Donie's Ireland daily news BLOG

ESRI report predicts Ireland will find it difficult to be a magnet as a corporate tax friendly country after Brexit

BIG DEMAND FOR MORTGAGE FINANCE UNDERLINES NEED FOR FOREIGN BANKS TO OPERATE IN THE IRISH MARKET

  

In a world of increasing political and economic uncertainty, making meaningful medium to long-term economic forecasts is difficult. Nevertheless, the Economic and Social Research Institute (ESRI) in publishing its outlook for the Irish economy has tried to chart a potential path for the domestic economy to 2025, and to identify some of the major policy challenges ahead.

The ESRI presents a relatively optimistic outlook. It regards a 3% growth rate for the domestic economy as sustainable, underpinned by a growing labour force and an expanding working age population – bolstered by net immigration. Much, however, will depend on the growth in global trade and on what form an hard or soft Brexit agreement ultimately takes.

The institute’s second concern is how the introduction of a Common Consolidated Corporate Tax Base (CCTB) in the EU might affect foreign direct investment in Ireland, by hitting employment growth and tax revenue. The CCTB does not change Ireland’s 12.5% corporate tax rate. Instead the tax payable by a company would reflect the location of its actual activities, and the profits earned there.

Since Ireland’s low rate would thereby apply to a smaller share of the profits of multinationals, the country would become a less attractive investment option to such companies; securing overseas investment would be harder, and corporate tax revenues would be depressed.

The ESRI suggests that under CCTB, which the Government opposes, economic output could decline by 1.5%, foreign direct investment would drop by some 5% and revenues from corporation tax decline by a similar figure.

The British government’s aims to lower its corporate tax rate from now 20% to 15% over time. President-elect Donald Trump is planning to lower the US rate to 15% within months.

The ESRI identifies another concern: the likely inability of the banking sector to supply adequate mortgage finance to meet the rising demand for housing. An additional €50 billion may be needed by 2024, it suggests. Irish banks may be unable to provide the loans, creating the need for foreign banks to re-enter the market.

Almost 40% of Irish consumers will overspend this Christmas

   

New research commissioned by Ireland’s leading gift card company One4all shows that close to 40% of Irish consumers expect to spend more than they can afford this Christmas. Under 35s are the group most likely to go over their Christmas budget, with 45% of respondents in this age group anticipating an overspend. This correlates with research undertaken last year by One4all, which showed that 54% of us do not save for the Christmas period.

The survey was undertaken nationally by RedC in November, with 1,000 respondents overall.

Overspending is not the only thing getting Irish workers down about the holiday season, according to the nationally representative survey. 40% of respondents stated that they do not get enough time off at Christmas. Again, under 35s are the most affected by this lack of time off – more than half (51%) in this age group complained about their short Christmas holidays. However, only one third (33%) of Irish workers have used up all of their holiday entitlements for this year.

With Christmas traditionally being a ‘stay at home’ holiday, it is surprising to learn that 30% of respondents would rather spend Christmas abroad than here in Ireland. This rises to 37% in under 35s, and drops to 25% in over 55s, who would be more likely to want a traditional Christmas.

One4all also asked respondents who they think should be awarded a Christmas bonus this year. Our president Michael D. Higgins won out, with 39% thinking he deserved a bonus, followed closely by Robbie Brady at 33%. Only 20% of Irish adults reckon their boss deserves a Christmas bonus. Interestingly, women are more likely than men to feel their boss should get a bonus, with over one quarter saying they believe it’s deserved.

21% of adults feel that Donald Trump’s Campaign Manager deserves a Christmas bonus – and this is before the President elect won his election campaign.

New eagles have landed to bench with a record number of solicitors for 2016

BREXIT ‘UNCERTAINTY’ PROMPTS 800 SOLICITORS FROM ENGLAND AND WALES TO JOIN IRISH ROLL CALL?

   

Ken Murphy, director general of the Law Society of Ireland, said that solicitors’ firms are coming on the roll to ensure they maintain the status of EU membership.

A record number of new solicitors will be added to the Law Society of Ireland roll by the end of the year due to Brexit, the society has said.

There will be 1,347 new solicitors by the end of 2016, 500 more than the previous record set in 2008 and almost four times as many as in 2015.

More than 800 of the new solicitors are from England and Wales, from where only 70 transferred last year.

But that does not mean they will actually set up practice in Ireland; so far very few have taken out practising certificates.

Unlike solicitors from other EU countries, practitioners from England, Wales and Northern Ireland are not required to go through a transfer test. But once on the roll, they must apply for a practising certificate annually.

There are 462 new Irish trainees on the roll this year and 34 barristers. Both of these figures have doubled on 2015, which was a particularly low year for new entrants.

By the end of 2016, it is expected there will be more than 16,300 solicitors on the roll.

A ‘Tsunami’ of new solicitors

Ken Murphy, director general of the Law Society, said the “tsunami of new solicitors” has been caused by the “Brexit-driven” transfer decisions made by solicitors qualified in England and Wales to take out a second jurisdictional qualification in Ireland.

“This they have been perfectly entitled to do since the mutual-recognition regime between the two jurisdictions was first put in place in 1991,” he said.

“The single word that dominates all assessments of the potential impact of Brexit is ‘uncertainty’. So far, the Law Society of Ireland has no knowledge that any of the England-based firms intend to open an office in this jurisdiction.”

He said solicitors’ firms are coming on the roll to ensure they maintain the status of EU membership.

More than 110 solicitors from one firm, international practitioners Freshfields Bruckhaus Deringer, one of the 10 largest law firms in the world, have joined. And 86 have joined the roll from Eversheds, which already has an office in Ireland.

