NATIONAL EMPLOYMENT WEEK TO FOCUS ON NEW OPPORTUNITIES - Today marks the start of National Employment Week and every day events will be held around the country to highlight practical ideas that can help to generate jobs.
Louise Phelan is a director at online payments firm PayPal, which itself announced 150 new jobs for Dublin last week. Ms Phelan says there are several barriers to people getting jobs in this country and one of the biggest barriers is the fact that there are not enough opportunities for graduates here. She says National Employment Week will launch initiatives to encourage businesses to put in place new opportunities for graduates and says that businesses will see benefits from their efforts. She says that PayPal itself has taken on 47 graduates for the first time and adds that if every business in the country took on just one extra person a year, the employment landscape would be greatly improved.
Ms Phelan said that PayPal decided to create an extra 150 jobs here because the company knew it could get the people with the right skills set, the right education and - most importantly - the right attitude. She says that the company got great support from IDA Ireland and the Government and encourages other businesses out there to get the correct Government support behind its expansion plans.
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MORNING BRIEFS - Olli Rehn, the EU Economics Commissioner has reiterated that Ireland is obliged to complete a new round of bank stress tests next month. The commissioner said EU authorities aimed to complete a new round of stress tests on European banks by the summer, but that the timetable for Ireland was not the same and will have to be completed by mid-March. Separately officials in Dublin are carrying out a prudential capital assessment review and prudential liquidity assessment review of the Irish banks, which are due to be completed by March 31.
*** European Central Bank board member Lorenzo Bini Smaghi said higher than expected inflation is a concern and food price increases may be permanent. But, speaking in Hong Kong today, he said Europe is on track for a gradual recovery as things are better than expected in terms of growth, and unemployment.
*** A thousand businesses from both sides of the border were interviewed for a survey that found costs are rising for businesses, despite claims that Ireland's competitiveness is improving. The survey by InterTradeIreland, which promotes North-South economic co-operation, found that 82% of businesses believe business costs will remain high over the next 12 months. 69% of businesses reported an increase in energy costs, 59% an increase in transport costs and 57% saw taxes and rates go up.
*** Iceland's president Olafur Grimsson has triggered a referendum on an updated plan to pay €3.7 billion to Britain and the Netherlands for debts incurred during the financial crisis. The Icelandic government owes money to Britain and the Netherlands, which were forced to bail out savers who lost money after the failure of the online 'Icesave' bank, an arm of the Landsbanki bank after the financial system in Iceland collapsed in late 2008. The government wants a deal, but many Icelanders believe it is unfair that taxpayers must foot the bill for mistakes made by private banks.
*** On the currency markets the euro is trading at $1.3679 cents and 84.1 pence sterling.
