Irish Exporters and Brexit . Posted on Tuesday, September 13, 2016
Enterprise Ireland has produced a document on Irish Exporters and Brexit.
Reasons to do business in Ireland Posted on Wednesday, December 02, 2015
Ireland has a small highly globalised economy, with a large exporting sector, and a significant number of multinational corporations. While the global downturn impacted significantly on Ireland, the outlook for the economy is improving.
See the full Article from the IDA
Employment Growth for 2016 Posted on Tuesday, June 23, 2015
As we pass the halfway mark in 2016 we notice a continuing demand for candidates of all levels and across all sectors . Now is a good time to look for a new role and indeed an ideal to source the cream of the crop if you are indeed recruiting.
Continued Demand Posted on Friday, October 10, 2014
As we enter the last quarter of 2014 we have noticed a steady rise in demand for professionals at both senior and junior levels. The majority of these roles are for new positions as a result of companies now green lighting their expansion plans and realising now is a good time to hire staff for a busy 2015.
If you are interested in sourcing staff for new roles or indeed have requirements for any existing positions then please let us know. We have a database of over 30,000 candidates to draw from as well an extremely large network of referrals and contacts in Ireland, the UK and Luxembourg. We are an established recruitment company celebrating ten years in business with very experienced and professional consultants.
Please call us now if you would like to find out more about what we can offer or indeed to discuss what your staffing requirements are.
Demand for IT Project Managers Grow. Posted on Wednesday, September 18, 2013
We are finding our clients within Financial Services especially have a growing demand of IT Project Managers. If you are looking for a new role and have experience in this area please contact Kate McShane firstname.lastname@example.org
We are recruiting Senior Managers for our clients in Luxembourg.
Auditors x 2
Senior Manager ( Qual Accountant ) with German
Great Salaries and relocation packages offered.
Please Contact Kate Mc Shane email@example.com
European Opportunities Posted on Tuesday, July 24, 2012
We are experiencing a growth in demand for candidates from a financial services or accountancy background for our client in other parts of Europe.We are now recruiting for a Finance Manager or Financial Controller for Luxembourg.
Optimism for 2012? Posted on Thursday, February 09, 2012
We have seen a steady growth in the number of roles in Financial Services over the last 6 months .
Key roles we are recruiting for at the moment are;
Senior risk Managers
Senior compliance Manager
Internal Audit Managers
Qualified Accountants with financial Services Experience
General Financial Services Staff.
If you would like further information please submitt your cv and details to firstname.lastname@example.org
2011 Coming to a close Posted on Friday, December 09, 2011
As 2011 draws to a close, many businesses are finalising their headcount plans and budgets for 2012. Despite the current Euro dramas, Financial Directions is finding many companies are still actively hiring the ‘right skills sets’. From a client perspective there are many great candidates available with reasonable remuneration expectations. Please contact us if you would like to discuss possible hires for next years and ascertain a level of renumeration for the roles you may require assistance with.
+353 1 676 7222
Chief Operations Officer Posted on Monday, April 18, 2011
We are recruiting a COO for one of that fastest growing financial services companies in Ireland.
If you are in a senior position in a company and lack the opportunity to progress and develop you career please contact us now to find out more about this and other similar roles.John Kelly email@example.com
Is recruitment improving in 2011? Posted on Tuesday, February 22, 2011
Over the last 6 months we have seen a gradual increase from employers seeking new staff.This has occurred across all levels but especially within Financial Services.
We have also seen a growing number of senior candidates decided to dip their toe into the market as a result of their growing confidence and desire to progress their career.
Now is the time to grasp opportunity both from a employer and canidate point of view.Please contact us for further information.
Financial Services Professionals Posted on Wednesday, October 06, 2010
FD believes the employment market is improving within Financial Services and we are constantly on the lookout for senior personnel who wish to pursue new opportunities.If you would like any information on the roles we are currently recruiting please send you CV to
Senior Finance Staff 2010 expectations Posted on Monday, February 01, 2010
Financial Directions are keen to speak with Senior Financial Services or Accountancy Professionals who are interested in changing their current positions in 2010. We have a number of open vacancies at the moment and this is continuing to grow week on week.Please contact us in total confidence on +353 1 676 7222 for an initial discussion.
Senior Finance Staff requirements Posted on Tuesday, September 01, 2009
As the market experiences growth there is a steady rise in the need for experienced finance staff.
If you would like to find out about the opportunities we have to offer please submit your details to firstname.lastname@example.org
Ireland must work hard to Posted on Saturday, May 31, 2008
Ireland will have to work hard to retain its edge and must improve its infrastructure and research, the chief economist with a major European think-tank said yesterday.
Simon Tilford, of the London-based Centre for European Reform, which ranks EU member states in terms of their performance in meeting the targets for productivity in the so-called Lisbon process, said he would still bet on Ireland being the fastest growing of the western European EU states between now and 2020.
Ireland improved its position from eighth to sixth in the most recent ranking, based largely on strong economic growth, high levels of investment and the strong rise in employment. However, Mr Tilford warned the country had significant weaknesses.
He told the American Chamber of Commerce in Ireland's spring business lunch that one such weakness is the low level of spending on research and development.
"At just 1.3pc of GDP, this is much lower than in other wealthy member states. There is also insufficient competition in some markets, such as telecoms, and there is the issue of general infrastructure weaknesses," he said.
"I'm not just talking about the transport network, but also things like telecom services. A country that fails to ensure the rapid roll-out of super-fast telecoms will put its service sector at a potentially serious disadvantage," he added.
Irish productivity growth will have to be strong to offset rising costs in Ireland compared with other EU countries.
"The authorities here will have to work hard to retain the country's edge," Mr Tilford said. (Irish Independent)
No mandatory recognition for unions Posted on Wednesday, May 28, 2008
Wednesday, May 28 09:58:41(BizWorld)
The Government has signalled, in a paper presented at the national pay talks, that it is to oppose the introduction of new legislation which would make it mandatory for employers to recognise unions.
Instead, in a document drawn up earlier this week, the Department of Enterprise, Trade and Employment put forward proposals for amending existing legislation to take account of trade union and employer concerns. Unions have sought a new legal framework to provide for recognition and representation rights as one of five key issues they are seeking in the current talks.
However, the department said that mandatory union recognition would be completely unacceptable to employers and that the Government favoured an agreed rather than an imposed outcome. (The Irish Times)
Metro North to add 37,000 new jobs Posted on Monday, May 26, 2008
Monday, May 26 10:33:22(BizWorld)
A new strategy plan for North County Dublin shows how the Metro North region from Santry to Swords will double the area's level of economic activity, increase employment with the creation of 37,000 new jobs and increase its population to 128,000 over the next 20 years.
An Economic Development Strategy for the Metro North Economic Corridor was launched this morning by Fingal County Council and Indecon Economic Consultants.
The strategy says that Metro North is the key to 'sustainable continued expansion' and economic growth of the Airport City region and to Dublin as a whole.
Key recommendations of the strategy include facilitating development which would bring the total employment in the area to 66,700, attracting high tech manufacturing and services employment, the location of a new university campus and a hospital in the corridor and ensuring that all new developments meet best international practice in environmental standards.
100 jobs for Cork at new Pfizer plant Posted on Sunday, May 04, 2008
100 jobs for Cork at new Pfizer plant:(BizWorld)
One hundred new jobs are to be provided in Cork at a new drugs plant planned by the drugs company Pfizer.
The proposed new plant, which will involve an investment of 190m euro, is to be announced later today.
The plant at Ringaskiddy will produce a new type of medicines called biologics, used in the treatment of chronic pain, cancer, diabetes and auto-immune diseases.
A total of 500 jobs will be provided during the construction phase of the project.
The announcement of the new venture is to be made later today by enterprise minister Micheal Martin.
Acountants board spent E4.27m in 07 Posted on Tuesday, April 29, 2008
Monday, April 28 11:34:19 (BizWorld)
The Chartered Accountants Regulatory Board (CARB) spent E4.27m last year in regulating the industry concluded 138 diciplinary cases with 109 cases still on hand, according to the Board's annual report.
CARB Chairman Liam O'Reilly said the goal of the organisation is to build on the existing reputation of Chartered Accountants by delivering a high quality regulatory system which enhances the trust and respect of stakeholders.
"We were established by ICAI to enhance public confidence in the profession by demonstrating clear independence in regulation. Obviously, much of our time last year, following our formal establishment, has been spent putting in place working arrangements with all of our stakeholders which includes ICAI itself, its members, statutory oversight bodies, and of course users of the services of Chartered Accountants," he said.
By the end of the year, there were 1,683 firms regulated by CARB and 1,006 of these that held audit registration under the provisions of the Irish & UK Companies Acts.
There were 720 firms with investment business authorisation under the Investment Intermediaries Act, 1995 and 151 that held a designated professional body issued in accordance with the Financial Services and Markets Act, 2000.
GlaxoSmithKline (GSK) to create 50 new jobs in Dungarvan Posted on Tuesday, April 29, 2008
GlaxoSmithKline (GSK) to create 50 new jobs in Dungarvan - new €30 million manufacturing expansion
GlaxoSmithKline Dungarvan Ltd
Minister for Social and Family Affairs Martin Cullen TD today (Thursday 17th April 2008) announced that GlaxoSmithKline (GSK), one of the largest pharmaceutical companies in the world, is to invest a further €30 million in the expansion of its existing over-the-counter (OTC) pharmaceutical manufacturing facility in Dungarvan, Co. Waterford. The investment, supported by IDA Ireland, will create 50 new high quality jobs over three years in the production of a product to aid smoking cessation, for supply to all markets outside of North America. The jobs will be in areas of production, quality, technical and engineering.
Minister Cullen was on a visit to the GSK site to perform the official opening of a recently completed €23 million expansion at the site with Sir Christopher Gent, Chairman, GSK. Announced in January 2007 by GSK, the investment establishes a new granulation and compression facility and provides increased production capacity for the introduction of new products in GSK’s internationally established Panadol range.
Minister Cullen said “Implementation of these two investments, in such a short time-span, is a major vote of confidence in the Dungarvan facility and in the capabilities of the town of Dungarvan to support such strategic developments. The investments underpin the existing operation and its workforce, and will create excellent additional employment opportunities. They will also significantly enhance the facility’s role in GSK’s global business. I congratulate the management and workforce at the Dungarvan site for their commitment and successes which have resulted in this excellent outcome.”
GSK employs 1,450 people in Ireland and first established operations here in 1975. In Dungarvan it has two manufacturing operations and is the largest employer in the town with almost 700 staff; in Cork it has a third manufacturing operation, where it develops and produces a range of bulk pharmaceuticals, together with R&D and European Trading operations; and in Dublin there are Sales and Marketing functions.
This latest investment in Dungarvan is at the GlaxoSmithKline Dungarvan Limited site, which manufactures over-the-counter (OTC) pharmaceuticals in tablet form for global markets, for brands such as Panadol, Panadol Extra, Coldrex and Solpadeine. It was established in 1987. The second Dungarvan operation - GlaxoSmithKline Oral Care – was an existing facility acquired by GSK in 2001 and is engaged in the global manufacture of denture care products, principally under the Polident, Poligrip and Corega brand names.
