BERNANKE ADMITS FED MADE MISTAKES - It is interesting to observe the grilling that Ben Bernanke has been getting at the Senate Banking Committee as he seeks a second term as chairman of the US Federal Reserve. Bernanke's hearing opened after a lawmaker used a Senate prerogative to place a hold on the nomination, which could delay his confirmation, and other lawmakers offered blunt criticism of the powerful Fed chief. Bernanke last night admitted 'mistakes" leading up to the economic crisis but argued the central bank's independence should not be limited in financial system reforms.
***
GETTING FIT FOR THE GREEN ECONOMY - FIT, Fastrack to IT, which is supported by FAS, works in collaboration with local development organisations and community organisations and aims to meet the recruitment needs of industry in the area of IT, through training, support and career opportunities for unemployed people. Today at a conference it will outline the need the ensure that the country creates an inclusive 'smart economy'. While it welcomes the Government's announcement that 80,000 jobs could be created through the emerging Green Economy sector, FIT says these jobs are of no use unless Irish people have the skills to work in them. It points out that wind turbine maintenance will create at least 1,500 jobs in coming years and says that the long term unemployed are already being trained to secure these jobs.
The Chairman of FIT and HR Director at Microsoft Ireland, Fiona Mullan, says that the group has been around for ten years and started life in a very different place in 1999. The group is now actively seeking out the opportunities that the green and smart economies will bring for those looking for jobs. She says that FIT are actually training about 2,000 people at the moment. Not all of these are in green technology courses, she adds. However, new programmes for the green economy are now being developed and a lot of research was carried out this year to find out exactly where the job opportunities lie.
***
MORNING BRIEFS - There were lots of rumours yesterday about a possible takeover of Irish Life and Permanent by AXA Insurance. It sent the Irish Life share price soaring by 17% at one stage before it closed up 20 cent at €3.50. Both AXA and Irish Life declined to comment on the rumours but sources were quoted as saying they had no substance.
*** There is some speculation today that the European Central Bank's decision to end emergency support for the banking system could lead to our banks paying more for their loans from the ECB by the end of next year.
*** In the US, Bank of America has said it will repay $45 billion of bailout funds it received. The money will be paid back in the next few days, and represents a bit of good news for the US Treasury which has been under attack for throwing all that taxpayers' money at the banks to save them.
*** Eircom chief executive Paul Donovan is reported to have written to staff telling them he plans to 'instigate a far-reaching set of measures to reduce operating costs and capital expenditures in the short term' across both Eircom and its mobile arm Meteor.
*** Aldi is getting into the apartment-building business after it received the go-ahead for a development in Finglas in Dublin which will include 66 two bedroom units and 20 three bedroom units in a six story building.
*** On the currency markets, the euro is worth $1.50 and 90 pence sterling.
