Ireland is rapidly regaining the competitiveness it lost during the boom years, according to a new report released today at IBEC’s CEO Conference. Ireland’s costs are coming into line internationally, exporters are increasing global market share and unemployment appears to have levelled off, explained Danny McCoy, adding that businesses have reacted swiftly and decisively to the recession. “We are now positioned for recovery and equipped to create balanced and sustainable growth,” he said. The IBEC report Productivity and adjustment shows that as pay rates and other costs have been reduced, Irish firms are again performing strongly in international markets. It also found that major restructuring programmes and a stronger focus…

Following third quarter declines and expectations for worse in quarter four, retailer Next has warned customers to expect double-digit price rises for clothes in 2011. The British fashion group said that due to the rise in the price of cotton, retail price increases are likely to be at the top end of the previously-stated 5 to 8pc range in the first three months of 2011. Even further hikes could be seen in quarter two. “Because we’ve bought most of the stock for the first-quarter of next year we can be fairly confident that our number at the top end of that range is right,” said chief executive Simon Wolfson. “We…

A recent study commissioned by Irish oil and gas exploration company Providence Resources offshore Dublin has revealed the presence of a potential direct hydrocarbon indicator. In a technical update this morning, the firm said that further analysis has suggested that the area – offshore Dalkey – may also be prospective for oil. The Dalkey Island prospect is located 10km offshore eastern Ireland. Providence holds an operated 50pc equity interest in its Licensing Option with its partner, Star Energy Group. The company believes the structure at Dalkey could contain up to 870m barrels of oil ‘in place’. It added that the target is in shallow water, facilitating any possible exploitation. In…

Lufthansa Reports Strong Financial Performance Aviation group Lufthansa has announced an operating profit of €612m for the nine months to end-September and says its full-year result will exceed €800m. The airline’s profit is a result of positive demand in passenger and freight traffic, as well as the success of the company’s cost cutting programmes. Overcoming Challenges in the First Half of the Year The first half of the year was marred by extreme weather, pilots’ strikes and airspace lockdowns leading to an operating loss but the group has turned this around with a third quarter profit of €783m. In the nine-month period from January to September, revenue increased by €4bn…