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West fares best as corporate insolvencies show 21 per cent decrease year-on-year

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Total corporate insolvencies for the first eight months of 2013 stands at 920 – a 21% drop when compared to last years’ total of 1,170 – according to the latest statistics published by www.InsolvencyJournal.ie,.

Total Company failures for the month of August this year stand at 108 compared to 126 in August last year, a drop of 14%.

Regionally, Leinster accounted for 60% of the 108 overall monthly total, with Dublin making up for 52% of all Leinster business failures. Munster followed with 31% of the overall total. Ulster and Connacht were the provinces least affected.

There was some good news for the construction sector, which has seen a 17% year on year drop in corporate insolvencies – from 282 construction business failures for the first eight months of 2012 compared to 234 recorded so far this year.

There were a total of 35 construction related business failures in August this year, up 14% compared to August 2012.

However, according to research from Ulster Bank, the construction sector saw tentative signs of recovery in July with new orders up for the first time in 19 months and house building edging back into positive territory.

The Ulster Bank Construction Purchasing Managers’ Index – a seasonally adjusted index designed to track changes in total construction activity – remained below the 50.0 no-change mark in July, but rose sharply to 47.5 from 43.4 in the previous month. This signalled a marked easing in the rate of decline in activity, with the latest fall the slowest since December 2011.

There was also some good news for the manufacturing sector which experienced a significant drop from 16 insolvencies recorded in August 2012 to 5 business failures in August 2013.

In addition data published by the Central Statistics Office, showed production in the industrial sector had grown by 1.2 per cent in July compared to June – meaning a year-on-year increase of 6.4 per cent.

Retail corporate insolvencies so far this year stand at 133, a 10% drop compared to the 149 recorded during the same period last year. Despite this positive year on year comparison, the overall KBC Ireland/ESRI Consumer Sentiment Index decreased to 68.2 in July, from 70.6 in June.

The motor industry has seen steady improvement with a 50% reduction in level of business failures from May to August this year. More than 11,500 new cars were sold in July following the introduction of the new 132 plate.

 

Connacht Tribune

€900,000 for great outdoors

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Minister for State at the Department of Transport, Hildegarde Naughton

Government funding of almost €435,250 has been approved for the upgrade of the Western Way Trail – one of four Galway projects to share funding of €929,200 under the Outdoor Recreation Infrastructure Scheme this week.

Local Minister for State at the Department of Transport, Hildegarde Naughton, said this vital investment is needed to ensure that the trail capitalises on the natural and historic beauty of the setting, and would prove extremely popular for visitors on the Wild Atlantic Way.

“This route has proved very popular for local and tourists alike with its natural beauty well-known to most people from the area,” the Galway TD said.

“This investment will result in significant improvements and will ensure that this wonderful facility is made accessible to an even greater number of people,” Minister Naughton noted.

“There has been large growth in the recreational tourism sector, and an increasing number of visitors to Ireland are particularly interested in walking, cycling and exploring natural settings and activities” the Minister said.

The scheme, which finances the development and maintenance of outdoor amenities such as greenways and walking trails, also sees The Walks in Loughrea receive €200,000 to upgrade the present route, with an additional €200,000 allocated to develop the Creggs Mountain walk, an element of the Beara – Breifne & Suck Valley Way.

And the Killarainy Woods trail in Moycullen, is being allocated €103,950 to enhance the route.

“The Outdoor Recreation Infrastructure Scheme contributes to the Governments objective of strengthening rural economies,” said Minister Naughton.

“The objective of the Scheme is to provide funding for the development of new outdoor recreational infrastructure and for the necessary repair, enhancement or promotion of existing outdoor recreation infrastructure in rural Ireland,” added the Minister.

 

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Connacht Tribune

Galway medtech firm awarded €3.6m to develop revolutionary stroke treatment

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Ceroflo co-founder Dr. Paul Bhogal and CEO Chloe Brown.

A Galway medical device company is working with a consortium to help develop disruptive technology in the treatment of stroke – after it was awarded awarded €3.6m in funding.

Ceroflo is partnered on the project with manufacturing firm Advant Medical and the Medical and Engineering Technologies (MET) Centre at Atlantic Technological University (ATU).

Cereflo secured the funding on foot of its development of a revolutionary new type of stent technology that promises to be vastly more effective than existing treatments to treat Intracranial Atherosclerotic Disease (ICAD), a leading cause of stroke.

Up to 50% of strokes are caused by a build-up of plaque in an artery in the brain known as Intra-Cranial Atherosclerotic Disease (ICAD).

Pharmaceutical therapies aimed at reducing the stroke rate are currently deemed the most effective form of treatment for the condition but more than 20% of patients with significant ICAD still suffer recurring stroke within twelve months.

Technological solutions have so far proved sub-optimal, leaving this large population of patients with the ongoing risk of devastating strokes.

The Ceroflo SubMax Stent represents a game-changer in the treatment of ICAD as its shape and structure has been developed to suit the unique challenges of this disease.

For more, read this week’s Connacht Tribune.

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Connacht Tribune

Galway Science and Technology Festival’s breaks new record

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John (6) and Millie Caffrey (8) from Doughiska at the Medtronic operation stand at the Galway Science and Technology Festival’s annual exhibition.

More than 22,000 people attended last Sunday’s Galway Science and Technology Festival exhibition in the University of Galway – breaking all previous records.

Celebrating 25 years of STEM Education, the exhibition was the opening event for the two week annual Galway Science and Technology Festival, which is the largest event of its kind in Europe. It showcases Galway as the MedTech capital of Europe and a growing IT Hub, bringing science and technology to over 35,000 students in schools across Galway city and county. This year there will be over 200 STEM demonstrations, shows and workshops in 140 primary schools and 40 post-primary schools.

The exhibition was a hive of activity with 25 shows and hands-on workshops and over 80 demonstrations and interactive exhibitions created by sponsor companies and agencies, universities and schools. Families enjoyed 3D astronomy shows and learned how to extract DNA from a banana , saw parasites in VR, drove Valeos self-driving car using a mobile phone, visited the Teddy Bear hospital and the ever popular Doctor Bug introduced tarantulas, snakes and lizards to very excited children and much, much more. Medtronic’s Junior Hospital team engaged with families at their fantastic interactive series of stands in the Human Biology Building. Sue McGrath entertained with the Devastatingly Dramatic Climate Show and new to the Festival is Braintastic with their Non-Sense show exploring our senses.

The 2022 Galway Science & Technology Person of the Year Award was presented to Dr Enda O’Connell, Senior Technical Officer at University of Galway and Founding Director of ReelLIFE Science, a science video competition for schools and youth organisations in Ireland and N. Ireland, celebrating its tenth year, the competition encourages young people to engage with STEM, while developing their creativity and communication skills.

To mark the 25th year of the Festival, a special presentation was made to the Treacy Family in commemoration of the late Noel Treacy, Founding Patron of the Galway Science & Technology Festival.  Mr Treacy continued to be a strong advocate for the Festival over the 25 years and his presence was greatly missed this year.

Anne Murray, Festival Manager said: “We were delighted to be back on campus at the University of Galway to celebrate and learn about the world around us.  The attendance on the day reflected the value that families and the public place on this unique event and we were so glad to be able to honour the memory of the late Noel Treacy who always said it started with an idea”.

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