The Economy (Super - Thread)

[sheepshagger]

Theres going to be plenty written in the coming months, thought it might be an idea to keep it all on one thread. . . .here's a start as we say goodbye to 2008.

Jobless total "near 10pc" by March

Net job losses will top 2,000 a week in the coming year, according to the professional body of the personnel world.

They will rise to av average of 2,270 per week, the Chartered Institute of Personnel and Development has predicted, bringing an overall drop of 118,000 in jobs during 2009.

CIPD says employees will feel the full effect of recession in the next three months as unemployment rises to near 10pc.

The body says an average of 2,110 extra people signed on after losing their jobs in each week of the past year.

"That is over 300 job losses every day, or 12 jobs an hour since last New Year's day," said CIPD Ireland director, Michael McDonnell.

"The impact has been disproportionately felt by young male employees and by those with lower skills levels."

"The full force of the triple shock of the bursting property bubble, the global recession, and the crisis in financial markets, will have a wider effect over the coming months.

"The ripple effects are already spreading out from the construction and property market epicentre to hospitality, retail, travel, personal and professional services firms. "The period between New Year and Easter is likely to be the worst for redundancies since the mid-1980s," he said. "Many employers have held back from job cuts but access to bank credit, falling consumer demand and the relative strength of the euro against a weakened sterling will force their hand. "There are now over 280,000 people on the Live Register seeking employment.. That level is expected to exceed 400,000 in 2009 and could be higher depending on whether significant numbers of people opt to emigrate."

[sheepshagger]

Actually read some numbers last week that suggest January be the worst month of 2009, with 30k people loosing their jobs

For anyone thinking of heading to Oz/NZ to try and escape it don't bother, they're only a few months behind us. . .their turn will come !

[Oldschool]

Theres going to be plenty written in the coming months, thought it might be an idea to keep it all on one thread. . . .here's a start as we say goodbye to 2008.

Jobless total "near 10pc" by March

Net job losses will top 2,000 a week in the coming year, according to the professional body of the personnel world.

They will rise to av average of 2,270 per week, the Chartered Institute of Personnel and Development has predicted, bringing an overall drop of 118,000 in jobs during 2009.

CIPD says employees will feel the full effect of recession in the next three months as unemployment rises to near 10pc.

The body says an average of 2,110 extra people signed on after losing their jobs in each week of the past year.

"That is over 300 job losses every day, or 12 jobs an hour since last New Year's day," said CIPD Ireland director, Michael McDonnell.

"The impact has been disproportionately felt by young male employees and by those with lower skills levels."

"The full force of the triple shock of the bursting property bubble, the global recession, and the crisis in financial markets, will have a wider effect over the coming months.

"The ripple effects are already spreading out from the construction and property market epicentre to hospitality, retail, travel, personal and professional services firms. "The period between New Year and Easter is likely to be the worst for redundancies since the mid-1980s," he said. "Many employers have held back from job cuts but access to bank credit, falling consumer demand and the relative strength of the euro against a weakened sterling will force their hand. "There are now over 280,000 people on the Live Register seeking employment.. That level is expected to exceed 400,000 in 2009 and could be higher depending on whether significant numbers of people opt to emigrate."

Start digging the garden (If you have one) - Time to start growing your own.
It's easy to create a herb garden. (And you don't need a garden, just a large barrel)
It's easy to grow strawberries (Again you don't need a garden, just a large barrel)
Later in the year you can pick blackberries, which can be used to make jam and wine (might lift the gloom).

[Slipper1]

This could be a whole thread just for oldschool - the doom merchant of LF.com

[Leinsterman]

Actually read some numbers last week that suggest January be the worst month of 2009, with 30k people loosing their jobs

For anyone thinking of heading to Oz/NZ to try and escape it don't bother, they're only a few months behind us. . .their turn will come !

Exactly. The fact that the USA, Europe and Japan are all simultaneously experiencing a recession means that jobs will be at a premium everywhere, particularly if you're semi/unskilled.
Apparently Dixons/Currys/PC World is staring down the barrel!

[Danthefan]

Actually read some numbers last week that suggest January be the worst month of 2009, with 30k people loosing their jobs

For anyone thinking of heading to Oz/NZ to try and escape it don't bother, they're only a few months behind us. . .their turn will come !

Exactly. The fact that the USA, Europe and Japan are all simultaneously experiencing a recession means that jobs will be at a premium everywhere, particularly if you're semi/unskilled.
Apparently Dixons/Currys/PC World is staring down the barrel!

Wow, they're just after rebranding all their Dixons stores in Ireland and renovating a lot of their shops.

[sheepshagger]

Actually read some numbers last week that suggest January be the worst month of 2009, with 30k people loosing their jobs

For anyone thinking of heading to Oz/NZ to try and escape it don't bother, they're only a few months behind us. . .their turn will come !

Exactly. The fact that the USA, Europe and Japan are all simultaneously experiencing a recession means that jobs will be at a premium everywhere, particularly if you're semi/unskilled.
Apparently Dixons/Currys/PC World is staring down the barrel!

