Top stories in the papers this week 10 – 17 December 2010
Living standards fall but prices still 31% higher than EU average; Profits fall 15% at Irish arm of Heinz; Over 100 jobs created by Superquinn and Centra
Print17 December 2010
1. Living standards fall but prices still 31% higher than EU average
Our standard of living has dropped dramatically, but prices here have remained the second highest in the EU, and are now 31% higher than the European average. The Irish Independent reports cigarettes in Ireland are more than twice as expensive as the European average, alcohol is 67% dearer, and bread is 48% more expensive than in the UK. Consumption is now just 2% higher than the EU average, compared to 13% in 2007.
2. Profits fall 15% at Irish arm of Heinz
The Irish arm of US food giant Heinz recorded a 15% drop in pre-tax profits last year to €14 million, the Irish Examiner reports. The directors said that “while volume growth was achieved in the Republic of Ireland, volume is flat overall for Ireland due to a decline in Northern Ireland". They attributed this to “an increase in share for multiples sourcing from their own UK distribution centres and therefore a re-allocation of value to our Heinz affiliates in the UK."
3. Over 100 jobs created by Superquinn and Centra
Superquinn and Centra have created over 100 new jobs in Dublin. The Irish Times reports some 70 positions have been added at Superquinn’s new 13,000 sq ft supermarket in Rathgar, while the opening of a 6,000 sq ft Centra store at the Regency Hotel on the Swords Road has resulted in the initial creation of 40 jobs. Regency Centra, part of the McGettigan group, said it had invested €850,000 in the store, and added the number of retail positions there would eventually increase to 70.
4. Diageo wins court dispute against Vodkat maker
Diageo has announced it won a British High Court case against Intercontinental Brands (ICB) earlier this year over the name of a "confusing" vodka-based drink. Vodkat, a blend of fermented alcohol and vodka, has a strength of 22% alcohol by volume rather than the minimum 37.5% of vodka. The Irish Examiner reports a judge ruled a brand name derived from the word vodka, which was not real vodka was likely to confuse consumers. Diageo agreed a final settlement of an undisclosed sum with ICB.
5. Sales soar as shoppers race to avoid VAT rise
The UK high street has enjoyed its strongest sales growth in eight years as shoppers look to beat January’s VAT rise, the CBI has said. The Belfast Telegraph reports that despite snow and frost, the business lobby group reported that a balance of 56% of retailers said volumes were stronger than a year ago in early December. However, retailers are braced for slower growth from next month when a balance of 35% expect sales to be higher than a year ago, compared with 52% recorded last month.
Also:
Shoplifting to cost retailers €40m this Christmas (Irish Examiner)
Consumers play catch-up as festive shopping surges (Irish Independent)
‘Love Irish Food’ group aims to promote homegrown produce (Irish Independent)
No respite as shops open on Stephen’s Day (Evening Herald)
Cut in minimum wage will clear way for cheap labour hyper-markets (Labour.ie)
Chilled-out shoppers flock to stores (Irish Independent)
Retailers ready for a ‘shopping boom’ before cold returns
Our baker’s dozen of new food heroes (Sunday Tribune)
Food and clothing push up inflation (Belfast Telegraph)
Shops open on Stephen’s Day as retailers hope for spending boost
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