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Price: 80p (IR 1.10 EURO) Tuesday, October 30, 2012

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INSIDE
TWO SUPER PULL-OUTS
News Letter, Tuesday, October 30, 2012 29

Superstorm hits Ulster tourists

BY PHILIP BRADFIELD
p.bradfield@newsletter.co.uk

THE VALLEYs GREEN iN CLOGHER

inside today
aLL iReLand JUnioR CUP ReVieW Ps 32-33

Tuesday | October 30 |

2012

FoCUs on KUKRi QUaLiFyinG LeaGUe seCtion tWo Ps 33 & 34 RBai CeLeBRate 140 yeaRs WitH sPeCiaL BooK LaUnCH P36
DELIGHT: Clogher Valley scrumhalf, James Bates, celebrates with team mates after scoring the match winning try in the All Ireland Junior Cup tie win over Coolmine at the Cran, Fivemiletown
pICTurE: JIm DunnE

TOURISTS and ex-pats from Northern Ireland were among millions of Americans who were last night bracing for Hurricane Sandy to make landfall. The so-called superstorm flooded shore towns and threatened to cripple Wall Street and New York citys subway system with a huge surge of corrosive sea water. Liz Kennedy, editor of the Belfast News, had just flown into New York on holiday and was staying in the Manhattan area. There are very few people out, mostly tourists getting supplies, she said. One store owner told me he was exhausted with all the people buying up the water and bread supplies. Tyrone native David Wilson, who now lives in Pennsylvania, added: There are few vehicles on the roads and businesses have cancelled appointments and closed early. Schools and colleges are all also closed. He was planning to ride out the storm at home with his wife and two Springer Spaniels. Newry-born business analyst Grace Smith, who is working in New York, said: At the minute its like a ghost town... Its bizarre, Ive never seen New York so silent. Roisin McAlea from Belfast had travelled to stay with her sister Kate Brown, who lives at

THE bEsT dOmEsTi C COVERAGE

Business
Bright young Green house of the sparks future opens its door compete for top title
PAGE 24

All the action from the pitch

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News Letter, Tuesday,

October 30, 2012

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Tesco mortgage hot off the shelves

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PAGE 38
Traders in london were left in limbo yesterday after Hurricane Sandy forced Wall Street to shut down for the first time since the September 11 attacks

Sandy forces Wall Street to close

BY AdriEnnE McGill

September 11 attacks. Business Editor Investors struggled nign year for natural a.mcgill@newsletter.co.uk catastrophes, in sharp it was confirmed that to find direction after contrast to the americas two biggest previous trading platforms a neWry born financial cialist market was pushedyear when the spethe analyst, who is to a loss by a series change and the nasdaq new york Stock ex- of disasters. based in new york, says the disruption to the not open as scheduled Stock Market - would markets after Hurricane a statement from nySe at euronext, which The markets - home 1.30pm GMT. operates the new york Street to close yesterday Sandy forced Wall to some of the worlds Stock could be considerbiggest companies We support the consensus exchange, said: able. including apple, Microof soft and Starbucks and the regulatory community the markets Grace Smith, who also look works for financial that the dantoday, while commentators set to be closed gerous conditions software company fear First derivatives which sion could run into Wednesday. the suspen- Hurricane Sandy developing as a result of is headquartered in will newry, says the level Michael Hewson, senior ficult to ensure the make it extremely difdisruption to financial of safety UK market anamarkets would depend lyst at CMC Markets, communities, and safety of our people and on the length of time said the biggest impact must be our first institutions were shut of the shutdown in the priority. because of the hurricane US which is hitting the drop in trading volumes was likely to be a We will work US east Coast closing businesses. paralysing lack of certainty among - an indicator of a mine the next with the industry to detertransport networks steps in restoring trading investors. and forcing mass evacuHe added that amid soon as the situation as ations. permits. wider global economy, concerns about the It is the first time the Speaking to the news the US shutdown was yet another reason letter yesterday since the four-day stretchmarkets have shut for traders to remain from her office on the in the wake of the the back foot. on attacks on the eighteenth floor of World Trade Centre on building in Manhattan a Insurers came under September 11 2001, while it yorks financial district, in the heart of new likes pressure with the is of Hiscox, amlin and where she is based time in 27 years that thought to be the first with banking group they have closed for derwriters for the whole Catlin - major un- full day due to Credit agricole, Grace a adverse weather. industry - falling on said: the FTSe 250 Index Some of new amid If Wall Street is closed ing superstorm would fears the approach- the evacuation yorks financial district is in just for a day then zone and major banks the impact will be minimal dollars of damage. The cause billions of US Goldman Sachs such - but if there is a and Citigroup have told as big infrastructure break more than 0.5 per cent FTSe 100 Index was not to go into staff down and closures work. lower. continue, then the The new york Stock damage to the markets a statement from nasdaq could be considerable. said: The contisaid it would only close exchange initially nuity of our markets the Traders in london were continue using electronic market floor but related to Hurricane and a variety of factors left in limbo yestrading - but this Sandys movement terday after Hurricane was later changed to the eastern Seaboard up cover all forms of tradwere considered, inStreet to shut down for Sandy forced Wall ing. cluding the state of the first time since the emergencies declared lloyds of london insurers new by have had a be- and york City, new york State and other state local governments.

