Industry & Business

Economy

60 new jobs announced for Cork region

    60 new jobs announced for Cork region

Enterprise Ireland has announced the creation of 60 new jobs for the Cork region through six of its client companies – Aventamed based in the Rubicon Centre, Cork; Coolmore Foods based in Bandon; EviView based in South Mall, Cork; Intelligent Implants based in central Cork; Rinocloud based in central Cork and Velona Systems based on […]

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New products and markets key to export growth

    New products and markets key to export growth

The ESRI hosted a conference this week to launch the findings of a research programme on “Enterprise Exporting, Innovation and Productivity” undertaken in cooperation with Enterprise Ireland and the Department of Jobs, Enterprise and Innovation. Findings from the programme highlights that diversifying export products and markets plays a major role in driving growth for domestic […]

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365 jobs announced at Version 1

    365 jobs announced at Version 1

An Taoiseach Enda Kenny has announced today that IT services company, Version 1, will be creating 365 IT services jobs over the next three years at its base in Dublin’s city centre. The jobs will be in the areas of ERP, systems integration, cloud and data analytics. Version 1 is aiming to fill 100 positions […]

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Extra 300,000 premises to get high speed broadband

    Extra 300,000 premises to get high speed broadband

Minister for Communications, Climate Action and Environment, Denis Naughten has announced that an additional 300,000 premises across Ireland will be able to access high speed broadband within 90 weeks. These premises were previously part of the State Intervention Area but will now be provided by Eir.
As a result of commercial investment which didn’t materialise, the […]

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€120m paid out by banks over tracker mortgage scandal

    €120m paid out by banks over tracker mortgage scandal

Governor of the Central Bank Philip Lane has told the Oireachtas finance committee that Irish banks have paid out more than €120 million in the past two years in redress and compensation to mortgage customers who were denied a tracker rate. This comprised €78 million paid to 2,600 customers by the end of February as […]

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Two thirds of Irish workers unable to work from home during transport strikes

    Two thirds of Irish workers unable to work from home during transport strikes

Hundreds of thousands of people around Ireland have been affected by the recent and ongoing public transport strikes, with many unable to reach their place of work. For many, that will mean that their entire day is written off. But according to Ricoh, advances in technology mean they could be just as productive at home as […]

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Economic growth outlook impressive despite Brexit effects

    Economic growth outlook impressive despite Brexit effects

Ibec’s new Q1 Quarterly Economic Outlook forecasts growth of 3.1% for 2017 and 2.8% in 2018. Strong improvements in consumer spending and investment are the key drivers behind this growth, but Brexit related trading challenges will weaken export growth.

Ibec’s Director of Policy and Public Affairs Fergal O’Brien stated: “The Irish economy is now in a […]

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€44m investment in early stage funding for high growth companies announced

    €44m investment in early stage funding for high growth companies announced

The Minister for Jobs, Enterprise & Innovation, Mary Mitchell O’Connor has announced that up to €44 million is being made available for co-investment in Seed and early stage growth companies and through Enterprise Ireland has issued an open competitive call to fund managers to signal their interest in establishing funds. This investment will leverage private […]

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Enterprise Ireland launches ‘Brexit SME Scorecard’

    Enterprise Ireland launches ‘Brexit SME Scorecard’

Enterprise Ireland has launched the ‘Brexit SME Scorecard’, a new interactive online platform which can be used by all Irish companies to self-assess their exposure to Brexit under six business pillars. Based on answers supplied by the user, the Scorecard generates an immediate report which contains suggested actions and resources, and information on events for […]

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Ibec welcomes draft EU guidelines for Brexit

    Ibec welcomes draft EU guidelines for Brexit

Ibec has stated that the draft EU guidelines for Brexit negotiations set out a constructive approach towards achieving a smooth transition to a new EU-UK relationship. The principle has been established in both Brussels and London that Brexit presents unique challenges for Ireland that need to be addressed. The government must now work closely with […]

