US ranchers finally moving to increase cattle supplies, JBS says
US ranchers are moving to expand their herds from a seven-decade low, paving the way for a long-awaited recovery in beef supplies, according to top producer JBS NV.
"We are into herd rebuild right now," Wesley Batista Filho, chief executive officer of the Brazilian company's North American business, said in an interview. "The economic incentives are there, the weather is helping."
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Warning that tourism in Ireland at 'tipping point'
The Irish Tourism Industry Confederation (ITIC) is calling for the lifting of the Dublin Airport passenger cap, increased Government spending, as well as the restoration of the 9% hospitality VAT rate in order to boost tourism in the country, which it said is at a "tipping point". In its Budget submission, the ITIC warns of "double-digit" declines in tourists coming to Ireland and that the country is overdependent on US visitors. "2025 has been a challenging year," said ITIC chief executive Eoghan O'Mara Walsh. "The North American market has been strong... but other markets, unfortunately, are soft - Great Britain, Continental Europe and even the domestic market are soft." In order to address this, the confederation - which represents 20,000 tourism and hospitality businesses - wants to see annual Government spending on tourism services increased by €90 million to around €340 million. This funding, it said, would support a market diversification strategy to reduce the reliance on American tourists. That would include looking to boost the number of visitors coming here from the likes of Britain and Germany. Mr O'Mara Walsh said Ireland will not be able to compete on price with the likes of Mediterranean countries, but it must work to maintain its value. "Eurostat came out with figures just last month which showed that Ireland was the second most expensive country in the EU - so that obviously finds its way through to restaurant bills, pub bills, hotel bills," he said. "What's key is that we maintain our value proposition and, thankfully, the surveys to date... says Ireland still maintains its value proposition, but it's certainly under pressure. "It's vital that we, as an industry, maintain the quality of our product," he stressed. One thing ITIC feels will help to achieve that is the reduction of the hospitality VAT rate to 9%, with that cut extended to visitor attractions and adventure operators. The Programme for Government pledged such a move but doubt has been cast on it recently, in large part due to the growing uncertainty around the direction of the global economy and the health of Ireland's exchequer finances. "If you talk to tourism businesses up and down the country, costs of business are the big recurring feedback," he said. "Whether that's utilities or energy, or labour or insurance - costs of business are really squeezing margins. "The VAT rate at 13.5% is one of the higher VAT rates for tourism services across the whole of the EU." The Department of Finance has projected that such a cut would cost almost €870m a year, while critics have pointed out that many firms that would benefit are already in a healthy trading position and do not need such support. However Mr O'Mara Walsh said a VAT cut was the easiest way to support a sector was through a VAT cut - though he also would not oppose any attempt to focus the change on specific businesses. "I have no problem if Revenue want to take the McDonald's chains out of the equation and just focus on home-grown tourism and hospitality businesses," he said. "But I think the thing to remember is that margins in this sector are really, really squeezed - we're a labour intensive business, we operate on very thin margins". "When demand is so mixed, and when the outlook is so uncertain, we need as much help as possible," he said. In relation to the passenger cap at Dublin Airport, the organisation notes that 70% of the tourist economy is dependent on international visitors. The cap limits the number of passengers travelling through the airport terminals to 32 million a year. The ITIC is calling for this limit, which is included in the Programme for Government, to be lifted and said this "should happen in tandem with supporting the regional state airports of Cork and Shannon".