Ireland will not need manys finance minister a second bailout, GerWolfgang Schauble has declared. after meeting his Irish counterpart Michael noonan and public spending minister Brendan Howlin yesterday afternoon in dublin, Schauble ruled out any Mr need for another rescue package. I have every confidence that Ireland is on track, he said. asked if a second bailout would be needed to cope with the countrys banking debts, he insisted it was clear from recent eU/IMF reports it would not. that Mr Schauble said Ireland remains a special case in the eurozone. He also claimed there was a misunderstanding over reports that he was against any deal help Ireland cope with to lion) banking debts. its 64 billion euro (51 bilOthers, outside Ireland, had tations of a deal on banking unrealistic expecdebts, he added. We know its a very land, Ireland is a specialspecific situation in IreThe eurogroup will case, he said. continue to take this account. into On the other hand, any announcement we agree we have to avoid which could be misunderstood in a way that everyone thinking the actual programme in the world is for Ireland does not work well, because it works well, and that the most important thing. is Mr Schauble met privately and Mr Howlin at Farmleigh with Mr noonan minutes, before department in dublin for 40 officials joined them. They also discussed Irelands taking over eU presidency next the year as lems within the eurogroup. well as overall probMr noonan said Germany and ued to enjoy a close relationship, Ireland continand praised Mr Schauble in particular. He has been helpful in advancing the Irish programme and been supportive of Ireland processing the programme successfully and our ambition to get back to able interest rates, he the markets at sustainadded. Mr Howlin also described the meeting as very useful and helpful and said very clear understanding the ministers had a of each others position. Mr Schauble stopped off elling to Britain to deliver in dublin before trava talk at Oxford University titled europe - Still a Common Vision? last week, Taoiseach man chancellor angela enda Kenny and GerMerkel issued a joint statement stating the unique circumstances Irelands economic crisis of required a special approach.

Second Irish bailout is not required

News, comment and analysis

Flooding and high winds arrive along North Michigan Avenue in Atlantic City, New Jersey, as Hurricane Sandy made PICTURE: AP/Michael Ein its way towards New York Long Island in New York state. We are only three miles from the beach where the waves are already up to 30 feet high, her sister Kate said. We are expecting the winds to reach gusts of 80 to 90mph and our lights are already flickering. However, we have plenty of food and water in and a generator if the power goes out. Stock trading will be closed in the US for a second day today and areas around New Yorks Financial District were part of a mandatory evacuation zone. The storm surge was last night pushing water over sea walls in the southern tip of Manhattan. Sandy has already killed 69 people 52 of them in Haiti after sweeping through the Caribbean in the past week. See pages 4, 5 & 23

Killer fungus risk to ash trees

See page 9