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Brexit talks must deliver free access to UK market says IDIA

    Brexit talks must deliver free access to UK market says IDIA

The Irish Dairy Industries Association (IDIA), the Ibec group that represents the dairy sector, has called for the sector to be a key priority for the Irish government in the upcoming Brexit negotiations.
Speaking after the triggering of Article 50, Irish Dairy Industries Association Director, Conor Mulvihill, said: “Irish diary is the fastest growing agri-food industry in […]

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‘No return to the hard border’

    ‘No return to the hard border’

Theresa May’s letter to trigger Article 50 states that she does not want Brexit to “harm” the Republic of Ireland. The British Prime Minister has included a note on what she sees as the UK’s “special relationship” with Ireland and the importance of the peace process in Northern Ireland.
“The Republic of Ireland is the only […]

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New ESRI research examines sensitivity of income tax and USC revenues to changes in income

    New ESRI research examines sensitivity of income tax and USC revenues to changes in income

Income tax (including USC) is the largest individual source of tax revenue in Ireland, accounting for over 35% of the total. According to the ESRI, fluctuations in this source of revenue have a significant bearing on the total tax revenue.
Research from the Institute has found that income tax revenue automatically increases by 2% for every […]

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New independence referendum backed by Scottish parliament

    New independence referendum backed by Scottish parliament

The Scottish parliament has voted to back First Minister Nicola Sturgeon’s bid to hold a new independence referendum in late 2018 or 2019. Once the terms of the UK’s exit from the EU become clearer, Sturgeon will seek permission from the British parliament in London to press forward with preparations for a referendum.
Sturgeon has argued […]

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Damovo announces new Dublin jobs

    Damovo announces new Dublin jobs

Technology company Damovo has announced 30 new roles at its Global Services Centre in Dublin. Recruitment is underway for the roles in project management, project co-ordinators and Avaya technical support.
Damovo offers unified communications and collaboration solutions, enterprise networks, contact centres and global IT managed services. It established in 2001 and currently employs 40 people at […]

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Dublin Airport named one of world’s best airports

    Dublin Airport named one of world’s best airports

Dublin Airport is one of the best 10 airports in the world, according to a new international survey based on passenger ratings. Users of the travel website eDreams have ranked Dublin tenth best airport in the world last year. Helsinki-Vantaa was named the world’s best airport, while Berlin Schönefeld was found to be the worst […]

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Minister for Jobs launches VODAFONE & SIRO National Gigabit Hub Initiative

    Minister for Jobs launches VODAFONE & SIRO National Gigabit Hub Initiative

Minister for Jobs, Enterprise & Innovation, Mary Mitchell O’Connor has launched Vodafone and SIRO’s national Gigabit Hub Initiative, which aims to spark a digital transformation in 15 towns across Ireland. A first of its kind, the companies will offer a 1 Gigabit broadband connection to qualifying business, technology and start up hubs free of charge […]

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Air routes from Cork and Dublin to Chicago from €139

    Air routes from Cork and Dublin to Chicago from €139

Low-cost Icelandic carrier WOW air has announced new routes from Dublin and Cork to Chicago, with fares starting in July from €139 one way including taxes. WOW already operates US routes from Ireland to New York, Miami, LA, San Francisco and Pittsburgh.
“The addition of Chicago to WOW air’s growing list of destinations is part of […]

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€3m investment for Sandyford business district

    €3m investment for Sandyford business district

More than €3 million is to be invested in improving Sandyford’s business district over the next five years. Funded by the 1,000 companies based across the area’s four industrial parks, the new Sandyford Business Improvement District Council (SBID) aims to introduce a number of initiatives to make the area a better place to live and […]

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22 Ulster Bank branches to close in Republic

    22 Ulster Bank branches to close in Republic

As part of a major restructuring of the business, Ulster Bank has announced it will close 22 of its branches in the Republic by the end of September. The restructuring will also result in 220 redundancies and approximately 8% of its workforce leaving the business.
Staff were informed of the bank’s plans on Thursday and have […]

