Deal on Ireland’s euro85B bailout could come Sunday

Protesters make their point during a mass rally in Dublin, Ireland, Saturday, Nov. 27, 2010. An Irish government minister says he expects an agreement Sunday with International Monetary Fund and European banking experts on an euro85 billion ($115 billion) loan for Ireland, but rejects reports that the deal could involve interest rates of 6.7 percent. Ryan spoke Saturday as approximately 15,000 people attended a peaceful protest march in central Dublin denouncing the government's plans to slash spending and accept an EU-IMF rescue. – AP Photo

DUBLIN: An Irish government minister has said he expects an agreement within the next 24 hours on an EU-IMF bailout loan for Ireland worth approximately euro85 billion ($115 billion), but he rejected reports that the aid could come with a punitively high interest rate.

Communications Minister Eamon Ryan said Saturday that all sides in the 10-day-old financial rescue talks in Dublin want at least “an outline agreement” before markets open Monday.

Deal on Ireland’s euro85B bailout could come Sunday

Protesters make their point during a mass rally in Dublin, Ireland, Saturday, Nov. 27, 2010. An Irish government minister says he expects an agreement Sunday with International Monetary Fund and European banking experts on an euro85 billion ($115 billion) loan for Ireland, but rejects reports that the deal could involve interest rates of 6.7 percent. Ryan spoke Saturday as approximately 15,000 people attended a peaceful protest march in central Dublin denouncing the government's plans to slash spending and accept an EU-IMF rescue. – AP Photo

DUBLIN: An Irish government minister has said he expects an agreement within the next 24 hours on an EU-IMF bailout loan for Ireland worth approximately euro85 billion ($115 billion), but he rejected reports that the aid could come with a punitively high interest rate.

Communications Minister Eamon Ryan said Saturday that all sides in the 10-day-old financial rescue talks in Dublin want at least “an outline agreement” before markets open Monday.

Irish unveil harshest cuts, tax hikes in history

Ireland’s Minister for Finance, Brian Lenihan (L), listens as Prime Minister Brian Cowen speaks during a press conference to announce the National Recovery Plan, in Dublin, on November 24, 2010. Ireland kept its prized low corporation tax on Wednesday, but outlined plans to overhaul income and sales levies, as the debt-laden eurozone nation braced for a multi-billion-euro EU-IMF bailout. Irish Prime Minister Brian Cowen presented a series of tax rises and cuts to public sector pay, pensions and social welfare in a bid to slash a huge deficit and save 15 billion euros (20 billion dollars) by 2014. – AFP Photo

DUBLIN: Ireland has unveiled the harshest budget measures in its history, a four-year plan to slash deficits by euro15 billion ($20 billion) so it can receive a massive bailout from the European Union and the International Monetary Fund.

The austerity plan axes thousands of state jobs, trims welfare benefits and pensions, and imposes new taxes on property and water. In all, it seeks to cut euro10 billion ($13.3 billion) from spending and raise euro5 billion ($6.7 billion) in extra taxes from 2011 to 2014.

Ireland swallows bitter pill, asks EU for loan

Musicians play Irish traditional music in a pub in central Dublin November 21, 2010. Ireland requested an international bailout on Sunday to tackle its banking and budget crisis, the euro zone’s second bailout this year as Brussels moves to protect Europe’s wider financial stability. – Reuters Photo

DUBLIN: Debt-crippled Ireland formally applied Sunday for a massive EU-IMF loan to stem the flight of capital from its banks, joining Greece in a step unthinkable only a few years ago when Ireland was a booming Celtic Tiger and the economic envy of Europe.

European Union finance ministers quickly agreed in principle to the bailout, saying it “is warranted to safeguard financial stability in the EU and euro area.” But all sides said further weeks of negotiations loomed to define the fund’s terms, conditions and precise size.

EU compromise package for tariff cuts

The EU had approved a raft of time-bound trade concessions for Pakistan to help it recover from the recent flood disaster. File Photo

The European Union has considerably watered down its proposed time-bound scheme of tariff cuts for Pakistan to clinch a deal from its member states with strong textile industries. 

The final package of trade concessions that has emerged after a compromise between its supporters and opponents, say Pakistani textile exporters, would have a “dampening effect on the possible export growth” to Europe because of the newly agreed quantitative restrictions on duty-free import of some top textile products from the country.

EU to support food security in Pakistan

The Rabi package distribution is a part of the 40 Million Euros Food Facility Project which aims at combating the rising food prices in Pakistan. — File Photo

ISLAMABAD: The Europe-Aid Director for Asia and Central Asia, Dirk Meganck vows that European Union will continue its support for combating rising food prices and ensuring food security in Pakistan.

“Pakistan is a great country, a great nation with a great potential and a large population but it is also a country affected by big problems, big calamities while the greatest calamity has been the recent floods. The ones who have suffered the highest in this country are those living in the rural areas amounting 60 to 70 per cent of the population and the people living in these rural areas contribute greatly to the economy,” he said while addressing a large gathering of small-scale farmers belonging to Farmer Interest Groups at Village Karsal in district Chakwal.

Ireland clinging to cherished corporation tax rate

A man walks past newspaper headlines posted on a news stand on O'Connell street, Dublin, November 19, 2010. A financial aid plan to help Ireland cope with its battered banks will be unveiled next week, EU sources said on Friday, but experts warned a rescue may not be enough to prevent contagion to other euro zone members. - Photo by Reuters.

DUBLIN: A major stumbling block in talks between the EU, the IMF and Dublin is Ireland’s 12.5 per cent corporation tax rate, which has helped attract international companies and spark growth.

The rate, one of the lowest in the world and a key reason why companies such as Google and Microsoft do business in Ireland, is under severe pressure as negotiations on a bailout package continue in the Irish capital.
The European Union and the International Monetary Fund want to see it raised in return for any bailout for Ireland and its debt-ridden banks.

Pakistani must seek initial EU concessions: PDMEA

"The EU has reduced the concession period from 3 to 2 years following pressure from the local European textile industry." — File Photo

KARACHI: Pakistan Denim Manufacturers and Exporters Association (PDMEA) have urged the government to send a team to European Union (EU) for explaining the concerns of Pakistani exporters arising out of recent EU proposal on duty concession.

In a statement, chairman PDMEA Shahid Soorti said that Pakistan should also visit European Apparel and Textile Confederation and all other relevant people in this regard.