News alert

A piece of breaking news that hasn't gone through a collective editorial process

Super rich try to slash wage at Davenport hotel - Labour court to make ruling

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Some 300,000 workers in Ireland should be watching the Labour Court as it rules on the attempt by the Davenport Hotel, owned by the 122nd richest person in the country, to cut the wages of workers by almost a euro an hour. Five workers there were removed from the payroll after they refused to sign new contracts that contained the wage cut. When they picketed the hotel it got an injunction that sought to limit how many could picket at a time and which forbid supporters from the picket line.

Fianna Fail signed off on gas give away on last day in power

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Oh the last day of his brief spell in power the replacement Minister of Energy Pat Carey signed the consents on the final stage of Shell's experimental gas pipeline in Erris despite continued opposition from the local community and people all over the island concerned with both safety and the Great Oil & Gas Giveaway.  It is increasingly clear that the haste on pushing the project thorough is because the Bellanaboy refinery is intended to take not just the relatively small deposits of the Corrib field but also the hundreds of billions of oil and gas found off the atlantic coast.

Anglo Irish Banks Junior Bonds Haircut Leads to Small Bang

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Recently bond holders in Anglo Irish Banks agreed to a voluntary reduction to 20% of face value on 2017 junior bonds.  This morning the ISDA Determiniation Comittee (International Swaps and Derivatives Association) announced that this constituted a restructuring credit event, triggering CDSs (Credit Default Swaps) on Anglo Irish Bank.  Restructuring credit events trigger what is known as the "Small Bang Protocol" for CDSs which cover some events which are not complete defaults.

Bond crisis: If all else fails... blame the Germans

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Angela Merkel and World Economic Forum Last Friday we reported on the mounting crisis of Ireland's sovereign debt bond yields. Particularly how the announcement of Lenihan's "Shock and Awe" 6 bn cuts plan had failed to move the markets.  This week, as bond yields have moved from the business pages onto the front page, the search for an explanation for this failure began. By the middle of the week, the story was set - blame the Germans!

As it happened - The student march against Garda brutality

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WSM reporters took part in the student march against Garda Brutality in Dublin called by Free Educations for Everyone and the Students in Solidarity networks. Over 600 people took part in the demonstration which marched from the Wolfe Tone statue to Pearse street police station.  It followed on from the previous Wednesdays Garda attacks on students protesting the planned increase in fees. We had provided live coverage from that protest as the Garda attacked the students with horses, dogs, vans and batons and we again provide live coverage from this protest which is archived here.

Riot police attack students after they occupy Department of Finance in Dublin

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Riot police attack students in DublinRiot police attacked students in Dublin today with dogs, armoured vehicles and horses after the students protesting against government cuts occupied the Department of Finance and threw eggs at the Dail.

Upwards of thirty students occupied the Department of Finance in the center of Dublin with a couple of hundred supporting them in the streets outside.

Another larger group of students was reported outside the Dail throwing cans & bottles at it. Several students were injured in the suppression of the protest.

Tens of thousands of students were demonstrating as part of the USI protests against plans to introduce fees. The students carrying out the occupation appear to have broken away from the main demonstration which took place around the corner in Merrion Square. Student members of the WSM, eirigi and the SWP were at the scene. The WSM members published the reports below to this site.

Youth Defence panic as ABC case result expected from European courts

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The anti-woman, anti-choice group Youth Defence have launched a new advertising campaign which includes targetted Facebook ads ahead of the anticipated ABC decision in the European courts.  In this case three women, known as A, B and C, are challenging Ireland’s ban on abortion in the European Court of Human Rights on the grounds that the law jeopardised their health and their well being and that travelling abroad for an abortion placed "enormous physical, emotional and financial burdens" upon them. Because the law created delays and hardships for each woman, it resulted in each of them having a later abortion, creating a greater risk to their health. 

NAMA Board Gets a Pay Increase

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It was announced today that the NAMA board members received a huge pay hike with the board's chair receiving a 70% pay increase. This is in stark contract to the two successive wage cuts of between 14% - 18% of income for all public sector workers.We've consistently heard the idea that we "all need to pull together" to get out of this recession, and that painful cuts are necessary. This however has shown itself to be little more than a slogan.

November 6th strike & protest details

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Also today the ballot figures from IMPACT were released. Members voted overwhelmingly in favour of strikes "if the Government moves to impose a second public service pay cut". The vote was 86% to 14%, with a 69% turnout. This compares to a 65% vote for industrial action – just short of the two-thirds required under IMPACT’s rules – on a 53% turnout in a similar ballot last March.

Greens & FF seek to impose water tax again

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The Greens and Fianna Fáil have agreed a deal whereby a €225 flat tax will be levied on every household, regardless of income. The levy is expected to generate nearly €300 million a year in revenue. For families which are just barely scraping by, a levy of €225 a year is a serious attack.

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