Business

Ireland’s Taoiseach Enda Kenny TD this morning announced that world-leading biopharma company Pfizer is to inject $200m, or €145m, into its Dublin biotech manufacturing facility in Grange Castle – one of the largest biotech manufacturing sites in the world – creating up to 400 jobs during the peak of the construction phase. The investment will enable Pfizer to introduce two new processing suites to the site and expand current production and product testing capabilities. Pfizer’s Grange Castle facility in Clondalkin, Co Dublin, currently produces two of the pharama giant’s blockbuster medicines – Enbrel and Prevenar 13. The Grange Castle facility is strategically important to Pfizer globally. Since opening in 2005,…

Dublin Airport Authority and Irish business organizations have welcomed yesterday’s announcement from Emirates Airline that it will begin a new daily Dublin-Dubai service from January. The new long-haul service, which will operate from Terminal 2, will expand Dublin Airport’s direct links to the Middle East and its onward connections into India, Africa, South East Asia, Australasia and China. “We are delighted to welcome Emirates to Dublin and we look forward to a long and successful partnership with our newest customer,” said DAA Chief Executive Declan Collier. “The improvements in Dublin Airport’s facilities in recent years, including the opening of Terminal 2, and our new long-haul gates in Pier E, was…

Call Centre Closure vs. Contact Centre Industry Growth Despite the announcement yesterday that Waterford-based call centre Talk Talk is to close within a month with the loss of 575 jobs, the contact centre industry this morning reported that it is in a significant period of growth. Employment and Operations Research carried out by Amárach Research for the Contact Centre Management Association of Ireland (CCMA), with the support of the IDA and Enterprise Ireland, reveals that the sector employs more than 29,000 people, with a spread of over 100 contact centre operations nationwide. Revenue Growth The research was conducted in Q2 2011 and involved involved 52 participants in the contact centre,…

Bank of America’s MBNA business in Carrick-on-Shannon has caught the eye of Richard Branson as a potential acquisition by his operation Virgin Money, according to reports today. Bank of America announced earlier this month it was withdrawing its business in Ireland and the UK, arousing fears for the 1,000 people employed at its offices in Carrick-on-Shannon in Leitrim. IDA Ireland is identifying potential bidders for the Carrick-on-Shannon business, but must await a decision from Bank of America on what it plans to do with it, ie whether it will be sold as a going concern or whether it will wind down or sell its $19 billion loan book. Virgin Money already has a long relationship with MBNA,…

Hundreds of jobs may be in jeopardy as credit card company MBNA signals its exit from the UK and Ireland. Yesterday afternoon, the parent firm of MBNA credit card company, Bank of America, announced it was withdrawing its business in Ireland and the UK. Currently, the group employs 1,000 people at its offices in Carrick-on-Shannon in Leitrim. There is some hope this morning that a buyer may be found for the business and the jobs saved. IDA Ireland has committed to finding a buyer for the company. It is understood Bank of Ireland has also offered its assistance to help the company sell the business and keep the jobs in…

New SME service to give company directors train SpenglerFox has launched a new service to give support and training to company directors and senior management teams at Irish-based SMEs and help companies keep apace with marketplace demands. SpenglerFox, which is part of Grafton Employment Group, announced the service today as a resource for senior management teams to make sure equipped to meet the heightened expectations and demands of the global marketplace. Aspects of the service include board performance reviews, corporate governance audit, board remuneration advisory and board paper templates. Jacques de Jager, a financial services professional with over 20 years’ experience in international banking, will lead the service. He will be…

Delivering on digital IDA Ireland’s Emmanuel Dowdall leads the team that has made Ireland the ‘internet capital of Europe’ via wins like Google, Facebook and Zynga. There was a telling moment at the recent opening of Zynga’s flagship new operation in Dublin’s Ballsbridge, as the social gaming company’s chief operations officer (COO) Marcus Segal outlined his reasons for coming to Ireland. Zynga employs 55 people in the country and this could grow to beyond 100 in the coming months. “The IDA proved invaluable in our efforts. They came to us early and often,” explained Segal. “They had already reached out to us, which was impressive, and despite others’ knocking on…

In the first six months of 2011, the Government liquidated €10bn worth of National Pension Reserve Fund assets in order to contribute money to the EU/IMF bailout package. Including this €10bn set aside for the support programme, the total fund size at the end of June was €20.8bn. This also comprises of the discretionary fund and directed portfolio, as well as bank investments of €5.5bn. The discretionary fund has now been reduced in size to €5.3bn as a result of the liquidation of assets, according to the quarterly portfolio and performance update published today. Including shares held in Bank of Ireland and AIB, the directed portfolio is worth €15.5bn.

Irish oil and gas exploration company Tullow Oil has started trading stock on the Ghana Stock Exchange today. Shares with a market capitalisation of about 28.18bn Ghana cedis commenced trading at 11am. The stock listed at 31 cedis had already climbed to 31.05 in the first four minutes of trading. The listing more than doubles the entire market capitalisation of the Ghana Stock Exchange and makes it one of the largest exchanges in sub-Saharan Africa, outside of South Africa and Nigeria. “This is an historic day for Tullow Oil as our shares begin trading in Ghana for the first time. I am delighted by the success of our offer and…

In the year to March 2011, Bord na Móna recorded profits after tax of €12.9m, up 23pc from last year’s figure of €10.5m. The Irish utility said its turnover for the year was flat at €382.1m, while earnings before tax rose by 12.6pc to €72.7m. This marks the fifth year-in-a-row that earnings growth has increased. Following the “strong annual results” the company paid a dividend of €3.5m to shareholders. Bord na Móna said the strong results came despite the challenging economic environment and a difficult year for its fuel business. Briquette sales volumes were down 17pc as more people turned to privately harvested turf and wood products. Coal volumes also…