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Recession Galway

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12467…12

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    #92
    JohnCleary
    Registered Users Posts: 10,208 ✭✭✭✭JohnCleary


    SalthillGuy wrote: »
    I would not agree to any increase.
    Unless the location is exceptional, he will end up releasing at lower than he already gets.
    Tell him you have found another place and you plan to leave. You will call hil bluff.

    Agreed 100%


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    #93
    Webbs
    Registered Users Posts: 1,645 ✭✭✭Webbs


    Just having a quick look on daft the prices for renting that are being asked for are around the same figure as they were 18months ago in the areas I lived in.

    Its a bit of 'better the devil you know' as moving from somewhere that you are comfortable and secure to a place where the landlord may be worse is possibly worth a little extra (though if they are taking the p*** and is much higher then of course get out.

    The fact is that Ireland is chock full of people with their second homes who are amateur landlords and they will be looking to cover their mortgage and not look on it as a business.


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    #94
    Fozzie Bear
    Registered Users Posts: 1,178 ✭✭✭Fozzie Bear


    I've noticed the recession through work. I know of several small engineering firms that have gone to the wall around Galway in the past few months and bigger ones such a APW a few weeks ago. The smaller ones don't get any media coverage as they might only employ 5-10 people where as APW employed hundreds. I also could name 5/6 companies that have laid off small groups of 10/15 people at a time which again does not make the papers as it's "just" 10/15 people.

    Thermo King are in real difficulties. They have laid off nearly 200 people this year between full and part time workers and there is every chance of a 3 day week after xmas and more lay offs for the remaining staff. They have absolutely no orders on their books for the new year and that is obviously a huge problem. Thermo's problems are passed onto the subbies they use around Galway who supply them with various engineered parts and components. And all of their problems combined are passed onto the company I work for who supply all of them with various products. If Thermo go then they will take 3 if not 4 local firms and hundreds of jobs in these companies with them.

    Its a big sh1t storm out there lads and lassies but the average joe bloggs on the street has no idea of just how bad it is or it's going to get next year.


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    #95
    SimpleSam06
    Closed Accounts Posts: 4,048 ✭✭✭SimpleSam06


    Fozzie Bear wrote: »
    Its a big sh1t storm out there lads and lassies but the average joe bloggs on the street has no idea of just how bad it is or it's going to get next year.
    Indeed, and its just getting warmed up. Davy just released a report putting unemployment at over 12% in 2010, or around double what it was in 2007. The effects this will have on the younger generation who have no experience of poverty or prolonged economic hardship will be interesting, to put it one way.


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    #96
    mrsdewinter
    Registered Users Posts: 2,128 ✭✭✭mrsdewinter


    Fozzie Bear wrote: »
    Thermo King are in real difficulties. They have laid off nearly 200 people this year between full and part time workers and there is every chance of a 3 day week after xmas and more lay offs for the remaining staff. They have absolutely no orders on their books for the new year and that is obviously a huge problem.

    What's extra depressing is that Thermo King was one of the few firms which seemed to ride out the Eighties recession...


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    #97
    Stky10
    Registered Users Posts: 1,165 ✭✭✭Stky10


    mrsdewinter wrote: »
    What's extra depressing is that Thermo King was one of the few firms which seemed to ride out the Eighties recession...

    Well if anything happens Boston Scientific, Galway will be completely f**ked. People talk about what might happen to Limerick if Dell leave, but Galway is in a similar boat.


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    #98
    kinetic
    Registered Users Posts: 431 ✭✭kinetic


    amz5 wrote: »
    Has anybody managed to get their rent put down in these recession time? I have noted that the rent in the estate I live has gone down...but the landlord isn't budging. Don't feel like moving, but I don't want to pay above the odds. And our landlord has even suggested that he wants to put up the rent to cover his own costs. So he's obviously feeling the recession...

    I was in the same boat.noticed the same house in my estate going for €200 per month less.I moved....bit of hassle moving but am now saving €2,400 per annum.


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    #99
    cooperguy
    Registered Users Posts: 2,650 ✭✭✭cooperguy


    Stky10 wrote: »
    Well if anything happens Boston Scientific, Galway will be completely f**ked. People talk about what might happen to Limerick if Dell leave, but Galway is in a similar boat.
    The good thing about Boston Scientific (and Medtronic, I thought that was bigger) is that they are in no way dependant on the local market or even the Irish market. They have a huge European if not world market and people will always be sick recession or no. What they provide is far from a luxury, people will always pay for healthcare and of coarse so will the insurance companies.

    They are both also actively recruiting at the moment. I wouldnt be too worried about them at all.


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    #100
    mikemac
    Closed Accounts Posts: 19,986 ✭✭✭✭mikemac


    Well yes,people will always have a need for the products they produce.

    But you could say the same about Dell and it's not the fact that sales are decreasing that affects the Limerick plant, it's the fact that they can open another plant in other Eastern European countries and save money.

