RYANAIR VOWS TO INCREASE IRISH AND EUROPEAN ROUTES IF IAG TAKEOVER OF AER LINGUS GOES AHEAD - Ryanair is likely to boost its services from Ireland if British Airways owner IAG succeeds in acquiring Aer Lingus, reports the Irish Independent.
And in the clearest signal yet that Ryanair won’t oppose a bid by IAG to buy Aer Lingus, Ryanair’s chief marketing officer Kenny Jacobs said that the airline "wouldn’t have any concerns" if Aer Lingus is bought out by IAG. Ryanair owns 29.8% of Aer Lingus. "We wouldn’t have any concerns about IAG taking on Aer Lingus," said Mr Jacobs. "I think what we’ve shown in the past year is that we can evolve our business model in a way that we can take on Aer Lingus at any time." "If they acquire them, it’s a good opportunity (for Ryanair) to take more share across Europe," added Mr Jacobs. Mr Jacobs also predicted that IAG won’t want to take on Ryanair in Ireland using Aer Lingus, especially on pricing. "We’re taking on Aer Lingus on short haul in Europe and clearly winning," Mr Jacobs claimed. "It shows what’s possible when you have a better Ryanair with the flexibility and changes that we’ve added, with more primary airports and better frequencies," he said. "Ryanair wins that one regardless of whether IAG takes Aer Lingus or not."
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COST OF PERSONAL INSOLVENCY SLASHED - The cost to individuals of filing for bankruptcy in Ireland has been slashed to €270 from about €1,400 a year ago in a bid to make the process more affordable for those in financial distress. This is in addition to the Insolvency Service of Ireland (ISI) waiving fees until the end of 2015 relating to personal insolvency arrangements (PIAs). These previously cost about €500, writes the Irish Times. The lower fees for bankruptcy were quietly introduced on December 31st. It involves a fee of €200 as a contribution to the work of the official assignee in bankruptcy cases. This fee was previously €650. There is also a fee of €70 for the placement of a notice in Iris Oifigiúil, the State gazette. Previously, bankrupts also had to pay court stamp fees of €190, a charge of €20 for an affidavit, and the costs of placing notices in national newspapers. These notices can now be placed on the ISI’s website at no cost.
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SOUTH EAST GETS IDA JOBS TSAR - One of the country’s unemployment blackspots is to have its own jobs tsar after the Government’s decision to appoint a regional manager to the area. Waterford City and the wider southeast have suffered from a number of major job losses in recent years, such as those at Waterford Crystal and TalkTalk, and calls for a dedicated IDA Ireland regional boss have been answered with the deployment of the agency’s former director of Europe to the area. Anne-Marie Tierney-Le Roux will have responsibility for counties Waterford, Kilkenny, Wexford, Carlow, and south Tipperary as regional manager. Based in Waterford, her main brief is to market the region to clients and work with “global operations teams” in winning investment for the southeast, says the Irish Examiner. “I am delighted to be appointed to this key role at a time when renewed focus is to be given to efforts to attract FDI to regional locations,” she said. “Having a dedicated regional manager for the southeast is part of that focus.” A new strategy for the area, to be launched shortly, will set out “our aims and the steps we plan to achieve them”, she said. Until now, the lack of a regional manager for the southeast was a matter of controversy and Waterford Fine Gael TD John Deasy clashed with his party colleague, Jobs Minister Richard Bruton, last year on the issue.
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TIGHTER CREDIT RULES HIT ASPIRING HOMEOWNERS AROUND THE WORLD - Home ownership levels have fallen in many developed economies, including the US and UK, as tighter credit availability and soaring house prices push prospective buyers out of the market, according to a report. Data compiled by Fitch, the credit rating agency, found that some countries had continued to experience high levels of foreclosures as a result of the financial crisis, while others have restricted new lending by banks, writes the Financial Times. “A generation of first-time buyers is largely priced out of the market, which could result in further market dislocations and corrective policy measures,” said Gregg Kohansky, a Fitch managing director who wrote the report. It is based on figures from 19 developed nations as well as from South Africa, Brazil and Mexico. The findings follow a warning last week from the International Monetary Fund that tighter lending rules could damage the countries which have experienced the worst house price slumps. The IMF also warned that some European countries risked choking a housing market recovery through overly tight macroprudential policies. The percentage of US homeowners has fallen from 69% in 2006 to 65% today, the Fitch data show, while in the UK it is down from 73% to 65% over six years. Australian home ownership rates have dropped three percentage points in two years, to 67.5%.
