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The 9 at 9: Thursday

Nine things to know this morning…

15/03/12 7,799 Views 30 Comments
Image: kirstyhall via Flickr

EVERY MORNING, TheJournal.ie brings you nine things you need to know before 9am…

1. #OIL: Will we all be rich? Ireland’s first commercially viable oil well has been confirmed off the Cork coast by energy firm Providence Resources. The well is flowing oil at almost double the rate anticipated, the company said.

2. #NOONAN: Finance minister Michael Noonan is due to meet his French counterpart Francois Baron today in Paris. RTÉ reports that talks are expected to focus on Ireland’s economic prospects as well as the Anglo Irish Bank promissory notes.

3. #EDUCATION: No Irish universities now rate anywhere in the world’s top 100, according to new rankings released today. This marks a sharp decline since 2009, when Trinity ranked 43rd and UCD 89th.

4. #PRISONS: A new report on the state of Irish prisons has said almost every jail in the country is now over capacity. This is leading to a “pressure cooker” atmosphere, according to the Jesuit Centre for Faith and Justice which prepared the report.

5. #BUS CRASH: The bodies of 22 children and six adults killed in a coach crash in Switzerland will be flown home today. A number of the victims’ remains are yet to be identified as investigators struggle to find the cause of the crash.

6. #SYRIA: Syrian president Bashar al-Assad sent country music videos and song lyrics to his wife as his forces mounted a bloody crackdown on the country’s uprising, personal emails seen by the Guardian reveal. Meanwhile Asma al-Assad shopped online for luxury items, including a chocolate fondue set.

7. #EARNING A CRUST: Laid-off construction worker Simon Stenson – who started a bakery business in Mayo after two years of unemployment – will now see his own bread eaten by US president Barack Obama on St Patrick’s Day, according to the Irish Examiner.

8. #REPOSSESSION: The Laois man who successfully defended his home from a sheriff arriving to repossess it – and became a YouTube sensation in the process – has been evicted on the second attempt. Lee Wellstead told the Irish Daily Star: “They cut the locks and took possession.”

9. #MORTIFIED: A teenager has been released with a warning in Arkansas after a phone prank went horribly wrong, the Associated Press reports.  The 15-year-old girl sent a text reading “I hid the body… Now what?” to a random number – which turned out to be the cellphone of a local cop.

About the author:

Michael Freeman
@michfreeman
michael@dailyedge.ie

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Comments (30 Comments)

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  • Alan Shaw 15/03/12 #

    Great to see two Good News items. Oil in Cork and bread in Mayo. More please….,:-)

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  • Gerald Griffin 15/03/12 #

    The government will probably GIVE AWAY ALL THE RIGHTS, like they did with the Natural Gas off the coast of Mayo!

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    • Sean Davids 15/03/12 #

      Just like what they’ve done with our wind/wave/tidal energy too. We done a deal with the British (a lecture from england told me it was to do with Britons bailout package to us) that we will help them meet their renewable energy targets and they can “occasionally” sell it into the European grid.

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    • Floodzie 15/03/12 #

      Thanks to the Green Party (remember them?) the tax rate will be about 40% – actually a pretty good deal.

      My back-of-an-envelope calculations are probably wrong, but if oil is $125 a barrel, and there are at least 60 million barrels recoverable (Providence expect this figure to be upgraded), then…

      60,000,000 x $125 = $7,500,000,000

      …taxed at 40% = $3,000,000,000

      So 3 billion dollars is about 1 year’s worth of Anglo promissory notes (although this would obviously take longer than a year to recover – maybe 20 years, and the USD/EUR exchange rate would also fluctuate) .

      I’m open to correction on this!

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    • Andrea Rock Massey 15/03/12 #

      @Floodzie: Wow, if that is true, that would be amazing. Thanks for posting the statistics, good to know…

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    • Deirdre Nic Chonaonaigh 15/03/12 #

      @ Floodzie: Wouldn’t $7,500,000,000 taxed @ 40% leave you with $4,500,000,000? That’s 60% of the original figure I think. $3,000,000,000 is what would be gone in taxes.
      And wouldn’t it be wonderful if that money made its way back into the State? Here’s hoping… :)

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    • Floodzie 15/03/12 #

      Hi Deirdre, the 60% goes to the oil company – the 40% goes to the exchequer (i.e. you and me, and the Anglo Bondholders)

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    • Evan 15/03/12 #

      Are you sure it’s not a 25 percent tax rate for minerals and petrolium activities?, Just had a look at the revenue website, saw nothing about 40 percent (although i’m no expert on this typa stuff at all).

