Hibernian Financial Terrorism

[Ser Clegane]

In China we actually already see that salaries are getting very close to European/US levels in cities like Shanghai or Beijing when we are looking at areas like Investment Banking or Management Consulting where multinational companies compete for the top talent

[gaelic cowboy]

In China we actually already see that salaries are getting very close to European/US levels in cities like Shanghai or Beijing when we are looking at areas like Investment Banking or Management Consulting where multinational companies compete for the top talent

That I bet has more to do with inflation due to them probably trying to peg the currency low to entice low tech jobs into China.

If inflation is tackled the low tech jobs will go to Myanmar and other such places but China will still be a cheap location for higher tech solutions for a while longer.

[Ser Clegane]

That I bet has more to do with inflation due to them probably trying to peg the currency low to entice low tech jobs into China.

If inflation is tackled the low tech jobs will go to Myanmar and other such places but China will still be a cheap location for higher tech solutions for a while longer.

But we are talking about salaries converted to USD. Cities like Shanghai and Beijing start to get pretty expensive (especially compared to the rest of the country) with all the multinationals and expats being present there. Competition for top people (especially for people who ahev 2 years of work experience with a multinational company under their belt) has led to very significant salary increases over the last years.
Of course we do not see this effect on salaries in manufacturing yet (especially on the shop floor) as this can easily be located in low cost areas of the country and you have a larger pool of people available.
The point is just that I do not see these emerging markets becoming low cost competitors in areas like investment banking or management consulting.

[Vladimir]

I thought it was Double Dutch. I don't know about the Irish Sandwich though...

I don't know. I'm still from the school of thought that believes corporations don't pay taxes. At the very least, the tax rate is deceptive.

[gaelic cowboy]

Only last week another important British company – Northern Foods, now merged with Greencore – shifted its headquarters to Dublin. Just its brass plate and its profits went, not its factories making biscuits and frozen foods. Ireland's corporation tax is 12.5%, the UK's is 28%, dropping to 24% in 2013, and the US rate is 35%. Ireland has played the beggar my neighbour, race-to-the-bottom tax game for many years. Quite why the EU tolerated this is a mystery when a fortune was poured from Brussels to Dublin to pay for a spectacular modernising infrastructure over the years. A few other large companies recently decamped to Dublin from London, advertising giant WPP for one: these are mainly virtual moves for tax purposes only, since virtually no staff go over – and certainly not the board.

Hold on is this the same Greencore that the EU actually forced the actual shut down of two plants in Mallow and Carlow respectively with INCORRECT production data.

Greencore is a massive Irish food company that was involved in the Irish sugar industry along with many many other food ingredients concerns. The EU decided to restructure the entire sugar industry and forced countries to cede quota we only had one company so they shut it down to achieve the cut for Ireland now sugar has gone up in price in the EU not down. For obvious reasons the word merger here implies that either Ireland or UK had to lose it's headoffice the UK lost out cos the food ingredients sector is way more advanced here which is what Greencore are they are a food ingredients company. Dont believe me that it is more advanced google things like Kerrygroup, Avonmore, Glanbia, Dairygold the list goes on and on I cant think of them all.

Greencore sugar plant closure 'not necessary'

The European Court of Auditors has found that the closure of the Greencore sugar plant in Mallow in 2006, with the loss of 240 jobs, may not have been necessary.
The closure came about as a result of a major restructuring of the EU sugar sector following world trade rulings and a drive to make the sector more competitive.
But in a highly critical report published this afternoon the Court of Auditors says that the European Commission was using out of date information, that overall sugar production had become less competitive as a result of the reforms, and that the cut in prices was not passed on to consumers.
Ireland's member of the European Court of Auditors, Eoin O'Shea, told RTÉ News: 'It's possible that [the Greencore Plant] would still be operating today if it were not for the sugar reforms introduced by the European Commission.'
In 2005 and 2006, the EU negotiated a major reform of the sugar sector partly because subsidised European production allegedly hurt small producers in the developing world.
The plan was to reduce production by 6m tonnes or 30% by 2010 and it was partly done by cutting the price of sugar by 36%.
At the time, there were 285,000 sugar beet growers in the EU, a figure that has since been reduced to 164,000.
In all 75 sugar factories, including the Greencore plant, closed with the loss of 20,000 jobs.
According to the report into the sector by the Luxembourg-based European Court of Auditors, Ireland was the only member state with just one factory to close.
It described the factory as 'large, modern and potentially efficient'.
The European Commission had argued at the time that only factories that became unprofitable after the price cuts were implemented would have closed.
However, today's report shows that 'no comparison of the productivity of individual producers or factories was available'.
It also showed that the Commission was using data from 2001 and that it had not taken account of changes within the Greencore operation when its proposal was made in 2005.
Overall, the report says, sugar production was not made more competitive. It is now controlled by a small few - 75% of the EU's production is now carried out by only six industrial groups.
It says that ultimately the EU has had to become a net importer of sugar, whereas before it was a net exporter. It also said that reductions in the bulk price of sugar were not passed on to the consumer.
Ireland received €213m in restructuring aid after the closure of the Greencore plant, in which 240 factory workers and 3,700 growers lost their jobs.
At the time, much of the debate during the negotiations between member states and the European Commission was over compensation and how much should be shared between Greencore and the workers.
Some Irish farmers fought for the plant to be kept open, while others focussed on what compensation could be achieved.
Ireland East MEP Mairead McGuinness said: 'It is very clear that the Commission has questions to answer arising from the Court of Auditors report. Lessons need to be learned.
'The sugar reforms resulted in the complete loss of the Irish sugar industry.'
Fine Gael Agriculture, Fisheries and Food Spokesperson Andrew Doyle said the report leads to the inescapable conclusion that the Government of the time was asleep at the wheel.
Labour Agriculture Spokesperson Sean Sherlock said that in the wake of the finding, serious questions arise as to the suitability of Mary Coughlan for high office.

