HORSE SALES BACK ON A WINNING TRACK - Though it is early days yet, it appears that a recovery is underway in horse sales. The industry is a €1 billion a year business that successfully exports. With the redistribution of the world's wealth - along with other high-end luxury goods like Prada bags and Hermes scarves - Irish thoroughbred horses are popular and being sent as far afield as China and Hong Kong.
Michael O'Hagan, the head of Irish Thoroughbred Marketing, says those involved in the thoroughbred business look after their horses from the very beginning to the end and while there had been stories of neglect and slaughter, they are not the norm. He says the industry employs 17,000 people nationwide and mostly in rural areas. Ireland is ideal for the industry - we have the land and limestone, the grass and the weather and the industry does not need any special infrastructure like motorways and communications links. Mr O'Hagan says that Ireland has 277 of the best stallions in the world and mares come from abroad for these stallions, which is a good source of income for the industry. Other income streams include the likes of the Goffs auctions, stud farms, racing and training. He says that 11,000 horses are currently being trained and 7,700 thoroughbred foals are born every year - the majority of which are exported. He denies the industry has an image problem and says that people who work in the industry are ''fantastic''.
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MORNING BRIEFS - Reports this morning say there are concerns within the Government that the National Asset Management Agency's plan to introduce a home buying scheme could artificially inflate the market. This is to be launched on a trial basis later this year and aims to get people to buy properties while prices are still falling.
*** A trading update from Aer Lingus this morning says the airline's yield per passenger for the key summer months of July and August increased by 4.6% compared to last year. Passenger volumes for July and August were up by 1.4%, and year to date passenger yields are 7.1% ahead.
*** The company behind property website Daft.ie has reported pre-tax profits of €2.4m - up 12% on last year. Documents filed at the Companies Office show that Daft Media had a turnover of €6.17m in 2010, up slightly on the previous year. The group's operating profit fell slightly to €2.4m after higher costs and expenses. The directors said the company relies on the Irish property sector and may be affected if there is a prolonged downturn in the market, but they said that a move towards higher spending on internet advertising should mitigate that risk.
*** On the currency markets this morning the euro is trading at $1.356 cents, and 86.6 pence sterling.
