Business Live: Ireland exits bailout plus headlines

Key points

  • Ireland to exit bailout programme this weekend
  • Apple supplier Foxconn 'still exceeding overtime'
  • HS2 project 'essential to the UK' say MPs

Live text

Reporting:

  • Edwin Lane 
  • Anthony Reuben 

Last updated 13 December 2013

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Edwin Lane, Business reporter, BBC News

Good morning everyone. Australia and Ireland battle for our attention this morning. Ireland is set to exit its bailout programme this weekend - the first crisis-hit European country to do so. And the Aussie's have just lost a fifth wicket in Perth. Get in touch with us this morning at bizlivepage@bbc.co.uk or on Twitter @BBCBusiness.

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Anthony Reuben, Business reporter, BBC News

Good morning. We'll be here until lunchtime with all the business news and hardly any of the cricket. Stay with us and do get in touch.

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BBC World News
Hugh Pym

The BBC's chief economics correspondent Hugh Pym reports from Dublin, where the Irish government is looking forward to exiting its bailout programme this weekend. He hears from students at Trinity College who sound less than impressed with their economic prospects. One says she is worried that there will be another crisis, because people "are throwing money around again".

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Taoiseach Enda Kenny said in October, looking forward to this weekend: "At last the era of the bailout will be no more. The exit from the bailout is not an end in itself, in fact it's just a beginning, but it's the beginning of our freedom to build the kind of Ireland we want for our people for the future."

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Foxconn, the company that makes electronics in Asia for companies like Apple, has been criticised for excessive overtime at its factories by a labour watchdog. A report by the Fair Labor Association did say that working conditions at the factories had improved in recent months.

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Radio 4

Ireland correspondent Andy Martin reminds the Today programme that Ireland has only paid of the interest on its bailout loans, and there is still 57.4bn euros ($78.9bn; £48.3bn) not paid off. That debt mountain still means it is susceptible to possible future shocks elsewhere in the eurozone.

STANDARD 0630 WINE

Radio 4

Simon Jack is meeting Simon Berry, the chairman of the 300-year-old London wine merchants Berry Brothers & Rudd. He's being shown round the firms 17th century headquarters. Mr Berry says the family business has had plenty of offers to buy them out over the years, but they've always refused. "What would we do with the money?" he wonders.

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Radio 5 live

John Campbell, business and economics editor at the BBC in Northern Ireland says: "Ireland could have taken a precautionary overdraft and they decided not to do that, to say 'we think we can go it alone'. But this isn't a case of getting to Sunday and that's the last Ireland will see of the EU and the IMF because all of those bailout funds, not a penny of them has been paid back yet and they won't start to be paid back until next year."

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Radio 4

Simon Jack's Friday boss, wine merchant Simon Berry, says one of his best-selling wines is called Good Ordinary Claret, and goes for less than £10 a bottle. The Chinese, he says, are starting to realise that you can get good quality wine without having to pay thousands of pounds for the biggest names.