    Dell will do it.
    Procter & Gamble in Nenagh have done it and will close the plant in Ireland some day. A few years off yet

    Boston Scientific and Medtronic are safe for a few years yet imo but they won't be there forever.
    Sure who can say if they'll be there in 3 years time


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    #101
    cooperguy
    Registered Users Posts: 2,650 ✭✭✭cooperguy


    Difference is though Dell is purely manufacturing, those 2 have very big R+D departments in Galway which cant just be shipped off to cheap manufacturing zones.

    Ireland will never become manufacturing free either. Cook in Limerick is after consolidating all there manufacturing to Ireland for a particular product. It is now the only place in the world that makes it!


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    #102
    SalthillGuy
    Registered Users Posts: 329 ✭✭SalthillGuy


    More important about Boston Scientific and Medtronic.....
    Every company wants to produce as cheaply as possible.
    Those guys are very much overseen by the FDA.
    If they screw up with low cost / poor quality manufacturing, they could be closed down very quickly. Proven quality is a key part of what they are about.
    Having said that, they still need to be competitive.


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    #103
    SimpleSam06
    Closed Accounts Posts: 4,048 ✭✭✭SimpleSam06


    cooperguy wrote: »
    Ireland will never become manufacturing free either.
    Ireland needs a lot more manufacturing, domestic owned and export based stuff. There really is no other long term hope for the economy. As for the medical companies, there are two factors coming into play. We've built up a huge deficit in the budget (due entirely to government mismanagment) that isn't going to go down any time soon, and we could find ourselves being penalised or even excluded from the free market area, which would bring our usefulness to an end for many companies.

    The second factor is that Obama is going to make moves to reduce outsourcing by US companies, if you want to sell in the US anyway. How that will affect us remains to be seen.


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    #104
    SalthillGuy
    Registered Users Posts: 329 ✭✭SalthillGuy


    SimpleSam06 wrote: »
    The second factor is that Obama is going to make moves to reduce outsourcing by US companies, if you want to sell in the US anyway. How that will affect us remains to be seen.

    Obama pushing the 'Made in America' brand will become a huge issue. There will be all sorts of tax incentives to bring overseas business (tax havens) back home.
    This will be one of the biggest issues to face us next year.


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    #105
    mrsdewinter
    Registered Users Posts: 2,128 ✭✭✭mrsdewinter


    SimpleSam06 wrote: »
    Ireland needs a lot more manufacturing, domestic owned and export based stuff. There really is no other long term hope for the economy.

    Agreed. And while it's fashionable to knock the multi-nationals for making tough decisions from their US HQs which hurt us, we need to remember that we've had three decades of imported industry. At this stage, we have an entire generation of Irish workers who've skilled-up to US standards and who've been exposed to American innovation. Once this recession bottoms out and the banks start lending again, we need to build on those 'assets' and rebuild an economy that is based on old-fashioned concepts like making things, not building rabbit-hutch 'starter homes' and flooding Shop Street with mobile phone shops.


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    #106
    cooperguy
    Registered Users Posts: 2,650 ✭✭✭cooperguy


    SimpleSam06 wrote:
    The second factor is that Obama is going to make moves to reduce outsourcing by US companies, if you want to sell in the US anyway. How that will affect us remains to be seen.
    It will have an effect alright but not as big as some people make out. At the end of the day to operate efficiently in a world market these companies need European bases. We are still very attractive for that compared to alot of Europe. We are English speaking, have good tax rates etc.
    mrsdewinter wrote:
    not building rabbit-hutch 'starter homes' and flooding Shop Street with mobile phone shops.
    So true. I was in the city centre for the first time in a very long time last Wednesday and the first thing that struck me was "god these people love their phones!"


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    #107
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    According to the CSO, in November there were 8,437 people signing on in Galway city out of a population of 72,400.


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    #108
    Amazotheamazing
    Closed Accounts Posts: 8,048 ✭✭✭Amazotheamazing


    cooperguy wrote: »
    The good thing about Boston Scientific (and Medtronic, I thought that was bigger) is that they are in no way dependant on the local market or even the Irish market. They have a huge European if not world market and people will always be sick recession or no. What they provide is far from a luxury, people will always pay for healthcare and of coarse so will the insurance companies.

    They are both also actively recruiting at the moment. I wouldnt be too worried about them at all.

    One of the biggest threats facing Boston and Medtronic is medicine is moving so fast now that drugs are replacing the need for the products they make. Least, that's what one of the R&D engineers in Medtronic told me.


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    #109
    galwayrush
    Registered Users Posts: 12,815 ✭✭✭✭galwayrush


    Amazotheamazing wrote: »
    One of the biggest threats facing Boston and Medtronic is medicine is moving so fast now that drugs are replacing the need for the products they make. Least, that's what one of the R&D engineers in Medtronic told me.

    They face a bigger problem as some of their patents are running out soon.


