy-to-let arrears were at 17.9%.
(December 2012) Weekly Business News Summary -- week ending Dec 08, 2012: In Ireland, the Budget for 2013 was presented for a sixth year of austerity for some of the population again on the menu. Michael Noonan, finance minister, promised sunshine after that but he may as well pray as 'growth like a rocket' he mused about in March 2012, is unlikely to return anytime soon. Since July 2008, two governments have taken €25bn out of the Irish economy in tax rises and spending cuts, the equivalent of 16% of GDP (gross domestic product) in 2011. Last Wednesday another €3.5bn was removed. The European Central Bank forecast that the Eurozone economy will shrink by 0.5% in 2012 and another 0.3% in 2013, instead of growing by 0.5% next year as previously estimated. Also in Frankfurt, Germany's Bundesbank cut more than 1 %age point off its forecast for economic expansion in Germany next year after the sovereign debt crisis pushed the Eurozone into recession and global growth slowed. The central bank cut its 2013 projection to 0.4% from the 1.6% predicted in June and said the economy, Europe’s largest, will grow 0.7% this year, down from its previous forecast of 1%. Separately, the German economy ministry said industrial output fell 2.6% in October as investment goods production and construction activity slumped. Meanwhile, Deutsche Bank said the "German business cycle will reach its nadir during the current quarter with a decline of 1/4% on the previous quarter and after moving sideways in Q1 2013 start into a phase of moderate growth. The fact that most of our counterparts assume a similar growth profile for the industrial economies and emerging markets they cover shows at least a certain degree of consistency, but it does not necessarily increase the probability of such a scenario actually materialising. But don't think we have all simply succumbed to a collective trend towards optimism. The forecasts are driven by two decisive assumptions: 1) The euro crisis eases in the course of 2013, and 2) The 'time bomb' of the US fiscal cliff can be defused in the next few weeks to the extent that it does not plunge the US into recession. Both assumptions are predicated on the perspicacity of political leaders and their ability to take appropriate action."
(December 2012) Weekly Business News Summary -- week ending Dec 01, 2012: The Paris-based Organisation for Economic Cooperation and Development (OECD) issued a grim outlook Tuesday on the global economy with the European debt crisis and the US fiscal cliff risk dimming optimism. By a vote of 473 to 100 on Friday, members of the German Bundestag approved the package of measures agreed by Eurozone finance ministers in late-night negotiations earlier in the week. Canada's Financial Post said: "The last time a good-looking Canadian of Irish descent took a bank job in Britain he made a great success of it. Matthew Barrett ran the Bank of Montreal then moved to Britain to run Barclay’s Bank in 1999. This time, Mark Carney, governor of the Bank of Canada, has landed Britain’s most prestigious banking job as governor of the Bank of England." A report on the expiration of patents on blockbuster drugs -- known as the patent cliff - - said it should not be a serious concern in Ireland. Ireland's biggest goods export sector is not significant factor for growth.
(November 2012) Weekly Business News Summary -- week ending Nov 24, 2012: Eurozone finance ministers deferred agreement on a bailout payment for Greece until Mon (Nov 26) and on Friday, an EU summit on a seven-year budget broke up without agreement. The big company news of the week was delivered by Hewlett-Packard (HP), the floundering tech giant, which announced another big write-off on a soured acquisition. In 2011, within weeks of acquiring Autonomy, the British tech firm, the HP chief executive was shown the door. Just over a year later, HP accused the company that was founded by Irishman Mike Lynch ,of alleged accounting fraud. Meanwhile, the head of NTMA (National Treasury Management Agency), Ireland's national debt agency, accused State Street Europe of fraud, which had been discovered via a report in The Financial Times. Meanwhile, the FT reported that Franklin Templeton, a California-based asset manager that has made an €8.4bn bet on Ireland's fortunes, now controls almost a tenth of Ireland’s government bond market after aggressive stake building, which began in July 2011 when Dublin was still in the centre of its financial storm.