IBEC predicts brighter 2010 for economy

[gaius]

IBEC predicts brighter 2010 for economy
Tuesday, June 08, 2010 - 07:45 AM

Business group IBEC is revising upwards its economic forecast, but is warning that the outlook for 2011 continues to be shrouded by “uncertainty”.

In its latest quarterly report, it said improving international demand and the significant weakening of the euro has provided a much more positive environment for Ireland’s export sector.

IBEC Chief Economist David Croughan said consumer demand has also improved since the start of the year and is now helping to lift the economy out of recession.

Read more: examiner.ie/breakingnews/bus … z0qGGxYLRZ

[Rick_Flair]

Great. A jobless recovery.

[Larry]

I am 100% convinced that when people hear that phrase “export lead recovery” they get a vision of hundreds of indigenous little (and large) Irish enterprises beavering away across the country selling agri goods to the Saudis, software to the Russians, business services to the Europeans, technologies to the Yanks and so forth. It sounds like something so positive and dynamic.

Sadly, I think the truth is that “export lead recovery” means Google selling some more ads, Dell selling more computers and international IFSC banks selling more of whatever they sell. 12.5% of that lot is better than nothing, but ffs it’s of shag-all use to the vast majoirty of people in the country or indeed the economy as a whole.

[Open_Window]

It might be remarked that they are in fact parasites, feeding on the marrow of the State.

[Rick_Flair]

It might be remarked that they are in fact parasites, feeding on the marrow of the State.

More so now that the state owns the banks.

[TheHiddenHand]

Since when did IBEC press releases become the dominant news headline on RTE News all day?

[Open_Window]

It might be remarked that they are in fact parasites, feeding on the marrow of the State.

More so now that the state owns the banks.

The hidden hand revealed.

[BoyRacer]

€1m a year in public money props up IBEC -> independent.ie/business/iris … 75189.html

Among the highest fees from the semi-state companies was €154,000 from the ESB. In second place was a €136,000 sub from the Dublin Airport Authority, closely followed by €123,000 from yet another state monopoly, An Post.

It is not clear what benefit the semi-state companies receive in return for their fees.

Other spectacular payments include RTE, who wrote a cheque for €103,000; while An Bord Gais (€79,000), Coillte (€88,000) and Bord na Mona (€88,000) all dug deep. Even the troubled state training agency FAS – hardly a profit-driven business – donated €55,000 to IBEC last year. All figures include VAT.

IBEC fees are supposed to be based on the number of employees in the member firm, but special deals are now being negotiated.

It is understood that two years ago the heavily subsidised CIE paid only €27,000 despite its 11,000 employees, while this year the VHI (837 staff) paid a similar amount of €30,000. Even the Irish Greyhound Board (€14,000) and Shannon Development (€9,400) have signed up with the social partner. It is hard to find a state agency that does not contribute.

Big banks provide the second most identifiable source of IBEC funds. The Bank of Ireland, a long-time friend of IBEC, leads the subscribers with an annual fee of €200,000, while AIB and Ulster Bank both gave €194,000. Irish Life paid €133,000. The new ‘lean and clean’ National Irish Bank is giving €64,000, while the two building societies – EBS (€58,000) and Irish Nationwide (€14,000) – topped up the generous contribution from the financial sector.

Other IBEC insiders included IIBBank (€22,000), Anglo Irish Bank, Bank of Scotland and ACC Bank, many of which were reluctant to reveal their membership figure.

Similar reluctance to reveal a figure was shown by larger companies with close connections to the social partner.

Greencore, whose last chief executive David Dilger was an IBEC trustee, refused to give a figure. C&C was similarly silent. The troubled drinks company has close connections with IBEC through its besieged managing director Maurice Pratt – a retiring IBEC trustee – and former IBEC boss and now C&C chairman Tony O’Brien.

there is more

all part of the spin.