News Ireland daily BLOG by Donie

Wednesday 29th April 2015

Troika to meet Irish officials for third post-bailout review of our economy

 

  1. State’s ‘unquestionable’ ability to repay loans is only assessment issue, say Irish officials

Under the terms of Ireland’s bailout, officials will undertake two post-programme surveillance missions each year until 75 per cent of Ireland’s bailout loans are repaid.

Troika officials are due to meet officials from theDepartment of Finance and the Central Bank over the coming days as part of the third post-bailout programme review of the Irish economy.

Representatives from Ireland’s three main lenders during its bailout – the European Commission, European Central Bank and the International Monetary Fund – arrived in Dublin on Monday as part of a week-long mission to assess Ireland’s adherence to its commitments under its bailout programme, which ended in December 2013.

Under the terms of Ireland’s bailout, officials will undertake two post-programme surveillance missions each year until 75 per cent of Ireland’s bailout loans are repaid.

Officials are expected to complete their mission by Thursday. As it stands, representatives of the troika are not scheduled to meet Minister for Finance Michael Noonan, although an informal meeting is possible.

Fiscal consolidation

“The mission will take stock of Ireland’s fiscal consolidation and financial repair, as sustained financing conditions are essential for the full recovery of the Irish economy,” a spokeswoman for the commission said today.

“To this end, programme partners’ staff are discussing with the Irish authorities the latest developments in the financial sector, the fiscal and macroeconomic outlook and progress on the structural reforms agreed under the programme.”

Government officials played down the significance of the timing of the visit on the week the government unveiled its inaugural spring economic statement. “The representatives of the troika are completing a post-programme surveillance visit which is part of the post-bailout process. In terms of assessment, the only issue is Ireland’s ability to repay its loans. This is unquestionable,” a Department of Finance spokesman said.

In addition to the three main lenders, a representative of the European Stability Mechanism (ESM) is also participating in the mission. ESM director Klaus Reglinghas consistently argued that the ESM – which manages the euro area’s bailout fund – has an obligation to ensure its members are fully repaid.

The ESM manages the eurogroup’s loans that were offered to Ireland and other bailout countries during the financial crisis.

The Government successfully secured a commitment by the commission to reassess the formulae used to calculate Ireland’s growth projections, in advance of this week’s spring statement.

Mr Noonan raised the issue at a March 9th eurogroup meeting in Brussels at which ministers agreed to grant France, Italy and Belgium greater leeway on reaching budget targets.

Mr. Noonan is understood to have been supported in his call for flexibility for all member states by a number of smaller EU member states, including Portugal.

Heart disease is Ireland’s biggest killer with 27 dying every day,

  • new figures reveal

  

More people losing their lives to it than from cancer or alcohol-related illnesses.

Heart disease is Ireland’s biggest killer with 27 dying every day, new figures have revealed.

More people losing their lives to it than from cancer or alcohol-related illnesses.

The Irish Heart Foundation released a fact sheet about the dreaded disease yesterday (WED) ahead of their annual Happy Heart Appeal next week.

The IHF said many people don’t realise stroke and premature heart attacks are both cardiovascular diseases, which are caused by a build-up of fatty deposits in our arteries.

IHF Medical Director Caroline Cullen commented: “It is well known by medical professionals that cardiovascular disease is the leading cause of death and disability in Ireland.

“Coronary disease can be treated more easily now than in the past with medication and stenting so fewer individuals require bypass grafting, there is a perception by the general public that it’s not so bad.

“But it’s important to remember that a stroke can have severe consequences leading to high levels of disability and a heart attack can lead to development of heart failure, a chronic condition which also has high levels of mortality and morbidity.”

Ms Cullen added: “Prevention is crucial and we strongly advocate healthier lifestyles and a less toxic environment.”

Cardiovascular disease begins at birth, when our body starts collecting these lumps. The effect they have on our arteries is influenced by factors such as genetics, age, gender and lifestyle.

The IHF warned that 20% of people will have a stroke.

They debunked the myth that stroke is an older person’s illness, saying it can strike at any age, with children as young as two being affected.

