Donie's Ireland daily news BLOG

Irish economy set to bounce back sharply, says Davy Stockbrokers

  

A licence to print money should always trigger alarm bells

The economy could bounce back more sharply than expected in the coming years, Davy Stockbrokers has said.

It claimed suggestions that the country’s economy is operating at full capacity represents an “unduly pessimistic” view of growth prospects.

Institutions such as the European Commission argue that Ireland has one of the smallest so-called output gaps in Europe. An output gap is the difference between the actual output of an economy, and the output it could achieve when at its most efficient or at full capacity.

The Commission, by arguing that the output gap is almost closed, is stating that the budget deficit is almost entirely structural, and that the deficit will not be improved by growth in the economy alone.

“That is, the Government cannot rely on the economic cycle to naturally close a substantial portion of the remaining budget deficit and should press on with fiscal consolidation,” Davy said it in its latest economic monthly bulletin.

“Our view is that the output gap is probably well in excess of 1% of GDP and budgetary out-turns could still surprise favourably.”

Davy said it believes that Ireland’s output gap is far larger than 1pc and that the economy may “bounce back sharply in the coming years”.

It added it expects to upgrade its forecasts for growth this year towards 5%.

Irish salaries set to rise by 2% in 2015, A Mercer survey finds

Average wage could rise by up to €700 a year as economy continues to recover

  

The high-tech sector is forecasting the largest salary increase in 2015 at between 2.5 per cent and 3 per cent, according to a survey from Mercer.

Irish salaries are set to rise by 2 per cent in 2015, with employees in the high-tech sector benefiting the most from a recovering economy with salary increases of as much as 3 per cent forecast.

According to a survey from Mercer, some 92 per cent of employers are planning to implement pay increases in 2015, with an average pay rise of 2 per cent expected.

The high-tech sector is forecasting the largest salary increase in 2015 at between 2.5 per cent and 3 per cent, followed by financial services, which is expected to see growth of 2 per cent. Executives in the sector however are only expected to grow their salaries by 0.8 per cent.

Other key sectors that expect to increase salaries in 2015 include; consumer goods, life sciences and manufacturing, which are each forecasting increases of 2 per cent, in line with the market overall.

Employees working in the energy and services (non-financial) sectors are set to fare the worst, with an average increase of 1.5 per cent forecast.

Noel O’Connor, Mercer talent consultant, said that the report “very much reflects the positive sentiment and improving performance of the Irish economy.”

“Ireland has expanded its position as a hub for hi-yech businesses in recent years. The competition for talent in this high-growth, high-value sector, is demonstrated by the above average salary increases forecasted for high-tech in 2015.”

Meanwhile, Cpl’s Employment Market Monitor pointed to continued year-on-year jobs growth for the 11th quarter in sectors which largely represent the FDI sector (IT & telecoms; science, engineering & supply chain; sales, marketing & retail; and accountancy, finance & banking). But, the report also shows an apparent slow-down in jobs listed in the last quarter (Q3).

“This is the most pronounced slowdown in two years and possibly indicates a softening of labour market conditions coming into autumn,” the report says.

Nonetheless, employers were very optimistic for the coming 12 months with 80 per cent expecting to recruit and 53 per cent planning to expand their operations.

A majority in Northern Ireland ‘want a border poll’

  

A SURVEY HAS CLAIMED A MAJORITY OF PEOPLE IN NORTHERN IRELAND WOULD FAVOUR A REFERENDUM ON THE IRISH BORDER. 

THE STUDY SUGGESTED THERE IS STRONG SUPPORT FOR A BORDER POLL.

However the study, published in Monday’s Belfast Telegraph, suggested that those surveyed don’t want to be part of a united Ireland – including one in five Catholics.

The poll was carried out by LucidTalk at the time of the Scottish independence referendum.

People were asked if a vote should be held on whether Northern Ireland should stay in the UK or to join with the Republic of Ireland.

With ‘don’t knows’ excluded, 56% said they wanted a referendum and 44% said they didn’t.

Support for a border poll was highest among young people, the survey found, with a comfortable majority of those in the 18-to-24 and the 25-to-44 age brackets.

Meanwhile, on the question of Irish unity, 59.8% said no, 7.7% said yes and 32.5% said yes in 20 years, not including ‘don’t knows’.

Under the Good Friday Agreement, the power to call a border poll in Northern Ireland lies with the Secretary of State.

Theresa Villiers can make the call at any time, but she would only be required to do so if there was clear evidence that a majority would back a united Ireland.

Sinn Féin deputy First Minister Martin McGuinness renewed his party’s call for a vote on the border after Scotland held its referendum on independence, while First Minister Peter Robinson of the DUP said there are more pressing issues in Northern Ireland.

Last year, the Northern Ireland Office said that the UK Government had no plans to organise a referendum based on recent election results and opinion polls in the region.

