Looks like Geoffrey has been given gate from HOK (todays Indo)
Ken said they were dumping “non fee generating staff”
Nothing about the amount of shite he generated though…
Looks like Geoffrey has been given gate from HOK (todays Indo)
Ken said they were dumping “non fee generating staff”
Nothing about the amount of shite he generated though…
Apologies
Hooke and McDonald, not HOK
Sheer tedium has caused terminal abbreviatitus of the frontal lobe
That will be all of them then?
Top Economist ???
independent.ie/business/iris … 32754.html
I suppose he is better than Marian Finnegan in fairness.
Realsim in Hooke & MacDonald
I’d say Ken can’t get him out the door fast enough
I think that is a mis-type in the newspaper,
what they meant to say is that his employers have given him EUR 35K to take two years out, and when confidence returns to the market, he will be brought back in to his former role
Ken believes the market has plenty of confidence, it just can’t remember which drawer it put it in.
Seems a bit harsh making someone redundant and then plastering it all over the papers. Did Hooke and McDonald have a press release stating that Tucker was being let go? Or where did the indo get it from? And does Tucker not have any right to privacy regarding this?
Morning business news
Wednesday, 29 October 2008
rte.ie/business/2008/1029/mibusiness.html*** Estate agents Hooke and McDonald are forecasting that 27,000 new homes will be built next year, dropping to 20,000 in 2010. This compares to about 90,000 new homes built in 2006. According to the agents’ outlook for the new Irish homes market, the average price of a new home is already 30% lower than peak prices in the middle of 2006. Hooke and McDonald’s economist Geoff Tucker says the fall in home building is required because of the fall in buyer demand and the level of unsold stock in both the new and the second hand market. He says the next 12 months will be difficult, but that interest rates cuts may represent a turning point.
Trends this week:
By Donal Buckley, Friday October 31 2008
independent.ie/lifestyle/pro … 14682.htmlThe agent’s economist Geoff Tucker also points to the indicators which underpin demand. "Given that many prospective first-time buyers have postponed entry into the property market over the last two years, there is a level of pent-up demand, especially within Dublin, that will eventually need to be satisfied. Many prospective first-time buyers entered the rental market during this period, pushing up the demand for rental properties and leading to an acceleration in the pace of rental inflation.
“Rents are now 11pc higher than they were two years ago, but more recent trends point to a decline of 4pc during Q2 and Q3 of 2008. This drop in average rents is more a symptom of an increasing supply of properties coming onto the rental market, in large part due to developers moving new homes from the sale market to the letting market, rather than a drop in the level of tenant demand.”
He also points to the medium-term population factors which underpin demand: "The demand for property is still strongly supported by the underlying demographic trends.
“Population growth may slow (as net inward migration slows) over the next 18 months, yet it will continue to be the main driver of demand for property.”
A picture of misery in the property world
Caitrina Cody and Stephen O’Farrell, Tuesday October 28 2008
independent.ie/national-news … 11232.htmlOther examples
A spokesperson from Philip O’Reilly Auctioneers, in Clare, said many units in the Acha Bhile housing estate in Ennis, with prices ranging from €187,000 to €255,000 were unoccupied.
Meanwhile, Hooke and MacDonald economist Geoff Tucker says price cuts have been necessary to sell the exclusive houses and apartments at Elm Park in south Dublin.
''I’ve seen crazy offers – free cars, boats, and holidays with each house sold. But these incentives don’t matter if the price isn’t right. The truth is that the fall in prices is much more dramatic and extreme than official indicators would suggest. New home prices are back about 30pc from their peak prices."
Seems a bit harsh making someone redundant and then plastering it all over the papers. Did Hooke and McDonald have a press release stating that Tucker was being let go? Or where did the indo get it from? And does Tucker not have any right to privacy regarding this?
I would not be surprised if the announcement was faxed to the Indo. Sure now, he’s got a bit of time on his hands he can always drop in to the 'pin for a chat. At the rate sales are drying up at the moment, I may even have more free time next year to do the same.
Wasn’t it claimed that Ken threatening to pull advertising money was behind the Sunday Tribune’s decision to sack journalist Richard Delevan last year? blurredkeys.com/2008/01/editor-still-id.html
Could it be Geoff became too inconvenient to have about the place because of his bearish pronouncements above (torking down the morkesh), or am I reading too much into it?
I think we should be told.
Geoff is a hell of a nice guy (obviously we don’t see eye to eye on many economic issues!) and like him or not he is another victim of the crunch and my feelings go out to him.
Isn’t high rent just brilliant?
It was written in a complementary way, stating he is one of ‘Ireland’s top economist’. I think the journo was helping him out a bit actually i.e. this guy is available for work.
Just to jog memories on Ken MacDonald’s paean in the Sunday Independent in early 2007: *"Why do we allow scaremongers and doomsayers with unfounded pessimism and unbridled negativity dictate our thinking and blunt consumer confidence? The Irish economy is the envy of the world. Job creation is phenomenal with more than 7,000 new jobs being created each month - despite the gloomy attention given to periodic job losses in some sectors.
Unemployment stands at 4.1%, the lowest in Europe; there are 750,000 more people in the workplace than a decade ago. We have revitalised cities and towns, a conveyor belt of entrepreneurial business people operating successfully on a world stage, a rich cultural and artistic heritage, a vibrant talented young population, rising by almost 100,000 per year, confident in their own and their country’s destiny. We should be celebrating our success on a daily basis. In any event, the Irish love affair with property will continue undaunted despite the knockers. "*
Geoff is one of the better EA economists in the country that’s for sure, and no matter what he is quoted in the papers as saying he has always had an insightful awareness of what’s goign on in coversation. I’m sure he will be fine.
Just to jog memories on Ken MacDonald’s paean in the Sunday Independent in early 2007: *"Why do we allow scaremongers and doomsayers with unfounded pessimism and unbridled negativity dictate our thinking and blunt consumer confidence? The Irish economy is the envy of the world. Job creation is phenomenal with more than 7,000 new jobs being created each month - despite the gloomy attention given to periodic job losses in some sectors.
Unemployment stands at 4.1%, the lowest in Europe; there are 750,000 more people in the workplace than a decade ago. We have revitalised cities and towns, a conveyor belt of entrepreneurial business people operating successfully on a world stage*, a rich cultural and artistic heritage, a vibrant talented young population, rising by almost 100,000 per year, confident in their own and their country’s destiny. We should be celebrating our success on a daily basis. In any event, the Irish love affair with property will continue undaunted despite the knockers. "
Ah, c’mon Michael, that’s just not fair.
Quoting him in context and everything!
Hi TUG,
The funniest part was the *“conveyor belt of entrepreneurial business people operating successfully on a world stage,” * - - I would bet that from hotels in Washington DC, New York and Chicago, to a financial centre in South Korea, most Irish “entrepreneurial” activity was in commercial property.
After 15 years of the Casino Economy, we are more dependent on the US than we were before it began.
The Irish economy is the envy of the world
Please Ken, wherever you are, please, please, please come out in public and repeat yourself now