Mr Murphy said he had spoken to Freshfields and it had unambiguously stated it would not be setting up an office in Ireland. He also said only anti-trust, competition and trade law specialists from the company had transferred to the Irish roll.

He also said there will be no real boost to the society’s finances as a result of the increase in numbers as the €300 per solicitor fee for admission to the roll only covers administration costs.

A handful of nuts can cut your heart disease and cancer risk

    

NUTS ARE RICH IN VITAMINS AND MINERALS

“People consuming at least 20 grams of nuts daily less likely to develop potentially fatal conditions such as heart disease and cancer,” The Independent reports. That was the main finding of a review looking at 20 previous studies on the benefits of nuts.

Researchers found consistent evidence that a 28 gram daily serving of nuts – which is literally a handful (for most nuts) – was linked with around 20% reduced risk of heart disease, cancer and death from any cause.

However, as is so often the case with studies into diet and health, the researchers cannot prove nuts are the sole cause of these outcomes.

It’s hard to discount the possibility that nuts could be just one component of a healthier lifestyle pattern, including balanced diet and regular physical activity. It could be this overall picture that is reducing risk, not just nuts.

The researchers tried to account for these types of variables, but such accounting is always going to be an exercise in educated guesswork.

Also, many non-lifestyle factors may be involved in any individual’s risk of disease. For example, if you are a male with a family history of heart disease, a healthy diet including nuts can help, but still may not be able to eliminate the risk entirely.

The link between nuts and improved health is nevertheless plausible. As we pointed out during a discussion of a similar study in 2015: “Nuts are a good source of healthy unsaturated fats, protein, and a range of vitamins and minerals … Unsalted nuts are the healthiest option.”

Where did the story come from?

The study was carried out by researchers from Norwegian University of Science and Technology, Trondheim, Norway, Imperial College London, and other institutions in the US.

It was funded by Olav og Gerd Meidel Raagholt’s Stiftelse for Medisinsk forskning (a Norwegian charitable foundation), the Liaison Committee between the Central Norway Regional Health Authority and the Norwegian University of Science and Technology (NTNU), and Imperial College National Institute of Health Research (NIHR) Biomedical Research Centre (BRC).

The study was published in the peer reviewed medical journal BMC Medicine on an open-access basis, so it is free to read online.

The UK media presents the results reliably but without discussing the inherent potential limitations of the type of observational evidence examined by the researchers.

What kind of research was this?

This was a systematic review that aimed to examine the link between nut consumption and risk of cardiovascular disease, cancer and death.

Previous studies have suggested an intake of nuts is beneficial, and some have found it could be linked with reduced risk of cardiovascular disease and cancer. Other studies though have found no link. The researchers consider the possibility that there is a weak link and that’s what they aimed to look at.

A systematic review is the best way of compiling all literature on a topic available to date. However, systematic reviews are only as good as the underlying evidence. Studies looking at dietary factors are often observational and it is difficult to rule out the possibility of confounding variables from other health and lifestyle factors.

What did the researchers do?

The researchers searched two literature databases to identify any randomised controlled trials (RCTs) or prospective cohort studies that had looked at how nut intake in adults was linked with cardiovascular disease, cancer and death from any cause.

Studies had to report information on nut intake specifically (ideally by dose and frequency). Researchers assessed the quality of studies for inclusion.

Twenty prospective cohort studies met the inclusion criteria. Nine studies came from the US, six from Europe, four from Asia, and one came from Australia. All studies included adult populations; five were in women only, three in men only, and 12 in a mixed population.

The researchers did not find any suitable RCTs to include in their analysis. This is not especially surprising as RCTs involving diet are notoriously difficult to carry out. You could never be sure that everyone who was randomised into the “eat no nuts” group would stick to the plan, or vice versa.

Also they’d need large samples and long follow-up times to capture disease outcomes, so are not usually feasible.

WHAT DID THEY FIND?

CARDIOVASCULAR DISEASE

Twelve studies (376,228 adults) found nut consumption reduced the risk of cardiovascular disease. Each 28 gram/day serving was linked with a 21% reduced risk of cardiovascular disease (relative risk [RR] 0.79, 95% confidence interval [CI] 0.70 to 0.88).

This was for any nut intake, but risk reductions were also found when analysing peanuts or tree nuts separately. Increasing intake was associated with reduced risk up to 15grams/day, above which there was no further risk reduction.

Looking at specific outcomes, 12 studies also found a 29% reduced risk of heart disease specifically (RR 0.71, 95% CI 0.63 to 0.80).

However, 11 studies didn’t find a significant link with the outcome of stroke specifically (RR 0.93, 95% CI 0.83 to 1.05).

Cancer

Nine cohorts (304,285 adults) found that one serving of nuts per day reduced risk of any cancer by 15% (RR 0.85, 95% CI 0.76 to 0.94). By separate analysis, the risk reduction was slightly higher for tree nuts (20%) than peanuts (7%).

All-cause death

Fifteen cohorts (819,448 people) recorded 85,870 deaths. One serving of nuts a day was linked with a 22% reduced risk of death during study follow-up (RR 0.78, 95% CI 0.72 to 0.84).

Looking at specific causes of death, each serving of nuts a day was linked with reduced risk of respiratory deaths (0.48 (0.26–0.89); three studies) and diabetes deaths (RR 0.61, 0.43 to 0.88; four studies).

There was no link with deaths from neurodegenerative diseases, and inconsistent links with deaths from kidney disease and infectious diseases. No other disease-related causes were reported.

Overall, the researchers estimate that 4.4 million premature deaths in 2013 across America, Europe, Southeast Asia and Western Pacific could be attributable to nut intakes below 20 grams/day.

