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Jurys Inns wants 120 new hotels in Europe
Jurys Inns is about to embark on a radical expansion that could see it open hotels in up to 120 cities in central and eastern Europe over the coming decade. Una McCaffrey reports. p
Roches' NTR stake worth €520m
NTR chairman Tom Roche and members of his immediate family are sitting on a profit of more than €400 million on their equity investment in the expanding utility group, new filings reveal. Arthur Beelsey , Senior Business Correspondent, reports. p
Minister keen to introduce postcodes
Minister for Communications Eamon Ryan is set to press ahead with the introduction of postcodes in the Republic although the original 2008 deadline set by his predecessor, Noel Dempsey, is likely to be missed, writes Ciarán Hancock , Business Affairs Correspondent. p
E-learning firm wins technology award
PulseLearning, an e-learning software business based in Tralee,
Co Kerry, has been recognised as the fastest growing technology
company in the State with revenue growth of 2,839 per cent over the
last five years.
John Collins reports. p
Other Stories
Iona Tech sales for third quarter jump 19% to nearly €17m
Sales at Iona Technologies have jumped 19 per cent in the third quarter to $24.2 million (€16.93 million), significantly ahead of market projections. pBusiness leaders' warning on euro
European business leaders yesterday stepped up their warnings about the impact of a soaring euro as the currency hit a fresh record against the dollar - although data on eurozone exports revealed little economic effect so far. pQualceram stock down 20%
Shares in bathroom suite maker Qualceram Shires plunged almost 20 per cent yesterday, down 25 cents to €1.05, after the company blamed the slowdown in the housing market for yet another profit warning. pCredit card companies not secure, warns expert
Credit card companies have a much greater exposure to fraud than they are currently admitting to, a US technology security expert claimed yesterday. pProvidence finishes takeover of oil field
Providence Resources, the oil and gas company that last week announced a "significant" oil discovery off the Wexford coast, has said its daily production will increase six-fold this year following the completion of its takeover of the whole of the Singleton oil field in the UK and increased production in the Gulf of Mexico. pFinancials under renewed pressure
Market Report: The Irish market continued on its rocky path yesterday, wiping out the 1 per cent gain it made on Wednesday and closing down 1.3 per cent at 7,879.19. pIn Short
A round-up of today's other stories in brief. p
Economic growth forecast lowered to 4.75%
Economy: Budget 2008 will be constrained by
lower than anticipated levels of economic growth in 2007 and the
next three years, the Government said yesterday.
Laura Slattery reports.Cowen warns that 2008 finances will be 'tight'
Press conference: Minister for Finance Brian Cowen yesterday warned that government finances for next year would be "tight" as he forecast an exchequer deficit of €1 billion for this year. Carl O'Brien reports.6% increase in spending planned
Education: A 6 per cent increase for education spending is planned in the budget, bringing total spending in the sector close to €9 billion.Biffo tunes up his banjo pre-Budget
"We can't shape the wind" declared Brian Cowen in a moment of profundity, between assuring a relieved nation that their fundamentals are sound, but might have to be squeezed a little with some economic belt tightening, writes Miriam LordFF accused of mismanagement
Political reaction: Fianna Fáil was accused of gross economic mismanagement and spurious election promises by Opposition parties yesterday in response to the pre-Budget Outlook, published by Minister for Finance Brian Cowen.Garda agency faces 30% cut
Justice: The new Garda Síochána Ombudsman Commission looks set to be worst affected in the Justice vote with the pre-Budget estimate published yesterday, revealing a cut in funding of one-third, in what will be its first full year in operation next year.IDA budget for industry support remains at €95m
Grant aid: IDA Ireland's budgets for allocating grant aid to industry and for building operations next year have been left unchanged on 2007 levels, according to estimates for the Department of Enterprise, Trade and Employment included in the Pre-Budget Outlook.Running State to cost 4.8% more
Overview: The day-to-day cost of running the State will rise by 4.8 per cent next year to €50.98 billion before Brian Cowen, the Tánaiste and Minister for Finance, introduces any new services in his Budget on December 5th, writes Arthur Beelsey , Senior Business CorrespondentHSE allocation reaches €14.7bn to cover capital and current costs
Health: An extra €1.1 billion will be allocated to the HSE next year to cover day-to-day spending and capital developments, it was announced yesterday.Funding for non-national roads cut by 39%
Transport: Funding for non-national roads will be cut by 39 per cent next year, according to pre-Budget figures released yesterday.Big rise in child benefit costs
Social welfare: Government spending on child benefit and the childcare supplement is due to increase significantly next year due to a greater numbers of eligible children.Demand-led schemes may mean underspend
Agriculture: Minister for Agriculture and Food Mary Coughlan said she hoped there would not be an underspend in her department this year because of delays in applications for demand-led schemes.Heritage groups lose out
Environment: Cuts in funding for the Environmental Protection Agency, the Irish Heritage Trust, the Heritage Council and services to promote community and social inclusion were outlined in the pre-Budget Outlook for the Department of Environment yesterday.In Short
A round-up of other stories p
Polish economy purrs
Politicians of all hues have queued up to take credit for the buoyant Polish economy where growth has topped 6% in recent years writes Derek Scally in Warsaw. pAIB subsidiary branching out
Being a banker is no easy matter in Poland, where between 20 and 40 per cent of the population do not have a bank account. pEntrepreneur in full flight
Friday Interview: Dómhnal Slattery's love affair with aviation began when he was just a nipper, working with his dad supplying fresh fruit and veg to the kitchens at Shannon airport. "I remember the smell of the kerosene distinctly and the smell of the vapour," he says. "I've always had this grá for the business." pLet's not forget egm
