Top stories in the papers this week 27 June – 1 July 2011
Irish Food second most expensive in Europe; Jobless rate up to 14.2%; Glanbia maintains 2011 forecasts
Print1 July 2011
1. Irish food prices second most expensive in EU
Irish shoppers are paying some of the highest prices in Europe at a time when their household budgets have never been more strained. The Irish Examiner explains how a Europe wide survey has revealed that a food basket here costs 20% more than the average across Europe; restaurants and hotels costs 29% more; and drink and cigarettes 70% more.
2. Glanbia maintains 2011 forecasts
Food group Glanbia has reported a strong first half of the year and has maintained its earnings forecast for the year. The Irish Times stated that the group said it expects adjusted earnings per share to grow by 11% to 13% in 2011.
3. Jobless rate up to 14.2% as car deals disguise drop in sales
Unemployment increased by 2,900 in June, while retail sales continued to fall in May when car sales were stripped out, according to the Central Statistics Office. The Irish Times reported that the climb in the Live Register pushed the standardised unemployment rate up from 14.1% to 14.2%.
4. Thorntons to shut up to 180 shops
Chocolate retailer Thorntons announced plans to close up to 180 stores this week. The Irish Examiner reports that the group will exit at least 120 outlets over the next three years as their leases expire, while it will also consider the future of an additional 60 shops over the same period.
5. REI says retention of rent system could cost 40,000 jobs
Retail Excellence Ireland, the retail trade body, has expressed its support of the government’s plans to abolish upward only rent review clauses claiming that more than 40,000 jobs are at risk in the retail sector unless the system is removed. The Galway Advertiser states that Ireland is one of just a handful of countries who still employ this system.
6. Russian gangs ‘help cigarette scams’
Ireland’s organised crime gangs have joined forces with Russian criminals to flood the country with counterfeit cigarettes reports The Irish Independent. Illegal cigarette smuggled from China and the Middle East and countries bordering the EU account for about a fifth of tobacco smoked in the country.
Also:
Value of Terenure site slips from €18.3m to €5m
(Irish Times)
We’d love to spend more, Mr. Noonan, but we’re broke
(Bray People)
Xtra-vision examiner wins rent reductions
(Irish Independent)
Consumers ditching their credit cards and paying down debts
(Irish Independent)
Debenhams reports rise in sales
(Irish Times)
Cheap fuel can come at a high price
(Irish Times)
Business groups welcome internship scheme
(Business and Leadership)
Japanese stocks higher as retailers bounce back
(Irish Times)
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