Male Nurse who placed surgical tape over patient’s mouth

‘ACCEPTS’ INCIDENT AMOUNTS TO PROFESSIONAL MISCONDUCT

 

Bimbo Paden appeared before a Nursing and Midwifery Board of Ireland (NMBI) fitness-to-practice hearing

A NURSE placed surgical tape over the mouth of a severely brain damaged patient, who could not speak, after a terminally ill cancer sufferer with memory loss became “distressed” by the “loud” noises he was making.

Bimbo Paden had worked at St John’s Community Hospital in Sligo since 2001, shortly after arriving in Ireland from the Philippines.

He appeared before a Nursing and Midwifery Board of Ireland (NMBI) fitness-to-practice hearing this morning facing allegations of professional misconduct.

The inquiry was told that on June 26 last year he placed white surgical tape over the mouth of ‘Patient A’, a 49-year-old who was resident there for 13 years having suffered a brain haemorrhage.

“He knew or ought to have known that this was inappropriate,” the hearing was told.

It is also alleged he placed a ‘hoist sling’ under the same patient without the assistance of another staff member in breach of HSE policy.

The man is a “vulnerable, maximum dependency patient”, who requires full care for all his daily needs, including personal hygiene and eating.

“He cannot speak but can make noises. The only way he can communicate verbally is through making sounds. These can be for a long or sustained period of time,” said Barrister Neasa Bird for the NMBI CEO.

Bimbo Paden, a 42-year-old male nurse, was extremely stressed and overworked at the time of the incident, Mr Paden’s barrister Noel Whelan said.

“Until this incident his care for Patient A was always proper, professional and appropriate.”

He said Mr Paden is a father-of-three and is the “sole earner” in his family.

He had worked as a nurse before he arrived in Ireland in 2000.

Mr Whelan said his client has “accepted” the placing of surgical tape across the patient’s mouth had occurred, and that it amounted to professional misconduct.

But he insisted “circumstances” surrounding the incident must also be taken into account.

“He was horrified when he realised what he had done. He is ashamed of his actions,” he said.

“It was inappropriate and not in accordance with the care plan for this patient.”

“From the outset nurse Paden has indicated his wish to apologise to the patient and the family of Patient A,” Mr Whelan said.

Mr Paden was given the Probation Act for assault earlier this year at Sligo District Court.

A previous court hearing was told a Health Service Executive (HSE) internal investigation found Mr Paden worked under serious stress,  and never complained about it.

Detailed investigations had shown the workload in the unit was inequitably distributed with Mr Paden carrying out an unduly high workload.

It is the first public fitness to practise inquiry by the NMBI, which has replaced An Bord Altranais.

World wildlife populations halved in 40 years 

A new report states

  

The global loss of species is even worse than previously thought, the London Zoological Society (ZSL) says in its new Living Planet Index.

The report suggests populations have halved in 40 years, as new methodology gives more alarming results than in a report two years ago.

The report says populations of mammals, birds, reptiles, amphibians and fish have declined by an average of 52%.

Populations of freshwater species have suffered an even worse fall of 76%.

Severe impact

Compiling a global average of species decline involves tricky statistics, often comparing disparate data sets.

The Living Planet Index tracks more than 10,000 vertebrate species populations from 1970 to 2010

The team at the zoological society say they’ve improved their methodology since their last report two years ago – but the results are even more alarming.

Then they estimated that wildlife was down “only” around 30%. Whatever the numbers, it seems clear that wildlife is continuing to be driven out by human activity.

The society’s report, in conjunction with the pressure group WWF, says humans are cutting down trees more quickly than they can re-grow, harvesting more fish than the oceans can re-stock, pumping water from rivers and aquifers faster than rainfall can replenish them, and emitting more carbon than oceans and forests can absorb.

It catalogues areas of severe impact – in Ghana, the lion population in one reserve is down 90% in 40 years.

In West Africa, forest felling has restricted forest elephants to 6-7% of their historic range.

In Nepal, habitat loss and hunting have reduced tigers from 100,000 a century ago to just 3,000.

In the UK, the government promised to halt wildlife decline – but bird numbers continue to fall.

The index tracks more than 10,000 vertebrate species populations from 1970 to 2010. It reveals a continued decline in these populations. The global trend is not slowing down.

‘New method’

The report shows that the biggest recorded threat to biodiversity comes from the combined impacts of habitat loss and degradation, driven by what WWF calls unsustainable human consumption.

The report notes that the impacts of climate change are becoming of increasing concern – although the effect of climate change on species until now is disputed.

WWF is keen to avoid despair. It points to conservation efforts to save species like:

• A Gorilla Conservation Programme in Rwanda, promoting gorilla tourism
• A scheme to incentivise small-scale farmers to move away from slash and burn agriculture in Acre, Brazil
• A project to cut the amount of water withdrawn from the wildlife-rich River Itchen in the UK.

Previously, the Living Planet Index was calculated using the average decline in all of the species populations measured. The new weighted methodology analyses the data to provide what ZSL says is a much more accurate calculation of the collective status of populations in all species and regions.

