D Thursday, February 4, 2010 Business 19 Business Bites BY MOVING fast on fiscal action and explaining the need for it early on, the Government may have more public support than similarly- placed states such as Greece, international analysts said yesterday. After two emergency budgets, the stock market has risen, confidence has grown in government bonds and economists have begun to predict a return to modest growth this year, a Reuters analysis piece has concluded comparing us with other PIIGS in the euro zone (Portugal, Ireland, Italy, Greece and Spain are all seen as struggling). The road to recovery has started, and forward- looking investors are happier that such spending and cost-base cuts can be achieved, said analyst Richard Batty of Standard Life. This gives a salutary lesson for other nations. As evidence of rising confidence in the Irish approach, Mr Batty cited stabilising credit default swaps, financial instruments viewed as a direct measure of investor nervousness. Ireland is not biggest PIIG in the Euro sty Dont tax green drivers who use weaker biofuels AN IRISH biofuels company has hit out at what it calls the Governments senseless carbon tax, which it says penalises people who make an effort to use biofuels. The recently introduced carbon tax exempts fuel blends with more than ten per cent biofuel. However, Green Biofuels Ireland say most engine mak- ers will not honour warranties for blends of more than seven per cent. As most blends sold in Ireland con- tain four to seven per cent biofuel, they are hit by the tax, was heavily promot- ed by the Green coalition partners. Under this scheme the overwhelm- ing majority of biofuels that consum- ers purchase will be taxed as if they were conventional petrol or diesel, said chief executive of Wexford-based GBI, Nick Tierney. This makes no sense. Consumers who use biofuels, and reduce their car- bon emissions, should not then be hit with a carbon tax. His company makes biofuels mostly from used cooking oil. Biofuels lower Irelands carbon emissions, Mr Tierney continued. They are green and renewable and they are produced from waste that other companies throw away, thereby diverting this waste away from landfill or other treatments and making them useful again. The Deparment of Finance said the appproach taken by the Government was necessary for administrative ease, although following representa- tions the long-term approach to biofu- els is being reconsidered as part of the Finance Bill process. Elsewhere, The Irish Wind Energy Association said Ireland was not capi- talising on its wind resources, as league tables placed us ninth in the EU for new wind power installations last year, with Spain leading the field for building new wind turbines. By Con Doherty Those who cut CO2 should not be hit The missing shim that shafted Toyota business@metroherald.ie Business & Finance v$v$ vv ISEQISEQ by 9.93 at 3,025.25 $1.398 0.876 ANGLO IRISH BANK is expected to advance an interest-free loan to Blanchardstown Shopping Centre owners Green Property to purchase a 1billion property portfolio the bank owns as it tries to avoid taking a multi-million-euro hit by selling it on the open market, it has been reported. The plan is similar to one done by AIB last year, which saw the bank avoid crippling losses on a troubled UK property portfolio. Anglo Irish and AIB are keen to avoid selling such properties on the market as they are not financially strong enough to absorb the losses they would incur. BUDGET airline Ryanair has reported a nine per cent increase in passenger numbers in January. According to new figures released yesterday, 4.44million passengers flew with the no-frills airline last month, compared with 4.08million for the same period a year earlier. Ryanair said load factor a measure of how well it fills its seats rose by one per cent to 70 per cent in January, compared with the same month in 2009. On an annual basis, load factor was 82 per cent. For the year ending January 31, a reported 65.6million passengers flew with the airline. This is the tiny part that might raise Toyota from its knees. Measuring no larger than a stamp, the slim shim will be fitted to accelerator pedal mechanisms in more than 4.5million of its cars. The defect has so far cost the firm an estimated 647million and lost sales are costing Toyota another 110million a week MANDATE Trade Union members in the Dublin Airport Authority have voted overwhelmingly in favour of a 40million cost reduction programme, it was announced yesterday. The deal, which will see 275 permanent jobs and 100 temporary jobs go across the three airports run by the DAA, includes a severance package of 6.75 weeks pay per year of service. The workers voted by a majority of 92 per cent in favour of the deal and eight per cent against. This deal has shown how responsible companies and trade unions can work together, said Mandates Linda Tanham. index.html2.html3.html4.html5.html6.html7.html8.html9.html10.html11.html12.html13.html14.html15.html16.html17.html18.html19.html20.html21.html22.html23.html24.html25.html26.html27.html