Archive for the 'Business' Category
Beef exports to the UK worth more than €1bn a year are slumping as the unfavourable exchange rate makes it less attractive to British buyers.
Yet Ireland has more beef than ever to sell, the latest figures reveal.
Increased beef supplies come as exports to Ireland’s most important beef market continue to fall in the wake of the Brexit vote. According to figures from the UK’s Revenue and Customs service, during September a total of 14,356 tonnes of beef were imported by the UK from Ireland, a 13pc reduction from the corresponding month in 2015, when 16,499 tonnes of beef were imported.
In 2015, Ireland exported an estimated 500,000 tonnes of beef worth approximately €2.41bn – and half of that went to the UK. Despite the recent slump, Ireland continues to be the biggest source of beef imports for the UK, with 129,739 tonnes imported during 2016.
Imports from Ireland accounted for 75pc of total beef imports from EU countries to the UK during the first nine months of 2016.
The Agriculture and Horticulture Development Board in the UK says the fall in Irish imports comes despite lower domestic prices in Ireland on the back of higher production.
While it says average unit prices were still up over 1pc in sterling, it also adds that increased domestic supplies in the UK will have been a strong contributor to the decline in trade levels.
However, according to figures seen by FarmIreland.ie, we could have more beef than ever to sell.
The highest beef kill in 12 years is currently predicted for 2017, while cattle supplies in Ireland could be 120,000 head higher next year, at 1.75m, on the back of increased calvings from Ireland’s expanding dairy sector.
The figures, which were presented by Bord Bia at last week’s Beef Forum, also show that the beef kill in 2016 is now estimated to be close to 1.64 million head, which is up as much as 80,000 on 2015. To date, in 2016 Irish cattle supplies are up 5.1pc or 68,500 head, according to the Bord Bia figures.
IFA president Joe Healy has urged a strong commitment on both sides of the Irish Sea to achieve a positive trading relationship in Brexit negotiations between the EU and the UK.
On the beef situation, Mr Healy said that with more than 50pc of our beef exports going to the UK market, the weakness of sterling is a major challenge.
However, the IFA says that exchange rate volatility is not the only determinant of price returns and higher prices are justified and necessary.
“Demand for beef in the UK remains very strong,” IFA national livestock chairman Angus Woods said.
“We are in the high demand Christmas procurement period, and trade has picked up.
“It is simply not acceptable for processors to return an unviable price to our farmers at this time.
“Prices must be restored to viable levels – factories must demand significantly higher prices from their British retailer customers and pass these increases directly back to farmers
Tags: 2017, budget, National Budget
The budget date is set for October 11th 2017. The Government are currently spending €2bn more than what it is taking in, which means the deficit is borrowed. Bridging this gap amounts to €1000 borrowed for each per who works in the country.
This is difficult to sustain and a hard habit to break.
Source Dan OBrien, Irish Independent 22/9/16.
Computer giant Intel , who have reported a loss in sales of personal computers this year, announce their restructuring of employment . They plan on reducing jobs by over 12,000. It employs over 5,200 people in Ireland but job losses across Europe have not been specified yet.
Will corporation tax play its part in keeping Intel in Ireland?
Are the skill’s and expertise of our workforce an incentive to save the Irish jobs?
Tags: Bank of Ireland, bonds, challenge, shares, stocks, trader
On Tuesday the 15th of March, Fifth and Sixth Year students took part in the Bond Trader Challenge run by the Bank of Ireland in the Harlequin Hotel. The evening began with an overview of markets and trading. Students then took part in the Bond Trader Challenge, responding to real market scenarios and making decisions on how to manage their own bond portfolio.
Tags: accounting, assets, intangible, patent, published
A patent is a right granted to anyone, for a limited period, the right to exclude others from exploiting (making, using, selling, importing) the patented invention, except with the consent of the owner of the patent.
A patent is an example of intellectual property (otherwise known as IP) and is an example of an intangible asset in accounting.
This video explains patents, trademarks and copyright:
A patent lasts for a limited period of time, normally twenty years. Ireland also offers a “short-term” patent, valid for a maximum of ten years. To maintain a patent in force, annual renewal fees must be paid each year from the third year. Patents are territorial, in effect e.g. an Irish patent is only valid in Ireland.
You may have also heard of the term “patent pending” from shows such as Dragon’s Den. This is a term often used on products to alert competitors that an application has been made to protect the invention.
You can look up existing patents in Ireland by going to the Irish Patents Office website.
Do you know what was the first patent registered in Ireland? Find the answer below.
Here are some famous patents granted in the past:
- In 1931 Alfred Butts translated his lifelong love of crossword puzzles into a board game called “Criss Cross Words” – later to become known as Scrabble.
- In 1933, Charles B. Darrow played a game on oil cloth on his kitchen table. He played “Monopoly” at home with his family and friends and soon fell in love with the game’s exciting promise of fame and fortune. Today, an estimated 500 million players from around the world have been mesmerized by the MONOPOLY® game.
- In 1843, after ten years of tireless work and abject poverty, Charles Goodyear perfects his process for “vulcanizing” rubber, or combining it with sulfur to create a soft, pliable substance unaffected by weather.
- The VICTORINOX “Swiss Army Knife” is over 100 years old. The useful pocket MultiTool was legally registered on June 12, 1897. Over 34,000 of these pocket tools with the distinctive Swiss cross leave the factory in central Switzerland each day.
- In 1884 George Eastman, American inventor, patented the first film in roll form to prove practicable. In 1888 he perfected the Kodak camera, the first camera designed specifically for roll film, and in 1892 he established the Eastman Kodak Company, at Rochester, New York, one of the first firms to mass-produce standardized photography equipment.
- The man credited with designing the American flag is Bob Heft. His updated 50-star flag was a class project later adopted by presidential proclamation after Alaska and before Hawaii was admitted to the union in 1959.
- The Barbie doll, so named after Barbara, daughter of Ruth and Elliot Handler, debuted at the American Toy Fair in New York City in 1959. Since then, Barbie’s popularity has rarely declined, and today, with over one billion dolls sold, the Barbie product line remains the most successful in the history of the toy industry.
- The first ever patent registered in Ireland was a starter cage for racing dogs and the like in 1929.
- The first ice cream cone was produced in 1896 by Italo Marchiony. Marchiony, who emigrated from Italy in the late 1800s, invented his ice cream cone in New York City. He was granted a patent in December 1903 U.S. Patent No. 746971.
- The inventor of Coca-Cola was Dr. John S. Pemberton, in 1885. The formula changed hands three more times before Asa D. Chandler hit upon the idea of carbonating the original drink. The bubbles made all the difference, and he struck gold. The Coca-Cola Company was founded in 1892 and has never looked back.
- The Rubik’s Cube was invented by Erno Rubik in 1974 when the first working prototype came into being and a patent application was initially drafted. Rubik’s invention was born out of his passionate interest in geometry, the study of 3D forms, and in exploring the hidden possibilities of combination of forms and materials.
- In 1866, Alfred Nobel, Swedish chemist, inventor, and philanthropist, invented what he called ‘dynamite’ by using an organic packing material to reduce the volatility of nitroglycerin.