FÁILTE IRELAND HOSTING 300 INTERNATIONAL COMPANIES FOR MEITHEAL TRADE FAIR - Fáilte Ireland hosts its biggest trade fair of the year at the RDS today. The Meitheal trade fair will see more than 300 international buyers from about 20 countries meet Irish firms in the travel sector. These firms get to pitch directly to those international tour operators for business.
Shaun Quinn, Fáilte Ireland's chief executive, says the Meitheal event is a very important one for the Irish tourism industry as tour operators are the ''bread and butter'' of the industry. He says the Irish tourism industry is still trying to become more affordable and has succeeded in improving its value for money ratings in recent years. He says that tourists are focusing on more frequent shorter trips, adding that there is an acute focus on value for money. He says companies involved in the tourism industry are facing pressures on their profit margins.
Ireland's key tourism markets are the US, Germany, France and the UK. Mr Quinn says the UK market remains very difficult, due to its own economic problems, and that while things have started to improve, there is still a long way to go. He states that until consumer confidence improves in Ireland's key tourism markets, challenges will remain for the industry.
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MORNING BRIEFS - The World Bank has chosen its new president. He is Jim Yong Kim and he kicked his presidency off by saying that capitalist "market-based growth is a priority for every single country". Dr Kim said that was the best way to create jobs and lift people out of poverty. Dr Kim was the preferred candidate of the US. He said that he would take into account the cultural and social peculiarities of various world regions to ensure that the World Bank's schemes achieved the desired results. Dr Kim also said that while he may lack political know-how, his background as physician would help him in his new role. As a physician he said he would work on evidence, rather than working from a single ideology.
*** Ikea, the world's biggest maker of furniture, is set to enter the consumer electronics market with products developed in co-operation with China-based TCL Multimedia. IKEA plans to launch a line of furniture with integrated connected television and sound systems in five European cities in June, throughout seven European countries this autumn, and in its remaining markets in the summer of 2013. The televisions, wireless sound systems and built-in CD / DVD / Blu-ray players with this line of furniture is designed specifically for IKEA.
*** British retailer Marks & Spencer missed forecasts for underlying fourth quarter sales, with growth in food sales failing to offset a weaker outcome in general merchandise.
