Morning Business News - July 17

Monday 15 July 2013 11.20
Morning Business News - July 17
Morning Business News - July 17

Croke Park and the GAA have announced details of the 2014 ‘Croke Park Classic’, which will see the University of Central Florida play Penn State in American Football in August next year.

Last year's ‘Emerald Isle Classic’ between Notre Dame and Navy Football is thought to have added €100 million to the Irish economy and to have attracted nearly 15% more American visitors between August and October 2012 than in the same three months in 2011.

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A new report on the Irish economy predicts GDP will be flat in 2013 and up 1.5% in 2014.

Alan McQuaid at Merrion Stockbrokers says weak exports are the main factor behind its revision downwards to GDP.

He says the domestic side of the economy is still struggling, but that there are signs of stabilisation.

The report predicts that the average unemployment rate will fall to 13.7% this year from 14.7% in 2012, and that Ireland will successfully exit its EU/IMF programme at the end of this year.

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China's economic growth slowed between April and June, the second quarter in a row of weaker expansion.

The world's second biggest economy grew by 7.5%, down from 7.7% in the January to March period, according to figures released overnight.

The figures showed that weak trade data and actions by authorities to reign in bank lending contributed to the slower growth.

The Chinese government has set a target of 7.5% growth for the whole of this year, which would mark the lowest rate of economic expansion in more than two decades.

China has been a major driver of the global economy and many countries have gained because of the demand from Chinese companies.

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Castleblaney-based Swift Fine Foods has signed a deal worth €1 million a year with Tesco - the firm says this will create ten new jobs.

Swift Fine Foods has been in Tesco since late last year, and now has 20 meals in a hundred stores.

It was part of the Tesco/Bord Bia Supplier Development Programme.