MULTI-NATIONALS HELP CUSHION GALWAY - What are the economic prospects for the wider regional economy in the west of Ireland?
Professor Michael Cuddy of NUI Galway says the West has been hit by the recession just like every other part of the country. But he adds that in the 12 months to June, while unemployment nationally rose by 9%, the rise in Galway county was just 4%, while levels in the city were unchanged.
He said there were a significant number of multi-nationals in the area, which had helped cushion the effects on employment of the economic downturn.
Professor Cuddy said Galway had the infrastructure - including a new motorway and a university - to take advantage of any upturn.
But he warned that the failure to complete outer by-pass of Galway city was an obstacle to growth, as it added to the costs of doing business.
***
BP NEWS 'COULD BE TURNING POINT' - Shares in oil company BP rose overnight, after it announced that it had capped the oil leak in the Gulf of Mexico and that oil was no longer pouring into the sea.
According to Leo Drollas, chief economist with the Centre for Global Energy Studies, this could prove to be a turning point for the troubled energy company.
He said that one the well was finally capped, and two relief wells were drilled, the process would end. One of the relief wells is only metres away from completion.
Mr Drollas said many jobs in the US Gulf area depended on the oil and gas industry, so a different view may be taken once this crisis is over.
