NEWS MANUFACTURING
SHOWS A SURGE Te manufacturing sector in Ireland has grown at its fastest pace in 11 years, according to the latest NCB Purchasing Managers’ Index (PMI). In January 2011, production and new orders increased
significantly. Te NCB PMI jumped from 52.2 in December to 55.8 in January. Any figure above 50 marks growth, while anything under 50 shows contraction. Te 55.8 figure is the highest Ireland has seen since
April 2000. Te NCB said the growth was driven by a substantial
increase in new orders. It was also impacted positively by the end of the bad weather spell, which hit Ireland in November and December 2010. As with most sectors in the economy, exports also had a positive effect on industry output. For the second month in a row, employment in the sector increased.
Ireland second on globalised nation list
According to Ernst & Young’s Globalisation and the Chang- ing World of Business report, Ireland is the second most glo- balised country in the world in terms of openness to global trade, capital movements, exchanges of technology and ideas, labour movements and cultural integration. Te report also confirms that Ireland is forecast to become the most globalised nation by the end of 2011, a position it will retain until at least 2014. Ireland’s high score was driven by trade movements. Total trade (imports plus exports) was around 197pc of Ireland’s GDP in 2010. By 2014, trade is expected to rise to more than 230pc of GDP. In the international exchange of technology and ideas
category, Ireland came out on top, mainly due to its greater number of internet users and an international exchange of labour. Speaking on the Irish results, Mike McKerr, manag-
ing partner with Ernst & Young, said: “Although domestic economic conditions remain extremely challenging, we must continue to recognise that Ireland retains core strengths, which are key to our recovery.”
LYIT SEES OPPORTUNITY FOR TOURISM
Head of the School of Tourism at Letterkenny Institute of Technology (LYIT) Dr Sean Duffy is optimistic about the tourism sector, which provides employment to so many small business owners. “Yes, we have a job to do, moving Ireland back to
centre stage as a first-choice destination,” he says. “Tat means working together, being innovative, using new technologies and identifying new markets. For our part, we are continuing to work closely with the industry to provide courses and top-class graduates to service culinary, hospitality and tourism businesses.”
10 OWNER MANAGER VOL 4 ISSUE 1 2011
Sean Gallagher, chairman, InterTradeIreland EquityNetwork; Alan Watts, programme director, Halo Northern Ireland; Diane Roberts, director, HBAN Investor Syndicates; and Feargal McCormack, managing partner, FPM Chartered Accountants
New investor group
proposed for M1 Corridor Promising start-ups near the M1 Economic Corridor could find it easier to access funding if an InterTradeIreland push to set up a new group is successful. Te agency’s initiative HBAN Investor Syndicates is
examining the feasibility of setting up a north-south group of private investors, which would make investments in promis- ing start-up business ventures on both sides of the border. InterTradeIreland is urging potential ‘business angels’ to
get involved and is inviting them to an information meeting at the Carrickdale Hotel, Ravensdale, Dundalk from 4pm– 6pm on 24 February 2011. Established in 2009, HBAN focuses on supporting
companies that are seeking to raise financing of between €250,000 and €1.25m by linking entrepreneurs to indi- vidual investors or investment syndicates.
TRADE SURPLUS
ABOVE €4BN AGAIN Official figures for November 2010 show that Ireland’s trade surplus remained above €4bn for the third month in a row.
Although both imports and exports fell slightly when compared with October 2010, the surplus increased by
37pc on the year. Te trade surplus for the month was €4.086bn. On the year, the value of exports was up 17pc. Tis increase was driven mainly by a rise in interna-
tional demand for medical and pharmaceutical prod- ucts. Exports of organic chemicals also increased by 3pc (€429m). Exports to the US, Germany and Switzer- land increased significantly between January and Octo- ber 2010 when compared with the same period in 2009.
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