Government-imposed austerity measures might be depressing the grocery sector here, but two of the most senior executives in the sector won’t be advocating a No vote in the upcoming Fiscal Stability Treaty referendum.
“I certainly will not,” said Leo Crawford, group chief executive of cash and carry group BWG, which operates the Spar and Mace symbol groups.
“We have to source our shortfall from somewhere,” he said. “At least you have some certainty on funding with a Yes vote. And what would a No vote do in terms of foreign direct investment?
“I think that if we have a No vote, the levels of austerity will be even higher.”
BWG’s wholesale sales in the Republic declined by about 3 per cent last year to €1 billion, according to Crawford.
Musgrave chief executive Chris Martin was of a similar mind. “We need to be very careful about Ireland’s position with financial markets,” was his view.
He also praised the Government for its focus on “bringing new jobs into the country” and is concerned that this might be affected by a No vote.
Musgrave’s profits declined by 1 per cent last year to €71 million.
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There’s a sobering statistic from the latest Sita Baggage Report 2011, which estimates the cost of lost luggage to airlines globally at $2.58 billion last year.
This is a staggering figure when you consider that the combined net profit of airlines worldwide last year was $7.9 billion.
This might explain why Michael O’Leary and Ryanair only want us to travel with carry-on luggage.
At least the figure is heading in the right direction. In 2007, the cost of lost baggage was $4.07 billion.
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Sticking with aviation, British Airways has launched what it claims to be its biggest ever seat sale from Ireland. It is offering up to 40 per cent off ticket prices for economy and economy plus – or World Traveller and World Traveller Plus as it calls them. The sale lasts until May 29th. Flights will depart from London and involve connections from Dublin, Cork and Shannon with either Aer Lingus or BMI, which BA recently has acquired.