Wow, they're just after rebranding all their Dixons stores in Ireland and renovating a lot of their shops.

Heard their UK arm are having a tough time (name a UK high street retailer that isn't) but the ROI side is faring better.

They have repositioned their brands, Currys strictly on the high street, Dixons as a sole internet retailer and PC World as a standalone.

Talking of retail, a large UK fashion retailer that operates here will in the new year slash their Euro pricing so that it is much closer to 1/1 as the currencies approach parity, in a bid to fightoff the consumer backlash that is out there at the moment (around GBP/EUR pricing).

[Slipper1]

Heard their UK arm are having a tough time (name a UK high street retailer that isn't) but the ROI side is faring better.

They have repositioned their brands, Currys strictly on the high street, Dixons as a sole internet retailer and PC World as a standalone.

Talking of retail, a large UK fashion retailer that operates here will in the new year slash their Euro pricing so that it is much closer to 1/1 as the currencies approach parity, in a bid to fightoff the consumer backlash that is out there at the moment (around GBP/EUR pricing).

Was in Dundrum and two ladies fashion stores had "Extra 10% off sale prices for Sterling / Euro difference" signs.

[Oldschool]

Theres going to be plenty written in the coming months, thought it might be an idea to keep it all on one thread. . . .here's a start as we say goodbye to 2008.

Jobless total "near 10pc" by March

Net job losses will top 2,000 a week in the coming year, according to the professional body of the personnel world.

They will rise to av average of 2,270 per week, the Chartered Institute of Personnel and Development has predicted, bringing an overall drop of 118,000 in jobs during 2009.

CIPD says employees will feel the full effect of recession in the next three months as unemployment rises to near 10pc.

The body says an average of 2,110 extra people signed on after losing their jobs in each week of the past year.

"That is over 300 job losses every day, or 12 jobs an hour since last New Year's day," said CIPD Ireland director, Michael McDonnell.

"The impact has been disproportionately felt by young male employees and by those with lower skills levels."

"The full force of the triple shock of the bursting property bubble, the global recession, and the crisis in financial markets, will have a wider effect over the coming months.

"The ripple effects are already spreading out from the construction and property market epicentre to hospitality, retail, travel, personal and professional services firms. "The period between New Year and Easter is likely to be the worst for redundancies since the mid-1980s," he said. "Many employers have held back from job cuts but access to bank credit, falling consumer demand and the relative strength of the euro against a weakened sterling will force their hand. "There are now over 280,000 people on the Live Register seeking employment.. That level is expected to exceed 400,000 in 2009 and could be higher depending on whether significant numbers of people opt to emigrate."

This thread should be re-titled - "Reality Messageboard"

[aisling7]

Belts to be tightened as new charges kick in

Celtic Tiger-style living standards will be heavily hit from today as the Government gets ready to rake in more than €1bn in new charges.

The biggest raid on household cash flow will be the Budget’s 1% levy on incomes up to €100,000 which will deliver several hundred million euro into the Exchequer’s coffers.

Hikes are also planned in Luas fares from January 5 and rises in the cost of taking the bus or the train are also expected in coming months.

Since the October 14 Budget, the public is already reeling from an eight cents per litre increase on petrol, 50 cents extra on a pack of 20 cigarettes and 50 cents on a bottle of wine.

A 0.5% increase on the standard Vat rate, in effect since December, will take in €208m during 2009.

Living standards enjoyed during the Celtic Tiger boom will be heavily hit throughout 2009, according to Consumer Association of Ireland chief, Dermott Jewell.

“I think 2009 will be known as ’The Year of Living on the Edge’ as all income groups will be hit with extra charges, thus severely reducing their disposable income levels and capacity to make ends meet,” said Mr Jewell.

Labour deputy leader Joan Burton said Finance Minister Brian Lenihan should be renamed the Minister for Hardship as “he is solely responsible for this litany of stealth taxes”.

“Anybody who has a job, a car, a house or gets sick will be targeted,” she said.

“If the Government thinks it can straighten out the public finances by imposing sneaky taxes and charges, it is very much mistaken,” she added.

However the Government believes sacrifices have to be made to cope with the biggest economic downturn of the past century.

From today, motorists will also be asked to fork out an extra 4% in motor tax for cars under 2.5 litres and 5% for bigger vehicles. The Government expects to yield an additional €40m in this area in 2009.

Accident & Emergency charges will increase from €66 to €100 for non-medical card holders who don’t have a letter from their GPs.

Employees who usually get a free parking space from their bosses will be subjected to a €200 levy per year.

The controversial air travel tax, which imposes a maximum of €10 on passengers leaving Irish airports, comes into effect at the end of March.

People who own second homes will also be targeted with a €200 charge being introduced during 2009.

Other Budget measures such as Dirt tax on life assurance policies and investment funds will also increase by 3%, yielding €85m to the Exchequer.