Michael Tyler, Vice President and Site Director, GSK Dungarvan said “This is a significant investment for the Dungarvan community and recognises the confidence and trust GSK has in our employees.”
The Celtic tiger can come roaring back: FT -Marc Colman Posted on Wednesday, January 30, 2008
Published FT: January 28 2008 20:00 | Last updated: January 28 2008 20:00
Like a bicycle in a traffic jam, Ireland’s economy has defied every obstacle the world economy has thrown at it since the mid-1980s. In every year since 1993, gross domestic product grew by 4 per cent or more.
But to many observers the lucky country now seems headed for a fall. With a quarter of its economy dependant on its property market, things look grim. But are they? In the short-term, the answer is yes. From just under 5 per cent last year, Ireland’s economy will grow by little more than 2 per cent next year. A three-year-old housing bubble is bursting, a process likely to take another nine months. More worrying is the fact that Ireland’s construction industry employs around 270,000 or 13 per cent of Ireland’s labour force. It is a particularly unlucky 13: the European Union average construction employment share is 7 per cent. With Ireland’s property boom subsiding, around 100,000 people could, in theory, lose their jobs. That is 5 per cent of the Republic’s 2m-strong labour force.
But in one important respect Ireland is different, a difference that many if not all commentators on its recent growth have ignored. The country is vastly underpopulated. Like a vacuum in a high-pressure globalised economy, it has huge potential to continue drawing in labour and capital for decades to come. While that fact will not save it from a temporary correction of its overheated property market, it promises fantastic potential once that correction has run its course.
In 1841, the island of Ireland was home to more than 8m people, compared with 14m in England. England was well governed and was industrialising. Ireland’s economy was warped by colonial maladministration. As a result, in spite of being a net exporter of food, a savage famine wiped out one fifth of Ireland’s population. Long after it should have recovered from this, forced and unnecessary emigration caused Ireland to pour its essence into the world around it. Now one of the world’s most open economies, Ireland is finally able to support the population it lost in previous centuries. Globalisation is bringing Ireland on a journey back to the future.
For the first time since 1861, the Republic of Ireland’s population passed 4m in 2006, bringing the island’s population to 6m. Up a million in a generation, this surge in population growth has stimulated strong economic growth.
This demographic dividend needs to be complemented by something else; a density dividend. Poor transport, high utility costs and weak competition in many markets are raising the costs of doing business. More seriously, the failure to adequately urbanise, resulting in population sprawl, is holding back productivity in indigenous industry and significantly raising the cost of delivering public services. More immediately, the overhang of activity in Ireland’s property market will – just as it did in Germany in the 1990s – drag down growth in coming years.
It will also have to deal with a housing culture of high home ownership and variable rate mortgages that makes it more vulnerable to European Central Bank hawkishness.
But in the long if not the medium-term, the future looks bright for Ireland. With the Republic of Ireland’s population growing by 2.5 per cent a year, its population will reach 5m by 2019. Although certainly overvalued, Irish house prices will continue to benefit strongly from this demographic story, unlike the US.
In 1984, the US president, the prime minister of Canada, the finance minister of Australia, the prime minister of New Zealand and president of Israel were either born in Ireland, children of parents born in Ireland or grandchildren of grandparents born in Ireland. In that year, the Irish-born president of Israel Chaim Herzog found himself grappling with massive immigration flows that increased Israel’s population from 2m to 7m in just six decades. Coincidentally, his son is now minister for the Diaspora. Were Herzog senior alive today he would say that Ireland’s challenge is to reap a harvest of population growth in a way that secures a more efficient clustering of population and higher productivity growth.
Can it be done? As the man who foresaw the founding of the state of Israel, Theodor Herzl responded to a similar question a century before: “If you will it, it is no dream.”
The writer is author of a new book on the Irish economy The Best is Yet to Come (Blackhall Publishing). He is economics editor of Newstalk 106-108, Ireland’s new national radio station, and a former economist with the European Central Bank
UBS to revamp banking division Posted on Saturday, January 19, 2008
UBS to revamp banking division, job cuts
Friday, January 18 12:14:59
UBS has launched a shake-up of its investment banking division to reduce proprietary risk-taking after suffering heavy losses in the US subprime mortgage meltdown.
In an internal UBS memo, CEO Marcel Rohner said the bank, the biggest European casualty of the US sub-prime mortgage crisis, will halve the number of employees in its real estate and securitisation businesses and move its mortgage investments into a separate unit.
The bank also plans to pull out of fixed-income proprietary trading in the US and combine its equity and debt underwriting operations.
The investment banking division was largely responsible for losses last year that prompted UBS to call for a 13 bln sfr capital injection in December.
Copyright: Thomson Financial
Global house prices: America's housing malaise is slowly spreading Posted on Thursday, January 03, 2008
Dec 6th 2007
From The Economist print edition
AMERICA'S housing market is on its sickbed. Sales of lived-in houses fell by more than a fifth in the year to October. The backlog of unsold single-family homes has risen to 10.5 months of sales, the highest for 22 years. And despite a sustained fall in housebuilding, there is still more than eight months' supply of new homes yet to be sold.
Prices are the best gauge of vitality and the American market looks either sickly or critically ill depending on who takes its temperature. The price index from OFHEO, the watchdog of Fannie Mae and Freddie Mac, the government-sponsored mortgage lenders, shows that year-on-year prices were 1.8% higher in the third quarter—the weakest rise in 12 years, but a rise all the same. However, that measure misses sales above the $417,000 limit for regulated home loans, where prices were frothiest, as well as deals backed by subprime mortgages, where financing is now moribund.
The S&P/Case-Shiller index is a much broader measure and captures the house-price cycle rather better than the OFHEO gauge. It shows that national prices fell by 4.5% in the year to the third quarter, the biggest drop since the series started in 1987. Prices are falling even faster in large cities, according to S&P/Case-Shiller's more timely monthly index.
Further price declines seem likely given the toxic mix of blighted mortgage markets and swollen inventory. Less certain is whether the rest of the world will catch America's property flu. The Economist's quarterly round-up of global house prices suggests that American sneezing has already induced a few sniffles in other rich countries, but that emerging economies have so far proved immune.
Property markets in many parts of Europe have passed a turning-point. House-price inflation has dipped in France, Spain, Italy and Belgium. In Germany, where property values have been mostly falling since the mid-1990s, price declines have intensified over the past year. Ireland's long housing boom has turned to bust. Prices fell by almost 3% in the 12 months to September; a year earlier, house-price inflation was above 15%.
There are ominous signs of a downturn in Britain, too. Prices were nearly 7% higher in November than a year earlier, according to our preferred measure. But this still-healthy annual increase disguises a more worrying recent trend. Prices dropped by 0.8% from October, the biggest one-month decline since 1995. Data published by Halifax, Britain's biggest mortgage-lender, show that prices have fallen in each of the past three months, the worst streak for 12 years. The number of mortgages granted to homebuyers has tumbled by one-third since last year's peak.
How much the weaker trend across Europe owes to the credit squeeze is not clear. Banks reeling from credit-related losses are less willing and able to supply new mortgages. But demand for home loans was wilting even before the credit crisis, because of tighter monetary policy. Housing markets in some emerging economies, meanwhile, seem entirely unaffected. House-price inflation in South Africa remains in double digits. In Asia property values have picked up smartly in Singapore, Hong Kong and China. Even Japan looks a bit less depressed.
This divergence in global housing market trends is welcome support for the theory of “decoupling”, the idea that the fates of the world's economies are less tied to America than they once were. It is not just emerging markets that are following a different path. In Australia and Sweden, where house prices are still rising rapidly, central banks raised their benchmark interest rates even after the Federal Reserve started to cut rates in America. But in much of the rich world, house prices have moved in tandem over the past decade. Now that America's housing market is so poorly, the fear of infection elsewhere is spreading like a bad case of the flu.
Turnover at Google Ire more than doubles Posted on Friday, December 14, 2007
Friday, December 14 16:19:51 (BizWorld)
Turnover at global search engine, Google's Irish operations more than doubled last year as it took on hundreds of extra staff and expanded operations.
Its latest accounts filed with the Companies Registration Office show that turnover increased to E1.66 billion in the year to the end of December 2006 from E1.68 billion in the previous year.
Google Ireland declared a pre-tax profit that rose to E17.36m from E5.7m during 2005.
The company paid no dividend to its US parent in the year and cost of sales almost doubled to E1.12 billion from E549m previously, the accounts show.
Administrative expenses more than doubled to E2.21 billion from E1.11 billion amid a major ramping-up of the group's sales activities across the Europe, Middle East and Africa (EMEA) and as it took on more than 500 new staff as part of its expansion.
Novell to create 40 jobs at Sandyford Posted on Tuesday, November 06, 2007
Software company Novell is to create 40 new jobs at its operation in Sandyford, Dublin following an investment by the firm. The company said it is to centralise its EMEA (Europe, Middle East and Africa) TeleWeb operations in Ireland, with the support of IDA Ireland. Based at the company's Irish headquarters in Sandyford, Dublin, the TeleWeb team, will be responsible for handling Novell's EMEA renewal transactions by telephone and over the internet. The company, which currently employs 125 people in its Sandyford Shared Services Centre, chose Ireland over other locations due to the availability of suitably experienced staff and synergies with the existing operations. The announcement marks the second of three significant investments for Novell Ireland in 2007. Currently, the company is in the process of centralising its EMEA Finance function in the Sandyford Shared Service Centre and earlier this year it announced the creation of a 20 person License Management Team in Dublin.
FD moves to new offices !! Posted on Friday, October 05, 2007
Financial Directions are delighted to announce the move to new offices in Dublin and Cork in October.
'In line with our current expansion plans and growth we are delighted to move to state of the art and centrally located offices' comments George McCormack MD of the specialist financial recruitment consultancy.
New addresses are :
Five Lamps Place
78-80 Amiens Street
T: +353 (0) 1 676 7222
F: +353 (0) 1 676 7214
Tel +353 (0) 21 234 9888
Fax +353 (0) 21 494 3925
State Street expands services in Dublin Posted on Thursday, August 16, 2007
Thursday, August 16 15:08:10
Irish financial services company and fund manager, State Street today said that it will now offer securities lending services from its Dublin office as well as expanding its securities finance operations in Japan and Singapore.
Maurice Leo, who was recently appointed managing director for State Street's securities finance team, will oversee the division's product sales and account management activities in Dublin serving the Irish offshore and Middle Eastern markets.
State Street said it has also become the only global securities lending agent with dedicated, full service securities finance capabilities in Asia with the addition of an operations group in its existing securities finance office in Tokyo.
It has also expanded its client service offerings in Asia with the placement of Patsian Low, vice president, in Singapore. Patsian will oversee the securities finance business and market development activities in the region (ex-Japan).
The division's capabilities within the region now include two trading desks (one in Tokyo and one in Sydney), sales, account management and operations functions. With this expanded presence, State Street is a market leader in securities lending in Asia.
"Expanding our capabilities in these three geographies reflects the strategic importance of these growing markets for our customers," said Craig Starble, executive vice president and head of securities finance at State Street.