What did the researchers conclude?

The researchers conclude: “Higher nut intake is associated with reduced risk of cardiovascular disease, total cancer and all-cause mortality, and mortality from respiratory disease, diabetes, and infections.”

Conclusions

This systematic review finds evidence that nut intake may be linked with reduced risk of cardiovascular disease, cancer and death.

The systematic review has several strengths. It identified a large number of studies with a large total sample size. It also included only prospective cohorts assessing nut consumption and then followed up later disease outcomes.

It excluded cross sectional studies, which assess diet and disease at the same time, and so can’t show the direction of effect. It also excluded cohorts that have retrospectively questioned diet when the person already has the disease, which could be subject to recall bias.

However, there are still a number of inherent limitations which mean these studies cannot easily prove that nuts are the magic dietary ingredient that are solely and directly responsible for these outcomes.

There were no randomised controlled trials of nut consumption. All studies were observational where people were choosing their own diet.

The researchers took care to include studies that only looked at nut consumption as an independent factor and looked at results that had adjusted for any confounders. However, the factors that the studies adjusted for, and how well they were assessed, will have varied across studies.

As such it’s very difficult to prove that nuts alone are the causative factor and they are not just one component of a generally healthier lifestyle pattern, including balanced diet, regular physical activity, not smoking, and moderating alcohol.

When it comes to frequency or quantity of intake, it is likely there is an element of inaccuracy when people report how much they eat. For example, most people wouldn’t weigh out how many nuts they’re eating each day.

The review also provides limited information about specific types of nuts. Considering peanuts in particular, the studies included in the review didn’t specify whether these are plain nuts, or whether they could have added salt and oils.

It is also likely that cardiovascular and cancer outcomes were not assessed the same way in all studies, for example whether by participant self-report or by checking medical records.

Overall there does seem to be a link between nut consumption and health, but nuts alone won’t reduce your risk of cardiovascular disease or cancers, if your lifestyle is still generally unhealthy.

If you want to live a long and healthy life then you should exercise regularly and eat a balanced diet high in fruit and vegetables and low in salt, sugar and saturated fats, while avoiding smoking and moderating your consumption of alcohol.

Nuts are high in “good fats” and can be eaten in moderation as part of a healthy diet. Unsalted nuts are best as excessive amounts of salt can raise your blood pressure.

Emotions high as Sligo Borough Council closes its books & is no more

   

A CHAPTER IN SLIGO’S PROUD HISTORY CAME TO A CLOSE ON MAY 6TH 2014. SLIGO BOROUGH COUNCIL, WHICH HAD BEEN IN EXISTENCE FOR 400 YEARS, WAS NO MORE.

It was part of a move that summer whereby one county council would be in place after the local elections.

Sligo Champion reporter Michael Moran was there to capture the sombre mood in City Hall in what was a poignant day for the council and also a day to reflect on those who had played such a vital role down through the years and paving the future of Sligo. The Borough Council may be no more, but their stories will remain.

Michael revealed it was an historical and emotional day: “Four hundred years of Sligo Borough Council brought to an end in 77 minutes.

“City Hall had seen many momentous occasions over the Centuries. None ever like this.

“Freemen of the Borough, former Mayors and Councillors, past and present staff and invited guests were in the packed Council Chamber for the last ever meeting of the local authority.”

Members dealt with a number of issues on the Agenda before the final Mayor, Councillor Marcella McGarry, ruled that a number of deferred motions would remain so to allow Councillors have their say at the end of an era. “They did it with dignity, some sadness and sincerity,” Michael added.

Many expressed the hope that a Borough Council would return in the future.

Others reflected on the past. At the end and with the sound of a Piper echoing in the background, the Mayor concluded the meeting at 5.32pm. The Minute book was closed for the final time.

There was spontaneous applause as the concluding chapter was written.

Michael said: “The Chamber was then the scene for a celebration of the Borough Council.

Then, in an act to underline the sense of occasion, two symbols of Sligo Corporation,silver Maces presented in 1842 were handed by the Mayor to Council CEO Ciaran Hayes for exhibition in Sligo Museum. He then presented an inscribed souvenir to each serving Councillor.

“The curtain came down on the Borough Council with performances by representatives from Feis Shlighigh and Feis Ceoil.

“Earlier in the day, children from St Brendan’s NS, St John’s, Gael Scoil Chnoc na Re and St Edward’s were among the many visitors to City Hall to view the Sligo 400 Exhibition and view the Council Chamber.

Mayor Marcella McGarry said: “We reflect on 400 years of local history and pay tribute to the men and women who served this town; people who gave of their time and their toil for the community. They served with distinction over many generations.”

“”The presence among us of our Freemen and former Mayors and other distinguished guests bestows a palpable sense of occasion.

“It highlights the historical significance, the political importance and social and economic legacy of 400 years of Sligo Borough Council.”

Meanwhile, as the Borough Council was winding down, there were rumbles going on as what to do with the now-defunct Mayor’s chain. That summer saw Sligo host the All-Ireland Fleadh, with President Michael D Higgins being welcomed by the Mayor of Sligo Municipal District, Cllr Tom MacSharry. who was without a chain, as The Sligo Champion remarked.

“It was as formal an occasion you could have, the country’s President being welcomed to officially open the All Ireland Fleadh. Apparently Clr MacSharry can’t use the old mayoral chain, which had been in use by the now abolished Borough Council since 1882. It has now emerged that the outgoing Borough Council met in the mayor’s parlour prior to holding their last formal public gathering.