In case you still not convinced Greencore is a real company

Shareholding

The Company was established in 1991 through a flotation (IPO) of the state-owned Irish Sugar Corporation by the Irish Government. 55% of the Company was privatized at €1.46 a share. The Government subsequently sold the balance of its holding in 1992 and 1993.

Development
2010

Sale of Continental Convenience Foods to Parcom.

Sale of Greencore Water to Highland Spring.

Sale of Greencore Malt to Axereal.

2009

Sale of interests in SugarPartners.

Head office moves from central Dublin location to new site in Santry.

Opening of second facility in North America in Cincinnati.

Sale of Drummonds business.

2008

Investments at Greencore Malt facility in Buckie to increase capacity to 59,000 tonnes of malt each year.

Greencore North America signs 10-year licensing agreement to manufacture chilled Weight Watchers products for the US market.

Greencore are multiple award winners at the 2008 UK Food Manufacture Awards, including winning the prestious award for 'Company of the Year'.

Greencore Sandwiches re-branded Greencore Food to Go, to reflect broadened scope of business.

Acquired Home Made Brand Foods in Newburyport, Massachusetts to establish Greencore North America.

Chief Financial Officer Patrick Coveney takes over as Group CEO from David Dilger, retiring in April after 12 years in the role.

2007

Acquired the Ross's brand.


Sushi San, a small manufacturer of sushi in Crosby, Liverpool, acquired. Renamed Greencore Food to Go, Crosby.

An additional water facility acquired in Wales, renamed Greencore Water, Blaen Twyni.

Acquired Ministry of Cake, a leading supplier of frozen cakes & desserts for foodservice located in Taunton.

Sold Interchem and the Greencore share in both Odlum's Group and Yeast Products.

2006

Chilled sauces production concentrated at Bristol with closure of satellite site at Chesterfield.

Last sugar site at Mallow closed and joint venture company, SugarPartners established to handle commercial sales of sugar in Ireland.

New Related Property business established to develop former sugar sites and other property assets.

Purchased Oldfield's, a new sandwich facility at Bow in London (re-named Greencore Sandwiches, Bow).

Acquired the Burgess condiments and sauces brand.

2005

Carlow sugar site closed and sugar processing concentrated at Mallow. Banagher Maltings closed. MBO of UK pizza business.

2004

Merged Chilled Foods and Ambient & Frozen Foods divisions to become Greencore Convenience Foods and disposed of UK bread activities through the sale of Rathbones Bakeries.

Introduced new Greencore corporate identity.

2002

Completed the disposal of non-core businesses within the Hazlewood companies as well as Erin Foods and William Rodgers (dried soups and sauces) and Grassland (fertilisers). Raised total proceeds of €126m from disposals during the year.

2001

Raised proceeds of £104m from disposal of non-core businesses within the Hazlewood Companies, as well as James Daly (fats and margarines) and surplus properties.

2001

Acquired Hazlewood Foods plc (convenience foods) for €443m together with borrowings acquired of 227m.

2000

Acquired the Roberts Group Ltd (frozen savouries and desserts) for €30m and William Rodgers (Foods) (dried sauces).

1999

Acquired W.W. Bellamy (Bakers) Ltd (via Kears), Clarendon Agricare (via Interchem) and the balance of Robertson's Ltd (baked goods).

1998

Acquired Paul's Malt and Paramount Foods (pizza).

1997

Acquired balance of Kears.

1996

Acquired Williams Group (malt and grain).

1994

Acquired Belgomalt and increased stake in Kears (baked goods) from 30% to 50%.

1991

Acquired Food Industries (malt, grain) and balance of Odlums.

1990

Acquired Grassland (fertilisers) and 50% of Odlums (flour).