Exports growth hope played down

The growth in Irish exports is likely to be hit by the slowdown in the world economy, according to the latest National Irish Bank FDI report.

While the figures for the first three months show a continued encouraging export performance, forecasts suggest exports will grow by 5.5% in 2011, down from forecasts of 7%.

National Irish Bank’s chief economist, Dr Ronnie O’Toole, said: “The global financial markets have been hit by a nasty cocktail of worsening macro data and rising discontent among policymakers, which is affecting the outlook for Ireland’s key markets in the US and Europe. A low-growth scenario for the coming two to three years seems increasingly likely.”

The eurozone economy – Ireland’s most important market, accounting for almost 40% of exports — grew less than forecast in the second quarter of 2011, held back by a sluggish performance in Germany and stagnation in France. GDP rose 0.2% in the three months to the end of June from the previous quarter, compared with forecast growth of 0.4%.

He said the British economy, worth 18% of Irish exports, is also very weak, though high inflation there means Irish exporters are able to achieve higher prices than this time last year.

INM rises 16% on Desmond interest

Dublin: Independent News & Media rose 16% in Dublin trading after saying Dermot Desmond’s IIU Nominees Ltd upped its stake to 3.21% from 2.49%, crossing the threshold of 3%. The reporting threshold was crossed or reached on August 25.

On Monday, Davy Stockbrokers downgraded their forecast for the company on the continued decline in advertising revenue, combined with a more uncertain outlook

“Despite this, cash generation is likely to remain strong, supported by a strong dividend stream from INM’s investment in APN, resulting in significant debt pay-down and accretion to investors,” Davy said.

Shares rose to 32.5 cent yesterday, up 16%.

Rabobank joins homeless charity

Cork/Dublin: Rabobank has joined up with Cork Simon Community and Dublin Simon Community to help fund the “Food for Simon” programme. The partnership will involve a significant financial contribution as well as volunteering opportunities for Rabobank staff.

Dublin Simon provides meals for nearly 500 people each month and its soup run feeds up to 50 people every night. Cork Simon provides three meals a day every day for 44 people in its emergency shelter and 47 people in five high support houses.

Rabobank Ireland chief executive Kevin Knightly said: ‘Rabobank is committed to corporate social responsibility, especially in these challenging times.”