A ZSL spokesman explained to BBC News: “For example, if most measurements in a particular region are of bird populations, but the greatest actual number of vertebrates in the region are fish, then it is necessary to give a greater weighting to measurements of fish populations if we are to have an accurate picture of the rate of population decline for species in that region.

“Different weightings are applied between regions, and between marine, terrestrial and freshwater environments. We are simply being more sophisticated with the way we use the data.”

“Applying the new method to the 2008 dataset we find that things were considerably worse than what we thought at the time. It is clear that we are seeing a significant long-term trend in declining species populations.”     

Donie's Ireland daily news BLOG

Now revealed – the Troika threatened to bankrupt Ireland if bondholders were burnt

  

Dr. Patrick Honohan: 

ECB officials agreed to threaten Ireland with bankruptcy if the government tried to burn bondholders

Senior European and European Central Bank (ECB) officials agreed to threaten Ireland with national bankruptcy if the government made any attempt to burn bondholders, it has recently being revealed.

The threat was made at a high-level teleconference meeting, details of which have been revealed for the first time by the Central Bank governor, Dr Patrick Honohan.

Mr Honohan, who famously told the nation Ireland would be entering the Troika bailout programme live on radio as government ministers were publicly denying it, also revealed he was kept out of loop about the meeting.

In a new book about the late Brian Lenihan, Mr Honohan said he only found out about the meeting after the Troika delivered the ultimatum to Mr Lenihan on November 26, 2010.

“The Troika staff told Brian in categorical terms that burning the bondholders would mean no programme and, accordingly, could not be countenanced,” Dr Honohan writes. “For whatever reason, they waited until after this showdown to inform me of this decision, which had apparently been taken at a very high-level teleconference to which no Irish representative was invited.”

Dr Honohan’s revelations will add more fuel to claims that Ireland was “bullied” into the bailout.

They are also likely to lead to growing demands here for former ECB president Jean-Claude Trichet, who played a central role in the Irish bailout and the handling of the Eurozone crisis, to appear before the banking inquiry over the coming months.

The ECB last week came under renewed criticism for failing to publish a letter sent by Mr Trichet to Mr Lenihan during the same period of November 2010, despite a request from the European Ombudsman, Emily O’Reilly.

ECB president, Mario Draghi, last week told Irish MEP Brian Hayes the bank would discuss the question of Mr Trichet’s possible appearance before the banking inquiry, and that he could have a response by November. Mr Hayes subsequently said that if Mr Trichet cannot attend the banking inquiry, the ECB should “provide documentation and, where relevant, officials” to assist the inquiry.

Meanwhile, the former European commissioner Olli Rehn yesterday said he would “consider seriously” appearing before the forthcoming banking inquiry if he is asked to do so.

Mr Rehn, who stepped down as Commissioner for economic and monetary affairs in July, said decisions made by the ECB and the European Commission were taken when euro zone economies were “in a freefall”.

Speaking on the Marian Finucane Show, Mr Rehn said that while he was not very familiar with the proposed banking inquiry, “it is both reasonable and useful that in Ireland a profound analysis of the crisis will be done”.

The book, Brian Lenihan: In Calm and Crisis, extracts of which appear in today’s Sunday Independent, was commissioned by friends and family and contains essays on his handling of the crisis by colleagues, including Dr Honohan and IMF chief Christine Lagarde, who was then finance minister of France.

In one extract, Dr Honohan reveals that the Troika appeared to be considering “burning” some senior bondholders in the negotiations which followed Ireland’s application for a bailout.

Dr Honohan was involved in the ECB decision to press Ireland to ask for a bailout and supported it, because of the enormous growth in emergency loans from the Central Bank to the banking system from the middle of September.

He says government reluctance to apply for a programme explains his dramatic interview on RTE’s Morning Ireland on November 18, 2012, saying that Ireland would go into a bailout, but he did not realise other cabinet ministers had not been kept informed of what was happening.

“Things had got to the point where, had it remained silent on the state of play, the Central Bank would have not only failed in its responsibility to use timely communication to steady confidence, but would also have dashed a legitimate public expectation in Ireland that the Bank could be trusted not to deceive through omission,” Dr Honohan writes.

“What had not occurred to me was that Brian might not, even by that stage, have communicated to some of his senior ministerial colleagues how far down the road the discussions had already gone.

“Clearly, the interview was inconvenient for him, but he understood, as he

Phil Hogan defends handling of Irish Water costs after new memo discovered

  

Former environment minister says he signed off on overall start-up costs for Irish Water

Former minister for the environment Phil Hogan is due to appear before a committee of the European Parliament on Thursday for a hearing to approve his nomination as the new EU Agriculture Commissioner.

Former minister for the environment Phil Hogan has defended his handling of the manner in which he approved the start up of Irish Water.

Mr Hogan said he had signed off on the overall figure required to establish Irish Water, including hardware and software systems and a billing system, all of which were necessary for the state company to get off the ground.

“There was a robust examination of all the costs associated with the establishment of Irish Water by New Era and the National Development Finance Agency.

