ireland.com - The Irish Times

Minister urges firms to seek more R&D investment
Ireland must work to persuade more pharmaceutical companies to invest in research and development (R&D) here, Minister for Enterprise, Trade and Employment Micheál Martin said as he announced details of a €250 million investment by GlaxoSmithKline (GSK) which will create 150 jobs in Cork. Barry Roche , Southern Correspondent, reports. p

Ombudsman in talks with INBS on penalties for early loan repayments
The Financial Services Ombudsman has been locked in talks with the Irish Nationwide Building Society (INBS) over the past few weeks following a dispute about the building society's payment of refunds to customers who were charged unlawful penalties for repaying their loans early, writes Laura Slattery. p

Leinster sponsorship: Bank of Ireland keeps its eye on the ball
Bank of Ireland is set to be named as the new sponsor of the Leinster rugby team in a three-year deal worth about €1.1 million annually to the team, writes Ciarán Hancock. p

End of Celtic Tiger next year, says ESRI
Economic forecasts: GDP predicted to slow to a 'more sustainable rate', writes Marc Coleman , Economics Editor. p

Other Stories

EU report criticises poor Irish broadband services
The European Commission will propose giving national regulators the power to split up incumbent telecoms firms such as Eircom if they continue to frustrate competition. p
CRH invests €210m in Ukrainian cement plant
Building materials group CRH is to invest €210 million in a project to cut carbon emissions from its cement plant in Ukraine. Ciarán Brennan reports. p
CIF may complain to EU over contracts
The Construction Industry Federation (CIF) is preparing to make a legal complaint to the European Commission against new Government contracts that fix the cost of big infrastructure projects, according to well-placed sources in the sector. p
NUJ staff in Cork set for vote
Journalists at the Irish Examiner and Evening Echo are to vote on industrial action after rejecting a Labour Court recommendation on a pay claim, writes Barry O'Halloran p
Unusually low level of catastrophes lifts Lloyd's to £3.7bn profit
The exceptionally low level of catastrophes and a benign market lifted Lloyd's of London to a £3.7 billion (€5.4 billion) profit in 2006. p
Superquinn seeks loss of 17 jobs
Superquinn is seeking up to 17 voluntary redundancies from its 96- strong workforce at its supermarket in Clonmel, Co Tipperary, in a bid to return the store to profitability. This represents about 18 per cent of Superquinn's Clonmel employees. Ciarán Hancock reports. p
Qualceram posts pre-tax profits of €3.9 million
Bathroom suites manufacturer Qualceram Shires posted pre-tax profits of €3.9 million last year compared to a loss of €5.1 million in 2005. p
Property bankers defect to Dunbar
Six property bankers have defected from Bank of Scotland (Ireland) to join a rival institution which is seeking to gain a share of the Irish commercial lending market. p
Pension fund assets rise by 12.6%
Irish pension funds adopted a more active approach to asset management last year, according to a study published yesterday. The Irish Association of Pension Funds' (IAPF) annual Asset Allocation Survey also disclosed a cautious move out of equities in 2006. p
Total Produce makes €36.1m
Fyffes spin-off Total Produce posted pretax profits of €36.1 million for 2006, up from €35 million a year earlier. p
Health insurer reform urged
A new report recommends that the risk equalisation scheme in the private health insurance sector should be suspended while VHI enjoys market dominance and does not have to operate under the same regulations as its competitors. p
African Diamond losses up
Exploration minnow African Diamond's first-half pretax losses grew to £176,000 (€259,127) from £120,000, as the company failed to generate any revenue. p
Study urges public wage restraint
Economics: Ireland's economy is at risk of a severe correction unless the Government develops new economic policies, a study of the economy concluded yesterday. p
Professor criticises State's spend on education
Workforce skill level: The widely held view that Ireland achieved competitive advantage through the skill level of its workforce and new forms of co-operative employment relations is not borne out by the reality on the ground, according to Bill Roche, professor of industrial relations and human resources at the School of Business at UCD. p
Forecasts focus on interest rates
Euroframe: Pressure on the dollar is likely to put Irish exporters under pressure in the coming two years, a leading group of European economists predicted yesterday. However, European interest rates are unlikely to rise by more than a quarter percentage point, the ESRI said yesterday. p
Bus market 'must be liberalised'
The ESRI has recommended that the bus market in Ireland be fully liberalised in an attempt to foster competition and enhance the quality of service to customers. p
Financials to fore as Iseq bounces back
Market report: After the widespread sell-off witnessed on Wednesday, the Irish market staged a recovery yesterday, clawing back 1.52 per cent and outperforming other European markets. p
In Short
A round-up of today's other stories in brief. p

Newsfeatures

Just one challenge left - to take the North's economy in hand
George Quigley is looking at how to attract investors to Northern Ireland, writes Carissa Casey p
North needs to increase productivity - Lambert
Industry chief says North tax breaks crucial, writes Arthur Beesley , Senior Business Correspondent p

