News bites from the business world

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Junior Chamber Limerick hosted the National AGM for the organisation last weekend, where the inauguration of the incoming national president, Órla Ryng also took place at the event held in the Absolute Hotel. Graham Hanlon, World President JCI 2008 was awarded with lifelong membership of the organisation.

Peter Power T.D, a former president of the Limerick branch, was also in attendance. The minister spoke about Ireland’s commitment to development programmes in Africa, in particular it’s contribution to programmes which work to eradicate hunger.
The Minister also commended Junior Chamber International on its commitment to the Millennium Developmental Goals to help eradicate Malaria through its Nothing But Nets projects.
Junior Chamber Limerick is part of a world-wide organisation for young people between 18-40 where they aim to provide development opportunities that empower young people to create positive change. The Limerick Branch meets on the 1st Wednesday of every month in the Pery’s Hotel, Glentworth Street at 8pm.

A recent study has shown that many Limerick mortgage holders are “seizing the second chance” afforded to them by specialist mortgage providers as mortgage debt exceeds an estimated 2.5 billion euro for the county
Many Limerick based consumers have successfully used specialist mortgages to rehabilitate their credit profile. The study which covered all counties, looked at mortgages taken out in 2005 and 2006, and found that so far, almost 50% of those customers had utilised the specialist remortgage mortgage solution by consolidating expensive short term debt, reducing their monthly outgoings and demonstrating their affordability and willingness to repay their mortgage facility.
Paul Murphy, head of sales and marketing at Start Mortgages commented, “For people with an impaired or unproven credit rating it can be nigh impossible to meet the stringent criteria laid down by high street lenders. Specialist mortgages allow people the opportunity to repair their credit history by paying higher rates for a period before moving back to the lower rates of a mainstream lender. This study shows that they have proven to be extremely effective in this regard. The vast majority of customers only stay with us for a short number of years during which time they consolidate their debt into a more manageable position, restore or establish their credit ratings and, ultimately, move back to a standard mortgage facility without being charged any early redemption penalties”.

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Aldi’s Irish sales surged by 21 per cent in 2008 and it’s the recession that has driven shoppers away from Dunnes and Tesco and in to discount supermarkets with Aldi reporting a massive surge in sales last year, the German-owned retailer said this week.
The company’s market share also grew accordingly, increasing to 4.8 per cent in November 2008 according to ACNeilsen.
Aldi recently announced details of a E350m expansion drive that will see the Company open a further 32 new stores over the next three years, along with a second regional distribution centre in Mitchelstown Co. Cork to service its southern operations. A total of 650 jobs will be created as a result of this expansion programme.                      (BizWorld)