“The figures were then verified by the regulator and I ultimately approved them. All of the costs were approved and independently verified as necessary for the establishment of the new company,” Mr Hogan told The Irish Times.

He was responding to a report on RTE’sThis Week programme which said Mr Hogan had been informed in December 2012 that Irish Water had allocated a sum of more than €40 million from which consultants, among others, would be paid.

On Thursday Mr Hogan will appear before a committee of the European Parliamentfor a hearing to approve his nomination as the new EU Agriculture Commissioner.

Documents obtained by RTE under a Freedom of Information request showed the allocation was approved by Mr Hogan more than a year before a controversy over Irish Water spending on consultancy services developed.

That controversy arose last January when the chief executive of Irish Water John Tierney told an Oireachtascommittee that over €50 million had been spent on consultants.

The latest document to be released is a confidential memo written by a senior official in Mr Hogan’s Department. It included an assessment of progress being made late in 2012 on the setting up of Irish Water and the Government’s wider water reform programme.

The document refers to the provision of a sum of €43.5 million out of which Mr Hogan was informed external consultants as well as seconded staff from Bord Gais and local authorities would be paid.

The document pointed out that the bulk of the allocation would be spent on “new systems” including billing and call centre systems which were essential to get the new utility up and running and be in a position to charge customers for water.

World stock markets set to keep on rising well into 2015

  

DESPITE WARNING THAT MARKETS ARE VERY HIGH, ANALYSTS BELIEVE THE BULL RUN WILL CONTINUE WELL INTO NEXT YEAR, ACCORDING TO A GLOBAL POLL

Global stock markets will keep climbing as they shift away from a liquidity driven rally to focus on growth expectations, although many strategists also warned in a worldwide Reuters poll that prices are already very high.

Accommodative monetary policy has driven a bull market in stocks in recent years, but the Bank of England is expected to raise interest rates early next year and the US Federal Reserve not long after, tempering future gains. But as that won’t happen unless those economies are on a firm footing, US and British stocks are expected to lead the charge next year. That suggests there is a subtle shift away from central bank cash to economic optimism.

“The Fed won’t raise rates unless the economy is strong enough to stand it, and that means higher equity prices,” said David Joy, chief market strategist at Ameriprise Financial in Boston.

Just as those central banks tighten policy, the European Central Bank is more likely to be doing the opposite. Additional stimulus would add some short-term support to eurozone stocks, with Italy’s FTSE MIB – already up 9pc in 2014 – expected to be the biggest beneficiary.

But analysts lowered their forecasts for eurozone stocks from a poll taken in June. That comes despite a falling euro, which should boost corporate earnings in the coming quarters and may give a lift to inflation and eurozone exports.

“This will be a very delicate turning point for stock markets, even though it won’t change the bullish medium-term trend,” Xavier Lespinas, head of equities at Swiss Life Banque Privee, said. Nearly all the almost 250 analysts and investors polled in the past week predicted markets would rally – with several indexes reaching new highs.

Equity fund managers raised their net long positions in S&P 500 futures contracts, data last week showed. The MSCI World Index, which tracks stocks from developed economies, is currently around 1,723, not far off the all-time high of 1,765.77 points reached in July.

European shares are poised to rise about 2pc by the end of December and the S&P 500, already close to a record high, should keep pace with them. That compares to more buoyant 5pc gains in India and Russia and 4pc in China. One index from developed economies that is expected to do well is the FTSE, predicted to jump over 4pc to a new record high.

The performance of Brazil’s Bovespa, however, will depend on October’s presidential election.

Presented with both options, the poll showed the index would fall 12pc if incumbent president Dilma Rousseff is re-elected, but would rally by the same amount if she loses.

Strategists noted stock prices in China and other parts of East Asia remain relatively cheap compared with US and European shares, though rising US interest rates may cap gains.

Asian markets, bar India, have generally lagged the global bull run this year amid worries over China’s slowing economy, though Beijing is expected to roll out more stimulus measures in coming months to shore up growth. The Shanghai Composite Index is up over 10pc this year but most of those gains have come in recent months as investors bet on further policy easing from the People’s Bank of China. That comes despite widespread concerns over a falling property market and no clear drivers for a major pick-up in growth.

Still, stock prices there look relatively cheap after a steep fall in 2013 and the first half of this year.

“We’ll see some funds switching back from developed countries to seek opportunities in other markets,” said Ben Kwong, director at KGI Asia.

Indian shares, which have soared more than 25pc so far this year on anticipation and follow-through after a landslide election of a new government in May, will jump to new record highs over the next year and beyond.

If Russian shares make their expected gains they will still finish the year some 13 pc lower after months of heavy selling pressure linked to the Ukraine crisis. Russian assets have plunged on several occasions this year as markets fretted over Russian military intervention in Ukraine and as Western powers imposed several rounds of sanctions targeting key sectors of the Russian economy.

“Russia is a bungee-jumping market. You fall probably more than you should, get close to the water but then you get pulled right back up,” said Erik DePoy, an equities strategist at Gazprombank in Moscow.

