IRELAND URGED TO SUSTAIN ECONOMIC REFORMS - European commissioner Pierre Moscovici has warned Ireland it must proceed with fiscal consolidation to tackle the State’s high public debt levels, following a discussion on Ireland’s latest post-bailout review yesterday in Brussels.
Minister for Finance Michael Noonan updated his fellow euro area finance ministers on the latest troika mission to Ireland at yesterday’s eurogroup meeting. While commending Ireland on its progress, the EU economics chief said economic reforms should continue, writes the Irish Times. “Ireland is experiencing a strong recovery which we are forecasting to continue this year and next year,” the commissioner said, though he warned that the effects of the crisis continue to be felt, particularly in the high level of public debts. “That’s why we would encourage Ireland to proceed with the implementation of key structural reforms and to make the most of the benign economic climate to proceed with fiscal consolidation and to keep public debt on a steady downward path.” Ireland has an added layer of EU scrutiny compared with most other EU countries under the terms of its bailout, and will be subject to two post-programme visits by the troika each year until 75% of Ireland’s bailout loans is repaid. This could take decades.
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NATIONAL CONCERT HALL REPORTS UPLIFT AS AUDIENCE NUMBERS RISE - Sell-out shows by Sinead O'Connor, the 'Buena Vista Social Club' and the award-winning 'The Gloaming' contributed to the National Concert Hall (NCH) recording its biggest crowds since 2009 last year. A total of 329,650 patrons went through the doors as ticket sales rose by 2.85% to €7m - the highest figure since 2010, says the Irish Independent. The directors' report states that "the average spend per customer saw a slight increase and breaking €7m in box office sales was reflective of the growth in visitor numbers, both signs of uplift in the economy as well as the strength of the programme and intensive marketing effort". In a break even year for the NCH, the venue last year played host to 898 events. The accounts show that chief executive Simon Taylor received €102,521 in salary. In his report, Mr Taylor said the NCH had "a very busy and successful year" in 2014. He added that the NCH delivered "a programme of quality, breadth and diversity, while achieving increased attendances and a balanced budget". Accounts recently filed with the Companies Office show that the NCH recorded a modest loss of €4,433 and this followed a loss of €13,389 in 2013. The modest losses of 2014 and 2013 followed the NCH recording a profit of €115,164.
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CAMERON BRINGS IN THATCHERITE JAVID TO SPEARHEAD BUSINESS PUSH - David Cameron has named Thatcherite former banker Sajid Javid as the first Conservative business secretary in 18 years, with instructions to cut red tape, create 3 million apprenticeships and boost exports, says the Financial Times. Mr Javid, the son of an immigrant Pakistani bus driver, will take his place at the cabinet table on Tuesday in a new ministerial line-up that Mr Cameron hopes will help him develop a new brand of “blue-collar Conservatism”. The promotion of Mr Javid is emblematic of Mr Cameron’s plan to lead a government with free market instincts allied to a series of measures to show the Conservatives are on the side of aspiring working families. “Deregulation will be top of his agenda,” said one ally of Mr Javid. The minister is expected to revisit Tory proposals to scale back employment regulations, blocked by Vince Cable, his Liberal Democrat predecessor. Meanwhile Mr Cameron will tell his new cabinet on Tuesday that the Queen’s Speech will contain a bill to help create 3 million new apprenticeships aimed at achieving the highest employment rate of any major economy. The bill would reduce the annual benefit cap to £23,000 with savings directed into apprenticeships; another bill would double the amount of free childcare that working families with three and four year olds receive to 30 hours a week.
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SPIRIT PUBS' SALE TO GREENE KING UNDER SCRUTINY BY CMA - Greene King’s £774m planned purchase of rival Spirit Pub Company in the UK will be subject to an in-depth investigation unless competition concerns are resolved. The UK Competition and Markets Authority said the pair have until 18 May to offer "acceptable undertakings" to its findings that the acquisition could lessen competition in the pub sector in 16 areas. Under the takeover agreed last November, the companies would have a combined portfolio of more than 3,000 pubs and restaurants, says the London Independent. Greene King’s brands include Old English Inns and Hungry Horse; Spirit’s feature Chef & Brewer and Flaming Grill. Greene King, founded in 1799 in Suffolk, would become the UK’s biggest managed pub business. The CMA’s initial investigation found that around 1,000 Spirit pubs overlap with a Greene King pub in a local area. However there are many alternative pubs, meaning there are fewer competition concerns. But in 16 areas the parties would operate pubs in close proximity without sufficient competition from rivals.
