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FEATURE | CSR Awards

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Breaking news from the world of business.

Business | NEWS

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Irish economy on the up

THE IRISH ECONOMY

grew in the first quarter of 2010 with the export sector being one of the main contributors, according to Bank of Ireland’s Quarterly Economic Outlook. “The consensus view in Ireland is that the economy will return to growth in the second half of the year,

Dan McLaughlin, Group Chief

Economist, Bank of Ireland.

although it is thought this will be not be sufficient to offset a first half decline, leaving annual GDP growth for 2010 in negative territory, albeit marginally so,” said Dan McLaughlin, Group Chief Economist of Bank of Ireland. “The latest data challenges this view, however, as industrial production has soared in the first two months of the year, with retail sales returning to positive growth in February. This implies that the economy grew substantially in the

first quarter, which if true, makes a positive GDP reading for the full year much more likely, and we retain our 1 per cent growth forecast.” “GDP has fallen by over 12 per cent over the past eight quarters. The fall in GNP has been even larger at 17 per cent, marking this recession unusually long and steep relative to Irish historical experience.”

“Irish exports fell marginally last year against a backdrop of a plunge in world trade and it is not unreasonable to expect a rise in exports in 2010 given the global recovery and a return to growth in Ireland’s main markets. The external sector is again likely to be the main driver of the economy, offsetting another large forecast fall in capital spending. Service exports rose in volume terms in 2009 and exceeded merchandise exports in the fourth quarter, highlighting how the composition of Irish exports has shifted away from the manufacturing of I.T. equipment, the staple of the 1990s,” McLaughlin said.

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HeLPIng THe US TrAveL TrAde To SeLL IreLAnd

UP TO 3,000 influential

American travel agents will tune into a new ‘webinar’ training programme to help them sell holidays to Ireland more effectively.

Recently launched by Tourism Ireland in the US in conjunction with media partner, Travel Age West, the series of webinars will include information about the huge variety of things to see and do around the island, details of great value vacation packages and special offers, new tips for selling Ireland, as well as panel discussions with both US-based and Irish tourism experts. The webinar programme is part of

Tourism Ireland’s strategy to aggressively target the travel trade in the US, including group and coach tour operators and traditional and online travel agents, to help deliver growth of +2 per cent in visitors this year. “North America is a very important market for tourism to the island of Ireland, and Tourism Ireland is working closely with our trade and industry partners to deliver a +2 per cent growth in visitors this year,” said Alison Metcalfe, Tourism Ireland’s Vice President of Marketing in the United States. “We have always undertaken extensive educational and support programmes for our

travel trade partners and this is a new way for us to reach that important audience using new media. It allows us to address up to 3,000 travel agents at one go and to respond to their questions in real time.”

President Mary McAleese addresses Ireland’s business leaders

IN APRIL, President Mary McAleese delivered an address entitled ‘Business Leadership in the Ireland of Today’ at a dinner for senior business people hosted by PricewaterhouseCoopers (PwC) and the Institute of Directors in Ireland. The event took place at the offices of PwC at One Spencer Dock, North Wall Quay, Dublin 1.

President Mary McAleese with Ann Riordan, President, Institute of Directors and Rónán Murphy, Senior Partner, PwC.

Alison Metcalfe, Tourism Ireland’s Vice President of Marketing in the United States.

“It has been said that leaders don’t create followers; they create more leaders,” President McAleese said in her address. “We have suffered from a culture of unquestioning followers, an altogether different phenomenon from intelligent communal solidarity and that has huge implications for the next generation of leaders and for all here this evening, for you are uniquely placed to ensure measuredness, integrity and ethics are embedded deep within our business culture and its future ambassadors. There is truth in the saying that if you want the crowd to follow you, don’t follow the crowd. Leaders have to be prepared to maintain lonely vigils, to be sole voices, to be misunderstood, to be tough enough to stand up to the second guessers, carpetbaggers, the corrupt and the armchair experts.”

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