Complaint to Gardaí over Feighan role in Roscommon scuffle

 

BYELECTION CANDIDATE JOHN MCDERMOTT SAYS HE HAD NO OPTION OTHER THAN TO MAKE STATEMENT

A screen grab from a video showing the apparent scuffle between Deputy Frank Feighan (centre) and John McDermott (left, dark jacket).

An allegation of assault by Fine Gael TD Frank Feighan has been reported to gardaí following a scuffle in Co Roscommon on Friday.

Roscommon/South Leitrim byelection candidate John McDermott, who is also chair of the Roscommon HospitalAction Committee, made a statement on the incident at Roscommon Garda station at yesterday evening.

Mr McDermott said he made the complaint after Mr Feighan’s failure to contact him directly to apologise and the TD’s “half-hearted” statement issued to the media yesterday.

“He left me with no other option. It is up to the gardaí now. They said they will review any CCTV and news video footage and decide whether a file should go to the DPP,” Mr McDermott said today.

Mr Feighan yesterday apologised for his involvement in the scuffle in Co Roscommon where Taoiseach Enda Kenny was heckled over broken promises in relation to Roscommon hospital.

The scuffle started when Mr McDermott sought to approach the Taoiseach as he arrived in the town on Friday.

Deputy Feighan, aided by two other Fine Gael supporters, stepped in to hold and then shove Mr McDermott back.

Mr McDermott claims he received a number of elbows into the stomach from Deputy Feighan and described the use of force as “unwarranted” and “cowardly”.

While Deputy Feighan later acknowledged there had been a scuffle he insisted the incident was a “collision” between him and Mr McDermott.

In a statement, he said on arrival he had “formed the opinion that the Taoiseach was going to be confronted in an aggressive and physical manner”.

“In hindsight, I misread the situation and overreacted in a tense situation,” he said.

“I regret if any actions of mine caused hurt to anybody especially the Hospital Action Committee candidate and former Roscommon senior county goalkeeper, John McDermott.”

After shouts and heckling calling for the reopening of the 24-hour emergency department at Roscommon hospital, Mr Kenny defended the decision made three years ago to downgrade it.

Asked whether he would like to apologise to the people of Roscommon for the broken promises on the hospital the Taoiseach said: “Well when I spoke here in Roscommon before the general election I made my comments based on the information I had then. It wasn’t for me to determine professionally, clinically, or ethically the standards that were required and that applied in the accident and emergency unit”.

The Taoiseach said the Model 2 hospital had “an outstanding future” and would benefit from an investment of €20 million.

It was while in Roscommon that Mr Kenny also accepted responsibility for the controversial decision to appoint Seanad byelection candidate John McNulty to the board of the Irish Museum of Modern Art.

Doctor says sorry for hurt caused to husband of tragic Dhara Kivlahan

  

A Consultant apologised to the family of tragic mother Dhara Kivlahan for any hurt caused following a heated exchange while she was in hospital care.

Consultant anaesthetist Dr Seamus Crowley recalled that Michael Kivlehan was “confrontational and angry” when he tried to explain why his wife did not need to be admitted to intensive care the day after her baby was born.

Dhara (29) died in Belfast‘s Royal Victoria Hospital on September 28, 2010, four days after being airlifted from Sligo hospital where she had given birth to her first baby.

The coroner’s court in Carrick-on-Shannon heard of an exchange between Mr Kivlehan and Dr Crowley, who said he was “provoked to ask if he was a nurse or a paramedic”.

He said that he was sorry if he had insulted Mr Kivlehan.

He said Mr Kivlehan was anxious and frustrated. “I certainly did not mean to offend him”.

Mr Kivlehan had told him he was patronising when they were discussing the need to move Dhara to intensive care, he said.

Under cross-examination, he said Mr Kivlehan had mentioned that he spent time in King’s College Hospital – so maybe he could use medical terminology with him.

The consultant said he had told Mr Kivlehan that because his wife was of Indian origin, it would make jaundice “more difficult to appreciate”.

But he stressed he had reassured Mr Kivlehan that blood test results were what he would base his clinical assessment on.

“Jaundice is just a clinical sign. It is not a disease,” he said.

Mr Kivlehan earlier told the coroner’s court that he was too stunned to respond when Dr Crowley said it was hard to tell whether his Indian wife had jaundice. Coroner Eamon MacGowan was told that the consultant was upset by this.

Mr Crowley said he had reassured Mr Kivlehan that his wife had been assessed by the obstetric team and himself, and that the obstetric staff would remain in close contact with ICU. She would be reviewed again if she deteriorated.

Asked whether he agreed that Dhara was in acute renal failure on September 22, the day after her baby was born, Dr Crowley said in his opinion “she had ongoing acute renal injury”.

Pressed on why she had not seen a renal consultant until September 24, the day of her transfer to Belfast, he said she was under the obstetrician Dr Raouf Sallam even after she was transferred to ICU. “I cannot account for why Dr Sallam did not refer her for a renal consult,” he said.