“At this private session the issue of what to do with the historic mayoral chain came up. Councillors voted that they would donate the chain along with the deputy’s mayor’s chain and ceremonial maces to the County Museum.

“The thinking behind the move was that the mayoral chain was presented to the Borough Council/Sligo Corporation in 1882 and as this body was being scrapped so too should the use of the chain. The situation leaves Clr MacSharry without a chain and he won’t have one unless a new one is commissioned. The other question, of course, is: does the present title deserve one?”

Antarctica glows blue as NASA AIM spacecraft observes early noctilucent cloud season

OVER THE SOUTHERN HEMISPHERE

  

Night shining clouds arrived early in the sky above Antarctica and are shining blue. The early arrival of the clouds has triggered suspicion that the warming of the Arctic region could be a reason. 

The sky above Antarctica glowing in electric blue has made big news after NASA updated about the arrival of noctilucent, or night-shining clouds, in the Southern Hemisphere.

In terms of looks, the luminescent clouds are looking wispy as in a blue-white aurora borealis when seen from the ground. The same looks like a blue gossamer haze when seen from space.

The data and images sent by NASA’s Aeronomy of Ice in the Mesosphere spacecraft (AIM) above the Antarctic sky showed the sky as radiating bright with electric blue color.

What makes it special this year is their early arrival, stumping scientists who suspect it as yet another manifestation of the warming of Arctic region.

Some scientists hold the view that this corresponds to an earlier seasonal change at lower altitudes. NASA spokesperson Lina Tran explained that the clouds were seeded by fine debris from disintegrating meteors.

AIM spacecraft analysis?

Since its launch in 2007, AIM spacecraft has been monitoring the atmosphere. Data show that changes in one region of the atmosphere also affect another region in what is called as “atmospheric teleconnections”.

The spacecraft’s evolving orbit has come handy in measuring the atmospheric gravity waves that are contributing to these teleconnections.

“AIM studies noctilucent clouds in order to better understand the mesosphere, and its connections to other parts of the atmosphere, weather and climate. We observe them seasonally, during summer in both the Northern and Southern hemispheres. This is when the mesosphere is most humid, with water vapor wafting up from lower altitudes,” NASA explained in a statement.

The early arrival of Noctilucent Clouds

As mentioned, the early start of blue shining clouds this year — from Nov. 17 instead of late November or early December — has baffled scientists. So there is more mystery in the early start of the shining clouds season in the Southern Hemisphere.

Considered the highest and coldest clouds of Earth, Noctilucent clouds are normally spotted around 50 miles above the Earth’s surface in the mesosphere region.

The blue shine happens when ice crystals formed from the interaction of water vapors with the dust, and micro-debris from meteors start reflecting when sunlight falls on them.

Methane Concentration

One pivotal explanation to the phenomenon was offered by James Russell, a principal investigator of AIM. He said growing methane content in the atmosphere could be responsible for the phenomenon as it allows more water vapor to be loaded into ice crystals leading to these clouds.

Gary Thomas, a professor at the University of Colorado, calls noctilucent clouds a relatively new phenomenon.

“They were first seen in 1885,’ about two years after the powerful eruption of Krakatoa in Indonesia, which hurled plumes of ash as high as 80 km into Earth’s atmosphere,” he said. But even after the ash dispersed, the clouds persisted.

The onset of night-shining clouds coinciding with the early arrival of summer in the Antarctica is a matter of concern for climatologists and NASA.    

Donie's Ireland daily news BLOG

‘Ireland provides the ideal new home for the European Banking Authority’

SAYS MICHAEL NOONAN

  

* SPAIN, FRANCE, POLAND, ITALY ARE AMONG THE COMPETING NATIONS 

Ireland put itself forward as the latest candidate to lure the European Medicines Agency (EMA) and the European Banking Authority (EBA) should they uproot from London after Britain’s vote to leave the European Union.

Ireland’s economy is considered to have more to lose from Brexit than any other in the EU because of its close trade ties, but it could also benefit from the relocation of agencies such as the EMA or EBA as well as multinationals and banks.

The country’s low tax and business-friendly environment has made it a favoured destination of some banks and big international companies, and nine of the world’s top 10 pharmaceutical companies have operations in the country.

Dublin would face competition, however, from cities in Spain, France, Sweden, Poland, Italy and Austria, which are already vying to entice the two agencies.

“As a country with experience in providing links to banks and companies in the UK market, Ireland provides an ideal new home for the staff of the EBA,” Finance Minister Michael Noonan said in a statement.

Irish Health Minister Simon Harris, announcing Dublin as a candidate to house the EMA, said it appeared inevitable that the EMA would have to relocate from London to another EU member state. He stressed Ireland’s advantage as an English-speaking country and said the government would develop a detailed proposal by early 2017.

Housing the industry regulator helps a city attract more companies and investment in those sectors, as London has seen with financial services and life sciences.

“Pimco US bidder” denies it was forced out of Project Eagle by Nama

     

A SENIOR NAMA OFFICIAL TOLD THE ORIGINAL BIDDER FOR THE NORTHERN IRISH LOAN BOOK, US FIRM PIMCO, THAT SOME OTHER WAY COULD BE FOUND TO STAY IN THE PROCESS, DESPITE THE EMERGENCE OF CONTROVERSIAL ‘FIXER’ FEES,

Nama executive Ronnie Hanna played a key role in forcing US company Pimco out of the Project Eagle bidding race – after details of a £15 million “success fee” emerged.

At a meeting of the Dail’s Public Accounts Committee (PAC), emails and board minutes relating to Pimco’s exit from the process were discussed by committee members.