Business Opinion

Sky-high salaries still the currency of choice for chief executives
Ground Floor: In literary circles, one of the greatest insults that the elite like to throw is that you are "writing for money", writes Sheila O'Flanagan. p
A climate that makes it tougher for bullies
Economics: There are two aspects to the issue of bullying in the workplace. One, the moral aspect, is clear enough: bullying is a disgusting practice which degrades individuals, writes Marc Coleman p
Productivity has to improve for per capita GNP to rise
Comment: One of the key lessons from a review of productivity in the Irish economy published by Forfás last week is that we can't depend on past glory for our future prosperity, writes Conor Kehoe p
Betting on cricket pays off for punter in IFSC
Current Account: A canny Irish punter working somewhere in the International Financial Services Centre (IFSC) has taken spread betting firm, Sporting Index for a tidy profit, just weeks after its launch. p

Personal Finance

Dangers lurk in the sub-prime mortgage market
They are the lenders who are 'not afraid to go for the jugular', writes Caroline Madden p
Dealing with debt
Getting credit - whether it's a mortgage or any other loan - is always more difficult for people with "impaired" or "sub-prime" credit" ratings. p
The market players
GE Money Mortgages: GE Money is the longest- established lender in the Irish sub-prime space, having launched its first product here in 2003. It is part of GE Capital/Woodchester Ltd. p
US 'humpty dumpty' economy has grown fat on debt
Serious Money: It is almost 100 years to the day since the infamous "rich man's panic" began on American stock exchanges, writes Charlie Fell. p
Know the risks if having a flutter on foreign exchange
The currency market has become an accessible, but risky, investment option, writes Caroline Madden. p
International lending conditions hold the key
Investor/An insider's guide to the market: Irish bank and insurance stocks have put in a somewhat lacklustre performance in the opening months of 2007. Bank of Ireland and Irish Life & Permanent are down slightly so far this year while AIB's and Anglo Irish Bank's share prices are up a little. p
Q&A
Dominic Coyle answers your questions p
In Short
A round-up of other stories in brief. p

Technology

Finding room for data after 'digital big bang'
With enough digital information created last year to fill three million times all the books ever written, data storage is about to become big business, writes John Collins p
Pitting your wits against army of online fraudsters
There are three nuggets of wisdom that can prevent internet users from being ripped off when trading online, writes Eamon McGrane p
Tips for trading safely online
BUYING: Deal with reputable sellers: pick good sellers, especially when buying from private individuals. p
PCs of the future unveiled at IT trade fair
Observers may be questioning the direction CeBIT is taking, but the showcase still has mass appeal, writes Mike Butcher in Hanover p
Online networking to benefit business
Web 2.0 aficionados may sniff their noses at social networking sites like MySpace, Bebo and Facebook, but the reality is that they are introducing millions of young, and not-so-young, web users to the potential of the next generation web. p
Multitasking devices set to boost mobile phones
Mobile phones will be a thing of the past in a few years. Instead, we will carry around devices that can communicate over the internet, play music, show live TV and probably carry out a host of other tasks that haven't even been thought of yet. That's according to the telecommunications industry's vision of the future. p
Cyber squatting on rise, says report
Cyber squatting is on the increase, according to a report from the World Intellectual Property Organisation (WIPO). p
Accuris wins $1.5m deal in NZ
Irish telecommunications software firm Accuris Networks has won a deal worth $1.5 million (€1.12 million) to supply its technology to Telecom New Zealand. John Collins reports. p
User-friendly software lets web beginners crack internet design code
Wired on Friday: Websites may have had stupid names in the old days but at least they had big ambitions. Yahoo! was about categorising all of the net; Google wanted to index it all, writes Danny O'Brien. p
PS3 beats rivals despite high price
Technofile: The European launch of the PlayStation 3 appears to be going okay so far. It became the fastest selling games console in the UK. Gaming industry website GamesIndustry.biz found 165,000 consoles were bought in the two days following the console's launch. That means Sony beat the Wii and Xbox 360, but not the PlayStation Portable, writes Mike Butcher. p
Knowledge forum links up experts
Net Results: Last week I attended a very interesting National Forum on Europe event in Dublin Castle, which considered the notion of creating a knowledge economy in Ireland. The title was Research and the Knowledge Economy: the European Dimension , writes Karlin Lillington p
In Short
A round-up of today's other stories in brief. p

Interview of the Week

US regulator looks to Ireland for balance in fighting fraud
Far from being the 'wild west' of international finance, Paul Atkins believes Ireland can be a model for the US, writes Arthur Beesley , Senior Business Correspondent p
Company that is cleaning up throughout Ireland
Building a €100 million all-Ireland company employing nearly 8,000 people in just over a year is no small achievement p

Recruitment & Management

A venture capital model for social reform
Ashoka founder Bill Drayton explains 'social entrepreneurship' to Gabrielle Monaghan p
A campaigner inspired by Ashoka
Caroline Casey, founder of the Aisling Foundation and the 02 Ability Awards, came across Ashoka when she was being interviewed for a book on social entrepreneurs. The author described the organisation's work and the individuals it supported, arousing Caroline's interest in it. p
Real value of MBA will remain even if market falls
The Insead File: The Insead class of 2007 came back to earth with a bump this month, when global financial markets reminded us that there's more to life than tests and grades, writes Niall S. Dunne. p
Business tourism could bring in up to €1bn a year
When used in an Irish context, the word "tourist" evokes images of Irish-Americans searching for their roots, rowdy English hen parties in Temple Bar or perhaps bubbly groups of Spanish students. p

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