Dr Crowley added that he did not know why Roger Murray, solicitor for the Kivlehan family, was asking why this had not happened by September 22 – it could have happened earlier.

Mr Murray said he was “absolutely right” – there was a 96-hour delay rather than 60 hours as previously suggested.

Ms Kivlehan died days after giving birth to her son Dior, now four, by caesarean section.

A nurse who cared for Dhara in Sligo also told the inquest that she did not tell Mr Kivlehan to “stop eavesdropping”.

Asked whether she told Mr Kivlehan if wanted to make himself useful he should go downstairs and get his wife a drink, she said: “I might have asked him to go to the shop”.

The Bigger the Tusk, the sexier the Narwhal Whale

 

IT TURNS OUT THAT SIZE DOES MATTER. FOR NARWHALS, ANYWAY.

A new study of the Arctic whale affectionately called the “unicorn of the sea” suggests that the tusk of the male narwhal plays a key role in attracting females.

The study, which analyzed anatomical measurements of 144 narwhals, demonstrated a “significant relationship” between the length of a narwhal’s tusk — actually a protruding canine tooth — and the size of its testicles.

In short, the study showed that the bigger the tooth, the bigger the testicles — and, presumably, the greater the animal’s fertility. So just as peacocks with big, beautiful tails are more attractive to peahens, male narwhals with big tusks may be more attractive to female narwhals, the researchers said.

But the narwhal’s iconic tusk isn’t just about turning on the opposite sex. Narwhals have also been known to use their tusks to fight other males. And as Science magazine noted, it’s been speculated that the narwhal tusk may be an ice breaker or a tool for foraging as well.

In 2005, Martin Nweeia, a dentist who teaches at Harvard School of Dental Medicine, offered up another explanation. He said at the time that the whale’s tooth — which is said to be extremely sensitive — could be a sensor used to detect changes in water temperature and salinity.  

Donie' Ireland daily news BLOG

Repaying most of Ireland’s IMF debt early will save the State €2.1bn Euros interest

   

Finance Minister Michael Noonan has previously said the deal would save taxpayers about €1.5bn over a five to seven year period.

Repaying the bulk of Ireland’s IMF debt early will save the state €2.1bn in interest payments, the troika has said.

Finance Minister Michael Noonan has previously said the deal would save taxpayers about €1.5bn over a five to seven year period.

But a document prepared by the troika said that if Ireland was to repay €18.3bn between the end of this year and next year in three equal tranches, the interest saving would equate to €2.1bn.

“IN light of currently very favourable market conditions, an early repayment of IMF credit can generate significant savings on government interest expenditure for the Irish sovereign,” the document states.

It also said that the early repayment of the IMF debt would measurably improve the sustainability of Ireland’s public finances.

The deal was approved by Europe’s other 27 Finance Ministers at a meeting in Milan earlier this month.

But it warned any improvement in the debt position would be diminished by using the savings to boost spending or cut taxes.

Credit union alliance with post offices gives hope to Ireland’s villages

  

A COMBINED LOANS TRIAL IS THE FIRST STEP IN A NEW FINANCIAL SERVICES ALLIANCE.

The plan has the potential to revitalise both organisations and could breathe new life into smaller towns and villages around the country.

The Credit unions and post offices are forging an alliance which will help secure their futures and present a viable alternative to banks in local communities.

The plan has the potential to revitalise both organisations and could breathe new life into smaller towns and villages around the country.

A trial in Limerick will see post offices and credit unions jointly offer small loans for the first time. The funds will be provided by credit unions with money available through post offices.

If the initiative gets rolled out nationally, it will be the first step towards a stronger alliance, with plans for a wider pooling of services nationwide.

The deal could lead to the possibility of credit unions taking over post offices in rural towns.

Such a third force would help offset the effect on communities of bank branch closures, emigration and the closure of hundreds of pubs and shops that were once the heart of village life.

An Post, the Irish League of Credit Unions and the Irish Postmasters’ Union all said they were in favour of the coming together of credit unions and the State post office network to offer financial services.

Such a move would counter the contraction of banks’ branch networks, and provide a boost to credit unions and post offices, as both bodies are under pressure in rural areas.

Banking expert Professor Ray Kinsella told an Irish Postmasters’ Union conference recently that an alliance between the post office network and the credit unions could provide a radical new model for delivering financial services.

“Together they could provide social and community-focused banking, greater competition and also strengthen a domestic banking sector that is still in crisis,” he said.

The Irish Independent has learned that six credit unions and 15 post offices in Limerick are seeking permission to launch a trial to offer loans of up to €1,000 to jobseekers.

The aim of this plan is to steer low-income groups away from moneylenders.

A spokesman for the Irish League of Credit Unions said the initiative was at an early stage. But he stressed other areas where the two bodies can pool their offerings are being explored.

“The participating credit unions in Limerick and An Post are also examining whether there may be common ground to explore other methods of cooperation, which would offer mutual benefit.”

