Ireland is experiencing the first shockwave of Multi- National retrenchment with the news that over 800 jobs are to go in just 24 hours .

Swiss Pharmaceutical giant Novartis has just announced that 320 jobs are to go in its Cork campus over the next three years .

These losses will take place in both its manufacturing and global service areas .

Meanwhile Molex based in Shannon has announced the loss of 500 jobs with the phased closure of its operations in Ireland .

Molex was the ‘ Jewel in the Crown ” in the FDI Foreign Direct Investment sector regularly used by the Irish development agency in the agency’s promotional work .

An interesting aspect pf the Molex announcement was that the trade war between the USA and China had hit its business badly with additional tariffs becoming a major burden.

These announcements demonstrate that Ireland’s reliance on the Multi- National sector for both jobs and tax revenue is worrying as decisions taken due to international factors will result in this type of job carnage .

As Irelands economy continues to overheat with Housing and Labour shortages this type of news may become a daily event unless steps are taken to address these structural issues today.