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New jobs for Dublin and Cork

    New jobs for Dublin and Cork

Ecommerce firm eShopWorld has announced it will create up to 250 new high-end jobs over the next three years. The announcement coincided with the official opening of its global headquarters at Airside Business Park in Swords, Co. Dublin by Minister for Education and Skills, Richard Bruton.
The jobs announcement is part of a €25 million investment […]

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Enterprise Ireland and Network Ireland launch roadshow for female entrepreneurs

    Enterprise Ireland and Network Ireland launch roadshow for female entrepreneurs

Enterprise Ireland and Network Ireland, in conjunction with the Local Enterprise Offices (LEOs) and the Entrepreneurs Academy, has announced the second nationwide Fuelling Ambition “Steps to Success” roadshow targeting existing and potential female entrepreneurs.
The aim of the roadshow is to encourage, support and drive the ambition of female entrepreneurs nationally by showcasing the ‘Steps to […]

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IFA calls for an immediate ban on Brazilian meat

    IFA calls for an immediate ban on Brazilian meat

IFA President Joe Healy has called for an immediate ban on Brazilian meat imports into the EU. He said the latest revelations on the failure of Brazil to meet EU standards and controls in the meat sector raises very serious concerns around EU meat imports.
Joe Healy said the IFA has written to the EU Commissioner […]

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UK to trigger article 50 on March 29th

    UK to trigger article 50 on March 29th

British Prime Minister Theresa May will trigger article 50 of the Lisbon Treaty, the formal notification of the United Kingdom’s intention to leave the European Union, on March 29th. The move will formally trigger Britain’s exit from the EU following a referendum in June last year.
Article 50 of the Lisbon Treaty sets out how an […]

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€720m spent on Irish hotel transactions in 2016

    €720m spent on Irish hotel transactions in 2016

According to new research from Cushman & Wakefield, a record €720 million was spent on 51 hotel transactions in Ireland last year. Cushman & Wakefield, the commercial partner here of Sherry FitzGerald, also found that the biggest deal in 2016 involved the sale of the former Burlington Hotel for €182 million to German asset manager […]

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Increased fuel costs see inflation rise to 0.5%

    Increased fuel costs see inflation rise to 0.5%

According to the latest consumer price index (CPI), inflation has risen to its highest level in almost four years due to rising fuel costs and a pick-up in hotel and restaurant prices. It also suggests that the average basket of goods and services in the Republic was 0.5% higher in February than 12 months previously. […]

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Dell is best place to work, says Irish employees

    Dell is best place to work, says Irish employees

Job site Indeed has compiled a list of 25 companies to feature in ‘Best Places to Work in the Private Sector in Ireland’, with tech giant Dell coming out on top. The list was determined from the input of thousands of employee reviews. According to Marie Moynihan, Senior Vice President of Global Talent Acquisition at […]

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SFA says fundamental reform of social welfare needed to make work pay

    SFA says fundamental reform of social welfare needed to make work pay

The Small Firms Association (SFA) has called for a complete review of the social welfare system to ensure that work always pays more than welfare. Linda Barry, SFA Assistant Director, stated: “Small businesses frequently encounter difficulties in getting people on social welfare to take up a job or increase their hours. These employers are effectively […]

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One-third of Dublin’s office stock sold in deals worth €6bn since 2013

    One-third of Dublin’s office stock sold in deals worth €6bn since 2013

A new report from Savills on Ireland’s property investment market has revealed that, since the beginning of 2013, 1.1 million sq m (11.84 million sq ft) of modern office space has changed hands in Dublin. This is equivalent to one-third of Dublin’s entire office stock.
The figure for the city’s Central Business District (CBD) is even […]

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ICTU calls for action on executive salaries