Most jobs to come from service sector Posted on Thursday, July 26, 2007
Thursday, July 26 10:53:07
The majority of new jobs this year will come from the services sector as the labour market begins to transition from a period of high employment growth to a more moderate rate of job creation, according to the FAS Quarterly Labour Market Commentary out today.
The report says that two contrasting trends seem to be emerging; on the one hand the demand for service workers has remained strong (reflected in a record number of FAS vacancies in H1 2007), while on the other hand demand for construction workers has weakened.
The positive economic outlook augurs well for jobs growth this year, with employment forecast to increase by 60,000 (+3pc) to almost 2.1 million. While employment growth is forecast to moderate significantly in 2008 to just over 1pc, an extra 23,000 jobs are still expected. The majority of the new jobs growth for the 2007-2008 period will come from the services sector (+70,000), FAS says.
Employment in the construction sector on the other hand is expected to fall by around 15,000 over the next 18 months as employer demand responds to a lower level of housing output.
Over 320,000 PPS numbers were issued to persons from the EU10 Member States in the first three years of EU enlargement, with 4 out of 5 migrants coming from Poland in the third year.
FAS believes that immigration from Central Europe has peaked. "While migratory flows from Central Europe remain strong they have begun to moderate since peaking towards the end of 2006. We forecast net migration to halve from 60,000 this year to 30,000 in 2008 as migrants adjust to the looser labour market."
It said that the average unemployment rate is likely to remain below 5pc for 2008 as inward-migration slows, while the numbers unemployed are forecast to rise from 99,000 in 2007 to 110,000 in 2008. Meanwhile, earnings growth in most sectors has just about kept pace with inflation resulting in little or no real increase in wages, it said.
More rapid earnings growth has been experienced by the lowest paid as a result of two minimum wage increases in 2007. In fact, Ireland now has the highest minimum wage for full-time employees in the EU after Luxembourg.
However, given that only 3pc of the full-time workforce is employed at the minimum wage, this is unlikely to have much effect on economy-wide earnings, it said.
According to FAS economist Brian McCormick, "the labour market has begun to transition from a period of high employment growth to a more moderate rate of job creation. While job losses in the construction sector seem inevitable as housing output declines, an increasing emphasis on housing quality will soften the negative impact on employment."
Irish corp tax major investment draw Posted on Tuesday, July 24, 2007
The low corporate tax base in Ireland continues to be a major attraction to foreign investors, according to the latest KPMG tax survey.
The survey said Ireland was favoured by 86pc of respondents because of its low 12.5pc corporate tax rate, which is well below the average EU rate of 24.2pc.
The survey also found that the lowest corporate taxes among the developed economies are in the EU.
Globally, the reduction in corporate tax rates from last year to this year has been slight, from 27.2pc to 26.8pc, according to the survey.
"This is much less than the year-on-year reductions of the 1980s and 1990s. However, some countries have made significant cuts, such as Turkey's reduction from 30pc to 20pc and Bulgaria's reduction by 5pc to 10pc," according to KPMG's Cork-based tax partner.
"Despite a scheduled drop in the UK rate to a proposed 28pc next year, the North's rate will remain obstinately high compared with the 12.5pc rate here in the South, where a competitive corporation tax remains a vital aspect of economic policy," he added.
Irish businesses also place a high value on continued infrastructural investment, a common sense attitude to regulation and an ongoing focus on education and training, said Mr Lynch.
McCreevy accounting proposal welcomed Posted on Sunday, July 15, 2007
The Institute of Chartered Accountants in Ireland (ICAI) has welcomed the publication by Internal Market Commissioner, Charlie McCreevy, of proposals to simplify accounting, auditing and corporate governance rules for smaller companies.
The Commission is seeking views on the proposals they published today by mid October 2007. ICAI will be responding formally at that stage.
Commenting ICAI director of representation and technical policy, Aidan Lambe, said, "ICAI welcomes the Commission examining these issues. The existing EU directives are in place now for almost two decades though it is fair to say that revisions have taken place in the meantime. The world of auditing and accounting has undergone considerable change in recent years, much of it driven by the needs and requirements of the listed markets. While this is understandable, it has given rise to questions as to whether the regimes pertaining to smaller entities are appropriate.
"In Ireland we have already responded to some of the issues raised. For example, the audit exemption threshold has been increased to the level pertaining in the rest of Europe from a very low base only four years ago. The new Companies Bill will be structured around the private company, the most common company type in Ireland, and should lead to some simplification for the SME sector. The EU review is part of a wider better regulation initiative not dissimilar to a process under review in this state in recent years. Indeed, standard setters like the International Accounting Standards Board are examining these issues also.
"Nonetheless, as so much of legislation in this area derives from Europe it is appropriate that a review takes place at that level. Commissioner McCreevy's announcement today is welcome in that context and will enable all those affected from business lobby groups to statutory regulators to have their say."
Annual inflation falls to 5pc in May Posted on Thursday, June 07, 2007
Thursday, June 07 12:12:05
The annual rate of inflation fell slightly during May to 5.0pc, down from 5.1pc in April, new figures from the Central Statistics Office (CSO) have shown.
Meanwhile, the CSO said that consumer prices were 0.4pc higher during May than in the previous month. The consumer price index is measured by tracking the prices of certain goods and services each month.
The most significant monthly price changes were increases in housing, water, electricity, gas and other fuels (+0.7pc), restaurants and hotels (+0.6pc), food and non-alcoholic beverages (+0.6pc) and clothing and footwear (+0.6pc).
The EU Harmonised Index of Consumer Prices (HICP) increased by 0.3pc in the month, compared to an increase of 0.5pc in May 2006.
The annual rate of inflation, as measured by the HICP, decreased from 2.9pc in April to 2.7pc in May.
The most notable changes in the year to May this year were increases in housing, water, electricity, gas and other fuels (+22.6pc). The price of alcoholic beverages and tobacco increased by 5.4pc.
ECB "certain" to hike rates tomorrow
The European Central Bank is virtually certain to raise interest rates to 4pc at its governing council meeting tomorrow.
Markets, will however, be more interested in any hints of further rate hikes to follow for the rest of the year from President Trichet's after-meeting press conference.
A rate hike this week is firmly expected after Trichet said after the May 10 meeting in Dublin that the ECB had adopted a stance of "strong vigilance" on inflation risks - wording that the central bank has repeatedly used to signal an upcoming rate hike.
The ECB has steadily hiked rates in 25 basis point steps since Dec 2005, when the refi rate stood at 2.00 pct.
The central bank set out to "normalise" monetary policy after a prolonged period of very low rates, but this process is now virtually complete and the rate outlook is becoming much more uncertain.
Silvia Pepino of JP Morgan Chase said this week''s meeting is therefore an important watershed in the tightening cycle.
Although the ECB avoids using the term, many would regard monetary policy as neutral once rates reach 4.00pc, she said.
"After the hike, thus, the ECB will have to make two key judgements - first, whether policy accommodation has actually entirely been removed, and second ... whether a move into restrictive territory is required," she said.
Even though Bundesbank president Axel Weber has suggested that the ECB will stop using "codewords" to signal its rate intentions, attention will focus firmly on the wording of Trichet''s introductory statement to this week''s news conference for clues on further rate moves.
ECB Dublin meet to signal June rate rise Posted on Tuesday, May 01, 2007
Tuesday, May 01 07:25:26
The ECB's May 10 meeting in Dublin Castle is widely expected to signal a 0.25pc rate hike in June.
That would bring base interest rates in the 12-member eurozone to 4pc - double the historic low of 2pc last seen in December 2005.
The June rise could also be the last, according to Dan McLaughlin, chief economist at Bank of Ireland, despite widespread speculation that interest rates will 4.25pc before the end of the year.
At this point Europe looks to have replaced the US as the main driver of global growth, he said.
With housing concerns a "drag on the economy" it is possible that US interest rates will be cut from the current level of 5.25pc to 4.5pc over the next nine months, he said.
Such a move would definitely mark the top of the cycle in the US and that would feed back into ECB interest rate policy from that point on, he said.
Irish accountants pessimistic on economy Posted on Thursday, April 19, 2007
Thursday, April 19 16:58:47
Ireland's accountants are twice as pessimistic about Ireland's business climate than they were six months ago, with many believing the economy will continue to disimprove into 2008, the latest CPA Business Barometer Survey shows.
Despite this, there is strong a strong endorsement from the profession for the current government with 33pc of respondents declaring they will vote for Fianna Fail and the PDs.
In the latest CPA Business Barometer published today just over 40pc of CPA members surveyed have seen a worsening in the business climate in Ireland over the past 12 months, compared with 20pc in the previous poll. Nearly half (49pc) believe that this disimprovement will continue into 2008.
A key concern to CPA members in relation to their business is the availability of skilled staff and the retention of current staff (39pc). Linked to this is the concern over rising wage costs to Irish businesses (35pc) and government regulation (30pc).
However, it is not all doom and gloom. A third (33pc) of CPA members surveyed believe that Ireland is a supportive place to do business now, a rise of 5pc compared to the last Business Barometer six months ago.
With regard to the forthcoming election Fianna Fail and PDs will receive the first preference vote from 33pc of those surveyed compared to 20pc for Fine Gael / Labour. However, this may change over the coming weeks as just over a third of respondents (36pc) yet to decide whom they will vote for in the forthcoming election.
Just over two thirds of CPA members surveyed (67pc) believe that the health service will be the main issue on which the 2007 general election will be fought. While two thirds (66pc) of accounting professionals support the proposals to lower personal taxation just 11pc believe it will be the main issue for the 2007 General Election.
"The lack of broadband availability remains a key concern for accounting professionals (53pc) and is one which needs urgent addressing - particularly outside the capital", says Padraig O Feinneadha, CPA President.
"The greatest challenges to business include such factors as the retention of staff, pay levels and government regulations. Rising interest rates, cost controls and inflation all featured as additional concerns."
Mr. O Feinneadha said that the political parties will address many of these issues over the coming weeks but cautioned on the need for informed debate to ensure continued stable growth of the economy.
New ceo at Liberty Asset Management Posted on Wednesday, April 18, 2007
Friends First has said that it has appointed Gary Owens as chief executive of Liberty Asset Management and has acquired Allied Insurance Consultants.
The company said that it has acquired Allied Insurance Consultants (AIC) through its Liberty Asset Management business to create one of the largest independent financial services providers in Ireland with assets under management in excess of E400 million.
Liberty Asset Management, which now will employ more than 60 people, will see its pensions business treble in size following the acquisition of AIC and become a major force in the areas of pensions consulting and the provision of bespoke investment products
Mr. Owens was managing director of Hibernian General Insurance Company between 1999 and 2003, before joining Rainmaker Business Catalysts
Commenting on the acquisition, Adrian Hegarty, group ceo, Friends First said: "Liberty has proved to be an excellent acquisition by Friends First with a strong return on equity. We are delighted to complete this deal and believe that this will enable Liberty's business to grow exponentially over the next five years and become a major force in pension and investment consulting. This deal will create the scale needed to support the system investment required to attract Ireland's largest pension schemes."
