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Fáilte Ireland unveils tourism recovery plans  

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Fáilte Ireland has unveiled its plans for 2023 to help support the sustainable recovery of the tourism sector this year.

Enjoying the Fáilte Ireland regional tourism industry briefing in the INEC Killarney from left: Brian Miley (Gleneagle Hotel Group) Josephine O'Driscoll (Fáilte Ireland) Laura Tangney (Tangneys of Killarney) Brigid O'Keeffe (Chief Executive Killarney Chamber of Tourism and Commerce). Photo: Valerie O'Sullivan

At the Fáilte Ireland regional tourism industry briefing in the INEC Killarney were: Padraig Hanley (Kenmare Boat Tours) Stephen O'Sullivan (Molly Gallivans) Don Colbert (Fáilte Ireland) and Barry Hanley (Bere Island Holiday Homes). Photo: Valerie O'Sullivan

Pictured at the Fáilte Ireland regional tourism industry briefing in the INEC Killarney from left: Key note speakers Paul Keeley (Fáilte Ireland) Moira Murrell (Chief Executive Kerry County Council) Breffni Ingerton (Gleneagle Hotel Group) Miriam Kennedy (Head of Wild Atlantic Way) and Patrick O'Donoghue (Director Gleneagle Hotel Group). Photo: Valerie O'Sullivan

Fáilte Ireland launched its 2023 plans on Thursday at a regional tourism industry briefing in the INEC Killarney. From left: Louise O'Mahony (Tangneys of Killarney) Diane Fawsitt (Killarney House) Susan Randles (The Dromhall Hotel) and Danielle Favier (Fáilte Ireland). Photo: Valerie O'Sullivan

At the Fáilte Ireland regional tourism industry briefing in the INEC Killarney from left: Niamh O'Mahony (Murphys Ice Cream) Declan Murphy (Fáilte Ireland) Helen Heaton (Castlewood House) Lasse Mulcahy (Louis Mulcahy Pottery) and Miriam Ferriter (Skellig Hotel and Benners Hotel). Photo: Valerie O'Sullivan

Fáilte Ireland launched its 2023 plans on Thursday in the INEC Killarney. Pictured from left: Breffni Ingerton (Gleneagle Hotel Group) Josephine O'Driscoll (Fáilte Ireland) Pat Chawke (Wander Wild Festival) Niamh O'Shea (Killarney Chamber of Tourism and Commerce) and Conor Hennigan (Hennigan Hospitality). Photo: Valerie O'Sullivan

The plans were announced at a special virtual event for the tourism industry watched by over 1,700 tourism operators, providers and employers from across the sector.

Fáilte Ireland’s plans in 2023 focus on seven key areas which include; Business Recovery, Tourism Careers, Domestic Marketing, Opening the Outdoors, Industry Digitalisation, Destination Development and Climate Action.

“Our plans for 2023 are built around seven key pillars that we believe will lead to transformational change," Fáilte Ireland’s CEO, Paul Kelly, explained.

"These are driving sustainable recovery at the level of individual businesses; supporting employers and employees in making tourism an attractive long-term career; accelerating growth in domestic tourism; enhancing our outdoor tourism product and the quality of visitor experiences in destinations; building the digitalisation of the industry and driving climate action.”

The domestic market is critical for sustainable recovery and plays a key role in driving regional and seasonal spread, he added.

"Looking at the domestic market, consideration for taking a domestic holiday in 2023 is at 82% which is in line with 2019 levels and intention to take a domestic break in the next three months is at 23%. Visitor satisfaction is high but offering good value for money is critical to convert this domestic intention into domestic bookings.

“A recent analysis conducted by Fáilte Ireland’s Economic and Industry Analysis team showed the tourism sector lost €12bn in revenue due to the pandemic. The very welcome and comprehensive package of Government supports injected approximately €6bn into the sector to keep businesses alive but the sector still had to manage through a huge net loss of €6bn in revenue.”