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    • Floodzie 15/03/12 #

      Hi Evan – I’m not an expert either, but I believe the type of oil causes a higher tax rate. It can be between 25-50%.

      Hopefully people who know more than us will enlighten us over the next day or two.

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    • Gerald Griffin 15/03/12 #

      It doesn’t matter 25%, 40% or 50% tax WE WILL SEE NONE OF IT!! The government sells off ALL our mineral rights or GIVES them away for a few motorways, pay off some bond holders, etc, etc. We, the Irish People & State, will get NONE of it. Norway at least has companies that do the drilling etc, & they get +60% royalties. Our politicians are just so weak when it comes to negotiating with the EU or with Big Business, but they are great at the ‘Parish Pump’ & tell everyone how important they are… BUNCH OF WANKERS!!

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    • Gerald Griffin 15/03/12 #

      Just heard on News Talk Radio, we will receive NO MONEY on this oil find off the coast of Cork. The company that did the exploration gets ALL the money because under the ‘Bertie Regime’ we waved ALL rights. The company that did the exploration invested approx €150 Million & Ireland doesn’t have its own oil company (unlike Norway) so the most the company would pay would be 25% corporation tax, & that is offset by a tax writeoff of the original monies invested!… SO THERE YA GO…!!!

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  • Andrea Rock Massey 15/03/12 #

    At least it was an Irish company that made the discovery in cork so let’s hope the rish people benefit for once. Our wonderful government have also sold the rights to any potential gas find in Dublin Bay to an American company. Apparently we do not have the means to retrieve it ourselves. Here’s a novel idea….get the bloody means to do it ourselves.

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  • Paddy Coughlan 15/03/12 #

    Well oilbeefhooked.

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  • David Hamblyn 15/03/12 #

    Start raising the skyscrapers, Eire will be the new Dubai!i really hope so

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  • Maureen Hession 15/03/12 #

    now you said it , not if the Irish government has anything to do with it . they will feck that up as well .?

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  • Matt Crosbie 15/03/12 #

    Great! Now we can sell the oil to Germany for a tenner

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  • Chris lynch 15/03/12 #

    No.9 is very good.

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  • Betty Ryan-o'gorman 15/03/12 #

    Why are there so many NEGATIVE comments on the discovery of Oil off our coastline? Might it not be a GOOD thing? I’m beginning to think that we Irish love to complain – maybe it’s a good way of cheering ourselves up? Anyway I doubt that this find will have any impact – one way or the other- on the cost of our petrol or Diesel at the pumps – the country is broke – just face that fact and stop moaning.

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  • Gerard Murphy 15/03/12 #

    Lee Wellstead should cut the new locks and retake possession.
    This country needs a new land league movement to prevent evictions.
    If there was 1000 people there to support him, he would still be in his home.

    Reply
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    • ColindeB 15/03/12 #

      Yeah sure. Taxpayer should pony up to keep people in houses they can’t afford, while first time buyers get stuck renting forever.

      Reply
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    • John McCormack 15/03/12 #

      100% correct ColindeB, If you cant or wont pay you lose the house and start again. Repossessions happen in every other country and talk of “free money & keep your house debt forgiveness” is typical Irish bull shit take no responsibility talk, its morally wrong in every sense.

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  • Steven Fegan 15/03/12 #

    more sad news for us irish… with the recession still in full swing and the government unable to sort the mistakes of the greedy bankers and developers’ now we find oil off the coast of cork’ how will we be able to defend ourselves against the americans and english who decide its about time to invade us looking for weapons of mass destruction….. its safer to hand it to them’ than try to rebuild our country…

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  • Trevor Blanche 15/03/12 #

    DONT YA KNOW THAT SOMEWHERE ALONG THE LINE IF ANY OIL IS EVER PUMPED OUT OF IRISH WATERS THERES GONNA BE SOME POLITICIAN,BUSINESS MAN,BANKER ETC WHOS GONNA CREAM OFF ANY OF THE PROFITS…..BANANA REPUBLIC…ALWAYS WAS..ALWAYS WILL BE….NO BETTER MAN THAN THE PADDY TO SHAFT HIS OWN…

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  • Andrea Rock Massey 15/03/12 #

    * Irish*

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