IRISH FARMING SUSTAINABLE DESPITE PRESSURES - A report carried out for the British government - over two years by 400 scientists - says that to feed the world an agricultural revolution is needed. The Foresight Report on the future of food and farming - published this week - says that to feed the growing world population farms are going to have to produce more food from the same amount of land, without damaging the environment. It says the global food system needs to change radically, and fast.
Economist Fiona Thorne of Teagasc, the agriculture and food development authority, explains where that leaves Irish farmers and producers. She says that change is happening in Irish farms and those changes have not come in overnight. Over the last decade or so, Irish farmers have seen a change from traditional farming methods and farms as they continue to come under pressure. She warns that Irish farmers are going to continue to see volatility in agricultural prices as they compete on a global scale, but she adds that Irish farmers are both competitive and sustainable.
The economist says that Irish agriculture has a good image abroad. She says that livestock and milking cows that are fed off grass - as most Irish animals are - are better and more sustainable that cereal feed animals. This means that Irish agriculture is competitive on both input and output prices while also remaining sustainable.
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MORNING BRIEFS - Fyffes has announced a deal to buy just over 33% of a German fruit firm Van Wylick. The deal is subject to approval by the German competition authority. It is one of the leading fresh produce companies in the German market with sales of over €200m.
*** Sales at recruiter CPL increased by 22% in the last six months of 2010 compared to the same time last year and by 14% compared to the previous six months. Profit before tax was €3.9m - growth of 33%. In a statement this morning, CPL said the marketplace remains uncertain and highly competitive, and the company continues to experience pressure on its margins. These challenges, it says, are being offset by growth in certain specialist areas.
*** Starbucks has said that the rising cost of coffee will hit its profits this year. The US cafe chain did not up its profit forecast for the year, despite reporting rising sales and record profits in the past three months. The firm made net earnings of $347m in the last three months of 2010, up 44% on a year earlier. Wholesale coffee prices have risen by nearly three-quarters since last summer. The rise has been driven by poor weather in Colombia and fears over crop diseases, as well as rising global demand.
*** Ireland had been ranked last out of 23 countries surveyed by the 2011 Edelman Trust Barometer, which measures trust in government, media, business and NGOs. Trust in the system of government at 20%, the lowest of 23 countries surveyed. Trust in business is rising, but Ireland has low trust in the media at 38%. Traditional news sources, like newspapers, television and radio are the most trusted sources of information. Corporate press releases and advertising are the least trusted sources of information.
*** Trade through Belfast harbour is increasing after a three year downturn. Total cargo through the port rose to 16.5 million tonnes last year, a 5% rise on the previous 12 months. Tonnage both in and out of Belfast Lough had dropped 10% since 2007 as a result of the global credit crunch.
*** On the currency markets, the euro is trading at $1.3710 cents and 86.1 pence sterling.