Women are also seven times more likely to die from heart disease and stroke than from breast cancer.

There is good news though, as the IHF said 80% of premature heart disease and stroke is preventable.

They are encouraging us to make lifestyle changes- such as eating healthily, not smoking, being active and keeping an eye on our cholesterol and blood pressure- to avoid getting these diseases young.

Furthermore, we should regularly monitor our blood pressure, as high levels can be deadly.

The top thing we can do to improve our heart health is to quit smoking.

It has been proven that a year after stubbing out, the risk of having a heart of stroke is slashed to half of that of a smoker.

When it comes to warning signs of a heart attack, chest pains are not the only one to look out for.

Men should be aware of indigestion, jaw or neck pain, while women may experience nausea, sweating and vomiting.

There are 90,000 people living with heart failure in Ireland right now and 50,000 who have been left with a disability after a stroke.

The IHF is urging the public to get behind their Happy Heart Appeal, which runs from May 7-9.

Pin badges will be available for E2 from street volunteers and Shaws and Supervalu branches.

All money raised will go towards helping fight heart disease and stroke, through care, prevention and research.

Having a challenging job could protect your brain in later life,

  • A study says

  

  • Jobs that require more speaking, and even arguing with colleagues are key
  • Can protect against memory and thinking decline in old age

Having a tough job could protect your brain in later life, researchers have found.

They say professionals whose jobs require more speaking, and even arguing with colleagues, could be better off.

Having managerial reponsibilities may even give you better protection against memory and thinking decline in old age than co-workers.

Professionals whose jobs require more speaking, and even arguing with colleagues, could be better off.

DOES YOUR JOB PROTECT YOU?

Examples of executive tasks are scheduling work and activities, developing strategies and resolving conflicts.

Examples of verbal tasks are evaluating and interpreting information and fluid tasks were considered to be those which included selective attention and analyzing data.

Memory and thinking abilities were also studied.

‘Our study is important because it suggests that the type of work you do throughout your career may have even more significance on your brain health than your education does,’ said study author Francisca S. Then, PhD, with the University of Leipzig in Germany.

The new study published in the April 29, 2015, online issue of Neurology, the medical journal of the American Academy of Neurology

‘Education is a well-known factor that influences dementia risk.’

For the study, 1,054 people over the age of 75 were given tests that measured their memory and thinking abilities every one-and-a-half years for eight years.

The researchers also asked the participants about their work history and categorized the tasks they completed into three groups: executive, verbal and fluid.

‘CHALLENGES AT WORK MAY INDEED BE A POSITIVE ELEMENT, IF THEY BUILD UP A PERSON’S MENTAL RESERVE IN THE LONG-TERM,’ SAID MR. THEN.

Dublin Zoo announces birth of baby monkey

    

Dublin Zoo is delighted to announce the birth of a Goeldi’s monkey baby to the South American House, proudly sponsored by Kellogg’s Coco Pops.

The new arrival was born on the 3rd March and weighs approximately 30 grams.

The baby joins its parents and older sister, Yari, who is 10 months old.

Commenting on the new arrival zookeeper Susan O’Brien said, “We’re delighted with the new addition. Inca, the mother, arrived to Dublin Zoo in 2012 from Banham Zoo in the UK and is a fantastic mother.

She is keeping the newborn very close to her at the moment and swinging around the habitat with her new baby on her back.”

“The baby is feeding very well on a diet of crickets, mealworms and waxworms.

This may not sound so tasty to us humans, but the insects are fed a high-vitamin diet which in-turn gets passed onto the Goeldi – a perfect diet for a newborn.”

“In a couple of weeks we should be able to get close enough to determine the gender but for now we are happy for the family to bond and get to know each other.

Goeldi’s monkeys blend into the forest so well that they were only first described in 1904.

These dark-haired monkeys, from western regions of South America’s tropical rainforests, mainly feed on fruit, vegetables, insects and bird eggs.

Don’t miss this week’s episode of The Zoo, which will be aired at 7pm on Thursday April 30th on RTÉ One, where footage of the Goeldi’s monkey baby can be seen!

