Business

Award-winning university spin-out Celtic Catalysts boasts a Nobel Prize-winning chairman, and its technologies have caught the eye of the big pharma players, but, says founding CEO Dr. Brian Kelly, it wants to remain an Irish company. He spoke to Jim Aughney. Life sciences company Celtic Catalysts has developed a ground-breaking chemistry that enables its end-user clients in the pharmaceutical, biotech and fine chemicals industries to realize significant manufacturing cost savings. The innovative venture capital-backed company and its founders have caught the eye of the experts in recent years, snatching some awards that include the Thistle Biotech International Rising Star Award (2008), the NovaUCD Innovation Award (2008) and the Shell LiveWire…

An Taoiseach Enda Kenny launched a new strategy for Dublin’s International Financial Service Centre today, stating that 10,000 new jobs could be created over the next five years. This morning, Kenny said the IFSC had shown extraordinary resilience throughout the financial crisis. Currently, about 33,000 people are employed at the IFSC, located on the city centre quays. It also contributes €1.4bn in corporation tax, and a further €700m in payroll taxes, according to a report published in 2010 by Accenture. The ambitious plans announced this morning were developed by the IFSC Clearing House Group, which is chaired by Dermot McCarthy, secretary general to the Department of the Taoiseach. Commenting on…

There are fears for up to 700 jobs at pharmaceutical giant GSK’s operation in Waterford today. Employees the Dungarvan plant have been called to a meeting with management at 3pm. There are currently 700 people working in the Dungarvan manufacturing facilities. The British pharma company has been carrying out a review of its operations over the past few months.

Following his meeting with the Irish Ambassadors for Female Enterpreneurship, Minister for Small Business John Perry TD is encouraging more women to start their own business. Irish Ambassadors for Female Entrepreneurship have been appointed by the European Commission to promote and encourage more women to become entrepreneurs and set up businesses. Following the meeting Minister Perry said: “The recently launched Global Entrepreneurship Monitor (GEM) Report for Ireland for 2010 recognised that fewer women than men are active as entrepreneurs with the rate of early stage entrepreneurship among men at 9.5pc compared to 3.9pc for women. “It is therefore vitally important that we provide the right environment to foster the development…

Irish oil and gas company, Clontarf Energy has written off its legacy projects in Iran and the Gulf of Mexico so it can focus on developing its assets in Ghana, Peru and Bolivia. In its statement this morning detailing financial results for 2010, the company said the gold venture in Iran had “proven problematic”, while royalties from the Gulf of Mexico have stopped because of the current low gas price and issue with local partners. The firm will now focus its business plan on its 60pc interest in the Tano 2A oil exploration in Ghana. In Peru, the official signing of licences on the onshore blocks 183 and 188 will…

Bank of Ireland will be the only bank in Ireland left on the main Irish market from next month as it looks increasingly likely that the State will take yet another financial institute into its control. Calling an emergency general meeting, Irish Life & Permanent said it had no alternative but to take cash from the Government in exchange for a 99pc stake. The bank needs to raise €3.8bn in capital to meet Central Bank requirements. Shareholders will vote on proposals to issue the Minister for Finance up to €3.4bn in ordinary shares and €400m in contingent capital notes. Once the proposals are passed at the July 20 EGM, the…

Some 300 business leaders gathered in Dublin’s Croke Park on Friday to listen to experts discuss the opportunities for Irish business at the Asia Pacific Ireland Business Forum (APIBF). The conference, a joint APIBF/GAA collaboration, looked at “New Asian Realities” for Irish Business, with a particular focus on technology, financial services, pharmaceuticals, life sciences, education services, food and tourism. The keynote was delivered by An Tánaiste and Minister for Foreign Affairs Eamon Gilmore TD, while Asia expert Dr Tom Hardiman, chairman of the Chester Beatty Library, was honoured with the the establishment of the Dr T.P. Hardiman EU-Asia Bursary Award. Irish business leaders who have already cracked the Asian market…

Men and women in the 36–55 age bracket are the most active in trying to get back into the workforce, according to Begin Again, a career advancement programme developed by the Irish Centre for Business Excellence (ICBE). Men account for almost two thirds (64pc) of participants amongst the 36–55 age bracket taking part in the programme, whilst women account for 60pc of participants in the second highest age bracket, 25–35 years. There is a very low level of interest (4pc) amongst people in their late teens and early 20s (18–24 age group). “It isn’t surprising that the 36–55 age bracket is the most active, as for the most part these…

Tullow Oil has successfully encountered oil at three wells offshore Ghana and onshore Uganda. Angus McCoss, exploration director at the Dublin and London-listed company, said some light oil was found at the Banda-1 well offshore Ghana. He said the find was “an encouraging first step” but conceded that the reservoir is poor quality. In Uganda, two wells have encountered oil in line with pre-drill expectations. These wells have successfully calibrated large seismic and gravity data anomalies, which have now been proven as oil accumulations, the company said in an announcement to the stock exchange. “The Jobi-East-1 and Mpyo-3 well results mark an excellent start to this next phase of our…

International property firm Kennedy Wilson has bought Bank of Ireland Real Estate Investment Management – its first acquisition in Europe. The real estate company said the business, which manages commercial real estate on behalf of Bank of Ireland clients, will add €1.6bn in assets to its portfolio. Kennedy Wilson already has US$7.4bn in investment assets throughout the United States and Japan. The deal will lead to the establishment of Kennedy Wilson Europe, which will operate out of Dublin and London. “Building on our success and reputation in the management of real estate investments in the United States and Japan, Kennedy Wilson has identified opportunities for growth throughout Europe including an…