Business

Three pharmaceutical companies have provided Kerry with a jobs boost today as 300 new positions are announced. The Irish Times reports today that the jobs will be created as part of phase one of the €4.7bn Global Pharmaceutical Centre of Excellence (GPCE) development in Tralee. The International Prevention Research Institute (iPRI), Global Research Services (GRS) and Optivia Biotechnology will between them create 282 jobs in Tralee over the next fifteen months. Recruitment is due to start for the research and development roles in May. The GPCE sees itself as a campus style facility with a corporate and commercial orientation. The project’s organisers hope that over 4,500 people will be working…

Monaghan-based retailer Jim McConnon has been ordered to pay back €32m he borrowed from Zurich to build a shopping centre in Castleblayney. Justice George Birmingham said he could see no basis for absolving McConnon from liability to repay even though he found it bizarre that Zurich handed over the money at such speed. The judge said McConnon was not a gullible borrower and pointed out that he had already invested €10m in the project before Zurich entered the scene. The bank is now allowed take steps to recover their money. Meanwhile, Bank of Ireland has made an agreement with Brian and Mary O’Donnell, a couple who owe the bank €70m.…

Irish airline Aer Lingus said today that despite 2010 being a difficult year, it turned its business around and made profits of €56.7m, compared to an operating loss of €154.8m in 2009. The airline said that its changed business strategy led to the turnaround, despite economic conditions. Average yields per passenger were up 12pc and operating profit was up to €56.7m. The airline’s transatlantic business returned to profitability and the Greenfield agreement delivered over €41m in savings. However, all was not good news in the company’s full-year results’ statement this morning. Passenger numbers were down 10pc for the year, which Aer Lingus said was due to the negative impact of…

Online insurance provider Chill Insurance will create 100 new jobs in Dublin over the next three years, it announced today. The South Dublin-based company, which operates the chill.ie website, said the jobs will be created as part of the firm’s expansion plans. It said it wants to grow online sales of a range of insurance products. Recruitment will begin immediately for positions in insurance and technology. New back office roles will also be created to cope with an increased volume of business and higher traffic through the company’s website and its Blackrock call centre. The company, which is based in Blackrock, Co Dublin, has 40 years of broker experience through…

Irish food producers Kerry Group has reported pre-tax profits of €392.8m for the year ending December 2010. Despite an increase in input costs, the results show a marked increase from 2009 profits of €251.9m. Sales in the year increased by almost 10pc and the company experienced strong volume growth in both established and emerging markets. However, in Ireland conditions remained challenging as the consumer continued to shop cautiously. The board is recommending a final dividend of 20cent per share, up 15.6pc on 2009’s final dividend. When added to the interim dividend of 8.8cent per share, this brings the total dividend for the year to 28.8cent per share, up 15.2pc on…

Nestlé Reports Strong Net Profits Despite Rising Costs Despite the rising costs of raw materials, Nestlé has reported net profits of €24.98bn, a substantial increase on 2009 figures. Profits were boosted by the sale of a stake in eyecare specialist Alcon to healthcare firm Novartis for 24.5bn Swiss francs. Sales Growth Driven by Emerging Markets Overall sales grew by 6.2pc, driven primarily by strong demand in emerging markets. Organic growth for Food and Beverages was 5.7pc in the Americas, 3.7pc in Europe and 10.2pc in Asia, Oceania and Africa, while it was stood at 11.5pc in emerging markets. Maintaining Growth Targets Amid Market Uncertainties The company maintained it could reach…

Bank of Ireland is set to raise about €45m in capital as it exchanges some unsubordinated bonds for Government-guaranteed bonds. The bank announced the offer last week, which allowed holders of its Canadian Dollar Lower Tier 2 securities, to exchange these bonds for Government guaranteed senior securities. Holders of about C$138m of the junior bonds (38pc) took up the offer to swap their securities for smaller but guaranteed bonds. The new bonds will be in both euro and Canadian dollars. The move comes as the bank try to raise enough capital to meet new Central Bank requirements by the end of February.

Abercrombie & Fitch will likely confirm it will move into the old Habitat building on College Green next week, according to reports today in The Irish Times. One of the most popular clothing brands amongst Ireland’s teens and college-going twenty-something’s is set to open its first ever Irish store. The US fashion retailer is famous for its preppy designs and good-looking models. Despite not having an Irish outlet and charging substantial prices for its outfits, Abercrombie & Fitch has become massively popular with the youth of Ireland. The retailer’s store on Fifth Avenue in New York often features a queue of Irish shoppers outside. The Irish Times confirms that the…

Budget airline Ryanair has said it will add 11 new routes to its summer Marseille schedule. Increased Operations and Aircraft The extended summer timetable will see two extra aircraft working at the airport in Marseille between April and September. Closure of Marseille Base and Legal Action The airline closed its Marseille base in January but continues to operate routes to and from the city from other bases. It has taken a case in the European Courts against the French decree that forces Ryanair’s Irish crew to pay tax and social insurance in France. Promotional Offer and Passenger Numbers Ryanair released one million €8 seats for travel in late February and March.…

A receiver has been appointed to South Dublin Motors Ltd and the company has ceased trading, resulting in the loss of 41 jobs. The company was one of the largest Ford dealerships in Ireland with showrooms in Tallaght and Rathfarnham. Kieran Wallace of KPMG has been appointed as the receiver to company. The firm’s rental division, which had 1,500 Ford vehicles, has also stopped operations. Armada Fleet Services, a related company to South Dublin Motors, continues to trade as normal and will be unaffected by today’s announcement. The most recent audited accounts to December 31, 2008 reported losses in excess of €1m for the year and no accounts have been…