    ICTU calls for action on executive salaries

A report from the Irish Congress of Trade Unions (ICTU) has found that executive pay in some Irish private companies increased by up to 238% between 2009 and 2015, a period in which average hourly earnings increased by just 2% on a weekly basis. The ICTU is calling for reforms in relation to how executive […]

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Calling all Cork businesses – StartUp awards launched

    Calling all Cork businesses – StartUp awards launched

The Bank of Ireland StartUp awards 2017 were officially launched to business nationwide recently. The competition, now in its sixth year, recognises and rewards Irish startups for their success in business across 11 categories including digital, food and drink, retail and technology. This year local accountancy firm TaxAssist will sponsor the awards and they are encouraging […]

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Dunnes Stores takes top supermarket spot for second month

    Dunnes Stores takes top supermarket spot for second month

New figures show that for the first time, Dunnes Stores has maintained its position as the country’s biggest grocer for two months in a row. Figures from Kantar Worldpanel show that the supermarket increased its market share of the grocery market to 22.9% for the 12 weeks to February 26. This is up from 22.5% […]

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Enterprise Ireland brings 11 client companies to Texas event

    Enterprise Ireland brings 11 client companies to Texas event

Minister for Employment and Small Business Pat Breen is leading a 4-day Enterprise Ireland trade visit to the USA. The highlight of the trade visit is the Enterprise Ireland exhibition stand at South by Southwest (SXSW), a world-famous digital technology conference, trade show and festival combination where emerging technologies, original music and independent films converge.
Commenting […]

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Job losses at Nenagh plant

    Job losses at Nenagh plant

250 employees at the Coty plant in Nenagh are to lose their jobs when the multinational company closes its business in the town. Staff at the former Procter & Gamble site were called to a meeting last week, with the management shutting down production for the day. The company is expected to announce a phased […]

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Operating profits at Aviva Ireland rise by 20%

    Operating profits at Aviva Ireland rise by 20%

Aviva Ireland has reported a 20% hike in operating profit for 2016 as it continues to turn around its financial performance following a major restructuring. The insurer said full-year profits rose climbed to €81.9 million last year from €68 million in 2015. The company’s general insurance business recorded a 19% rise in net written premium […]

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HBAN angels invested €13.6m in 50 Irish start-ups in 2016

    HBAN angels invested €13.6m in 50 Irish start-ups in 2016

HBAN (Halo Business Angel Network), the all-island group responsible for the promotion of business angel investment in Ireland, recently announced that business angels invested €13.6 million in 50 Irish start-ups last year – up 25% from the previous year. This includes €1.5 million (£1.3 million) invested in eight deals completed by Halo Northern Ireland angels. […]

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Irish small firms unaware of Brexit dangers

    Irish small firms unaware of Brexit dangers

Many Irish small- and medium-sized businesses are still unaware of the dangers posed to them by Brexit, according to a new report.
The report from the Joint Committee on Jobs, Enterprise and Innovation, is calling for a nationwide campaign to highlight the risks, and of an “early warning system” to identify threatened sectors. It also calls […]

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Irish economy grows 5.2% in 2016

    Irish economy grows 5.2% in 2016

Ireland’s economy grew 5.2% last year, exceeding all other euro zone countries and most official forecasts for the third successive year. The latest quarterly national accounts from the Central Statistics Office (CSO) also suggest output increased in all sectors of the economy.
The figures show gross domestic product (GDP) accelerated 5.2% in 2016, while gross national […]

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Post offices to close and stamp cost to rise

    Post offices to close and stamp cost to rise

The Chief Executive of An Post, David McRedmond, has said that the cost of a national stamp is to rise from 72c to €1 and that some post offices will have to close as part of cost-savings measures.
Speaking on RTÉ’s Six One, Mr McRedmond said the increase is essential if there is to be a […]

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Revenues at Betfair climb 18% in 2016

