Ireland top of the world for the availability of a skilled workforce
Ireland leads the world for availability of a skilled workforce.
Ireland has topped the world in a number of key competitiveness milestones, according to top-ranked Switzerland-based business school IMD, including availability of skilled labour, flexibility of its workforce, investment incentives and attitudes to globalisation.
In terms of overall ranking, Hong Kong topped the world, followed by the US and Switzerland and Ireland came in at 20th place, up four places from last year.
But Ireland achieved the following key goals that rank it ideal for foreign direct investment (FDI) activity:
- First for availability of skilled labour
- First for flexibility and adaptability of workforce
- First for investment incentives
- First for attitudes towards globalisation
- Second for business legislation – openness to foreign investors
- Second for large corporations that are efficient by international standards
- Second for adaptability of companies
- Fourth for corporate tax rate on profit and real corporate taxes
Ireland is the best place to invest in Western Europe
The results come just a week after both Dublin and Ireland were named the best places in Western Europe to invest by international magazineSite Selection.
They also come on the heel of this week’s 2012 Talent Shortage Survey, published by the Manpower Group, which ranked Ireland as the global leader for the availability of skills and the least difficult location, globally, in which to find talent.
In addition to these surveys, the latest International Construction Intelligence report, issued by Faithful and Gould, shows that the index construction cost in Ireland, at 91.3, is less than Singapore (94.8), US/Chicago (100), UK (109.5) and Switzerland (155.2).
“Competition for foreign direct investment is significantly increasing and the availability of skilled labour is, amongst other things, one of the main deciding factors when companies are choosing a location for their overseas investments,” Barry O’Leary, CEO of IDA Ireland, explained.
O’Leary said the fact that Ireland continues to lead the way in availability of skilled labour adds significantly to its reputation as a host for FDI and the outlook for maintaining this position in the future remains positive.
For example, greater availability of computer and software personnel will be a key feature for investors in Ireland over the coming years.
“This is due to the increase in the numbers enrolling in computer, software courses and conversion courses in universities and institutes of technology across the country. Uptake of undergraduate computer courses has experienced a 40pc increase in the last four years, with the first of these additional students, at honours-degree level, coming into the employment market this summer,” O’Leary said.
“IDA Ireland in its strategy Horizon 2020, identifies the strengthening of Ireland’s value proposition as one of its main targets. The excellent rankings of Ireland in these surveys shows that the country’s value proposition as a location for FDI is constantly improving,” O’Leary added.
Household lending in Ireland continues to decline
Central Bank figures showed lending continued to decline, but the pace of the decrease slowed.
Lending to households and companies continued its downward trend in April, with loans down by 4 per cent year on year, new data from the Central Bank showed today.
But private sector deposits at Irish-based banks rose for the third month in a row, slowing the annual rate of decline.
Lending for home purchases fell by 2.5 per cent year on year, with consumption and other purposes down by 8.4 per cent. Over the month, household lending fell by €632 million, largely due to a fall in the value of loans for consumption purposes of €394 million.
Companies also felt the pinch, with lending down 1.8 per cent over the year. However, this was a slowdown from the 2.2 per cent recorded in March.
Monthly figures showed loans to companies were €326 million lower in April, reversing the trend seen in the previous month where lending increased by €34 million. Short-term loans, which includes overdrafts, were €155 million higher, but medium-term company loans declined by €428 million, and longer-term loans were down by €53 million.
Irish banks’ borrowings from the European Central Bank were €90 billion by the end of April. Domestic Irish institutions accounted for €77 billion of that figure, a €2 billion increase month on month.
Private sector deposits at Irish-based banks rose for the third month in a row in April, slowing the annual rate of decline.
Data from the Central Bank showed deposits rose by €4 billion in April, with the majority coming from the financial sector. Over the year, deposits fell by 3.4 per cent, the slowest pace since August 2010
“We tend to focus on household and non-financial corporate deposits, which account for three-quarters of private sector deposits. In April deposits in these categories were up a combined €187 million, a very modest amount but positive nonetheless. Non-resident deposits were relatively unchanged in April,” said Goodbody chief economist Dermot O’Leary.
