Business

Sysco Corporation has acquired the food service division of Keelings’ group, which specialises in fresh produce, employs 160 and has operations based in Dublin, Cork, Belfast and Wexford. Reporting through Pallas Foods , the business will retain its existing brand identity and management team.  All employees will remain with the business. The wider Keelings Group , headquartered in North County Dublin, has operations in Ireland, the UK, Europe and Asia. Keelings is a fresh produce specialist and is the largest grower of fruit in Ireland. The Keelings Group will continue to operate its retail, market, international and solutions divisions. Tim Geary, Chairman of Pallas Foods, said: “Keelings’ food services’ business is a strong entity…

Primark opens first Austrian store in Innsbruck Primark has today opened its first store in Austria. This is the company’s 50th store outside Ireland and the UK and brings its total number to 246. The company also has stores in Spain, the Netherlands, Portugal, Germany and Belgium. Located at the Sillpark Shopping Centre in Innsbruck, the new store covers 40,000 square feet and will employ 250 people. Primark will open two stores next week, the first in Thanet in the UK on Monday 1 October and the other in Zaragoza, Spain on Thursday 4 October. Grainne Rothery

Boston based marketing software provider HubSpot is opening a European headquarters in Dublin next January which will create 150 new jobs. Its first-ever branch office, it will oversee all international operations, supporting more than 600 customers and 100 resellers. The new jobs in Dublin will be in sales, marketing, account management and support. HubSpot serves nearly 8,000 customers in 56 countries with 30pc of inbound sales leads originating outside the US. Its international business is growing 200pc per year, and HubSpot projects that 20pc of its revenue will come from its global market within the next three years. “The market for our software outside the US is several times the…

Bribery and corruption has risen since the downturn — E&Y There has been an increase in bribery and corrupt practices since the economic downturn, according to 28pc of Irish respondents on Ernst & Young’s 2012 Global Fraud Survey. This compares to 16pc in Western Europe as a whole. Over 1,700 executives across 43 countries, including CFOs, heads of legal and internal audit participated in the survey for their views of fraud, bribery and corruption . The survey reveals that over 20pc of Irish respondents believe that bribery occurs widely in Ireland, compared to one third of global respondents. Bribery is perceived to be significantly higher in the rapid-growth markets such as…

German company arvato Finance has moved to new premises in Dublin’s Eastpoint Business Park and is creating 100 additional jobs, after having reached its target 150 new jobs two years early. The 150 jobs promised last year have been already filled in IT, consulting, finance and accounting, project management and customer services roles. Supporting the growing demand for business process outsourcing services, arvato is set to expand further and 100 positions have been created across its network with over 60 positions currently available and 40 recently recruited. Dublin continues to be a strategic centre of knowledge and innovation for arvato Finance, which has been operating from Ireland for over 16…

In a report on residential mortgages in Ireland, Moody’s says debt write-down is the only way to fix the problems. According to the ratings agency, the mortgage crisis will only peak next year and one in five mortgages will then be in default. Examining €66bn worth of home loans, not including buy-to-let properties, the report said it expects mortgage arrears to peak in 2013, with 20pc of all mortgages in arrears. It also noted that Irish house prices have already fallen by 50.3pc between September 2007 and July 2012 and it expects that they will fall a further 20pc from the levels seen today. Karina Corbett

Irish brand Dubarry is opening its first flagship store in the last remaining retail space in the redevelopment of 35 College Green in Dublin. It will be next door to the new Abercrombie & Fitch outlet in the development, which also houses British fashion brand Superdry. Dubarry’s unit is made up of around 170 sq m of retail space with additional storage. The marketing director of Dubarry Michael Walsh said this was a very significant step in the continued development of the brand. “Although known primarily for footwear and in particular “Dubes” deck shoes here in Ireland, our international premium performance lifestyle collection has expanded significantly to include clothing, bags,…

Minister for Research and Innovation Sean Sherlock TD has launched the Smart Futures STEM Careers Week to encourage secondary students to pursue careers in the science, technology, engineering and related sectors. Part of the Government’s Action Plan for Jobs, the initiative is a new phase of the Smart Futures programme run by Discover Science and Engineering (DSE) through Science Foundation Ireland. “Most of our children’s career opportunities will be built around harnessing new and evolving technologies that are only now establishing themselves. It is critically important that we give students a window into those industries and the experiences of people working in them,” the Minister said. “The Smart Futures STEM…

The fourth annual Irish Times InterTradeIreland Innovation Awards have been launched with a closing date for applications of 3 December 2012. Companies can enter in one of six categories in the 2013 awards: agri-food innovation; life sciences innovation; greentech innovation; business services innovation; social innovation; creative industries innovation. Each category winner will secure a €10,000 Irish Times media deal and compete to win the overall title of ‘Innovation of the Year’ which awards the winner with a communications and advertising package from The Irish Times worth €150,000. In addition, a University College Dublin scholarship for an executive education programme commencing in 2014, an i-Pad and a consultancy package will also…

Bank of Ireland has announced a €275m increase to its €200m Agri Farm Investment Fund, as part of a number of initiatives aimed at supporting growth of the agri sector. The increase, along with the €25m working capital fund, which was launched in July, adds up to a cash boost of €500m available to the sector since July 2011. The new initiatives include AIB’s Agri Development Loan and Agri Credit Line. Regarding the loan, farmers who are developing their farms to cater for increased dairy output post 2015 may avail of interest only repayment terms in certain circumstances. The bank aims to support these farmers’ cash flows until milk quotas…