    Revenues at Betfair climb 18% in 2016

Paddy Power Betfair has reported higher revenues and operating profits for 2016 – its first full year of earnings since the merger of the two betting giants last year. Revenues for the year rose by 18% to £1.5 billion, while the company’s operating profits jumped 44% to £330 million.
However it said that for statutory purposes, […]

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Live Register Continues to Fall

    Live Register Continues to Fall

The latest Live Register figures show a continuing fall in the numbers of people signing on. The seasonally adjusted figures show a decline of 2,800 compared to the January figures and a decline of 44,356 compared to the February 2016 figures.
At the end of February, there were 117,048 long term Live Register claimants, over 40% […]

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71,647 Days Lost to Industrial Disputes in 2016

    71,647 Days Lost to Industrial Disputes in 2016

During 2016 there were 71,647 days lost to industrial disputes, according to figures released by the Central Statistics Office on Friday. This compares with 32,964 days lost in 2015.
There were a total of ten industrial disputes in 2016 compared with nine in 2015. The ten disputes in progress in 2016 involved 29,372 workers and ten […]

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Service Activity Continues Expanding in February

    Service Activity Continues Expanding in February

Irish service providers benefited from improving economic conditions in February, seeing further sharp rises in activity and new business and recording an improvement in business confidence, according to the Investec Services PMI for Ireland, released on Friday.  Higher workloads encouraged companies to increase their staffing levels again, the report said, while inflationary pressures eased slightly, […]

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New Car Sales Down 21 Percent in February

    New Car Sales Down 21 Percent in February

New car registration figures released on Wednesday by Motorcheck.ie show that new car sales in February 2017 have fallen 21% on last year with only 17,015 units sold compared to over 21,552 units for the same month in 2016. This puts the overall new car market for the year to date behind by 8.7% when […]

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February Cost Burdens Rise at Fastest Rate Since May 2011

    February Cost Burdens Rise at Fastest Rate Since May 2011

The rate of input cost inflation accelerated sharply in February, amid higher prices for a range of raw materials, but output charge inflation moderated, according to the Investec Manufacturing PMI report for Ireland, released on Wednesday.
The report found that, overall, business conditions continued to improve in the Irish manufacturing sector during February as new orders rose […]

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Average Hourly Total Labour Costs Rose 1.4 Percent to €25.72 in 2016

    Average Hourly Total Labour Costs Rose 1.4 Percent to €25.72 in 2016

Average weekly earnings were €716.07 in Quarter four of 2016, a rise of 0.6% from €712.02 one year earlier according to preliminary estimates released by the Central Statistics Office (CSO) on Monday, Final data for average weekly earnings in Quarter three were €702.69 and showed an increase of 1.3% over the same period in 2015.
The […]

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Direct Flights Between Cork and North America Announced

    Direct Flights Between Cork and North America Announced

Cork Chamber welcomed the Norwegian Air’s Thursday announcement that it will offer direct flights between Cork Airport and Providence in Rhode Island, less than an hour’s drive from Boston, Massachusetts. New North American routes were also announced from Dublin, Belfast and Shannon airports.
“The opening of new flights between Cork and Boston, to be followed later by New […]

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One Third of Irish Hotels Have Changed Hands Since 2011

    One Third of Irish Hotels Have Changed Hands Since 2011

One third of Irish hotels have changed hands since 2011, according to a study from property consultants, Savills Ireland. The combined sales value over the five-year period was approximately €2.4 billion. The highest number of hotel sales occurred in the larger cities of Dublin, Cork and Limerick.
“Hotel development, like many areas of the property sector, […]

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Ireland Records Lowest Annual Inflation in the Eurozone

    Ireland Records Lowest Annual Inflation in the Eurozone

Ireland’s annual inflation rate was recorded as 0.2% in January 2017, the lowest in the Euro Area which saw an inflation rate of 1.8% , up from 1.1% in December 2016, according to figures released by Eurostat, the statistical office of the European Union, on Wednesday.  In January 2016 the rate was 0.3%. European Union annual inflation […]