Separately, figures from the Department of Finance showed deposits at Government-guaranteed lenders rose by €2.1 billion during April, or 1.4 per cent, to €151 billion over the period.
These figures exclude the effects of intra-group deposits and also takes into account the deposits held by affiliates outside Ireland.
“Slightly under half of the increase during the month came from the domestic deposit base, with much of the growth in the non-Irish element related to euro weakness,” a statement from the department said.
Deposits in the banks have increased from their 2011 low of €140 billion in June, July and August.
Euro weakness in April “provided an added translation boost for deposits source in the UK,” the department said.
Galway brothel raided in a major Garda crackdown on prostitution
The Rape Crisis Network Ireland has warned against complacency as crimes such as organised prostitution, human trafficking, brothel-keeping, and other related sexual violence against women are happening in communities, both rural and urban, throughout the country.
Speaking to the Advertiser in the wake of the biggest crackdown on prostitution in Ireland, spokesperson for the Galway-based group, Clíona Saidléar, commended the Garda Síochána for its collaboration with the Police Service of Northern Ireland (PSNI) in carrying out the raids of more than 140 suspected brothels and “seriously responding” to this crime – some 120 of the raids were located in the Republic with at least one understood to be in Galway. Ms Saidléar further called for the justice system to continue to target the real perpetrators of this crime and to treat the female victims in a “supportive and sympathetic manner”.
The raids were part of Operation Quest, a co-ordinated operation between An Garda Síochána and the PSNI, and took place across both jurisdictions on Tuesday last. The operation commenced at midday and continued into the evening resulting in more than 140 premises being raided. These premises included mainly apartments, flats, and houses, and are believed to have been located in many counties in the Republic including Galway, Dublin, Cork, Limerick, Waterford, Donegal, and Meath; Gardai have not yet released further specifics relating to this while the investigation is on-going.
However, a Garda statement did reveal that Operation Quest focused “on securing convictions against individuals involved in organising prostitution, brothel keeping, and associated offences including money laundering”. The operation involved more than 200 gardai and was spearheaded by members of the Organised Crime Unit based at the National Bureau of Criminal Investigation, supported by officers from all Garda regions. It is understood that a total of eight people were arrested in the joint operation. In the Republic three people were arrested, a man aged in his 40s and a woman aged in her 20s, and both were detained under Section 4 of the Criminal Justice Act 1984 at Dundrum Garda Station, while another woman in her 20s was detained at Store Street Garda Station under the same act. A large amount of documentation, cash, mobile phones, and computers were seized during the raids.
The Garda statement went on to read: “During the investigation to date it has been established that prostitution is organised on a cross-border basis and today’s [Tuesday] joint operation was specifically aimed at individuals and groups intent on making profits from vulnerable members of society across the island of Ireland. The policy of An Garda Síochána is to treat women involved as witnesses/victims unless significant evidence comes to light suggesting direct involvement in organised prostitution or brothel keeping. Specific training has been provided to gardai investigating this type of crime who continue to liaise closely with various support groups working in this area.”
Ms Saidlear said that it was vital that the gardai continue to “target the right people” and that a change in law was needed to ensure that women, who are the victims of organised prostitution and human trafficking, “are not criminalised and penalised”. She added that there also needs to be a change in the element of our society and culture that “makes it OK for these women to be treated in this way”, and stressed that there are supports, alternatives, and options made available by Rape Crisis centres to victims.
Man (36) treated for stab wounds and two arrested in Galway
Two men were arrested in Galway after a man was stabbed in the city last night.
The incident happened at 9pm at Mallon Avenue, Mervue when a 36-year-old man was injured. He was taken by ambulance to University College Hospital where his condition is described as not life threatening.
The two arrested men are being held at Mill Street Garda
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