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FRIDAY ROLLS AROUND once again, and The Briefcase is here to give you a round-up of all that’s happened in the world of business, economics, and (this week only) inebriated labour.
Need to know
To Russia with love
Russian Prime Minister Dimitry Medvedev announced a full embargo on food products from the EU, US and other Western countries, throwing the export sector – and particularly companies that trade heavily with Russia – into crisis mode.
Who’s going to be badly affected by this in Ireland? Early indications were that much of the dairy industry’s dealings would be unaffected, but prepared foods and meat appear to be firmly in Russia’s firing line.
Irish food producers are only pawns in this geopolitical game, which will only heighten frustrations as the sanctions could go on for at least a year.
While current exports are pretty minor, accounting for around 2.5% of the total, Simon Coveney was quick to point out that Russia looms large in the plans of many exporters, who had targeted the country for future expansion.
Farmers will also be wary of the prospect of a flood of cheap consumer groceries that had been intended for Russia now looking for a home in the European market, depressing prices here.
ESRI wades in
It was a big week for the ESRI, with the State’s go-to think tank releasing no fewer than three missives on the economy.
The brains trust had both good and bad news: first up, it predicted that unemployment will dip below 10% next year, down to around 9.8%.
In addition to this Gross National Product, which excludes our sizeable international sector from measurements of economic well-being, is predicted to grow by around 3.5%.
However, in the same report, the ESRI said that the euro zone’s weak growth prospects are a concern, and flagged low investment, high unemployment and weak credit as major problems.
The think-tank also played its part in ensuring that the long running housing saga runs on through the summer.
Despite assuring us that another bubble is not underway, the ESRI did warn that there is a “significant housing shortage” in Dublin, and said that 86% of the houses to be built over the next ten years will be in or around the capital.
It also said that house prices in the Irish market are undervalued, despite the recent rapid escalation in property prices.
To a point, the ESRI is correct in saying that there’s no bubble, with the tightness of credit meaning rapid price increases are more likely the result of limited supply.
Nonetheless, the peculiar relationship between the Irish and property surely means that an abundance of demand, rapidly increasing property prices, and the looming threat of other hikes to costs of living is a heady – and volatile – mix.
Nice to know
Now you know
One for the road
We may all occasionally feel that our jobs are driving us to drink, but research published this week shows that some 44% of us have actually been under the influence at work.
We’ll drink to that. Just don’t tell the editor…
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‘Nation is a thorn in Company’s side’. That is a scary headline when you think of it.
When will Facebook get their own Private Military Force I wonder?
I’d imagine they’ve intelligence gathering capabilities to put most governments to shame.
And we happily give it that information out.
Imagine if “the government” told us it was now the law that we had to give all that personal data, and carry it around on a tracking device.
We would have all the lefties AND righties screaming blue murder.
Bill you can leave Facebook any time you’d like and that’s the end of their ability to track you, I’m not sure Government enforced tracking is even remotely similar.
All the bleaters who give out about the state and big brother watching you…all overlooking Facebook, Google Apple etcetc
Are you ok Huns?
Pm’d you there hun xoxoxo
Like if you cried
Wasn’t Merkel snuggling up to Facebook in an attempt to control what Germans were saying about her folly In inviting the Middle East , North Africa and Asia to come live in Europe , I wonder did they do what they were told ?
At the same time German exports are on a massive high, unlike us, the French and the rest of EU. Go figure.
It’s possible to be over reliant on exports though. Leaves you very exposed if the world economy takes a dump. It’s a very fine balance.
Facebook is a free service from the user perspective that allows you to do a great deal. If it didn’t exist you’d have to invent it. If you want to use a free service then you have to expect a quid pro quo. What is required is that companies such as Facebook are clear about the quid pro who.
There is a huge capacity to tweak your privacy settings on Facebook if you can be bothered to do so. The problem is that many users are not bothered.
The Germans have never been happy with companies like Facebook and Google who use their users’ data to provide what is essentially a commercial service. Apple do not use their user’s data to provide their services. They don’t need to. Their commercial model is different. Horses for courses.
The competition angle is highly contrived. What the Germans resent is that under EU law they are not in exclusive control of Facebook’s activities on their territory. They bitterly resent the notion that a little country like Ireland has such control because the EU HQ of Facebook is here. Strangely enough they have no problem with other aspects of EU law which have opened up internal EU markets to their industries. Like most large States the Germans are hypocrites.
It is easy to criticise Facebook but they have come a long way as has Google in terms of transparency of data use. Continued oversight is needed. But people have to take the time to protect their privacy on-line. Many do not.
Here’s the thing. Don’t like like how Facebook operates… Dont use it. Simple Don’t use a free service voluntarily and then complain about it
“…und das ist all you’ll ever be..”
Facebook’s problem is has to take a side in this freedom of speech debate, look at Twitter who have done the same thing. Twitters user based has dropped along with its share price since it started attacking freedom of speech of some of its users. Any social network platform that takes the wrong side will find to its cost it was an awful business decision.
Agree John.
http://www.mtv.com/news/2723688/germany-twitter-facebook-google-deal-hate-speech-refugees-migrants-muslims/
http://www.wsj.com/articles/facebook-faces-antitrust-investigation-in-germany-1456920796
there is huge pressure put on the likes of FB, Google etc by outside international political bodies like the UN Migration dept, EU commision etc. to censor all anti migrant speech and collect data on every one. From the stazi era i germany the average middle aged german is rightly concerned by the incremental erosion of their privacy and the censorship of things disliked by those at the top.
What is happening there now is a semi grassroots reaction to this led by worried german civil servants and concerned politicians. Merkel is all on board with the soviet era top down east german control.
have your say