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Price of Basic Metals Rises 12.1 Percent

    Price of Basic Metals Rises 12.1 Percent

The price of basic metals rose 12.1 % in January while other factory gate prices remained relatively stable, according to figures released by the Central Statistics Office on Wednesday. Total monthly factory gate prices increased by 0.2% in January compared to the previous month, and fell by 0.1 % compared to Janaury 2016.
The price index […]

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Employment Increased 3.3 Percent in 2016

    Employment Increased 3.3 Percent in 2016

There was an annual increase in employment of 65,100 (3.3%) in 2016, bringing total employment to 2,048,100, according to the Quarterly National Household Survey released by the CSO on Tuesday.  This compares with an annual increase of 57,500 (2.9%) in employment in the previous quarter and an increase of 2.3% or 44,100 in the year […]

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Survey Indicates 98 Percent of Irish Companies Have no Brexit Plan

    Survey Indicates 98 Percent of Irish Companies Have no Brexit Plan

The September – December 2016 InterTradeIreland Business Monitor Report, issued on Monday, shows that 98 percent of businesses surveyed have no plan in place to deal with the consequences of a British exit from the EU. The report also showed that 37 percent of construction companies surveyed reported difficulties recruiting skilled labour, with 33 per […]

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Survey Reveals Pay and Conditions in Small Firms

    Survey Reveals Pay and Conditions in Small Firms

A survey on employment pay and conditions in 576 small companies employing 12,903 employees, released by the Small Firms Association on Monday, shows that 34%  of those companies surveyed pay maternity benefit above Social Welfare while only 22% pay paternity benefit above Social Welfare.
The survey also showed that the average rates of basic pay varied from €429 […]

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What Needs to Change in Ireland if we Want to be a Real Global Leader in R&D

    What Needs to Change in Ireland if we Want to be a Real Global Leader in R&D

Post written by Ian Collins, Partner at EY Ireland. Previously published on Fora.ie
The burden for small firms investing in research should be lifted.
Ireland’s tax regime already ranks among the best in class internationally and allows companies to claim significant cash refunds for their research efforts – in turn facilitating the creation of jobs and ultimately driving the […]

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European Parliament Approves Trade Agreement with Canada

    European Parliament Approves Trade Agreement with Canada

The EU-Canada Comprehensive Economic and Trade Agreement (CETA), which aims to boost goods and services trade and investment flows, was approved by the European Parliament on Wednesday. The landmark trade deal could apply provisionally from as early as April 2017.
“By adopting CETA, we chose openness and growth and high standards over protectionism and stagnation,” Parliament’s […]

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Record Level of Exports in 2016

    Record Level of Exports in 2016

Exports totalled more than €116 billion in 2016, the highest annual total on record, according to preliminary figures released by the Central Statistics Office on Wednesday. This is an increase of €4.5 billion (4%) over 2015. Imports in 2016 decreased by €507 million (1%) to €69.60 billion compared with 2015 while the preliminary trade surplus for […]

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Dublin Office Tenants ‘Pre-Letting’ Space In Buildings That Have Not Yet Been Constructed

    Dublin Office Tenants ‘Pre-Letting’ Space In Buildings That Have Not Yet Been Constructed

There has been a surge in office “pre-letting” – the practice of tenants committing to lease contracts before a building has even been constructed – accounting for 28,000 square meters (44%) of all the Dublin office space leased in Q4 2016, property consultants Savills said on Monday.
In Dublin 2 and 4, where the demand for […]

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Mean Weekly Earnings Increased by One Percent Between 2011 and 2014

    Mean Weekly Earnings Increased by One Percent Between 2011 and 2014

Both mean and median weekly earnings for all employment increased by one percent in the period 2011 to 2014, according to figures released by the Central Statistics Office (CSO) on Thursday. There was an increase of 1.5 percent in mean weekly earnings for females for the same period while mean earnings for males remained unchanged.
Between […]

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