Platform: While Aer Lingus has been subsumed by its militant pilots, other important issues remain unresolved and they need to be addressed. Holding an egm (extraordinary general meeting) to consider the Shannon-Heathrow service, as requisitioned by Ryanair, have taken a back seat. They shouldn't, writes Bill Murdoch. pForeign matters
Economics: Ireland is losing its sheen in the eyes of foreign investors. The State has failed to win any major new foreign investment projects thus far in 2007, writes Paul Tansey pPlanet Business
Compiled by Laura Slattery p
Happy returns
Filling out tax returns is a relatively pain-free experience for many, particularly if they make use of all the free advice and expert help to hand, writes Caroline Madden pTax relief on pension investment
Like the sound of slashing your tax bill while simultaneously providing for a comfortable retirement? pTax return just a click away with online filing
Revenue launched its Revenue Online Service (ROS) in September 2000, enabling taxpayers to file returns, make payments and view their account details online. Caroline Madden and John Collins report. pInvesting at extra cost
European investors are paying twice as much in distribution fees for mutual funds as investors in the US, according to a ground-breaking study of European fee levels that examined funds based in Dublin and in Luxembourg. pBalancing books
Cents & Nonsense: Every one of them has a story to tell. Some are quiet and introspective, others brash. Even though they have loads of personality, without anyone to talk to, they are really very lonely. Many feel used. In most cases, it's been years since anyone touched them or put their hand on their spine and pulled them closer. They've been left on the shelf. Of course, it is entirely our fault, writes Margaret E. Ward. pThe China syndrome
Serious Money: The 17th National Congress of the Communist Party of China began on Monday. The meeting, which is held every five years, oversees major promotions within the party and membership of the Politburo, writes Charlie Fell. pDose of doubt
Croesus/The Investor's View: There are a few bright spots amidst the gloom that has pervaded the Irish equity market during 2007. By far the brightest is Elan Corporation whose share price has risen by more than 50 per cent so far this year. pQ&A
Dominic Coyle answers your questions. p
Star of screen
A row of high definition video screens on the wall opposite a narrow table suddenly snap to life. There, across the table and at life size, is Dr Prith Banerjee, newly appointed director of HP Labs, HP's enormous research and development unit. Karlin Lillington reports. pRevenue at HP's Irish unit set to rise by 15%
The Irish sales subsidiary of Hewlett Packard (HP) is set for 15 per cent revenue growth this year, writes John Collins . pMicrosoft software challenges telecoms
Microsoft and telecoms providers are on a collision course, Joe Macri, the company's Irish general manager cautioned this week as the software giant introduced a raft of new business communications software. p43% surveyed gave away PC passwords
Almost half of computer users in Dublin business districts gave away their PC password and other confidential information in an exercise carried out by Deloitte's enterprise risk services division, writes John Collins . pDaddy's little helper
Inbox: 'Daddy, can I play something on the Pooter?" This is what my little boy sounds like when he wants to get his inevitably jam- covered mitts on my laptop. Suddenly the inbuilt evolutionary desire to nurture one's offspring enters battle with a highly persuasive instinct to protect one's gadgets. The horror, writes Mike Butcher. pKarlin Lillington Inner invasion
Net Results: A new law, passed last week in California, prevents employers from requiring their employees to be tagged with microchips, writes Karlin Lillington . pChina's new wall
Wired: Xiaoxin's cafe is full of Chinese students tapping away on laptops connected to the complimentary Wi-Fi. It's one of the few places here in Beijing where you can get away from the endless promotion of next year's Olympics. There are some parts of China's net life, though, that you cannot get away from, writes Danny O'Brien. pBlogspot
Now that Google has become the Microsoft of the internet age, a cottage industry has sprung up of blogs devoted to covering everything that the search giant does. One of the better and more popular efforts is Google Blogoscoped which comes with the tagline "contains 80 per cent Google". pIn Short
A round-up of other technology stories in brief. p
Foreign investment
Karolina Nawrol came to Ireland from Poland two years ago. She found a job and a place to stay and thought she would live happily ever after - or at least for a few years. pFlexibility vital for growth, says IBM study
Developing a workforce that is adaptive to change in a global economy is vital to the growth of a company and to the development of future leaders, a major study has revealed. pGuru of the business turnaround
The only people getting rich from the cornucopia of "millionaire" and "get-rich-quick" books on the market are the authors of them, according to American entrepreneur and businessman Keith Cunningham. p
Castleway's US steal
One More Thing: It's only seven months since Ireland's Castleway Developments paid $33 million (€23.1 million) for the Philadelphia Airport Business Complex, but the deal is already looking like a steal. pQualceram profits go down the toilet
One More Thing: That flushing noise you hear is Qualceram Shires's profits disappearing down the toilet. The Arklow-based bathroom group issued a profit warning yesterday, saying its revenues for the year to the end of December would be 8 to 9 per cent below expectations. pAirline not out of woods just yet
One More Thing: It has been a good week for Aer Lingus and Dermot Mannion. In the wee hours of Monday morning it emerged that the airline had successfully stared down the pilots and got a key element of its €20 million cost-cutting PCI-07 programme through. pSlattery sees rosy future for Claret in the US
One More Thing: Dómhnal Slattery's Claret Capital is spreading its wings. The Ballsbridge-based private equity group is opening an office in New York headed by Paul Geaney, a nephew of the late Donal Geaney, the former Elan boss. pLynch set for gong in Big Apple
One More Thing: Philip Lynch will join an exclusive club in New York next month and it has nothing to do with saunas or smoking rooms. pOpen plain
Under the Radar: Back in September 1998, the signing of an inter-governmental agreement by Bill Clinton and Bertie Ahern using smart cards and security codes instead of pens and paper represented a major PR coup for then high-flying Baltimore Technologies. p