Irish Examiner
a day ago
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Brazilian beef glut set to hit UK and EU markets
A tsunami of Brazilian beef, diverted from the USA by a new 76.4% tariff, is the last thing already inflated world markets need. American importers must now sharply reduce imports from Brazil. For the rest of 2025, about 165,000 tons of displaced Brazilian beef must find a new home, and much of it may be attracted to the high-priced markets in the UK and Europe that Ireland depends on. This market disruption could give us an early taste of the threat of the EU-Mercosur Partnership Agreement trade deal hanging over cattle farmers in Ireland, the UK, and Europe. Soon, EU member states will assess a final consolidated agreement between Mercosur and the European Commission, and will decide if they can approve the trade deal. Such a deal would probably be enough to prevent beef farming in the EU recovering from its current low point. Yes, EU beef prices are very high now, but that is only because years of rising input costs, labour shortages, and increasing environmental pressures eroded herd sizes. In several parts of the world, farmers breeding for beef struggled too long to survive on low prices. Climate action pressure ground them down even further. It's not guaranteed they can recover and increase the supply of quality beef from the suckler sector. Many moved away to other farmer enterprises, or are unable to expand now because of advancing years (beef farmers in many countries are generally older than the farmer average age, which is nearly 60 in Ireland). Across the Atlantic, where cattle scarcity and record beef prices are also seen now, there is a perceptible trend of aging ranchers availing of the opportunity to cash in by selling off their herds. Ireland and the UK, and the rest of the world, are short of beef. Beef-loving consumers have to grit their teeth and pay much inflated prices. Will the market come to consumers' rescue, with the low supply generating high prices which incentivise beef farmers to increase production? Maybe not. Here in Ireland, the Irish Cattle and Sheep Farmers' Association (ICSA) beef chairman John Cleary said the 3.8% drop in the number of cattle up to June "could double next year". He said farmers were finding it harder and harder to maintain viable stocking rates. With supply dwindling, smaller processors could be squeezed out, he warned. In Scotland, QMS Market Intelligence manager Iain Macdonald, said: 'The continued contraction of Scotland's livestock herds highlights the urgent need for action.' He said high input costs, labour shortages, and elevated interest rates have reduced herds. Meanwhile, Irish farmers have a ringside seat, as beef cattle prices in many parts of the world continue rising at record levels. Usually, Irish beef farmers are looking up at higher prices worldwide, but that is no longer the case. Ireland now has the highest cattle prices for steer, heifer, or young bull beef in most of the UK or Ireland. Scottish farmers are up there also, and narrowly ahead of the Irish steer beef price. But farmers in Ireland have been getting the top rates for heifers, cows, and young bulls. In sterling terms, at last week's average prices, Irish farmers got nearly 658p/kg for steers, while the price was about 659p in Scotland. It was as low as 646.5p in the British midlands and Wales. The nearest others get to the 661p for heifer beef at Irish factories was 657p in Scotland, with these cattle making as low as 645.4p in southern England. Young bull prices ranged from 654.5p in Ireland, back to 636p in Northern England. As for the rest of Europe, prices at the beef processing level in Ireland shot above prices in most other EU member states since April, according to the Agri-Food Regulator's Beef Dashboard. Now, while the EU average male carcase languishes at just over €6.70 per kilo, it has gone to €7.80 in Ireland, according to European Commission data. Even as Irish cattle farmers enjoy prices for finished cattle projected to increase at least 35% compared to 2024, they are wondering where it will all end. Weanling prices have also surged. With input costs largely stable, these price improvements are translating into substantial income gains. And with cattle such an important commodity across tens of thousands of farms, Ireland's average farm income in 2025 is forecast by Teagasc to reach €48,500, 39% ahead of 2024, driven by dairy and drystock income gains. But can the export markets that take up to 90% of Ireland's livestock products absorb the beef price rise? About half of Ireland's beef goes to the UK, but what happens to that trading relationship, now that Irish prices have largely passed out UK prices? Inevitably, other supplying regions will chip away at Ireland's dominance of the UK's beef import market. Brazil and Australia are already reported to be increasing beef exports to the UK, an even more important international market destination this year, because UK imports are expected to increase 6%. UK retail beef price inflation has exceeded 9%, which market analysts say will cut total beef sales by 2.5%. It is well known British consumers in such circumstances buy less beef, or switch to other meats. Market information for the 12 weeks to mid-July indicated average UK prices for beef products had increased 13% year-on-year, resulting in a volume decline of 7.4% (9,498 tonnes), but a spend increase of 4.6%. Price increases in the dining-out market are also turning UK consumers away from beef.
RTÉ News
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- RTÉ News
TUI beats quarterly earnings forecast as new strategy 'paying off'
Europe's largest tour operator TUI has today reported better-than-expected results as summer travel proved more resilient after chief executive Sebastian Ebel previously warned that 2025 could be a "challenging" year for the group. European airlines broadly performed well during the second quarter as concerns about a dip in travel demand appeared to have had a limited impact on results. TUI reported underlying earnings before interest and tax (EBIT) of €321m in its quarter ended June 30, compared with the €269m expected by analysts polled by LSEG, and up 38% on the previous year. Revenue in TUI's third quarter across all segments stood at €6.2 billion, gaining 7%. The group raised its full-year profit guidance yesterday, after strong hotel and cruise demand boosted the business so far this year, sending shares up. "The third quarter and the first nine months of the financial year 2025 were strong. Our strategy is paying off," Ebel said in a statement today. The company acknowledged that the environment for its airlines business remained difficult. In the previous quarter, TUI had flagged a slight drop in summer bookings, amid concerns that inflation and macroeconomic worries could weigh on consumer appetite for travel. While there was a 2% decline in summer bookings tied to the Middle East conflict, ticket prices were up 3%, helping to balance out higher costs, according to a media presentation. European travellers, making up the core base of TUI's customers, tend to be more price-sensitive than North American travellers. German bookings were also down 5% due to hot weather, Ebel told reporters on a media call, but added that he expected more customers in the autumn.
