RETAILERS WANT ALCOHOL DUTY CUT - Sentiment at two-thirds of companies in the retail sector is currently 'poor' or 'very poor'. According to a survey by Retail Ireland - part of IBEC - almost two-thirds expect sales to fall until the end of November, with only 19% expecting an increase in sales.
More than half think prices will fall until the end of November, and more than half also think staff numbers will fall. IBEC blames weak consumer demand, cross-border shopping and an uncompetitive cost base.
Turlough Denihan of Retail Ireland says CSO figures show that 29,000 from retailing joined the Live Register over the 12 months to the middle of this year. He said he expected a further 12,000 from the retailing sector to do so in the second half of the year.
Mr Denihan said it was impossible to predict how much further prices will fall, but what he called 'significant better value for consumers' had not translated into stronger retail sales.
He called for a 20% reduction in the level of commercial rates set by local authorities to help businesses regain competitiveness. Mr Denihan also urged the Government to reduce the excise duty on alcohol as this was the single biggest factor motivating cross-border shopping trips.
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SETBACK FOR CONSTRUCTION INDEX - After four months of improvement, September saw the first declines in the Ulster Bank Construction Purchasing Managers' Index since May.
Ulster Bank economist Simon Barry said the construction sector had been shrinking for some time, but September's survey had shown accelerated weakness after some months of improvement.
But he said the index measuring confidence about the next 12 months rose for the first time since February 2008, meaning respondents expected activity over the next year to be stable or slightly higher.
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MARKETS - Tokyo's Nikkei is closed, while the Hang Seng is down slightly. The euro is worth $1.4706 and 92.79p sterling.