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    #110
    balu
    Closed Accounts Posts: 60 ✭✭balu


    As Galway and Ireland in general are dependent on american based companies as employers the collaps of the US economy yet financed by debts and borrowed money from overseas and the upcoming collapse of the US Dollar will have a huge impact on the local economy here.

    This is just a trailer guys. The main movie is still to come.

    You guys should read about Peter Schiff. I trust this guy instead of most politicans.

    And as Jim Rogers predicts it might be more useful to learn how to drive a tractor in the county than driving a taxi in Galway city.

    But nevertheless I hope this upcoming crisis can be the chance for a REAL monetary system (the current interest rate system enslaves you)


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    #111
    [Deleted User]
    Posts: 5,121 ✭✭✭ [Deleted User]


    balu wrote: »
    You guys should read about Peter Schiff. I trust this guy instead of most politicans.
    +1 for Schiff. There are some classics of him being a pundit on Fox going against everything everyone else was saying but turning out to be very accurate.


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    #112
    balu
    Closed Accounts Posts: 60 ✭✭balu


    Deleted User wrote: »
    +1 for Schiff. There are some classics of him being a pundit on Fox going against everything everyone else was saying but turning out to be very accurate.

    Talking about this? ;)
    http://ie.youtube.com/watch?v=B8r-nDBx5Jg
    http://ie.youtube.com/watch?v=2I0QN-FYkpw

    Schiff was right! Schiff is the man!


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    #113
    cooperguy
    Registered Users Posts: 2,650 ✭✭✭cooperguy


    galwayrush wrote: »
    They face a bigger problem as some of their patents are running out soon.
    They are always investing money in research though. I assume the idea is that by the time patents run out the things they cover will be outdated anyway and they will have come up with something fancier


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    #114
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    Nortel has filed for bankruptcy in America. Anyone know what exactly the 300 people they employ in Galway do?


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    #115
    Sniipe
    Registered Users Posts: 2,932 ✭✭✭Sniipe


    http://www.rte.ie/news/2009/0114/nortel.html Galway mainly do R&D and management there. No manufacturing as such. There are 1200 jobs in Belfast tho...

    For now its a case of wait and see. The jobs in Galway aren't gone... There is a meeting in Nortel at 4.30 and I bet after that it will be business as usual. The immediate problem is that the have big cash reserves, but not big enough to pay off their debts. Creditors won't be paid any time soon, but a plan will be put in place I'm sure to pay them in the long term.

    Its not just the 300 jobs that could be lost in Galway if all hells breaks loose. Its the outsourcing companies, the catering, the shops... Galway will feel the pinch!


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    #116
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    So would R&D jobs be viewed as safer than manufacturing jobs?

    As regards job losses, small businesses are shutting down weekly and laying people off and others putting employees on short-time but we don't hear about them


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    #117
    Sniipe
    Registered Users Posts: 2,932 ✭✭✭Sniipe


    I'd imagine they would be safer as Ireland isn't as competitive when it comes to manufacturing. R&D in general in Ireland would be a safer bet as we are more skilled and educated than most other countries.

    Fingers crossed that the jobs aren't lost. Cisco is in Galway, so I guess they 'may' take on some, if they are looking to...


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    #118
    SalthillGuy
    Registered Users Posts: 329 ✭✭SalthillGuy


    Companies often apply for Chapter 11 if they are in danger of going out of business.
    It could be an opportunity for someone to take them over cheaply.
    I think there are legal obligations for them to go this is things are not going well, as in the owe more money than they are likely to earn.
    Lets see......


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    #119
    banshee_bones
    Closed Accounts Posts: 13,160 ✭✭✭✭banshee_bones


    Was walking through the Galway shopping centre the last day and it was like a morgue,hardly anybody about!
    few large retail fashion shops were meticulously tidy suggesting that theres not even people browsing.
    Mocha beans are trying to lure in customers with €2 coffees
    Shop st at 5pm yesterday was also fairly quiet..
    Friends of mine were in a city centre pub during the week, a Thursday night, said it was empty...

    who knows..yes and no depending on where you look


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    #120
    Stky10
    Registered Users Posts: 1,165 ✭✭✭Stky10


    Sniipe wrote: »
    Cisco is in Galway, so I guess they 'may' take on some, if they are looking to...

    Doubt it. They've already taken nearly everyone they wanted from Nortel by now.


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    #121
    happyoutscan
    Registered Users Posts: 5,978 ✭✭✭happyoutscan


    banshee_bones wrote: »
    Was walking through the Galway shopping centre the last day and it was like a morgue,hardly anybody about!
    few large retail fashion shops were meticulously tidy suggesting that theres not even people browsing.
    Mocha beans are trying to lure in customers with €2 coffees
    Shop st at 5pm yesterday was also fairly quiet..
    Friends of mine were in a city centre pub during the week, a Thursday night, said it was empty...

    who knows..yes and no depending on where you look

    Few weeks ago large cappacino (spellcheck???) was 3.70, now 2.30. Nice.


This discussion has been closed.
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