Tesco to play the green card as it seeks to win back its crown

  • Retailer named as biggest buyer of Irish food and drink as it launches Tastebud initiative

 

SuperValu, which recently deposed Tesco Ireland as the largest grocer in the State by market share, makes much in its marketing of its relationship with local food suppliers. It sounds as if Tesco is not yet prepared to cede this turf to its rival.

Tesco on Wednesday launched its annual Tastebud initiative in conjunction with Bord Bia. This is a mentoring programme with the ultimate aim of getting Irish suppliers listed with Tesco.

The supermarket giant also launched a detailed report by Indecon economic consultants on its contribution to the Irish food industry.

The Indecon report concludes that the wider Tesco group is the largest buyer of Irish food and drink in the world, with purchases of €1.57 billion. This puts it well ahead of other big buyers of Irish food products, such as McDonalds, which sources beef here.

Alan Gray of Indecon says that Tesco Ireland accounts for close to €600 million of the purchases. Referencing the remaining €980 million sold to Tesco stores abroad, Gray reckons Tesco accounts for more than 11 per cent of all Irish food and drink exports.

Tesco Ireland’s commercial director, John Paul O’Reilly, insisted that the local operation of the group acts as a promoter of Irish food and drink exports to its sister operations in other countries, predominantly the UK.

With the relative weakness of the euro against sterling, the attractiveness of Irish products to Tesco’s buyers in Britain is likely to increase for as long as the currency remains undervalued versus the pound.

It’s another opportunity for Ireland Food Corporation?

O’Reilly suggested that Tesco plans to make more noise about its contribution to the Irish food and drink industry.

“We’re going to talk to our customers more about this, and about the Indecon report,” he said.

Tesco, which is beginning to find its feet at a corporate level after an annus horribilis due to an accounting scandal and lost market share, was never likely to take its toppling by Super-Valu in Ireland lying down.

As one of the planks of its strategy, shouting that “we are the biggest buyer of Irish food and drink in the world” isn’t a bad option.

Progress M-27M Russian space cargo ship could crash to Earth

 

Russia’s Mission Control has failed to stabilise a cargo ship spinning out of control in orbit and it is plunging back to Earth.

However, Mission Control says it has not yet given up on saving the unmanned spacecraft. The Progress M-27M was launched on Tuesday and was scheduled to dock at the International Space Station six hours later to deliver 2.5 tons of supplies, including food and fuel.

However, flight controllers were unable to receive data from the spacecraft, which had entered the wrong orbit. Mission Control spokesman Sergei Talalasov told the Interfax news agency that flight controllers were still trying to restore communication with the Progress.

However, an official, speaking on condition of anonymity, told the AFP news agency that the cargo ship will plunge back to earth. “It has started descending. It has nowhere else to go,” the official said. “It is clear that absolutely uncontrollable reactions have begun.”

“We have scheduled two more communication sessions to soothe our conscience,” said the official. The vessel would fall back to Earth anytime over the next week. Mark Matney, a scientist in the Orbital Debris Program Office at NASA’s Johnson Space Centre in Houston, said the odds that any of the 7 billion people on Earth will be struck by a piece that makes it back through the atmosphere is 1 in 3,200.

“The odds you will be hit are 1 in several trillion,” Matney said. TASS news agency quoted an unnamed space official as saying the Progress, carrying supplies such as food and fuel, had missed its intended orbit and could be lost if it is not corrected.

Other officials told Russian news agencies there had been a problem opening two antennae on the craft.

Space exploration is a subject of national pride in Russia, rooted in the Cold War space race with the US, but the collapse of the Soviet Union starved the space programme of funds and it has been beset by problems in recent years.

The current crew on the International Space Station is made up of Americans Terry Virts and Scott Kelly, Russians Anton Shkaplerov, Gennady Padalka and Mikhail Korniyenko and Italian Samantha Cristoforetti.

NASA said none of the equipment on board was critical for the US section of the ISS, and that the astronauts have enough provisions for months.

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