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IRISH ECONOMY STILL UNDER PRESSURE
Despite the recent cuts in interest rates
announced by the European Central bank the
Irish economy in general and the housing
market in particular are still heading into the
doldrums. The decline in property prices across
the country seems to have bottomed out with
some areas and markets actually slowing
increases. There is still a big overhang of
unsold and unrented properties however so it is
unlikely that any overall improvement will be
possible until the end of 2009 at the earliest.
Inflation in the eurozone as well as in Ireland
is decreasing rapidly as fuel and mortgage
costs plummet. The underwriting of deposits
held by Irish banks resulted in a some much
needed stability in the sector although it seems
likely that some banks may yet have to merge.
The clamor of calls for the government to
recapitalize the banks so they can start lending
again have so far been resisted by the Minister
for Finance, Brian Lenihan. Unemployment is
definitely on the rise with no sign of any exodus
of foreign workers from the country, although it
is clear that emigration to places such as
Australia is on the increase.
All of which points towards a very difficult year
ahead for the Irish economy. The perfect storm
of falling property price, a worldwide recession
and the currency crisis is plenty to severely
damage any economy, never mind the tiny
economy of a country like Ireland on the fringe
of Europe. The ability of Ireland to continue to
attract foreign direct investment as well as a
willingness to improve competitiveness
(wage-control!) will be crucial to the
performance of the country during this
economic storm.
Despite the recent cuts in interest rates
announced by the European Central bank the
Irish economy in general and the housing
market in particular are still heading into the
doldrums. The decline in property prices across
the country seems to have bottomed out with
some areas and markets actually slowing
increases. There is still a big overhang of
unsold and unrented properties however so it is
unlikely that any overall improvement will be
possible until the end of 2009 at the earliest.
Inflation in the eurozone as well as in Ireland
is decreasing rapidly as fuel and mortgage
costs plummet. The underwriting of deposits
held by Irish banks resulted in a some much
needed stability in the sector although it seems
likely that some banks may yet have to merge.
The clamor of calls for the government to
recapitalize the banks so they can start lending
again have so far been resisted by the Minister
for Finance, Brian Lenihan. Unemployment is
definitely on the rise with no sign of any exodus
of foreign workers from the country, although it
is clear that emigration to places such as
Australia is on the increase.
All of which points towards a very difficult year
ahead for the Irish economy. The perfect storm
of falling property price, a worldwide recession
and the currency crisis is plenty to severely
damage any economy, never mind the tiny
economy of a country like Ireland on the fringe
of Europe. The ability of Ireland to continue to
attract foreign direct investment as well as a
willingness to improve competitiveness
(wage-control!) will be crucial to the
performance of the country during this
economic storm.
LIGHT BULBS TO BE BANNED BY MARCH 2009
The use of high-energy light bulbs of over
75 Watts is to be banned from next year with the
gradual phasing out of incandescent bulbs in
favour of low-energy fluorescent bulbs.
The use of high-energy light bulbs of over
75 Watts is to be banned from next year with the
gradual phasing out of incandescent bulbs in
favour of low-energy fluorescent bulbs.
IRISH DEFENCE FORCES WITH UN FOR 50 YEARS
2008 has marked the fiftieth anniversary of the
involvement of Irish peacekeepers with United
Nations peacekeeping missions. Irish President
Mary McAleese inspected soldiers at Cathal Brugha
Barracks and noted in her remarks that Irish
soldiers were originally deployed to the
Lebanon as long ago as 1958. They have been
stationed there from 1978 to the present day
with over 30,000 Irish soldiers serving have
served in that country.
The recent focus of Irish peacekeepers has been
in the African country of Chad. Other missions
have included the Congo in 1960, Cyprus in 1964,
the Iran-Iraq border in 1991, Somalia in 2001
and Liberia in 2003. 86 Irish soldiers have
died while on UN peacekeeping duty. On a per
capita basis Ireland has volunteered more
peacekeepers to UN missions than any other
country.
2008 has marked the fiftieth anniversary of the
involvement of Irish peacekeepers with United
Nations peacekeeping missions. Irish President
Mary McAleese inspected soldiers at Cathal Brugha
Barracks and noted in her remarks that Irish
soldiers were originally deployed to the
Lebanon as long ago as 1958. They have been
stationed there from 1978 to the present day
with over 30,000 Irish soldiers serving have
served in that country.
The recent focus of Irish peacekeepers has been
in the African country of Chad. Other missions
have included the Congo in 1960, Cyprus in 1964,
the Iran-Iraq border in 1991, Somalia in 2001
and Liberia in 2003. 86 Irish soldiers have
died while on UN peacekeeping duty. On a per
capita basis Ireland has volunteered more
peacekeepers to UN missions than any other
country.
IRELAND TO HOST TOP SCIENCE EVENT IN 2012
Ireland has been chosen as the European City of
Science for 2012. Up to 8000 delegates will attend
the Euroscience forum where it is expected that up
to 50,000 scientists, researchers and
business-people will attend. The decision to award
the event to Ireland is being seen as recognition
of the great advances that have taken place in the
country over the last 2 decades, especially in the
fields of bio-technology and pharmaceuticals.
Ireland has been chosen as the European City of
Science for 2012. Up to 8000 delegates will attend
the Euroscience forum where it is expected that up
to 50,000 scientists, researchers and
business-people will attend. The decision to award
the event to Ireland is being seen as recognition
of the great advances that have taken place in the
country over the last 2 decades, especially in the
fields of bio-technology and pharmaceuticals.