A 2% rise in Capital Gains Tax will take in €160m during 2009.

http://www.breakingnews.ie

[sarah_lennon]

When's the minibudget due after all the tinkering sure didn't work!

[alterego]

Heard their UK arm are having a tough time (name a UK high street retailer that isn't) but the ROI side is faring better.

They have repositioned their brands, Currys strictly on the high street, Dixons as a sole internet retailer and PC World as a standalone.

Talking of retail, a large UK fashion retailer that operates here will in the new year slash their Euro pricing so that it is much closer to 1/1 as the currencies approach parity, in a bid to fightoff the consumer backlash that is out there at the moment (around GBP/EUR pricing).

Was in Dundrum and two ladies fashion stores had "Extra 10% off sale prices for Sterling / Euro difference" signs.

Pity some of the others don't follow suit on their ordinary prices. Biggest surcharge I recently saw was a pair of jeans with a St£ 25 price tag, and a Euro price of €40. A minimum of €10 guaranteed profit from currency pricing policy (even allowing for the differences in VAT rates).

What a f%~king liberty

[rooster]

Apparently Dixons/Currys/PC World is staring down the barrel!

They have been fecked for about 5 years now but are still surviving somehow trigger must be jammed.

[Skyhawk]

On Friday I purchased two UK magazines in Easons in Swords. The mags had a GBP price of £3.90 each with no € price listed. To my annoyance & disgust I was charged €12.68 for the two mags at the counter, that is an exchange rate of 0.615!
That is the last item that I will be purchasing there!

[alterego]

On Friday I purchased two UK magazines in Easons in Swords. The mags had a GBP price of £3.90 each with no € price listed. To my annoyance & disgust I was charged €12.68 for the two mags at the counter, that is an exchange rate of 0.615!
That is the last item that I will be purchasing there!

Easons have been notorious for decades for overcharging. They used to be the main importer of UK magazines/periodicals/comics and as a result could name their price

[sarah_lennon]

Was only discussing this last night. The Sterling mags don't scan and then they use a "ready reckoner" from May 1987 I think to work out the exchange. Complete rip off is correct!

[Grumpy Old Man]

On Friday I purchased two UK magazines in Easons in Swords. The mags had a GBP price of £3.90 each with no € price listed. To my annoyance & disgust I was charged €12.68 for the two mags at the counter, that is an exchange rate of 0.615!
That is the last item that I will be purchasing there!

Went to purchase a magazine in Easons Dundrum yesterday, cover price £3.99, local price €6.33. Decided to wait until I go to London for the Wasps match. However, I think that VAT at 21.5% is charged on magazines here while there is no VAT on magazines in the UK, can someone clarify? This would affect the exchange rate somewhat, though obviously not to the extent as outlined above.

[akared]

I bought a TV in Currys Belfast for £520 last week, the exact same model in Currys down here is €800! How are we expected to support the Irish economy when we can save nearly €300 on one item by just driving a couple of hours north.

[sarah_lennon]

I think that the VAT changes have been massive own goals. It hasn't worked in the UK in that the decrease hasn't rekindled spending while the increase here in line with the cut in UK plus €/£ has been disastrous for retailers here

[Slipper1]

An expensive pet project for Dr. O'Reilly

Waterford Wedgwood goes into receivership

David Carson, a partner in Deloitte Ireland, has been appointed receiver of the Irish operations of Waterford Wedgwood and a number of its trading subsidiaries. Partners in Deloitte are expected to be appointed as administrators to Waterford Wedgwood’s UK operations later today.

Waterford has also requested its stock be suspended from trading on the Irish Stock Exchange with immediate effect. The company employs 800 staff in Waterford.

Waterford chief executive David Sculley said he was "disappointed" that some of the group's UK and Irish subsidiaries have had to go into administration and receivership. "But we remain optimistic that ongoing discussions will result in a buyer being found for the businesses," he said.

The company is known for its Waterford and Royal Doulton crystal, and Wedgwood pottery and has reported five years of losses.

Wateford said in a statement this morning that “exhaustive efforts” had been made to restructure the businesses.

“However, as trading conditions deteriorated, it became apparent that a restructuring of the businesses could not be achieved in an acceptable timescale.”

Following the failure of management to secure a buyer “the appointment of a receiver was necessary”, the statement said.

Sir Anthony O'Reilly, non-executive Chairman of Waterford Wedgwood, said: "The board has acted tirelessly in its efforts to resolve the company's issues as a going concern.

"And the principal shareholders have invested in support of this business for almost 20 years. We are consoled only by the fact that everything that could have been done, by management and by the board, to preserve the group, was done."

Mr Carson said the businesses would trade while a sale of the business as a "going concern" was pursued.

“My team will work closely with the management and employees together with customers and suppliers to ensure operations continue effectively and efficiently while a sale of the business is sought,” Mr Carson said.

The goup has an overall workforce of almost 8,000 and also has a factory in Barlaston, Stoke-on-Trent in the UK which employs 1,100 people.