New accountant watchdog begins work Posted on Wednesday, April 11, 2007
Tuesday, April 10 07:20:38
Today sees the first day's work of the new Chartered Accountants Regulatory Board (CARB), the regulator of the 16,000 members of the Institute of Chartered Accountants in Ireland.
The board also launched its website, www.carb.ie.
The establishment of CARB comes into effect following a decision by ICAI to commence the bye-law provisions from yesterday.
€9m investment to lead to Cork, Dublin jobs Posted on Monday, April 02, 2007
An Irish technology and software development company is to invest €9 million in research and development.
The investment at Silicon and Software Systems (S3) will lead to the creation of 20 jobs at the company's offices in Cork and Dublin.
S3 creates software for set-top boxes, personal video recorders and high definition televisions.
AdvertisementIt is regarded as a global leader in its field.
The company was established more than 20 years ago and employs more than 300 people.
Most of its employees are based in Ireland, but over 100 are based abroad.
The company also has offices in Poland. Virtually all its output is exported.
IBM confirms 130 jobs in Cork & Galway Posted on Tuesday, March 27, 2007
Tuesday, March 27 15:25:43
Computer maker IBM is to create 130 new jobs in Galway and Cork, it was confirmed today.
Supported by IDA Ireland, the company will invest up to E24m over the next three years at the IBM Tivoli software development labs in Cork and Galway.
IBM said the expansion will help accelerate the creation of products for its Tivoli software group that focuses on the service management marketplace.
Minister for Enterprise, Trade and Employment, Micheal Martin, described the investment as "wonderful news".
"This knowledge-driven investment is highly significant for Ireland and in particular for Cork and Galway. The benefits are tremendous in terms of the highly sophisticated software technology that will be developed in both locations, the highly skilled positions that will be created and the endorsement by a world industry leader that Ireland is providing the requirements for IBM's future in research and development," he said.
Digiweb to create 200 new Dublin jobs Posted on Monday, March 26, 2007
Monday, March 26 08:33:01
Broadband provider, Digiweb, is to create 200 jobs with the opening of a new technology campus in Blanchardstown.
The new network operations centre will be the base for the company's new mobile broadband national network.
The new technology centre will carry out work on Digiweb's new mobile broadband national network and Ireland's first fourth-generation Internet and phone networks.
The firm is set to more than double its current workforce of 120. To work at full capacity 200 new employees are needed to for the new data centre. 80 of these positions will be filled straight away.
There are jobs available for Cisco, network and IP engineers, project managers and project development staff.
Equifax to create 180 jobs for Wexford Posted on Thursday, March 22, 2007
Thursday, March 22 14:28:06
A US global information solutions company is to create 180 new jobs in Wexford Town over the next five years.
Equifax is to expand its Irish operation at Whitemill Industrial Estate, Wexford- it already employs 140 people in the town.
Under the expansion 180 new permanent high quality positions will be added over the next five years.
The company has indicated that the people on temporary contract will have the opportunity to fill 45 of these new positions.
Minister for Employment, Micheal Martin, welcomed the investment, saying, "This is excellent news for the Equifax Wexford operation as it further consolidates the company's presence in the town, underpins the existing jobs and significantly increases total employment. The expansion, being part of Equifax's strategy for international growth, makes Wexford a further integrated and critical part of the Group's future well-being."
Rise in bullying in the workplace-survey Posted on Wednesday, March 21, 2007
Wednesday, March 21 11:20:25
A new survey out today shows that bullying in the workplace has increased in recent years.
Tony Killeen, Minister for Labour Affairs today published the results of two national surveys relating to workplace bullying.
The survey of those at work finds that, overall, 7.9pc reported that they had experienced bullying within the past 6 months. This compares with 7pc in the 2001 survey.
The highest rates of bullying are in education, public administration, health and social work.
In both surveys women are shown to be more at risk, 10.7pc in 2007 as against 5.8pc for men. The 2001 figures were 9.5pc and 5.3pc respectively.
Those with higher levels of educational attainment are more likely to report experiencing bullying in the workplace - 9.5pc who have completed third level as against 4.4pc of those who have completed the Junior Certificate.
The incidence rate in the public sector is higher than in the private sector.
Minister Killeen said that it was disappointing to see that the incidence figure has remained largely the same despite the increase in the level of awareness of the effects of bullying and its negative impact and the existence of Codes of Practice.
He said that the fact that only around half of all organisations report that they have heard of Codes of Practice and are aware of their requirements is a concern. He added that he will shortly be announcing a revised Code of Practice developed by the Health and Safety Authority.
IDA creates 6,000 new jobs in 2006 Posted on Wednesday, March 07, 2007
Wednesday, March 07 17:31:16 (BizWorld)
The IDA and other state agencies created just under 6,000 new jobs last year, the Forfas Annual Employment Survey for the year shows.
Total permanent full-time employment in agency-assisted companies operating in the manufacturing or internationally traded services sectors amounted to 305,062 in 2006, an increase of 5,927 jobs on employment levels in 2005. This is the highest level of net job creation since 2000, the peak year for permanent full time employment among agency assisted companies, the survey showed.
Total full-time employment among Irish-owned companies amounted to 151,710 in 2006, an increase of 3,014 on the previous year. Employment among Irish-owned companies is 20,558 or 15.7 per cent higher than it was in 1997.
Among Foreign-owned companies, total full-time employment amounted to 153,352 in 2006, an increase of 2,913 on the previous year. Employment among foreign-owned companies has increased by 22,731 or 17.4 per cent since 1997.
The sectoral employment breakdown shows evidence of continuing structural change in Irish industry. Employment in manufacturing companies which had been falling since 2000 saw a slight increase of 284 to 215,952 in 2006 compared to the previous year. This is down 13 percent from its 2000 peak. Net job losses in 2006 were concentrated in traditional manufacturing sectors such as the food products, beverages and tobacco (-1,004), transport equipment (-671) and textiles (-408), reflecting on-going restructuring and competition from lower-cost locations.
Davy: Irish housing activity has peaked Posted on Tuesday, February 27, 2007
Tuesday, February 27 13:11:14
Davy Stockbrokers has forecast that housing completions in Ireland will fall this year for the first time since 1993.
The broker said in a research report that it expects 82,000 housing completions in 2007, down 7pc from the record 88,200 completed in 2006.
Davy had previously forecast 87,000 new homes this year.
It also said that house prices, which have been flat for six months, are likely to stay unchanged month-on-month over during 2007.
The report claims that activity in the sector peaked in early autumn last year, with completions in the fourth quarter of 2006 falling 5pc - the biggest percentage drop in any quarter since Q2 1993.
With Ireland's housing stock having jumped by almost 40pc in the last ten years, Davy said that housing activity in Ireland has now finally peaked, although the market remains resilient.
However, the broker says that the market remains resilient and that the decline in activity will likely come in an orderly fashion and will not mirror the crash experienced in the US in 2006.
Further interest rate hikes and the challenge to investor sentiment, will provide two further tests to the market, the report says, meaning that conditions could deteriorate further.
While Davy is still predicting two further rate increases from the European Central Bank this year, it does warn that there could be as many as four.
Any drop in new house completions will have a major impact on the overall Irish economy.
Davy says that each drop of 10,000 completions will take 1pc off Ireland's Gross National Product (GNP).
"Our Irish macro forecast is sensitive to a decline in housing. Residential construction's share of GNP is much higher than in any other developed country," Davy says in the report.
EU president upbeat on inflation Posted on Monday, February 26, 2007
Monday, February 26 16:43:47
Euro group president Jean-Claude Juncker and German finance minister Peer Steinbrueck were upbeat on the outlook for euro zone inflation ahead of the bloc's monthly gathering this evening.
"Inflation is developing quite well," Juncker said on his way into the euro group meeting, which European Central Bank president Jean-Claude Trichet will attend.
"In the short term, the situation is under control," he said.
In January, euro zone inflation was 1.9 pct in line with the ECB's target of below but close to 2.0 pct.
Steinbrueck, whose country currently holds the rotating EU presidency, said he does not see any risks of inflation in the euro zone as long as wages are linked to productivity.
"I don't see any inflation risks as long as wage policy in Europe is based on productivity," he said. Steinbrueck said Germany is the only euro zone country with inflation consistently below the ECB's target.
Earlier, Trichet told German weekly news magazine Focus in an interview that wage restraint in Europe remains important.
"Wage restraint is and remains important. This applies not only to Germany, but all of Europe," Trichet said.
In Germany, metalworkers union IG Metall has said it planned to seek a 6.5 pct pay increase at this year's wage talks for the metal and electronic industry sector.
Greek finance minister Giorgios Alogoskoufis said the ECB is doing a good job.
"The economic situation in the euro zone is very very good," he added.
US tax law changes threat to Irish jobs Posted on Monday, February 26, 2007
Over 100,000 - some 5pc of all Irish jobs - could be at risk amid growing pressure in the US to end the practice of US multinationals funnelling cash through this country to avail of our low tax rate.
The new Democratic Party majority in the US Congress is pushing for an end to laws which make it possible for US firms to avoid paying the full 35pc corporate tax rate there and take advantage of Ireland's 12.5pc rate.
Ireland's tax rate has been a major pull for US companies to set up here but political pressure is mounting there to force multinationals to move more of the wealth they generate abroad back to the US.
The Congress Ways and Means Committee - a cross-party policy oversight group - will this week meet US Treasury Secretary Henry Paulson to discuss tax policy for US corporations operating overseas.
The new Democratic majority is considering rolling back Republican tax breaks to the likes of Microsoft, Dell, General Electric, Hewlett-Packard, Eli Lilly and other big multinational corporations with a committee composed mostly of Democrats saying that up to USD945 billion a year is lost to the US economy.
The activities of several so-called brass plate operations here has thrown Ireland's status as a tax haven into the political and media spotlight in the US.
These are major global companies that have a registered office in Ireland with sometimes just a handful of staff that nonetheless process billions of dollars through their books.
The latest example is SanDisk, a maker of flash memory storage cards and MP3 players headquartered in California that assigned 2005 revenues and profits to a holding company registered in Ireland.
Sandisk Manufacturing Ltd reported four employees and revenue of USD955 million - half of the group's total revenues - between the period when the company first opened up in Ireland, April 2005, and the end of 2005.
Other US technology companies with offices and operations in Ireland, such as Google and Microsoft , have also had their Irish financial reports come under political scrutiny in the US for, according to what one US Congressman called, 'generating revenues that appear out of proportion to the number of employees' here.
'Multinational corporations have got a lot at risk with the new majorities in the House and Senate,' Bill Archer, a Republican congressman from Texas told the US media over the weekend.
'It has a lot of seductive appeal to say that corporations that are operating overseas are exporting jobs, so therefore they should pay more in taxes on overseas income,' he added.
Professionals to earn 50pc more in 2007 Posted on Tuesday, February 20, 2007
Tuesday, February 20 12:18:18(BizWorld)
Quantitative analysts, solicitors and find accounting managers now have the potential to earn 50pc more than last year, according to the IrishJobs.ie 2007 salary survey results.
