Sunday's news Ireland Blog update by Donie

A man and a woman killed at Cavan Rally & the driver and co-driver are among the injured 

    

A female rally co-driver and a sports photographer were killed today when a car ploughed into the crowd at a road race.
Seven others, including the driver and co-driver, were also injured when a Ford Escort lost control and crashed in a group of about 30 spectators in Co Cavan, Ireland.

The victims were named locally as Caroline Cleary, a navigator in the sport from Wexford who was not taking part in the Cavan Stages Rally, and Joe Lane, a part-time photographer from Galway who regularly contributed to motorsport publications.

Gardai and Motorsport Ireland, which governs the sport, have launched separate investigations into the accident, which happened at around 11.10am at Monaghanoose, about a mile outside Bailieboro.

Superintendent Gerry O’Brien, of Bailieboro Garda Station, said a rally car went over a hump in the road and lost control as it landed.

“It drove into a group of spectators,” he said.
“We understand that the group accounted of about 30-odd people.

“Of those, unfortunately and regrettably, two died at the scene and another five were brought to Cavan General Hospital with injuries.”

The deaths of Ms Cleary, 30, from Tagoat, Co Wexford, and Mr Lane, 50, from Kilgoggin, Co Galway, have plunged Ireland’s motorsport community into grief.

The extent of the injuries suffered by the spectators, driver and co-driver is not known.

Witness Matthew McMahon said he saw the car go over the crest of a road before he heard it skid.
“I don’t know if something broke on the car or if he just lost control,” he told RTE.
“Then I just heard people screaming and people shouting ‘red flag, red flag, stop the stage’.

“Then all hell broke loose basically with people crying, people white as ghosts as if something serious had happened.

“And then someone mentioned ‘somebody’s been killed’ and we found out how serious it was.”
More than 100 cars were competing in the event, which had attracted thousands of spectators.

The road and car are being forensically examined by collision investigators and remain closed to traffic.

Cavan Motor Club, which staged the event, said the accident happened on stage one of the special stages rally.

“At this time all our energy is focused on the families of those involved in this tragic accident,” it said.

Motorsport Ireland extended its sympathies to the families and friends of the dead and injured.

Chief executive Alex Sinclair said 90% of its effort and resources go into ensuring the safety of these events.

“When something like this happens it just so unexpected, it’s so out of the blue.” he added.

“It’s very difficult for people to come to terms with.” 
Neither Wexford nor Galway Motor Clubs would comment.
The tragedy follows others which have devastated the sport in recent years.

Teenage rally fan Richard O’Donnell, from Strabane, was killed as he tried to cross a country road during the Donegal International Rally in 2008.

The 18-year-old was struck by a competing Ford Fiesta on the eleventh stage of the competition, which is one of the biggest sporting events in the country.

Two years ago co-driver Thomas Maguire died in a crash in the Donegal Rally, and in 2002 two stewards were killed at the event.

Ireland’s young people’s vision vital in renewing the country, says President MD Higgins

       

President Michael D Higgins officially introduces Being Young and Irish, the first in a series of seminars launched at Áras an Uachtaráin. The President invited young people to advance their vision for Ireland in narrative, song, poetry, video or audio, with submissions to the Áras or on president.ie.

Ireland’s transformation requires the commitment and contribution of its youth, President Michael D Higgins has said as he launched an initiative encouraging young Irish people at home and abroad to offer ideas on how they imagine the country’s future.

“Now, more than ever, we need your energy, your ideas, your ideals, your creativity, your courage,” Mr Higgins told attendees yesterday at the launch of Being Young and Irish, the first in a series of seminars he plans to host during his term.

“Your country needs your passion, your innovation and your vision. This discussion on the kind of country that we want to create can contribute to that transformation we seek.”

He said the Being Young and Irish project, which will involve a multimedia consultation process and regional workshops, “seeks to hear the voices of young Ireland: what life is like for you; what is going well and not so well; what you would like to change; and how you think this should happen”.

Mr Higgins noted 40 per cent of Ireland’s population is under 30, making it one of the youngest countries in the world. He said “too many young people” were suffering as a result of the economic crisis. Some 30 per cent – or 80,000 – of those under 25 are unemployed.

“[They] have inherited a recently bruised, battered and indebted nation, yet it is also one that has a legacy of facing immense challenges,” he said. “I am inviting young people to join a partnership of young and old . . . By listening to its young Irish, their stories and ideas, and by involving them, Ireland has the potential to transform our society in a profound and exciting way.” Attendees at the launch at Áras an Uachtaráin included representatives from national youth organisations, the GAA, and the youth wings of the main political parties.

Mr Higgins called on young people aged 17 to 26 to use whatever media they preferred to put forward their vision for Ireland. He mentioned as examples narrative, song, poetry, video or audio recordings.

“The central goal is to engage young people as active and reflective citizens in contemporary Ireland and to recognise, affirm and encourage them as one of the sources of wisdom in solving core social, political, economic and cultural issues confronting Ireland,” he said. “I’m inviting young people to be the arrow rather than the target for the changes we are going through.”

In addition to the consultation process, Mr Higgins will host a number of face-to-face workshops across the country. All this will culminate with a final seminar to be held in Áras an Uachtaráin later this year. The President will also publish a final report on the initiative which he will deliver to the relevant authorities and agencies.

“It isn’t a case of the report being presented and then forgotten,” he said.

The deadline for online and postal submissions to the consultation is September 29th, 2012. Further information can be found at president.ie/being-young-irish

Irish investments are the best in the world, ‘says Merrill Lynch bank’

           

IRISH investments are handing the best returns in the world to global money managers, according to new research from Bank of America Merrill Lynch.

In a report that is sure to delight the Government, analysts at the US banking giant say Irish government bonds have been the best-performing asset in the world over the past 12 months, overtaken only by Irish shares that have handed outsized returns to investors over the past six months.

The value of Irish government IOUs has increased by 19pc over the past 12 months, according to Bank of America.

The Irish bonds had traded at damagingly low levels in July last year, before the cut in the interest rate charged by theEU/IMF under the bailout.

Following the interest rate reduction, US investors in particular piled into the Irish bonds because they increasingly believe the national finances are sustainable.

“Bond yields” — the return investors demand for owning the Irish bonds — have crept up in recent weeks as the Greek crisis re-intensifies, but 10-year “yields” of 7pc are no higher than in January.

The big profits on Irish bonds have already been recouped though, with almost all of the 19pc return made between July and November 2011.

Since then, however, Irish shares have surged ahead, according to the research from the US bank.

Irish shares have replaced bonds as the best-performing assets in the world over the past six months.

Return

Investing €100 in a mix of Irish shares would have netted a €15.30 return over the past six months — a similar bet on Greek shares would have seen a €49.40 loss.

The biggest mover over the period has been Providence Resources, up a hefty 188pc after striking oil off the Cork coast.

The likes of Kerry Group, Kenmare, Smurfit Kappa and Paddy Power are also all up significantly since the start of the year.

Bank of America said Irish assets were booming because of the political response to the economic crisis.

“The Irish restructured debt, recapitalised banks and voted for regime change (austerity),” the bank said. “Indebted countries that fail to implement fiscal contraction will see markets do the job for them.”

Despite the strong showing, Bank of America believes investors should steer clear of all euro area shares until there is a clear plan in place to manage the Greek crisis.

“Without common-sense fiscal policy that allows the periphery to refinance debt at reasonable rates, European equities should not be owned.”