The documents, seen by the Irish Examiner, show that in ‘Contemporaneous Minutes of a Nama Telephone Call with Pimco, 11 March 2014, discussions took place about how a fee could be paid in an alternative way which could see them remain in the process.

On the call for Pimco were Tom Rice, European Legal Counsel and Hugh Mildred, Legal Counsel

and for Nama were Ronnie Hanna and legal advisor Alan Stewart.

On the call Mr Rice who said Pimco was disappointed that disclosures were not made by the relevant parties to NAMA.

The Nama officials asked when Pimco had become aware of the issue.

Mr Rice said the [Project Eagle] process had been with NAMA for several months referenced April/May 2013.

He said this development went back to the origination of the deal with Pimco and the proposal for an acquisition fee, according to the documents.

Mr Rice added the proposed split for the fixer fee was mentioned some time ago and enquiries were made and it was looked at in more detail in the second half of 2013.

Reference was made to a draft letter of engagement. Once the amount was queried it became evident the payment was to be split 3 ways and clarification was sought from the firms afterwards, the documents show.

Mr Rice said they “did not want to continue in a process with any degree of impropriety for Pimco or NAMA and that Pimco was willing to withdraw completely”.

Mr Hanna asked whether Pimco considered other options. “TR asked what options and RH asked if it could be shaped differently for the arrangement fee to come out,” the minutes show.

Mr Rice said that if there was participation with any partners where there has been an issue [for NAMA] and Pimco just would not want to be looking at progressing.

Mr Hanna explained that the point was more to do with Frank Cushnahan, the Nama advisor at the heart of the controversy.

In the conversation referred to the current process as it stood and said Pimco was willing to withdraw.

Investment firm Pimco were not forced out of the sales process of Nama’s sale of its northern loan book, the agency has said.

The admission given at the Public Accounts Committee (PAC) appears to “be at odds” with previous testimony given at the committee by senior Nama executives.

Nama went to great lengths to tell us that they forced Pimco to withdraw from the process, but the new documents do not tally with that assessment, PAC member and Sinn Fein TD Mary Lou McDonald said.

Project Eagle was the name given to more than 900 loans secured on properties in Northern Ireland, the UK and Republic, that Nama sold in April 2014 to US firm Cerberus for £1.3 billion.

A report into the sale, by Comptroller and Auditor General (C&AG) Séamus McCarthy, shows that Mr Hanna, Nama’s head of asset recovery, initially alerted its board that another bidder, Pimco, had agreed to pay the £15 million fee to former Nama adviser Frank Cushnahan,Belfast solicitors Tughans and US lawyers Brown Rudnick, which they were to split equally.

Earlier, Nama has denied that some potential investors were discouraged from participating in the controversial £1.3bn (€1.6bn) sale of its Northern Ireland loan book, known as Project Eagle.

Appearing before the Public Accounts Committee (PAC), Nama officials said that following a board decision to market Project Eagle, in February 2014 six potential bidders signed Non-Disclosure Agreements permitting them access to portfolio information.

Nama is under fire over the sale of the Northern loan book to US firm Cerberus and the agency had already decided to sell to Cerberus before it learned of a potential conflict of interest involving the successful bidder and two law firms, a report found last month.

The report by Comptroller and Auditor General (C&AG) Séamus McCarthy criticised Nama’s sale of the Project Eagle loans to Cerberus in April 2014 for £1.3 billion on the grounds it could have earned £190 million extra for the State and for failing to recognise the impact that a conflict of interest could have had on the sale.

NAMA STRONGLY DISAGREED WITH THE C&AG REPORT.

At the Committee today, Nama officials were pressed at length as to the logistics as to how the process took place.

As is normal in loan sales, documents were uploaded to a data room throughout the process.

The committee heard that the six potential bidders admitted to the data room were PIMCO, Oaktree, Cerberus, Lone Star, Goldman Sachs and Fortress.

Dunnes Stores closing the gap on SuperValu in Irish grocery market

  

DUNNES STORES HAS OVERTAKEN TESCO AS THE SECOND LARGEST PLAYER IN THE IRISH GROCERY MARKET, NEW FIGURES SHOW.

The latest set of quarterly market share and sales statistics from consumer insights agency Kantar Worldpanel — covering the 12 weeks to October 9 — show Musgrave-owned SuperValu has maintained its lead with a market share of 22.4%, but Dunnes has leap-frogged Tesco into second place with a 22% share of the market.

Tesco currently controls 21.6% of the Irish market; down by over 1% on an annualised basis and unmoved on the previous 12 weeks.

Dunnes had moved level with Tesco in the previous quarter and is now nearly 1% better off — in market share terms — than it was this time last year.

Dunnes is now just 0.4% behind SuperValu, in market share terms, having been nearly 1% adrift in the previous quarter.

For a second period running, Dunnes’ till sales were up by over 6% — well ahead of the market average growth of 3.9%.

SuperValu’s over-the-counter sales grew by 2.9%, in the latest period, and Tesco was the only one of the traditional players to see a drop, till sales falling by 1.3%.

“The biggest factor driving growth for Dunnes, over the past year, has been an increase in the size of the average shopping trip, which has grown by €3 to €38.10.

“The retailer with the next largest trip size is Aldi, where shoppers part with €25.10 on average — €13 less than at Dunnes,” said Kantar Worldpanel director, David Berry.

“Since its introduction Dunnes’ ‘Shop and Save’ [voucher scheme] initiative has gone from strength-to-strength.

The campaign has been very successful in persuading shoppers to spend more, and we’ve seen a whopping 18% increase in shopping trips where consumers spend over €100 since last year,” Mr. Berry added.

While Tesco sales remained in decline, the latest dip was its lowest level of sales decline here since May.