Valerie Sorohan, marketing manager, IrishJobs.ie said, "Certain positions, such as sales executives, quantity surveyors, engineering roles, fund accountants are difficult to fill and in some cases this impacts very positively on salaries."
Managing directors and finance directors are earning an average of up to E250,000 and E220,000 respectively, the survey showed.
Topping this, the report shows that tax partners in public practice can earn up to E280,000.
The highly paid professions include accountancy, finance, human resources, IT and legal. An IT director can earn up to E150,000 while a HR director of a large company (750 + employees) can expect to earn up to E190,000, according to the survey.
Although the survey shows modest growth in banking salaries, certain positions have seen significant growth.
A fund accounting manager can now earn up to E150,000 compared to E120,000 last year.
Quantitative analysts have also seen significant salary increases. In 2006, they had the potential to earn up to E80,000. Today they can now command up to E120,000, representing a massive 50pc rise.
Construction still remains a sector with high earning potential.
As per the survey, senior estimators (5+ years experience) and senior quantity surveyors are the highest earners but a contracts manager is showing highest year on year salary increases of up to 17pc.
According to the survey, contracts managers can now command up to E140,000 in Dublin with salaries of up to E115,000 in Cork/Limerick and E110,000 in Galway.
Taking a career in the legal sector promises high salaries that are showing a continuing rise, the survey says.
A salaried partner is revealed to be the highest earner commanding up to E160,000, compared to E120,000 in 2006.
A solicitor with 6+ years experience in a large sized specialist firm could earn up to E100,000 in 2006. Today they can command up to E150,000, an increase of 50pc. Graduates can expect to earn up to E28,000 an increase of 12pc year on year.
In hotel and catering, the biggest year on year increases revealed are for bar managers and hotel managers.
Bar managers with 3 + years experience can earn up to E45,000, an increase of 28pc. The highest earner in the hotel and catering sector is the general hotel manager with 3+ years of experience who can earn between E70,000 and E140,000 plus expenses, plus bonus, enjoying the highest salary increase in the sector of 40pc.
Although working in Dublin generally earns the higher salary, this in most instances can balance itself out due to cost of living
"The IrishJobs.ie Annual Salary Survey provides important information to jobseekers, employees and employers alike. Although there are many different factors, which contribute to job satisfaction, it is very important that your salary is in line with the industry average. Salaries should reflect the level and scope of your position and also recognise qualifications and experience. Incentives are key, but discrepancies in pay can affect employee morale and as a result, loyalty and productivity,'' Ms. Sorohan said.
O'Brien calls for all-Ireland corp tax Posted on Thursday, January 18, 2007
Thursday, January 18 15:11:25
Millionaire businessman, Denis O'Brien, has added his voice to calls for a single corporate tax rate throughout Ireland.
Mr O'Brien was speaking at an SDLP function on the island economy in Belfast this morning.
He said it is not sustainable that one part of the island enjoys success driven by the private sector with the help of a low corporate tax rate, while the other is being held back because of interests in London and the south of England.
Currently corporation tax in the Republic is 12.5pc while in the UK the rate can reach 30pc on a tiered basis.
ECB keeps rates on hold at 3.5pc Posted on Thursday, January 11, 2007
Thursday, January 11 13:02:04
The European Central Bank today held its key interest rate steady at 3.5pc.
With inflation in the euro zone set to rise above 2pc early this year and the 13 nations that use the currency still showing solid economic growth, the ECB's governing council will likely keep a keen eye on inflationary threats and could set the stage for an increase to 3.75pc in March.
Investors are eagerly awaiting the accompanying statement from ECB president Jean Claude Trichet to see if he gives any hints about the future direction of interest rates in the coming months.
G10 bankers upbeat on 2007 prospects Posted on Monday, January 08, 2007
Monday, January 08 14:15:31
G10 central bankers are still upbeat about prospects for the global economy in 2007, with growth continuing to be very encouraging although some low-level risks remain, G10 chairman Jean-Claude Trichet said today.
Speaking after a meeting of the central bankers' group at the Bank of International Settlement (BIS) in Basel, Trichet said: 'Growth this year might be of the same magnitude as last year, maybe a bit lower'.
However, he cited various risks, foremost the threat of national protectionism, which will have to be addressed at the next round of trade negotiations.
'Another risk possible, again very unlikely, is the disorderly re-appreciation of risk in the global financial markets', he warned.
Bankers also agreed that all the risks that are associated with the price of oil and commodities remain.
Commenting on inflationary risks, Trichet said central bank policies have been key in keeping inflation at bay during the ongoing growth period, and added he was optimistic for 2007.
Study ordered into mistakes by auditors Posted on Wednesday, January 03, 2007
Wednesday, January 03 14:27:34
A new study has been ordered into whether auditors should be protected legally from paying for mistakes.
Junior minister Michael Ahern has asked the Company Law Review Group to look into the current law.
At the moment Irish auditors are legally prohibited from limiting their own liability, but Mr Ahern said the huge growth of financial services here meant this should now be looked at.
He said they were also potentially liable on a personal basis for losses caused by persons - for example company directors - who do not have the resources to meet claims against them.
"Ireland's successful inward investment thrust and thriving financial services sectors has not, and cannot, survive without a competitive auditing services infrastructure", MrAhern said.
The minister said the study here was part of a wider debate on the issue across Europe.
He said that, with only four large global players in the audit market, a single case taken against even one of these could have the capacity to bring down that firm and thereby reduce choice in the audit market, in addition to the tremor which such a development would create in the audit profession and the wider corporate sector.
The announcement of the study has been welcomed by the Institute of Chartered Accountants in Ireland.
The ICAI said it was simply unfair that auditors put not just the assets of their firm on the line, but also their own and each individual partner's assets, each time they conducted an audit.
"We look forward to working with the CLRG on this issue and will publish a discussion paper to stimulate debate early in the New Year," it added.
Graduates' pay surges 14pc in 4 years Posted on Friday, December 22, 2006
Thursday, December 21 07:38:49(BizWorld)
Average annual starting salaries of primary degree holders have jumped 14pc in the past four years to E24,000, according to the Higher Education Authority (HEA).
Its survey, covering the first destination of last year's university and Dublin Institute of Technology graduates, shows the median salary for those with a primary degree who were working last April was around E24,000, compared to just over E21,000 for the class of 2001.
While almost 4pc of such graduates were still seeking employment in April 2002, the comparative figure for 2005 graduates is just 2pc.
Vivas eyes up bid for Bupa Posted on Monday, November 27, 2006
Courtesy of the Sunday Business Post
Sunday, November 26, 2006 By Susan Mitchell and Louise McBride
Health insurer Vivas will consider a bid to buy Bupa’s subscriber base if the British firm pulls out of the Irish market.
Oliver Tattan, chief executive of Vivas, said he would look at acquiring Bupa’s 460,000-strong subscriber base after the High Court rejected Bupa’s legal challenge to the risk equalisation scheme.
Bupa has said it would leave the Irish market if risk equalisation was introduced, though it is now to meet Minister for Health Mary Harney on Tuesday to press for changes to the scheme and to the operation of the health insurance market.
Harney is also to press the Competition Authority and the Health Insurance Agency for early delivery of a report on promoting competition in the health insurance market.
One option the report will explore is a break-up of the VHI - which controls 80 per cent of the market - into a number of smaller companies as a way to promote competition.
Tattan said Vivas, a privately-owned health insurer backed by AIB and billionaire businessman Dermot Desmond, was committed to the Irish market.
He declined to put a value on Bupa’s customer base, but industry sources valued it at between €202 million and €230 million.
Tattan said any move to buy Bupa’s book would also be conditional on getting some assurances from the government in relation to improving competition.
‘‘We took a gamble that the government would have to make the market more competitive when we came into the market,” he said. ‘‘We still believe that will happen. The non-regulation of VHI and its exemption from solvency rules are also major issues, as we are not competing on a level playing field.”
Tattan said he believed that Bupa would quit Ireland unless the scheme was modified and made ‘‘less draconian’’.
Martin O’Rourke, chief executive of Bupa, said it was unlikely that Harney would reverse her decision to introduce risk equalisation.
The Sunday Business Post understands Bupa will propose changing the risk equalisation scheme at Tuesday’s meeting.
‘‘The cost of risk equalisation depends on what scheme is put in place,” said O’Rourke.
Under the current scheme, Bupa and Vivas would have to pay subsidies to the VHI, because the semi-state company’s customers are older and less profitable.
Vivas, which was launched in October 2004, is the smallest player in Ireland’s health insurance market, with about 100,000 subscribers.
If risk equalisation were introduced in its current format, Bupa claims it would have to pay €161 million to VHI over three years, even though its profits for the same period would come to only €64 million.
Aongus Loughlin, an expert in private health insurance, said the minister could change how risk equalisation calculated the amount of compensation that insurance companies with younger customers, like Bupa, should pay to rivals with older customers, like VHI.
‘‘It’s a formula which was put together ten or 12 years ago,” said Loughlin, head of healthcare with Dublin consultancy firm Watson Wyatt. ‘‘It probably would be wise to go back and review it.”
Bupa will decide how it will react to the judge’s decision after its discussions with Harney.
Halifax finally completes rebrand Posted on Monday, November 27, 2006
Halifax finally completes rebrand
Monday, November 27 11:59:23
Halifax has completed the rebrand of the Bank of Scotland (Ireland) retail business, it said today.
All 23 retail branches are now Halifax branches, all product literature and retail customer communications are also Halifax, it said.
While operationally the change in brand has been ongoing since it was announced in August, the physical change of the 23 branches has taken just one week, Halifax said.
Starting today Halifax will begin marketing its new brand with an extensive advertising campaign celebrating the arrival of Halifax to the Irish main street.
The campaign includes national and regional press, radio, outdoor and online and is part of a significant marketing spend promoting the Halifax brand over the next 14 months of around E12m.
Golden Spiders 2006 Winners announced Posted on Monday, November 27, 2006
10th Annual eircom Golden Spiders Unveil Best Websites of 2006
* Cormac Callanan presented with 2006 Internet Hero Award
* RTE.ie scoop three eircom Golden Spiders including Grand Prix Award
(Thursday, 23rd November 2006) Winners of the eircom Golden Spider Awards 2006 were unveiled tonight at a gala black-tie event in Dublin’s Burlington Hotel, hosted by comedian Jason Byrne and well known model/TV presenter Glenda Gilson. Over 700 movers and shakers were out in force, to celebrate the online successes of 2006, and to honour individuals and organisations for outstanding achievements.
Internet pioneer, Cormac Callanan received the prestigious ‘Internet Hero’ award for his outstanding contribution to the industry in Ireland and across Europe. As a computer researcher at Trinity College Dublin, Callanan set up the Irish European Unix Network, the precursor to the Internet in Ireland. He was a founder of the first Irish Internet Service Provider (ISP). His experience and reputation made him the obvious candidate as chairman of the Internet Service Providers Association of Ireland (ISPAI) in 1998, where he was instrumental in scoping out and implementing various initiatives on illegal content use. In December 1999, Callanan helped establish Hotline (www.hotline.ie), enabling members of the public to anonymously report illegal content on the Internet. Callanan is currently secretary general of Inhope (International Association of Internet Hotlines), founded in 1999 under the EC Safer Internet Action Plan. In addition to representing Inhope, Callanan has represented both Irish and European Internet Service Providers at Irish Government and EU level.
