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Top business stories: 10,000 possible new jobs for Ireland, Enda's Northern warning, and rising oil prices

A new trade deal between the EU and the United States could create 10,000 jobs in Ireland, and ca...
Newstalk
Newstalk

08.26 27 Mar 2015


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Top business stories: 10,000 p...

Top business stories: 10,000 possible new jobs for Ireland, Enda's Northern warning, and rising oil prices

Newstalk
Newstalk

08.26 27 Mar 2015


Share this article


A new trade deal between the EU and the United States could create 10,000 jobs in Ireland, and cause a permanent 1.1 percent expansion of the country's domestic economy. 

New research commissioned by the Irish Government has found that Ireland could realise double the average benefit that other European countries would receive if a deal is reached.

The study of the Transatlantic Trade and Investment Partnership (TTIP) was carried out by Copenhagen Economics for Minister for Jobs Richard Bruton - he will meet EU trade commissioner Cecilia Malmström in Dublin today.

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This data comes as the trade talks face growing public opposition.

A trade deal could also carry risks for the Irish economy. It would open the European market to US beef imports - this could shrink output in the Irish beef sector by between two and three precent - but these losses would be cancelled out by gains in other areas.

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Taoiseach Enda Kenny has called on the business community in Northern Ireland to campaign to keep the UK in the European Union.

Speaking at a dinner hosted by the Confederation of British Industry he said, "The implications of a British exit from the EU for Northern Ireland would be the most profound issue that the North would have to deal with in the coming years."

He added, "The workings of the EU may not be perfect. It has its faults and its limitations. It frustrates all of us at one time or another. But the positive impact it has had on Northern Ireland, our economies and the British-Irish relationship has been nothing less than transformative. Let’s work together on reforming the EU and let the EU then continue working for us, as it always has done," according to the Irish Times.

An in/out referendum on whether the UK should leave the Union is due to happen during 2015.

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Government officials are expected to meet representatives from IAG during the next week.

Last week IAG representatives met a Government-appointed interdepartmental body last week to discuss the conditions of a potential deal.

Irish Independent reports that US billionaire, Donald Trump has written to Taoiseach Enda Kenny and Minister Donohue warning against the sale of Aer Lingus.

Mr Trump claims the selling the State’s stake would damage the country’s tourism industry and links to foreign direct investment

He says: "Aer Lingus, like the Irish shamrock and Guinness is essentially Irish with a strong national identity which is very important to your country. It should not be given away to the highest bidder."

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Saudi Arabian airstrikes in Yemen have caused a spike in oil prices. There are worries that the current unrest in Yemen could develop into a wider conflict in the Middle East.
 
The price of a barrel of benchmark Brent Crude oil rose by more than four percent after the airstrikes began.
 
Saudi forces are targeting the Southern Yemeni city of Aden, close to the key oil supply route through the Gulf of Aden and the Suez Canal.

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Germanwings could face a massive insurance bill after this week's crash in the French Alps.

An international agreement generally limits airline liability to around $157,400 for each passenger who dies in a crash if families do not sue - but if families want to pursue compensation through the courts for greater damages, that amount can rise.

Lawyers who have represented families in past airline disasters told Reuters that potential lawsuits could focus on whether Germanwings properly screened the co-pilot before and during his employment, and on whether the airline should have had a policy requiring two or more people in cockpits at all times during a flight.

Justin Green, a partner at the law firm Kreindler & Kreindler in New York, said passengers' families would be justified in asking why the 28-year-old co-pilot was allowed to be alone in the cockpit.

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The head of Bank of Ireland’s UK operations, Des Crowley, says the bank is in discussions with several High Street retailers in the UK to form banking and financial services joint ventures.

M&S and Tesco already operating banking services and Bank of Ireland is targeting others in the sector as traditional bank branches disappear from the High Street.

Mr Crowley said the bank – which has about 3m customers in the UK principally through a joint venture with the Post Office  - may also revive its Bristol & West mortgage lending franchise which it closed six years ago.


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