More business news in brief.
IMF predicts euro zone will miss recession
The euro zone should escape recession but growth is expected to fall significantly, according to a report by the International Monetary Fund (IMF). The Washington-based fund said economic growth will slow substantially this year before re-accelerating next year.
The IMF said that euro zone inflation, which has reached record levels due to high energy and food prices, "should fall appreciably from its current levels, although risks are high".
Greenspan warning over credit crisis
More banks and financial institutions could end up being bailed out by governments before the credit crisis is over, Alan Greenspan, the former Federal Reserve chairman, has warned. However, Mr Greenspan cautioned that a heavy-handed regulatory response to the crisis would do more harm because it would depress global share prices. He said that governments, already troubled by inflation, might try to reassert their grip on economic affairs. "If that becomes widespread, globalisation could reverse, at awesome cost." - (Financial Times service)
Irish PR executive appointed to FTI
IRISH PR executive Declan Kelly has been appointed to a senior management role at FTI Consulting, the US-listed corporate communications company. He has been appointed executive vice-president and chief integration officer of FTI.
Mr Kelly will remain as chairman of Financial Dynamics in the US, which is part of FTI. He sold his co-owned Dublin PR company, Gallagher & Kelly, to FD in 2001. Two years later he participated in the management buyout of the FD group, which was sold to FTI in 2006.
Survey finds Irish saving more
Irish savers are putting aside more money due to the economic downturn, according to a survey by Standard Life. The average Irish saver puts away €326 a month, €50 more than the last survey three months ago.
Another survey, carried out for Halifax, found that more people are saving on a regular basis with 59 per cent of customers putting aside money, compared with 54 per cent last year.
Rosslare port to get €8m upgrade
Iarnród Éireann, the port authority for Rosslare Europort, is to invest €8 million upgrading the Co Wexford port. Engineers have been hired to study a possible deepening of the port. Freight volumes and passenger business grew 7 per cent in 2007. Turnover rose 6.5 per cent to €12.1 million.
€340m lost weekly to black economy
An estimated €340 million is lost to the black economy every week, according to business lobby group Isme. as warned. The group said €3.54 billion was being lost annually in tax revenue and the economic downturn was leading to an upsurge in black economy activity.
Health insurer cuts plan premiums
Health insurance company Hibernian Health (formerly Vivas) has cut premiums on its most popular health plan, Level 2, by 10 per cent for customers joining by September 26th.
The company says a family can save more than €600, while individuals can save €220 on the plan.
MD Dick O'Driscoll said they launched the promotion following the Supreme Court's decision striking down risk equalisation.