RTE.ie scooped three awards including the overall ‘2006 Grand Prix Award’, ‘Best News, Media & Entertainment Website’ and ‘Best Sports & Leisure Website’. AIB.ie won ‘Best Financial Website’ and HostelWorld.Com was awarded ‘Best Travel, Tourism & Hospitality Website’, while the ‘Best Retail Website’ award went to GoHop.ie. Other winners included MyHome.ie for ‘Best E-business Website’ and Moviestar.ie won ‘Best Newcomer’ of 2006.
The 2006 Golden Spiders drew a record number of entries from across Ireland for each of the 16 different categories. The awards were judged by a prestigious panel comprising leaders from industry, commerce, media and academia, which was chaired by Cathal Magee, Managing Director of eircom Retail. The panel evaluated entries on a diverse range of judging criteria including content, structure & navigation, visual design, functionality, interactivity as well as overall user experience.
A number of new awards were introduced this year including ‘Best Broadband Application’ and ‘Best Professional Services Website’. While the eircom Golden Spiders have a strong business slant, the awards encourage the importance of promoting Internet usage within the community and Trocaire.org was awarded ‘Best Community/Charity website’.
Commenting on the awards, Cathal Magee, Managing Director of eircom Retail said, “We are delighted to sponsor the 10th Annual Golden Spider Awards and to reward Irish businesses and community organisations for their creativity and innovation. The entries this year were outstanding and testament to the strength of the Irish Internet industry. These awards provide an important opportunity to recognise and showcase online excellence.”
Speaking at the awards ceremony, Ian Hyland, Business & Finance said, “The response to the 2006 awards reflects just how important the Golden Spiders are as a benchmark for distinction and excellence in web based business strategies. The standard of entries this year has been exceptional and is indicative of how progressive and competitive this business environment is.”
2006 eircom Golden Spider Winners
1. AOL Best Financial Website
2. SalesOnLine.ie Best Travel, Tourism & Hospitality Website
3. Daft.ie Best News, Media & Entertainment Website
4. Comreg Best Sports, Health and Leisure Website
5. FAS Best Social Networking, Community & Not For Profit Website
6. RTE Best Education Website
7. HostelWorld.com Best Marketing Campaign
8. Department of Communications Best Web Design Agency
9. IEDR Best Technology Innovation Award
10. Allianz Best Retail Website
11. Cash Collector Best Professional Services Website
12. Irish Jobs Best e-Business Website
13. ArgusCarHire.Com Best New Website Launched in 2006
14. Best Broadband Application Award
15. Arekibo Best Public Sector Website
16. Red Ribbon.ie Best HR, Training and Recruitment Website
17. Internet Hero 2006 Award
Winner: Cormac Callanan
18. eircom 2006 Golden Spiders Grand Prix Award
eircom 2006 Golden Spiders Judging Panel
200 jobs to be created by Northern Trust Posted on Tuesday, October 17, 2006
Northern Trust is to create more than 200 jobs in Limerick in a major expansion by the US financial services company. The number of jobs, primarily in fund adminstration, could eventually double to over 400. Northern Trust confirmed that Limerick had been chosen as the location for the company's expansion in Ireland and that an announcement would be made shortly.
It is believed the decision by Northern Trust to base its new operations in Limerick is part of a wider trend among IFSC-type companies to expand outside of Dublin and into regional cities, giving the firms access to a wider labour pool and lower costs.
Industry Profile - International Services Posted on Saturday, September 30, 2006
Strong International Services Propensity in Ireland
Ireland is home to leading International Services companies offering business services on a pan-European/EMEA/Global basis. The sector includes a broad range of service sectors from professional consulting services, internet based business, telecommunications, travel and leisure, retail and distribution, media and entertainment, and business process outsourcing.
Companies operating in the internationally traded services sector have located and expanded here because of Ireland’s knowledgeable/innovative workforce, low risk environment, excellent infrastructure and favourable corporate tax rate.
* Ireland provides a low-risk, quick start-up, high-performance, knowledge economy for service companies.
* Services companies in Ireland have delivered better customer service, provided innovative business solutions and reduced costs enabling increased shareholder value.
* Leading companies such as Accenture, AOL, Bertelsmann, Bowne, eBay, ECC, EDS, Google, Hertz, Lufthansa, Marriott, Raddison Hotels and Overture.
Services Provided From Ireland
International Services companies are engaged in the provision of a highly diversified range of services:
* Shared Services Centres
* Call Centres
* Data Processing
* On-line Services
* Engineering Services
* Supply Chain Management
* Fulfilment Services
* Data Centre Hosting
* Reservation Services
* Sales & Marketing
* Software Development
* Software Localisation
* Technical Support Services
* Conferencing Services
* HR Services
* IP Management
* Content Management
IBM to set up Dublin innovation centre Posted on Wednesday, September 27, 2006
Wednesday, September 27 15:15:00
IBM is to set up a European Venture Capital Centre and an Innovation Centre at its Technology Campus in Mulhuddart, Co. Dublin.
The centre will be designed to become a focal point for Irish technology start-ups looking for venture capital backing, the Minister for Enterprise, Trade and Employment, Micheal Martin, said.
It will also facilitate access for Irish start-up companies to IBM strategy, technology sharing and mentoring and will act as an access point to IBM's in-house partnership programmes and research activities.
"The selection of Ireland as the location for IBM's European Venture Capital and Innovation Centre is a further endorsement of the excellent long standing relationship between IBM and Ireland. Just 2 months ago, I announced that IBM Corporation will invest E46 million in its Technology Campus in Mulhuddart to significantly grow its Dublin-based software development operations, establish a business incubation centre and enhance its supply chain capacity with support from IDA Ireland," the Minister said.
AIB upbeat on economy after 2007 Posted on Tuesday, August 29, 2006
Tuesday, August 29 12:28:24
The AIB Global Treasury today said that the economic outlook beyond 2007 is not as gloomy as has been predicted.
However, it did warn that domestically induced wage inflation poses a potential risk to Ireland's longer-term economic prospects. It also cautioned that a slow down in productivity growth has become a real concern.
In the AIB's Economic Update for August, chief economist John Beggs forecasts GDP growth of 5.5pc this year with a similar rate of growth anticipated for 2007.
"We agree that the rate of economic growth will probably slow after 2007 due to weaker expansion of domestic demand, particularly consumer spending. However, export growth is very difficult to predict," he said.
"Our export forecasts are, of course, very dependent on the performance of key multinational sectors within the economy. Furthermore, it is our view that the official statistics consistently underestimate the growth in the volume of exports of goods and services from Ireland. Consequently, we believe that exports could make a larger contribution to overall GDP growth than our conservative forecasts made below."
He also predicts that inflation will run at 3.6pc next year compared to the anticipated 4pc for this year.
With regards construction, the report forecasts that new house completions will total around 90,000 in 2006 and 85,000 in 2007.
However, turning to the domestic economy, Mr Beggs warned that the strength of housing activity has masked a very weak performance by the non-residential construction sector in recent years.
"Overall, new housing accounts for half of construction activity. In our forecasts, we assume that housing completions fall by 5,000 in each year between 2008-2010, declining from 85,000 to 70,000. However, we look for non-residential construction activity to show robust growth in the second half of this decade, helped by a rise in public capital spending in particular. Hence, there may be just a slight fall in overall construction output in the period 2008-2010."
Meanwhile, spending on machinery and equipment should continue to rise in a growing economy, boosting total investment, the report said.
"The latest survey evidence suggests that SSIA holders will invest most of their savings, limiting the boost to consumer spending in 2006-07. Nevertheless, growth in consumer spending will still fall sharply in 2008, possibly to 3.5pc from some 7.5pc in 2007, as the impact of maturing SSIAs abates, and as employment growth slows and the savings ratio stabilises."
"Thereafter, we see consumer spending growth picking up to around 4.0-4.5pc in 2009 and 2010".
The report also predicts a marked deceleration in growth in domestic spending to about 2.8pc in 2008, before it picks up to around 3.5pc by 2010. This compares with the growth of 8pc recorded in domestic spending in 2005.
"We expect that by 2008, net exports will start making a positive contribution to growth again. Thus, we look for GDP to rise by about 4.5pc in 2008, with growth steady at that level until 2010, close to the economy's trend rate. These are obviously very tentative forecasts."
"What they suggest is that, provided the external environment remains favourable, the Irish economy should be able to withstand the slowdown expected in 2008 from a decline in housing output and the ending of the SSIA stimulus to spending."
Industry Profile - Pharmaceuticals Posted on Monday, August 14, 2006
Ireland is a key global location for the pharmaceutical industry. Foreign Direct Investment for the Pharmaceutical sector in Ireland is 40 years old with Squibb (now Bristol-Myers Squibb) being the first pharmaceutical company to locate in Ireland in 1964. Currently thirteen (13) of the top fifteen (15) companies in the world have substantial operations in Ireland. In total there are eighty-three (83) facilities employing more than 17,000 people in Ireland.
Ireland is now one of the world’s largest exporters of Pharmaceuticals with €34 billion of intermediates and finished pharmaceuticals exported in 2002. 6 out of 10 and 12 out of 25 of the world’s top selling drugs are produced in Ireland including Lipitor and Zocor. Products are manufactured for global markets.
The Pharmaceutical cluster in Ireland is supported by a sophisticated infrastructure of serviced sites, public utilities as well as specialist support companies and services.
Many of the pharmaceutical companies in Ireland have established multiple activities in Ireland, including
* Fermentation e.g. Schering-Plough, Wyeth
* API e.g. Merck, Pfizer, Yamanouchi,
* Sterile Fill/Finish e.g. Genzyme, Allergan
* Formulation e.g. Wyeth, Takeda, Pfizer
* Shared Services/ Supply Chain Management e.g. Allergan, Pfizer, Novartis
* R&D/ Process Development e.g. Wyeth, GlaxoSmithKline, Bristol- Myers Squibb
The sector’s satisfaction with Ireland is exemplified by several examples of repeat investment with major pharmaceutical companies having multiple plants; for example, Pfizer operates six manufacturing sites as well as a Corporate Bank and a European Financial Shared Services Centre.
The sector has become increasingly integrated in recent years. Early investment in fine chemical plants producing bulk active materials has been followed by investment in finished product pharmaceuticals. Many plants are now engaged in product development for Irish and other plants.
Experian to move its HQ to Dublin Posted on Monday, July 31, 2006
Monday, July 31 15:34:49
Experian, the British-based global credit checking firm, is to relocate its head office to Dublin in October.
A company spokesman today said that the move was mainly strategic and will take the form of a holding company in Jersey with ownership of the Dublin headquarters.
"While Experian is based in Britain, we consider the firm to be a global operation. Currently just 14pc of our entire business is in the UK and we believe that the move to Dublin represents the best strategic platform for further global growth," he said.
He added that Ireland's 12.5pc corporate tax rate - compared to the UK's 15.5pc - was a consideration but 'not the deciding factor' in the decision.
