NO EXCHEQUER BONANZA FOR 2010 - The cost of running the country was laid bare in the Finance Department's latest set of Exchequer figures yesterday. The figures reveal that the Government is borrowing €67m every day to keep the show on the road - that is €2.8m every hour. Many commentators are saying, however, that the rot has stopped, and that it is as bad as it is going to get.
Economist Pat McArdle says yesterday's Exchequer figures contained a nice €500m surprise, which Finance Minister Brian Lenihan had not been expecting as recently as the December Budget. However, the economist says the figures do not contain any 'bonanza' for 2010. He says there were a variety of reasons for the extra taxes brought in during December and they do not reflect higher incomes in the economy or higher spending in the economy. He notes that one of the reasons for the small windfall was that retailers withdrew a lot of tobacco from the bonded warehouse at the Revenue in November as they were afraid that the December Budget would increase cigarette prices. They are now left with big stocks of cigarettes at the end of the year.
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APPLE 'PERFECTS' THE IMPULSE PURCHASE - Google yesterday launched its new mobile phone, Nexus One. This puts it in direct competition with Apple's iPhone. Apple also announced last night that the number of downloads of its iPhone applications, or apps, has exceeded the three billion mark in the space of just 18 months.
Damien O'Sullaibheain, of os3.ie, is just one of the growing number of Irish app developers. He says that Apple figures are impressive considering the relatively short space of time the app store has been in existence. He says that none of Apple's competition will be able to catch up with it any time soon. The developer says that the app store has really re-invented what can be done with a mobile hand-held device and part of its success is that it has perfected the impulse purchase.
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MORNING BRIEFS - A man called Olafur Ragnar Grimsson is making the news this morning. He is the President of Iceland and he has refused to sign an unpopular bill to compensate Britain and the Netherlands to the tune of £4 billion sterling over the failure of Icesave bank. The bill now goes to a referendum. Fitch Ratings has downgraded Iceland's long-term debt rating as a a result citing a 'renewed wave of domestic political, economic and financial uncertainty' for the country.
*** Amazon.com announced last night that the Amazon Kindle DX is to be available for the first time to customers around the world. Kindle DX wirelessly downloads books, magazines, newspapers and personal documents to a 9.7-inch electronic ink display. It has storage for up to 3,500 books.
*** On the currency markets, the euro is worth $1.43 and 89.5 pence sterling.