The spokesman added that credit unions were now looking at a number of other areas where co-operation can be fostered nationwide. The proposals include:

Credit unions using An Post’s Post Point terminals to offer members a range of bill-paying services.

An Post accepting cash lodgements and loan repayments from credit unions members.

Seeing if post offices could be housed in credit unions, and vice versa, in certain circumstances.

Loans offered from cash-rich credit unions via post offices.

The proposals would be implemented on a phased basis over the next year, following pilot projects. There are 386 credit unions in the State but they are under pressure due to low demand for loans, despite being flush with cash, and strict new regulatory rules.

They are also grappling with loan arrears and they are under pressure to perform mass mergers across the sector in order to bulk them up.

There are 1,100 post offices, but they are overly-dependent on processing social welfare payments to make an income.

The planned link-up between six credit unions and 15 post offices in Limerick involves allowing people on social welfare access to loans worth up to €1,000 each.

The funds would be provided by the credit unions, but loans would be granted through the post offices.

To get a loan people would have to sign up to An Post’s household budget scheme, and make repayments weekly.

This scheme allows people to pay regular amounts towards household bills, deducted from social welfare payments.

The idea is to give families on low incomes cheap access to small amounts of credit for the likes of Christmas and communions.

The Department of Social Protection told the Irish Independent it was happy to consider any proposal that progresses financial inclusion.

“Such a proposal would also have to be examined for compatibility with the existing legislation that governs the household budgeting scheme and any implications for modification thereto considered.”

Irish property prices up 14.9% this year to August

 

NEW CSO FIGURES SHOW THAT IRISH RESIDENTIAL PROPERTY PRICES ARE NOW 14.9% HIGHER THIS YEAR THAN IN AUGUST 2013

Residential property prices increased again last month, according to new figures from the Central Statistics Office.

The CSO figures show that national prices were 14.9% higher in August compared to August 2013 – the 15th annual increase in a row.

Residential prices across the country rose by 2.3% in the month of August compared to July.

Dublin saw property price increases of 3.5% in the month, while they were 25.1% higher than a year ago.

In the rest of the country, prices rose by 0.8% in August on a monthly basis, while they were 5.6% higher than this time last year.

The CSO said that Dublin house prices rose by 3.5% in the month of August, and were 24.7% higher compared to the same month last year.

It also noted that Dublin apartment prices were 32.6% higher on an annual basis, but it added that apartment transactions are based on low volume levels and therefore suffer from greater volatility.

Today’s figures show that house prices in Dublin are more than 39% lower than at the peak of the market at the start of 2007. Dublin apartments are 45.8% lower than their 2007 peak.

The price of residential properties outside of Dublin are 44.6% lower than their highest level in September 2007.

Today’s CSO figures are based on mortgage draw-downs and do not include cash transactions.

But they show that the number of transactions increased markedly over the past year. Between January and July 2013, 11,800 houses and apartments changed hands. During the same time this year there were almost 20,000 transactions.

Alan McQuaid, chief economist with Merrion, said August’s numbers represented the 15th annual increase in a row.

He pointed out that the underlying housing market was a lot more robust than the official data would suggest as the figures are based solely on mortgage draw-downs.

“Although cash sales are not as high now compared with the start of the year, they are still significant, with three to four of every ten transactions a cash purchase,” he said.

“The generally improving economic backdrop should help to sustain the house price recovery in the short-term even with limited credit availability for potential buyers.”

“Longer-term, however, the flow of credit needs to be a lot higher than it is now. Following an average increase of 1.8% in house prices last year, we are now looking for an increase of around 13.5% in 2014.”

Conall Mac Coille, chief economist with Davy, said there appeared to be little evidence that the recovery in Irish house prices was abating.

He pointed out, however, that the market was exceptionally illiquid with just 15,688 residential property market transactions in the first half of 2014, comprising around 0.8% of the housing stock.

“This suggests that the average house is being sold once every 64 years at current transaction rates. That said, year-to-date transaction levels are up almost 50% on 2013,” he said.

“The pick-up in house price inflation increasingly reflects negative factors, preventing the Irish economy from achieving its potential. Specifically, activity and employment in housing construction remain at moribund levels, holding back the supply of fresh homes to satiate demand from first-time buyers,” Mr Mac Coille concluded.

“Good News” Sligo to host the 2015 All-Ireland Fleadh for another year

  

THE ALL IRELAND FLEADH CEOL NA EIREANN 2015 WILL BE COMING TO SLIGO AGAIN, IT WAS CONFIRMED YESTERDAY.

The dates will be from August 9th untill the 16th.

Martin Enright of the Fleadh committee, said that it is tremendous news for Sligo.

He said: “We are delighted that it is coming back, this has worldwide implications for the region.

“It is not just for the week, for the long-term.

“I have been getting messages from America, Russia, all over about how well Sligo did.

“It has been a real positive for Sligo.” He said that the Ard Comharlas, that grant who gets the Fleadh, met at the weekend and had a vote.

“In principle it is fully ratified, depending on whether the Fleadh committee can come up with the required funding by early December.”

