Live Register latest figures

Unemployment rate down to 11.1% for September. Now well below Eurozone average of 11.5%. Expected to reach 10.8% by end of year….looks good but many factors to consider.

Enterprise Kings

Congratulations to First Year students( team name Enterprise Kings) from left Cillian Loftus, Thomas Leddy, Conall Lynch, Ryan Joyce and Sam Butcher in winning a first year group Insurance Quiz on September 10th 2014, held by Mrs Casey. Well done to all students who participated.Insurance Quiz winners 1st year

Spirit of Enterprise Event: No age limits or barriers to entrepreneurship

A group of TY Enterprise students along with their teacher, Ms Flynn attended the recent Spirit of Enterprise Event at the GMIT Castlebar Innovation Hub.
Guest speakers included Dragon’s Den investor, Insomnia Coffee founder and Newstalk presenter Bobby Kerr along with 14 year old self-taught entrepreneur Jordan Casey of Casey Games. The evening was a great success and hopefully it has given the students in Ms Flynn’s Enterprise class some inspiration and confidence going forward.

spirit of enterprise 1

spirit of enterprise 3

spirit of enterprise 2

Michael Murphy Sports and Leisure- Donegal Success

Michael Murphy SportNeil Gallagher and Michael Murphy, co-owners, Michael Murphy Sports and Leisure.
Michael Murphy Sports and Leisure

What it does: Sportswear Shop

Why it works: ”People are active and we want to make sure they have the support and advice they need to fully enjoy their training or leisure activity. Our tagline is gear up for life’ because that’s exactly what we want to help people do. Michael Murphy, co-founder, Michael Murphy Sports and Leisure

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Today’s priority for Donegal GAA stars Michael Murphy and Neil Gallagher will be the All Ireland semi-final against Dublin in Croke Park, but the pair are already gearing up for a future in retail. They are hitting the ground running with a €500,000 investment in a top-end sportswear outlet in Letterkenny.

Michael Murphy Sports and Leisure opened its doors earlier this month on the Station Roundabout, creating 15 new jobs.

The launch of the 7,000 square foot store marked an important personal milestone for Murphy. He approached Gallagher to join him in setting up a state-of-the-art operation that would hit every sporting demographic in the northwest.

“We wanted to create the kind of sports store we would want to shop in ourselves,” he said. “Our focus is on expert advice – making sure people get the right product for their individual needs.

“We’ve been buying sports gear all our lives. We understand the importance of getting the right advice and the right product for your needs and we felt there was a gap in the market.”

The 7,000 sq ft shop is divided into zones for different sports, and there is a dedicated team room for clubs and associations.

Sporting brands include O’Neills, Nike, Adidas, Asics, Puma, Mizuno and Canterbury. Murphy said it had the “north-west’s only comprehensive stock of golfing brands”, including Callaway, Ping, Titleist, Clevland and Srixon.

“We have a custom-built golf section with the northwest’s only golf simulator, which gives customers access to cutting-edge technology to help improve their game, and they can book a golf lesson with our in-house professional,” he said.

“The footwear section has a gait analysis machine to ensure each customer gets a perfectly tailored fit.

“Sportswear can be personalised in-store while you wait, and we also have the largest trophy centre in the north-west with an extensive trophy and medal selection and an engraving service for schools, clubs and sporting organisations.”

Murphy and Gallagher are in the process of launching the website michaelmurphysports.ie to sell to customers in Ireland and overseas.

“Our focus is on getting our website fully transactional. We want to build a national brand that also reaches out to the Irish community abroad and we hope to do this in the next five years,” said Murphy.

The site would cast the net as wide as possible, he added, with sports clothing and footwear catering to all aspects of the market – from first-timers and amateurs to students, professionals, and “those who simply want to be more active.”

Murphy and Gallagher are also using social media to promote and market the venture.

“The power it has is amazing,” said Murphy. “We reached over 10,000 likes in our first week of business. We find it’s a really useful tool to share our news and special offers with customers.

“It’s really important to give good service, whether that’s getting back to people’s queries on social media or going the extra mile for someone in store.”

The pair have also invested in cutting-edge retail technology to coordinate all customer-related activities on one system, including mobile, point-of-sale, loyalty, analytics and smart phone promotions.

“We selected the iVend Omni Channel solution from TRC Solutions. All data is centralised making reporting easy, fast and accurate,” said Murphy.

“I can pull reports in real-time, which gives me a true account of how the business is performing. It also highlights opportunities for growth and for change.”