Fáilte Ireland also unveiled details of its new Motivations Framework which has been created using behavioural science and extensive research to understand peoples’ motivation for travel. This will provide tourism businesses with useful insights to help shape their offering and experiences and inform their sales and marketing activities.

The virtual launch is being followed by in-person events for industry across nine regional locations this week.

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Killarney to feature on TG4’s Country Music show

By Sean Moriarty A song about Killarney – once made famous by local Country Music hero Dermot Moriarty – will feature on TG4 tomorrow night (Tuesday). The second series of […]

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By Sean Moriarty

A song about Killarney – once made famous by local Country Music hero Dermot Moriarty – will feature on TG4 tomorrow night (Tuesday).

The second series of the Irish channel’s County Music show ‘Viva Ceol Tire’, which highlights emerging Country Music talent in Ireland, airs every Tuesday night at 9.30pm.

The next programme will feature Donegal singer David James’ version of ‘Oh Killarney’.

The programme was filmed entirely on location in Killarney including Torc Waterfall, Ladies View Moll’s Gap and Kate Kearney’s Cottage.

“The song was written by Dennis Allen. However, it was a hit for Dermot Moriarty in the 1980s. The first time I heard it I loved it and I was thrilled with the reaction my version has got,” James, who is from the small village of Killean in Donegal, told the Killarney Advertiser.

“It’s pretty rural but I love it. I’ll be in Country Music 10 years this May. My first gig was in the local GAA hall for my aunt’s 50th birthday. I was 14 and I’ve been at it ever since.”

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Five questions to ask yourself before buying a stock

By Michael O’Connor, theislandinvestor.com When it comes to investing, nothing is certain. There are no perfect stocks to buy because there’s no way of predicting the future with 100% accuracy. […]

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By Michael O’Connor, theislandinvestor.com

When it comes to investing, nothing is certain.

There are no perfect stocks to buy because there’s no way of predicting the future with 100% accuracy.

The truth is, investing is hard, and building a portfolio of top stocks that beat the market is something that even financial professionals have trouble doing consistently.

For most people, investing in index funds is the perfect hands-off approach, providing broad exposure to the stock market at a very low fee. Even my own personal portfolio is made up of roughly 70% ETFs despite the fact I invest in the market for a living.

But I believe some stock picking is a good strategy for many hands-on people.

Taking a small portion of your overall portfolio and diligently selecting a small number of companies to invest in gives you an opportunity to learn about the investing process and fully understand the businesses you are investing in, which helps to build conviction in your positions.

From a psychological standpoint “collector’s instinct” kicks in, enabling people to participate and invest more money over time.

Lastly, for Irish investors, there are tax benefits to consider. If you invest in individual stocks, you are taxed at the CGT rate of 33%, and the first €1,270 of your gains are exempt from CGT each year. When investing in index funds or ETFs, you are taxed at the exit tax rate of 41% with no annual exemption.

For those interested in picking individual stocks, here are five questions you should ask yourself before investing in any company.

Do I understand the business?

Too many people invest in businesses they don’t understand because it ‘sounds good’. If you have no idea how the company works, you won’t have the conviction needed to hold onto the stock when an inevitable downturn comes.

Can the balance sheet withstand severe, temporary adversity?

This seems obvious, but so many people invest in companies without understanding how much money a company holds and who they owe money to. Economic cycles are guaranteed. You must ensure that the company has enough cash-on-hand to avoid becoming obsolete when activity slows.

Will the company benefit from long-term trends?

Make sure the company will remain relevant into the future. If the stock is cheap now, it may be cheap for a reason.

Is the company enjoying profitable growth?

Not growth at all costs, but a combination of sustainable growth and value. All this information can be found online at sites like stratosphere.io.

What are the risk factors?

Is the company trying something new and untested? If yes, who are its competitors and how successful are they? If other players are more established, this company may have a tough time breaking into the market.

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