He said that the pressure is on now to get these funds, through grants and various stakeholders, such as the vintners and hoteliers.

“We are delighted that it is coming back,” Martin added.

Typical children in Ireland are eating more than 16kgs of treat type foods each year

 

Foods such as biscuits, sweets and crisps are now an every-day staple of kids’ diets, making up a fifth of their daily calorie intake.

As part of its campaign to take on childhood obesity, Safefood is urging parents to tackle the amount of “treat foods” that their children are eating.

“At present 20% of children’s daily calorie intake is from these foods with little or no nutritional value,” it said.

The body estimated that on average a child typically consumes over 16kgs of treat foods per year – the equivalent of 140 small chocolate bars, 105 tubes of sweets, 36 packets of jam-filled biscuits and 118 bags of crisps. And this doesn’t include foods like ice-cream, cakes, pastries and buns and puddings that a child would typically eat.

Figures show that approximately one-in-four primary school children is overweight or obese. The prevalence of excess weight is also beginning earlier in childhood, with 6pc of three-year-olds currently being obese.

“We are giving our children treat foods every day and in many cases several times a day. These nutritionally poor foods, which are often referred to as ‘empty calories’, are given at the expense of nutritionally-rich foods in our children’s diets. Eating patterns developed in early childhood tend to last,” said Dr Cliodhna Foley-Nolan, director of human health and nutrition with Safefood.

“Parents need to be aware of the health risks associated with over-consumption of these types of foods. It’s simply a matter of cutting down on treat foods to a more sensible level, basically much smaller amounts and not every day.

“One of the big things we are trying to get across is the difference between a snack and an indulgence. The difference has become blurred.”

She suggested that fruit or a slice of toast, depending on the age of the child, is suitable if they are hungry.

In addition, quantities are another big issue for parents to cut down on, according to Dr Foley-Nolan.

“The other thing we are saying is in general not to have a ‘treats’ cupboard at home.

“If it is there, you are tempted, they are tempted,” she added. “Treats should be a luxury.”

Meanwhile, in relation to meal size and quantity, she said: “If you look at a plate of food, a good third should be vegetables, a third should be the starchy food, whether rice, pasta and potatoes, and a third should be the meat or fish.”

John Sharry, a senior lecturer in the School of Psychology at UCD, added: “Parents want what’s best for their children and no one wants to take the fun out of childhood. But we’ve reached a point where these so-called ‘treat’ foods are consumed far too frequently and just aren’t treats any more.

“As parents, we’ve lost the ability to say ‘no’ to our children and we need to re-learn that setting these clear boundaries is an important step in our children’s well-being and development.”

The Safefood campaign will feature on TV and poster advertisements.

Irish teenagers bag top prize at Google Science Fair 2014

  

The Google winners – Ciara Judge, Émer Hickey and Sophie Healy. 

The 18 finalists were selected from over 5,000 entries in 90 different countries.

It marks a remarkable 12 months for Ciara Judge, Sophie Healy-Thow and Emer Hickey who have literally conquered the world of science competitions.

The Cork trio won the BT Young Scientist title in January 2013 before heading to the Czech Republic last September and winning the €7,000 top prize in the EU Young Scientist competition.

As if that wasn’t impressive enough, last September Ciara scored a whopping 12As in her Junior Cert.

In a remarkable twist, Ciara’s older sister, Ashling, was the 2006 Young Scientist champion.

Ciara’s proud parents, Eamon and Maureen, admitted that it has been an astonishing 18 months for the girls and their school.

The girls’ project on seed germination has already received worldwide plaudits.

It revolves around their discovery that bacteria which occur naturally in the soil can help kick-start the germination of some crops by as much as 50%.

The Cork girls’ winning project examined how a particular bacteria, a diazotroph, can increase germination rates and crop yields.

Experts believe the commercial applications of their discovery are absolutely enormous.

“It has been an absolutely fantastic couple of months,” Ciara admitted.

Their top prize for winning the US title in California is a €30,000 scholarship from Google and an all-expenses paid field study trip to the Galapagos Islands where Charles Darwin formulated his theory of evolution.

They will also get the chance to sample astronaut training with NASA.

Ciara has already set her sights on studying veterinary science in university after her Leaving Cert.

Former EU Commissioner Geoghegan-Quinn said she was very impressed by the Kinsale girls and their project.

“The future is bright if this is the level of talent we are producing in Europe. It is particularly great to see the mix of curiosity-driven research and more applied projects,” she said.

The Kinsale Community School triumph continues a remarkable Irish success story in the EU Young Scientist competition with Irish entries having won the overall prize 15 times in 25 years.

Ciara’s parents, Eamon and Maureen, said their daughter, who is now in Fifth Year, is ultimately hoping to study veterinary in university.

KCS principal Fergal McCarthy said they were absolutely delighted by the girls’ latest triumph.

It was the third time in seven years that the Cork school won the overall national title.

The school proudly held the joint record this year for the greatest number of entries and had a remarkable total of 38 students participating.