Aldi and Lidl, meanwhile, have maintained their market shares of around 11.5%, but both saw improved sales growth last quarter.

“In what looks like a shift to an increasing reliance on its own brand lines, branded items accounted for just 10% of Lidl’s sales during the past 12 weeks compared to over 20% in 2012,” said Mr Berry.

“Lidl has increased its share of the market to 11.6%, with sales growth of 5.1%: the average Lidl shopper visited the retailer 11 times over the past quarter,” he added.

Meanwhile, Kantar said Irish grocery market inflation stood at 1.3% in the 12 weeks under review, down from 2.2% last month.

Women drinking as much alcohol as men,  A study finds

CHANGE PARTLY THE RESULT OF SWEETER PRODUCTS AIMED AT YOUNG WOMEN, SAY CAMPAIGNERS

  

WOMEN’S BODIES DO NOT TOLERATE ALCOHOL AS WELL AS MEN’S, BECAUSE THEY HAVE A HIGHER FAT TO WATER RATIO AND SMALLER LIVERS.

Women have caught up with men in the amount of alcohol they drink and are doing increasing amounts of damage to their health as a result, according to a global study that looked at the consumption habits of four million people over a period of over a century.

The change is partly the result of successful marketing campaigns and the creation of sweeter products aimed at young women or girls, as well as cuts in price, say health campaigners. Some studies have even suggested that younger women may be out-drinking men, according to the study’s authors.

The researchers from the National Drug and Alcohol Research Centre of the University of New South Wales, Australia, say the conclusion is that public health efforts need to focus more on women.

“These results have implications for the framing and targeting of alcohol use prevention and intervention programmes. Alcohol use and alcohol-use disorders have historically been viewed as a male phenomenon. The present study calls this assumption into question and suggests that young women in particular should be the target of concerted efforts to reduce the impact of substance use and related harms,” they say.

Their analysis, published in the journal BMJ Open, looks at the convergence of drinking habits between men and women over time, from 1891 to 2014. It pools the results of 68 international studies, published since 1980, to look at the changing ratio of male to female drinking over the years.

Historically, far more men drank alcohol than women. Men born between 1891 and 1910 were twice as likely as their female peers to drink alcohol and more than three times as likely to be involved in problematic use or use leading to harms. But in all three respects, this had almost reached parity among those born between 1991 and 2000.

Women’s drinking has increased for a number of reasons. Those who have succeeded in obtaining jobs that were once the preserve of men have joined – or found it necessary to become part of – the after-work drinking culture. Office for National Statistics figures from 2011 show that women in management and professional jobs drink more than the average woman and drink more on weekdays.

But drops in the price, which have led to wine and beer becoming regular items in the supermarket shopping trolley and part of everyday life at home, have also been a factor, alongside deliberate marketing targeted at women.

Minimum unit pricing to prevent low-cost selling and restrictions on alcohol promotion are included in the Public Health (Alcohol) Bill.

Debate on committee stage of the Bill starts in the Seanad on Wednesday. The Bill provides for minimum unit pricing to prevent below-cost selling and compulsory labels on all alcoholic drinks stating calorie count, health warnings and alcohol levels. It also includes restrictions on alcohol promotion and strict structural separation of alcohol products from other items in shops.

The Bill is subject to lobbying from small businesses and craft breweries over advertising and rules to separate alcohol from other products in shops.

Commenting on the global survey, Emily Robinson, director of campaigns at UK charity Alcohol Concern, said: “Since the 1950s we’ve seen women’s drinking continue to rise.”

“Drinking at home has continued to increase and because alcohol is so cheap and easily available it’s become an everyday grocery item. We’ve also seen a concerted effort from the alcohol industry to market products and brands specifically to women.

“We know from our annual Dry January campaign that people often don’t realise that alcohol has become a habit rather than a pleasure, with women having ‘wine o’clock’ most nights of the week.

“Drinking too much, too often, can store up future health problems, both mental and physical, with people not realising just how easy it is to go over recommended limits,” Robinson added.

“This is why we need mandatory health warnings on alcohol products and a mass media campaign to make sure the chief medical officer’s guidelines are widely known and understood.”

Katherine Brown, director of the Institute of Alcohol Studies in the UK, said: “Historically women did not drink that much. There has definitely been a proactive effort to entice women to drink more.”

Some of the drinks now available have been targeted at young women who “pre-load” while getting together to dress and do their make-up before a night out. Three large glasses of wine can be the equivalent of nine units, she added.

Babycham was the first drink specifically designed with women in mind in post-war Britain. Today there are many others including Lambrini, which is aimed entirely at young women. “Sweet or fruity? Lively, smooth – or are you a classic kind of girl? With a Lambrini tailored to complement your own personal style and taste, you’re going to love our new collection!” says the advertising on its website.

Alcohol advertising and sponsorship is also noticeable in TV programmes aimed at women. For example, Baileys backed Desperate Housewives.

Women’s bodies do not tolerate alcohol as well as men’s, however, because they have a higher fat to water ratio. Because they have less water, the alcohol in their system remains more concentrated. They also have smaller livers than men, which makes it harder to process alcohol safely.

Have more sex, eat garlic and don’t sleep too much: The new rules for heart health

    

AS A STUDY SHOWS BRUSHING YOUR TEETH CAN LOWER INFLAMMATION LIKE STATINS, INDIA STURGIS REPORTS ON THE SIMPLE LIFESTYLE STEPS WE CAN ALL TAKE TO HELP THE HEART.

The simple lifestyle steps we can all take to help the heart

Heart disease remains Ireland’s biggest killer, but we’re learning more and more about how lifestyle can wreck – or protect – the health of the heart. Last week, American researchers reported that simply brushing your teeth thoroughly can dramatically reduce levels of inflammation in the body and help protect against heart attacks.

