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Morning business news - August 3

Emma McNamara
Emma McNamara

HORSE SHOW A HORSE TRADING HUB - The Dublin Horse Show takes place this week from today until Sunday at Dublin's RDS. It is the top home event for showjumpers and the highlight of the Irish equestrian calendar.

Horse Sport Ireland chief executive Damien McDonald says his organisation covers activities such as showjumping, dressage and pony clubs.

He says this supports about 16,000 jobs, with around 53,000 people taking part. He said there was a misperception that these activities were elitist, but people in all walks of life were taking part and were at the RDS this week.

Mr McDonald said a lot of business was done at the Horse Show, but it was difficult to quantify because there was a lot of private buying and selling of horses.

O'Connor Swail Stables' Barry O'Connor, who trades in horses, said the price of a pony would start at a couple of thousand euro, but the top jumpers were 'nearly invaluable'. He said the most expensive horse this year was sold for $5.5m.

Mr O'Connor said there was no 'brand loyalty' at the top of the sport, but at the lower level, there was a loyalty to buying Irish horses.

Both agreed that the recession had affected business, but Mr O'Connor said it was now easier to buy horses. He added that anybody breeding now was breeding for a profit, rather than as a hobby.

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CURRENCIES - The euro is trading at $1.4162 and 87.07p sterling.