Experian's parent company, GUS, plans to list its Experian unit on the London Stock Exchange at the same time as the move to Dublin and will demerge it from its Argos and Homebase retail chains.
Liam Brady, a director with Experian's Irish division could not say how many new jobs would be created here from the move, "but we do anticipate a recruitment drive in the near future," he said.
Experian employs 44 people at its Dublin office.
Ireland second most expensive EU country Posted on Saturday, July 22, 2006
Friday, July 21 14:41:32
Ireland has been ranked the second most expensive country in the European Union in a new price survey.
Irish prices are about 23pc above the EU average in the four areas covered by the research.
The survey found that Ireland was the dearest country in the EU for communications services and the second most expensive for recreation and culture.
Denmark topped the survey where high taxes are blamed for keeping prices 32pc above the EU average.
Premier buys Campbell Irish business Posted on Wednesday, July 12, 2006
Premier buys Campbell Irish business -courtesy WWW.RTE.IE
British group Premier Foods has agreed to buy the UK and Irish operations of the Campbell Soup Company for £460m.
The Irish brands involved include Erin soups, McDonnells sauces and Oxo stock cubes. The company operates the Erin plant in Thurles, Co Tipperary and also has an office in Dublin. Campbell bought Erin from Greencore in 2002.
The Campbell UK and Ireland operation made pre-tax profits of £20.5m on sales of £263m in the year to the end of July last year.
US firm to create 100 new jobs in Cork Posted on Monday, June 12, 2006
Monday, June 12 14:25:13(BizWorld)
US networking solutions company, Netgear, today confirmed it is to set up its international headquarters in Cork, creating up to 100 new jobs.
The investment is supported by IDA Ireland.
Netgear, which designs, develops and markets networking products for small business and home users worldwide, was set up ten years ago in California. Its designs are manufactured in Asia and then sold both through traditional retailers and online.
Company chairman Patrick Lo described Cork as "an ideal location" due to its infrastructure, multi-lingual capability, highly skilled workforce and 'ease of doing' business.
The company said that recruitment for positions in finance, technical and IT support, HR , operations and product marketing has already begun.
IDA helps create 12,600 jobs in 2005 Posted on Thursday, May 25, 2006
Thursday, May 25 15:53:32
IDA assisted companies created over 12,600 jobs last year with more than E760 million invested by foreign companies, the State development company's annual report showed today.
The IDA said that 71 new business projects were negotiated during the year with new and existing clients with 46 of these locating outside Dublin.
It added that over half of the new jobs created were for people with third-level or higher qualifications in a wide range of disciplines.
The 12,623 new jobs created were offset by job losses of 9,211 giving a net gain of 3,412, the highest gain since 2000.
A breakdown of the employment figures show that the worst performance came from the Border counties and the North East with net losses of 4.8pc and 4.2pc respectively.
The best are for jobs created by IDA assisted companies came from the Midlands and West regions with 10.4pc and 8.3pc gains respectively.
Some 50 research and development projects were supported involving a total investment in excess of E275 million, a record in number and value and an 85pc increase over 2004.
"Continued competitiveness and flexibility in responding to changes in both local and international economic conditions is essential. The pace of development makes further investment in education and R&D critical. Rapid improvement in physical infrastructure is also a pressing need, especially to support regional development," said IDA chairman John Dunne.
IDA Ireland today also unveiled its new international marketing campaign 'The Irish Mind'. The new international campaign will build on the "Knowledge is in our nature" theme that has been used by IDA in recent years.
Irish are third least taxed in EU Posted on Wednesday, May 17, 2006
Wednesday, May 17 16:43:06
The Irish are the third least taxed citizens in the EU's 25 states, behind only Lithuania and Latvia, a report from the EU Commission said today.
Ireland has a total taxes-to-GDP ratio of 30.2pc where the average is 37.6pc.
The composition of tax revenue in Ireland (indirect 44pc, direct 41pc, social security contributions 15pc) differs considerably from the typical structure for the EU-25 as a whole (38pc, 32pc, 30pc).
'The greater significance of indirect taxes in the total tax take counterbalances the generally light overall tax burden in Ireland such that the proportions of GDP absorbed are comparable,' the Commission states in its report.
'The EU, taken as the whole, remains one of the world's highest taxed areas,' the report said. Tax ratios ranged from 28pc in Lithuania and 29pc in Latvia, both fast-growing new member states, to more than 50pc in Sweden and 49pc in Denmark.
Thursday, May 11 16:55:51
Ireland now has the eleventh most competitive economy in the world, according to the latest figures.
The latest figures from Swiss-based international business school IMD show that Ireland has moved up one place from tenth and is the top-ranked large economy in Europe.
The IMD Competitiveness Yearbook is recognised globally by governments and business as one of the best comparisons of countries and their economic performance.
Speaking after the release of the International Institute for Management Development's 2006 rankings, Minister for Enterprise, Trade and Employment, Mr. Micheal Martin, welcomed Ireland's rise.
"Increasing competitiveness across all sectors of the economy is the key to sustaining economic growth, generating more employment opportunities and providing a profitable base from which companies can compete and win more business in world markets," he said.
"Achieving recognition for our international competitiveness is not just a once a year event. Building and maintaining competitive capacity is a long-term and constant challenge. In the context of the current Partnership talks there is concern about the pace of growth in labour costs and productivity. These are big issues in assessing competitiveness. Wage moderation and higher productivity will be critical in giving our enterprise sector the ability to confidently compete in global markets".
The US remained at number one in the league, however Stephane Garelli, Director of the World Competitiveness Project and Professor at IMD Business School and University of Lausanne, says that in 2006, competitiveness is a more compact race than ever before.
Although the US is still No. 1 in IMD's World Competitiveness Yearbook, other economies, especially Hong Kong and Singapore are closing the gap.
The UK came in 21st place in the rankings.
Accountants approve new regulator Posted on Tuesday, April 25, 2006
Friday, April 21 15:39:51
Members of the Institute of Chartered Accountants in Ireland have voted to endorse a proposal to establish a new regulatory board for the profession, the Chartered Accountants Regulatory Board (CARB).
The amendments to the Institute's bye laws agreed by members now fall to be approved by the Irish Auditing and Accounting Supervisory Authority (IAASA) and the Privy Council in the UK.
ICAI President, John Greely, said the proposal has its origins in the strategic review undertaken by the Institute in 2004 which argued for a more independent regulatory function in the public interest and to allow the Institute represent the interests of its members more transparently.
The new Board will be operationally independent from the Council of the Institute and work with the Council on policy matters and will have an independent chairman and contain a majority of non-chartered accountants.
Ireland jumps to fifth in growth index Posted on Tuesday, March 21, 2006
Ireland jumps to fifth in growth index
Tuesday, March 21 16:38:46
Ireland has jumped three places to fifth in the latest "international super growth index".
The list, which is published by the business group Grant Thornton, is based on surveys carried out among 7,000 firms in 30 countries worldwide.
The growth index measures the number of companies operating in any one country which are enjoying growth that is greater than the average.
The company said that Ireland had the highest proportion of such companies among eurozone countries. Only the US, Hong Kong, India and Sweden were listed higher in the index.
Recruitment buoyed by finance sector Posted on Monday, February 13, 2006
Monday, February 13 11:06:13
More than 19,000 job advertisements were placed in the national press in January, figures revealed today.
Bank of Ireland's latest job index showed that the number was down 6pc on the same month last year, but 84pc higher than the December figure.
Recruitment in the financial sector led the way adding 66pc to 2005 numbers, having fallen in November and December. Manufacturing was next, rising by 26pc while education was up 11pc.
The IT business led the sliders, posting its third successive monthly fall, and losing 24pc on the same month last year. The leisure and healthcare sectors were down 27pc and 20pc respectively.
Economy to grow by 6pc in 2006 - BOI Posted on Monday, January 23, 2006
Economy to grow by 6pc in 2006 - BOI [BIZWORLD]
Monday, January 23 11:39:44
The Irish economy is experiencing a consumer boom that is set to fuel economic growth of 6pc in 2006, according to the Bank of Ireland Global Markets economic outlook for 2006 published today.
The outlook also shows that this spending is not being fuelled by debt, but by increases in household income, which grew by 10pc last year.
The Bank predicts that 40pc of SSIAs will mature in 2006, a third of which will be spent adding over E2 billion to consumer spending this year.
This will come on top of another strong year of income growth with employment set to rise by 4pc and earnings by 4.5pc, the net effect being an overall rise in consumer demand. This demand will be underpinned by increases in government, construction and business spending.
The outlook predicts that output is unlikely to keep pace with this spending as the domestic economy does not produce the types of goods likely to see the largest increases in demand - cars, foreign holidays, consumer durables.
Foreign demand is also likely to lag that of Ireland, limiting the growth of Irish exports to 6pc. This will lag import growth, the net result being GDP growth of 6pc from 4.7pc in 2005.
According to Dr. Dan McLaughlin, Chief Economist with Bank of Ireland Group, the real threat to the Irish economy is not rising oil price, a fall in the US Dollar or a slowing down of the US economy but the absence of a sovereign bank as this breaks the link between interest rates and activity.
"To date this has benefited the Irish economy, as Irish interest rates are probably too low for domestic conditions while appropriate for the sluggish German, Italian and French economies," he said.
"There may come a time, however, when the reverse is true - the Irish economy slows, pushing up unemployment, but interest rates stay high because Germany and France are booming. In other words the real risk to the Irish economy is a country specific shock which hits hard here but leaves the larger European economies unscathed," concluded Dr. McLaughlin.
US economy slows in fourth quarter Posted on Tuesday, January 17, 2006
US economy slows in fourth quarter
Monday, January 16 16:30:28
The US economy grew at the slowest pace in nearly three years in the just-concluded fourth quarter, economists now estimate.
Led by what could be the weakest consumer spending since 1991, the economy likely grew at about a 2.7pc annual pace in the quarter after 11 straight quarters of growth above 3pc, economists say.
The slowdown is just what the Federal Reserve wants at this point. The Fed has boosted its short-term interest rate target 13 times since mid-2004 in a bid to put the brakes on the economy. Above-trend growth has been sopping up excess capacity in the economy and leading to shortages and bottlenecks that can fuel inflation.
The Fed is expected to raise rates again on Jan. 31 and likely in March. Few economists expect the slump to worsen significantly. For the first quarter, economists are estimating growth at 3.6pc, approximately the long-term potential. Most economists do see growth slowing again at the end of the year as the housing market weakens.
"The economy could get back to an above trend rate this quarter, and that is what will matter to monetary policy makers," said Joseph LaVorgna, chief US fixed income economist for Deutsche Bank.
While most economists had forecast a modest slowing in the fourth quarter, it looks as if the slump was worse than expected. At the beginning of the quarter, economists were expecting growth of about 3.2pc.
Housing was one of the few bright spots in the fourth quarter's growth mix, along with inventory rebuilding. The weak sectors were consumer spending, business investment, exports and government spending.
Irish businesses confident for 2006 Posted on Monday, January 16, 2006
Irish businesses confident for 2006
Monday, January 16 11:28:05
Irish small and medium sized businesses are facing the New Year with optimism on jobs and earnings, a survey from mobile provider, O2 Ireland revealed today.