It’s never too early to start thinking about your heart and taking steps to care for it, says Johannes Hinrich von Borstel, prospective cardiologist and former paramedic, and author of a new book ‘Heart: The Inside Story of Our Body’s Most Important Organ’. After all, atherosclerosis – the build up of fatty deposits in the arteries that can lead to heart disease and stroke – starts at the age of 25.Drawing on the latest research, and his own experience treating patients with a host of heart conditions, von Borstel reveals some of the surprising ways to keep your heart beating healthily, whatever your age – from having more sex to ditching the weekend lie-ins.

Have sex (with someone you love)

According to von Borstel, exerting yourself between the sheets is one of the most beneficial exercises you can do for your heart. “As well as an entire cardiac workout, before and during intercourse there is a big release of hormones that have a protective effect on our cardiovascular system,” he explains.

An orgasm can release 50 different chemical messengers. One substance, oxytocin, the so-called cuddle hormone, triggered by affectionate physical contact, is proven to lower blood pressure, promote the healing of wounds and reduce stress.

Having sex with someone you love, rather than a stranger, is far better for hearts because genuine affection causes the release of higher levels of oxytocin, says von Borstel. This was borne out in a recent study of 2,200 people by Michigan State University, which found women over 50 who had regular sex tended to have lower blood pressure, and so a lower risk of heart problems – but the benefits were only seen in those who reported high levels of satisfaction and enjoyment from sex.

Is sex safe if you have a heart condition? People suffering with angina – chest pain from narrowed arteries – or who have recently had a heart attack or heart surgery often feel anxious about sexual activity. But experts advise that it can be safely resumed as soon as a patient feels well enough after their treatment – normally four to six weeks.

Last year, a study by Ulm University, which followed more than 500 heart attack survivors, found no relationship between how often they had sex and their risk of future heart problems. The authors said sex provided a good form of physical exercise for the heart, and patients should not give it up.

Eat raw garlic every day

While this might be seen to hinder the previous point due to its strong stench, eating raw garlic is great for your heart health.

“Vegetables and fruits have secondary phytochemicals that have the same effect as different [heart protective] medications but not in a dose that is dangerous for your body,” says von Borstel.

He cites ginger, onions and garlic as blood thinners which promote blood flow through vessels and improved blood supply to organ and tissues, and recommends grating a teaspoon of root ginger or two or three teaspoons of grated garlic into a glass of water a day to naturally reduce blood pressure.

“As long as you eat in a balanced way, it is no problem to eat these every day,” he says. Allicin, the key ingredient found in garlic and onions, is thought to act on the kidneys, changing levels of hormones and dilating the blood vessels. Research by the Institute of Food Research found that eating a 100g to 200g serving of onions (one to two onions) had the biggest impact on inflammation.

Sleep well (but not too much)

Sleepless nights are associated with an increased heart rate, high blood pressure and a spike in chemicals linked with inflammation – all of which can strain the heart.

Researchers from the University of Warwick recently reported that those who sleep for less than six hours a night and have disturbed sleep have a 48pc greater chance of heart disease and 15pc greater chance of stroke.

Insomnia is also a source of stress and stress triggers adrenalin, which makes our hearts beat faster and, over prolonged periods, can lead to angina or even heart failure. However, getting too much sleep can be dangerous too – researchers at the University of West Virginia in 2010 have found that those who regularly sleep for more than nine hours a night have an almost 50pc higher risk of suffering a heart attack or other cardiovascular disease.

Increasingly, evidence suggests that irregular sleep patterns – for example, lying in on the weekends – disrupts the delicate balance of our circadian rhythms, which may alter processes in the body such as the metabolism of sugar and raise the risk of conditions such as type 2 diabetes. Although research is ongoing, von Borstel’s conclusion is clear: “Sleeping too much and too little can be harmful to our health. Seven hours is the perfect number for most adults.”

The lifestyle changes that work like statins

Statins – cheap, cholesterol-lowering drugs – continue to be the subject of debate, with critics arguing they are being inappropriately prescribed to healthy people and cause side effects such as muscle aches.

This month, scientists from Florida Atlantic University made the startling claim that brushing teeth thoroughly with specialist toothpaste that shows plaque in the mouth could prevent heart attacks and strokes by reducing inflammation in the body close to levels achieved by statins.

Von Borstel says statins can be highly beneficial in patients with dangerously high cholesterol, or who have a history of heart disease, “but the risk of side effects should be balanced with the positive effects of this therapy. Even if the risk of side effects is quite low, it exists”.

He says following a healthy Mediterranean-style diet, low in saturated fat and rich in healthy fats such as olive oil, nuts and oily fish, can help to lower cholesterol naturally.

Why the Egyptians had heart disease

X-rays of mummies have revealed that the ancient Egyptians, whose lifestyles more than 3,000 years ago ensured they didn’t smoke, exercised regularly and had typically low-fat diets, suffered atherosclerosis.

One explanation put forward by experts for their diseased arteries is the fact their diet relied so heavily on bread made from white flour. White flour is a refined, simple carbohydrate that leads to a rapid rise in blood sugar and increases a person’s chances of weight gain, insulin resistance and type 2 diabetes – all of which puts you at a higher risk of coronary heart disease.

“Too much sugar is not good for your heart because it can cause weight gain and diabetes,” says von Borstel. “The biggest problem is that sugar sometimes hides in food and is not recognisable – for example in noodles, white bread and potatoes. One of the best ways to reduce sugar intake is to cut down on food made with white flour.” He advises switching from white carbohydrates to wholemeal varieties, to reduce the spike in blood sugar.