Murphy believes it is a good time to get into the sports retail market, as interest in exercise, fitness and outdoor activities is on the rise in Ireland.

“There are thousands of people engaging in sports across the country and activities like cycling and triathlons are on the increase,” he said.

“The Donegal Marathon took place for the first time in over 20 years earlier this month. People are active and we want to make sure they have the support and advice they need to fully enjoy their training or leisure activity. Our tagline is ‘gear up for life’ because that’s exactly what we want to help people do.”

Employment rose to 1.9m by end of June – CSO

The number of people working in the State had increased to 1.9 million by the end of June, according to figures from the Central Statistics Office, the highest level of employment since 2009.

The number of people at work increased by 31,600 over the year to June, bringing total employment in the country to 1,901,600.

Seasonally adjusted unemployment fell 46,000 to 254,500 – an unemployment rate of 11.5%. This is down from 12% in the previous quarter.

Meanwhile, the total number of emigrants has fallen to 81,900, while 60,600 moved into the State.

As a result, the total population has grown by 16,700 to stand at 4.6 million, according to the CSO.

Merrion’s chief economist, Alan McQuaid, described the figures as positive, but pointed out that they weren’t as strong as in recent quarters.

Emigration, he said, had been a contributory factor in bringing down the unemployment numbers but judging by the latest figures, there is more to the drop in unemployment than just that.

“Although the recovery path for the labour market won’t entirely be smooth, we do think that the numbers at work will rise and the level of unemployment will continue to fall over the rest of 2014,” Alan McQuaid said.

“We are looking for a net increase in employment of around 36,000 this year. Furthermore, it does now appear as though the jobless rate has peaked, and we are looking for it to fall back to 11.4% on average this year from 13.1% in 2013, which itself was the lowest level since 2009,” he added.

He concluded that there was a possibility that the unemployment rate could drop below 11% by the end of the year.

The association representing small and medium sized businesses, ISME, warned that jobs will not be created if business costs continue to increase and wage levels are being driven up by ‘unrealistic demands.’

The association called for greater emphasis on cost controls in order to maintain competitiveness.

Dermot O’Leary, chief economist at Goodbody Stockbrokers described the recovery in the labour market as impressive and more broad-based than before.

However, he pointed to significant differences across generations and geographies.

“Youth unemployment, those between 15 and 24, stands at 26.9%, down from 29.6% in the same three month period last year. That compares to a rate below 10% for those over 35.”

“From a geographical perspective, the unemployment rate is lowest in Dublin, where it came in at 10%, but stands at over 14% in the South East of the country,” he added.

Philip O’Sullivan, chief economist at Investec said the figures pointed to positive momentum in the labour market, but there was a persistent ‘tail’ of issues.

“While a rising population and decline in net outward migration have positive implications for some areas of the economy, we do note a number of troubling trends, such as persistent large outflows in the 15-44 age group while the profile of those migrating suggests that there are a number of skills mismatches in Ireland,” he concluded.

Davy economist David McNamara said the figures provided further evidence that the labour market continued to improve in the second quarter, driven by the recovery in services and the construction sector.

“We expect unemployment to fall to 11% on average in 2014 and to 9.6% in 2015,” he said.

Welcome back St. Gerald’s students- Keeping up with Business

St. Gerald’s College Business/ Economics and Accounting department would like to welcome back its student’s for the new academic year 2014/15. Keep up with current business affairs, TY mini company, latest statistics, budget special and useful exam material for the coming year.

St. Gerald’s School Bank Team 2013-2014

St. Gerald's School Bank team 2013-2014

St. Gerald’s School Bank team 2013-2014

Tomás Diskin & Sinead Cuffe from the Bank of Ireland pictured here presenting a cheque for €600 to St Gerald’s College. The cheque was presented in recognition of the 50 accounts that were opened by the school bank team.

The target at the start of the school year was to have 50 accounts opened by April. The school bankers opened the bank every Thursday morning and managed to reach their target. As a result of this the school was presented with the cheque and an iPad was raffled between the 50 account holders. The winner of the iPad was Patrick Corless, TY.

Pictured left to right are Ian Kelleher, TY Co-ordinator; Daniel Hyland, School Principal; School Bankers Finnian Martin, Patrick Livingstone, David Conlon & Donal Boyle; Sinead Cuffe, BOI; Tracey Flynn, School Bank Facilitator and Tomás Diskin, BOI Branch Manager.
Missing from the photo is Conor Gillardy, School Branch Manager.


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