The survey found that 56pc of firms employing between one and 250 people expect revenues to grow with almost one in three (31pc) forecasting that they will increase jobs.
The major challenge facing SMEs, according to the O2 study, is increased competition with almost one in four (24pc) citing this as the biggest threat. About half (51pc) said that oil price rises had affected their business in 2005 with 49pc absorbing the increased cost.
The survey, which was conducted by TNS mrbi amongst 300 firms nationwide, found that only 3pc expect revenues to worsen in 2006.
Job prospects remain good with a significant 42pc saying that it is difficult to find staff. Only 3pc expect to cut jobs in 2006.
The survey also found a slight decline in the attractiveness of property as an investment.
If they had a spare E1,000 a month to invest, 61pc of owner managers/directors said they would put it into property - down from 68pc in last year's study and 28pc said they would put the money into a pension scheme - up from 22pc last year.
"There is most probably a feel good SSIA factor feeding into confidence levels with one in three firms more confident about 2006 than they were in 2005 - itself a good year," said Paul Farrell, marketing director, O2 Ireland.
North's private sector shows upturn Posted on Sunday, January 15, 2006
Monday, January 16 12:13:22
Private sector business conditions towards the end of 2005 in the North showed a marked improvement, according to the latest Ulster Bank Purchasing Managers' Imdex (PMI) report.
The rates of growth of both output and new orders accelerated to the highest levels seen during the year, with firms noting successful promotions and strengthening export demand.
As a result, backlogs of work increased, suggesting that firms would remain busy in the coming months. Staffing levels were raised on average for the second month running.
Meanwhile, inflationary pressure on firms' costs remained substantial in December, despite easing further from September's high.
In contrast, firms lowered their own prices as part of efforts to stimulate higher sales.
Pat McArdle, Chief Economist, Ulster Bank, said the report pointed to hope of a resurgence in the secor.
"The New Year's message from the PMI is one of hope and prosperity as both output and new orders ended the year on a high note. They were driven by stronger export demand, particularly from the Republic of Ireland, while, at home, there was evidence of more promotional activity, mainly in the form of cuts in prices. With activity in both the UK and the Eurozone also set to accelerate, and another reduction in BoE interest rates still on the cards, the outlook is more promising than it has been for some time," he said.
CRH surge takes ISEQ to new highs Posted on Wednesday, January 04, 2006
CRH surge takes ISEQ to new highs
Wednesday, January 04 18:05:41
CRH led Irish shares higher today after a statement from it this morning saying profits for the year would top 1.25bn euro.
The construction giant moved 20c higher on the Dublin market to 2550.
Google to add 600 jobs at Dublin HQ Posted on Friday, December 16, 2005
Google to add 600 jobs at Dublin HQ
December 13, 2005 21:40
Internet search company Google is to create 600 new jobs in an expansion of its European headquarters in Dublin.
The new jobs will be added over the next two to three years, and the company will be recruiting in all areas, from sales to legal, finance and human resources.
In order to accommodate the extra staff, the company has signed a lease for a further 100,000 square feet beside its current facility on Barrow Street in Dublin 4.
Enterprise, Trade & Employment Minister Micheal Martin said Google's decision was a 'tremendous vote of confidence in Ireland's ability to provide the levels of skills and expertise necessary for success'.
Google's Dublin operation is its largest outside the US. The new expansion is being supported by IDA Ireland.
Irish economy to grow by 5pc in 2006 Posted on Tuesday, November 29, 2005
Tuesday, November 29 12:00:43
Ireland's GDP is expected to grow at a steady rate of 5pc over the next two years, according to an OECD report published today.
The OECD said in its latest global economic outlook that the expansion will be driven by continued income growth and sustained government spending.
The removal of the Groceries Order was welcomed by the OECD who said that intense competition was needed to counter short-term inflationary pressures and to boost long-term growth.
The OECD report warns that, "with strong activity exerting inflationary pressures, core inflation is projected to creep up over the projection period."
In Europe as a whole, the OECD forecast a 2.9pc growth in 2006 and 2007 following a 2.7pc growth this year.
The report also said that, following a 3.6pc growth this year, the US economy would power ahead at 3.5pc next year and 3.3pc in 2007.
With the ECB expected to raise interest rates later this week, the OECD report recommended that eurozone interest rates should stay static until September or October 2006, as inflation in the 12-nation currency area was well under control.
FD appointed as Preferred Supplier to HERTZ Posted on Saturday, October 01, 2005
Financial Direction's John McKeown has just announced that the Hertz Corporation has selected FD as its preferred supplier for sourcing accounting and financial staff.
McKeown commented that the leading car hire firm "recognised the value of a specialist provider for recruitment of its key financial staff. Unlike other generalist agencies, FD focuses on its key market making it the natural choice for finance candidates as well as big brand clients" ENDS
Invesco confirm Financial Directions as preferred supplier to their IFSC based operations. Posted on Monday, July 18, 2005
Financial Directions are pleased to announce the addition of another major client to their blue-chip portfolio. Invesco today confirmed Financial Directions as preferred suppliers for their IFSC based operations.
Financial Directions publish article on interview preparation Posted on Tuesday, May 24, 2005
Financial Directions have recently published an article on interview preparation; our consultants strongly recommend that candidates read this article as part of their preparation for that all important interview
FD- Cork Review - Siemens creates 30 new Cork jobs Posted on Tuesday, May 17, 2005
Siemens creates 30 new Cork jobs
Monday, May 16 15:18:41
Siemens new high-end System Management Centre in Cork is to create 30 new jobs, the Minister for Enterprise, Michael Martin said today.
The Centre will provide a remote server and network management support service to customers on an out-sourcing basis, initially in the UK and in time to those in Europe.
It will create 30 new high value jobs over four years for highly skilled technical people and network specialists and will be located in the company's existing building at Penrose Quay. This is separate to the recent announcement that Siemens has decided to outsource its IT services to Siemens Business Services.
"This high value outsourcing services operation is an indication of Ireland's ongoing attractiveness as a location for such investments, despite competition from other locations worldwide for these activities. It continues the success of IDA's strategy of working with the existing Irish operations of overseas companies to assist them in winning further higher skilled activities," the Minister said.
Monday, May 16 15:18:41
Siemens new high-end System Management Centre in Cork is to create 30 new jobs, the Minister for Enterprise, Michael Martin said today.
The Centre will provide a remote server and network management support service to customers on an out-sourcing basis, initially in the UK and in time to those in Europe.
It will create 30 new high value jobs over four years for highly skilled technical people and network specialists and will be located in the company's existing building at Penrose Quay. This is separate to the recent announcement that Siemens has decided to outsource its IT services to Siemens Business Services.
"This high value outsourcing services operation is an indication of Ireland's ongoing attractiveness as a location for such investments, despite competition from other locations worldwide for these activities. It continues the success of IDA's strategy of working with the existing Irish operations of overseas companies to assist them in winning further higher skilled activities," the Minister said.
500 new financial jobs for Navan, Wexford - report (BizWorld) Posted on Tuesday, May 17, 2005
500 new jobs for Navan, Wexford - report
Tuesday, May 17 10:53:08
Around 500 jobs are to be created by a financial services firm in Wexford and Navan towns, according to RTE news.
US financial services group, PFPC International, is to create 500 jobs in the towns of Navan and Wexford.
Further details of the jobs, which will be supported by IDA Ireland, will be formally announced by the Minister for Enterprise, Micheal Martin, later this afternoon, RTE News says.
Economy to grow 5.7pc this year - ESRI - (Bizworld) Posted on Wednesday, March 23, 2005
The economy is expected to grow by 5.7pc this year and by a similar figures next year, according to the ESRI. (http://www.businessworld.ie/rankednews2.htm?s=index.html;s2=rankednews2.htm;r=3;a=1135750)
However, the continuing good health of the Irish economcy will not translate into the level of improvement in living standards experienced during the Celtic Tiger boom.
Living standards - as measured by wealth per capita - will rise by 4.5pc this year and 5.8pc next year. This is some way off the 8pc average growth enjoyed between 1998 and 2000.
Dublin ranks 8th in EU quality of life - (BizWorld) Posted on Monday, March 14, 2005
Monday, March 14 07:07:35
Dublin ranks eighth among EU capital cities in overall quality of life according to a new survey.
The city also ranks eighth in the EU for personal safety/security.
The survey by Mercer Human Resource Consulting was conducted as part of a global quality of life survey to "help government and major companies to place employees on international assignments".
The rankings place Dublin well ahead of London, Rome and Athens but behind Vienna, Luxembourg, Amsterdam and Brussels.
Irish wages 134% of European average: SFA survey Posted on Wednesday, March 09, 2005
Irish wages 134% of European average: SFA survey
09/03/2005 - 11:54:43 [Source IOL 9th March 2005]
Wages in Ireland are now 134% of the European average, according to the Small Firms Association's Annual Pay Survey.
Wage increases across the economy grew by 5.4% last year, though in small companies the average was 8%, the SFA study found. Across Europe, wages grew by 2.2% last year.
Yahoo! Dublin HQ to create 400 jobs Posted on Tuesday, February 15, 2005
Tuesday, February 15 15:37:14
Internet portal Yahoo! is to set up its European headquarters in Dublin and will create 400 new jobs, it was announced today.
Bizworld link for more information
Earnings in financial sector rise 7pc Posted on Wednesday, January 12, 2005
Wednesday, January 12 11:32:19
Average weekly earnings in the banking, insurance and building societies rose by 7pc in the year to September 2004, new figures show.
SEE FULL STORY IN BIZWORLD
ISME expects small firm jobs boom in '05 Posted on Wednesday, December 29, 2004
Wednesday, December 29 11:20:17
Small firms association ISME has declared itself "bullish" about 2005, after a survey of its members showed their sentiment improving strongly.
Its final quarterly business trends survey for the current year shows that 30 pc of its member companies are more confident about prospects than they were 12 months ago.
Further details on thsi article are available on
Irish GNP up by 4.9pc in first 9 months Posted on Wednesday, December 22, 2004
Irish GNP up by 4.9pc in first 9 months
Wednesday, December 22 11:51:09
Irish Gross National Product (GNP) was 4.9pc higher in the first three quarters of 2004 compared with the first three quarters of 2003, the latest figures from the Central Statistics Office reveal.
The corresponding growth rate in GDP for the same period was 5.6pc.
In the third quarter of 2004, GDP increased by 5.8pc in volume terms compared with the same quarter of last year while the corresponding increase in GNP was 4.2pc. The profits of foreign owned enterprises are excluded from GNP.
Irish growth to remain steady at 4.9pc Posted on Tuesday, December 14, 2004
Tuesday, December 14 09:29:47
The rate of growth in the Irish economy is set to exceed that of the global economy in 2005, according to the Economist Intelligence Unit.
The unit was presenting its annual forecast in which it said world growth will slow from 4.1pc this year to 3.2pc in 2005. China will again be the fastest growing major economy at a rate of 8.1pc, while growth in the US will slow to 3.1pc.
see further information http://www.businessworld.ie/livenews.htm?a=1066710