Mars lander crash complicates follow-up rover in 2020

  

Engineers at the European Space Agency (ESA) are racing to figure out what went wrong with the Schiaparelli Mars lander. On 19 October, it seemed to drop out of the sky and crash to the surface less than a minute before its planned soft landing. A diagnosis is urgent, because many of the same pieces of technology will be used to get a much bigger ExoMars rover down to the surface in 2020.

More than engineering is at stake. If the ExoMars 2020 rover is to fly at all, ESA must persuade its 22 member states to chip in to cover a €300 million shortfall in the €1.5 billion cost of both the 2016 and 2020 phases of ExoMars. On 1–2 December, at a meeting of government ministers, ESA officials will make their case that they are not throwing good money after bad. After the Schiaparelli loss, securing funding for ExoMars 2020 “is really more important than ever, if Europe wants to be seen as part of exploring our solar system,” says David Southwood of Imperial College London, who was ESA’s director of science from 2001 until 2011.

At the ministerial meeting, ESA officials will emphasize the success of the Trace Gas Orbiter (TGO), the other part of the ExoMars 2016 mission. As Schiaparelli fell to its doom, the TGO entered a highly elongated 4.2-day orbit around Mars. Next month, it will begin to calibrate science instruments designed to sniff out methane and other trace gases in the atmosphere to pinpoint their origin—not just where they arise, but whether they emanate from geological or biological sources. In March 2017, TGO will begin dipping down into the martian atmosphere, generating friction that will slow and circularize its orbit so that it can begin science observations later in the year. “We have 100 kilograms of science instruments in orbit around Mars. Solving the mystery of methane is now in our future,” David Parker, ESA’s director of human spaceflight and robotic exploration, told reporters last week.

Compared with the expected science return of the TGO, the weather data that Schiaparelli would have collected with just a few days of battery power on the surface was an afterthought. But as students of ESA’s comet-orbiting Rosetta mission learned, the fate of plucky landers resounds in the public consciousness. In November 2014, Rosetta dropped the Philae lander to the surface of a comet, where it survived a couple days. Even though its few pictures and measurements were far surpassed by those of its mother ship, it captured the public’s fancy and was a public relations coup.

ESA engineers studying what happened to Schiaparelli are working with information from several sources: data the lander transmitted to the TGO during its descent and elements of the same signal that were picked up by ESA’s Mars Express orbiter and a radio telescope on Earth. All sources agree that the signal abruptly stopped around 50 seconds before the expected landing. Early analysis suggested that something went awry after the lander shed its parachute and heat shield and fired its thrusters to slow the final descent. That transition seemed to begin too soon, and the thrusters only fired for a few seconds before cutting out.

On 20 October, the day after the landing, NASA’s Mars Reconnaissance Orbiter (MRO) flew over the landing site and snapped images with its low-resolution camera. These showed a white dot, thought to be Schiaparelli’s parachute, and 1 kilometer away a fuzzy dark patch, 15 by 40 meters in size. ESA says this dark smudge is probably soil disturbed by the impact of Schiaparelli or even the scar of an explosion, since the lander’s propellant tanks would have been full on impact. ESA says the lander probably fell from a height of up to 4 kilometers (the parachute was meant to release it at 1.1 kilometers), and that it would have hit the ground at 300 kilometers per hour. MRO is expected to take more pictures of the site this week with its high-resolution camera.

The pressure is on Schiaparelli’s engineers because the ExoMars 2020 rover and its landing platform are already taking shape. Many components, which are being duplicated from Schiaparelli with little change, need to be shipped to Russia for integration into the spacecraft by next year, says Thierry Blancquaert, Schiaparelli’s mission manager. The aeroshell that will protect the 2020 rover during descent and slow it as it enters the atmosphere is the same shape but instead will be built by Russia, which has been partnering with ESA on the ExoMars program since NASA pulled out in 2012. The parachute in 2020 will be the same type but will deploy in two phases—a small one followed by a big one—and the main chute will be much larger: 35 meters across compared to Schiaparelli’s 12 meters.

The thrusters that will ease the 2020 rover onto the surface will be different, and are currently being developed by Russian space agency Roscosmos. But the radar Doppler altimeter—which senses the surface and allows the thrusters to bring the spacecraft down gently—as well as the guidance and navigation systems will be the same as Schiaparelli’s, so those parts of last week’s descent will be under special scrutiny.

Earlier this year, the planned launch date for the rover was delayed from 2018 to 2020 because of problems mating the ESA-built rover with the Russian aeroshell. Many see this as a blessing in disguise. “The industrial and instrument teams were following aggressive schedules, but the delay is a bit of relief,” says Andrew Coates of University College London, principal investigator of the rover’s PanCam imaging system. “Now there’s time to do something about it.”

It remains to be seen whether government ministers will decide that the 2020 mission is a good bet. Enthusiasts like Southwood say ESA needs to follow the example of NASA which, despite a series of Mars mission failures in the 1990s, kept doggedly at it. “Space exploration is tough. As long as we believe in its societal worth, Europe needs to show the same resolve as our American cousins.”

Even with seven successful landings under its belt, Mars still makes NASA engineers anxious, says Allen Chen, who heads the entry, descent, and landing team for NASA’s Mars 2020 mission at the Jet Propulsion Laboratory in Pasadena, California. Mars’s thin and unpredictable atmosphere means much can go wrong.  Like ESA, NASA is also planning to drop a rover to the surface in 2020, as is China. “Every Mars landing attempt teaches us things,” Chen says. “The only true failure is to stop trying.”