Business and Leadership Ltd.

A recent study commissioned by Irish oil and gas exploration company Providence Resources offshore Dublin has revealed the presence of a potential direct hydrocarbon indicator. In a technical update this morning, the firm said that further analysis has suggested that the area – offshore Dalkey – may also be prospective for oil. The Dalkey Island prospect is located 10km offshore eastern Ireland. Providence holds an operated 50pc equity interest in its Licensing Option with its partner, Star Energy Group. The company believes the structure at Dalkey could contain up to 870m barrels of oil ‘in place’. It added that the target is in shallow water, facilitating any possible exploitation. In…

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Business and Leadership Ltd.

Aviation group Lufthansa has announced an operating profit of €612m for the nine months to end-September and says its full-year result will exceed €800m. The airline’s profit is a result of positive demand in passenger and freight traffic, as well as the success of the company’s cost cutting programmes. The first half of the year was marred by extreme weather, pilots’ strikes and airspace lockdowns leading to an operating loss but the group has turned this around with a third quarter profit of €783m. In the nine-month period from January to September, revenue increased by €4bn to €20.2bn. Chairman and CEO Wolfgang Mayrhuber said Lufthansa had “flown though the economic…

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Business and Leadership Ltd.

Irish airline Ryanair has said Germany’s €8 tourist tax is the reason it has cut 30pc of its flights to and from Frankfurt Hahn. From next summer, the airline will cut its aircraft base from 11 to eight, leading to the loss of my more than 100 flights per week. The company said that as a result, Frankfurt Hahn will lose one million passengers per year. Ryanair added that it was closing nine routes from Frankfurt Han to Agadir, Berlin, Gdansk, Gothenburg, Klagenfurt, Prague, Santiago, Seville and Wroclaw. Some of these closures may happen before the summer months. The airline, which has always been vocal about tourist taxes, said the…

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Business and Leadership Ltd.

An ex-professional gambler and former City trader are set to make at least £211m from an initial public offering (IPO) of their 10-year-old company Betfair. On its stock market debut Betfair was valued at £1.4bn. Andrew Black and Edward Wray founded the online bookmakers and both sold around a million shares in the flotation, worth between £14 million and £17 million. They still own more than 20pc of the business. Shares in Betfair were quoted at 1,542 pence at midday, a premium of close to 19pc on the IPO price. The group is licensed to operate in the UK, Australia, Malta, Italy, Austria and Germany, claiming to be the biggest…

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Terry Clune

Irish firm Taxback.com has won the International Entrepreneur of the Year Award at the 2010 European Business Awards, sponsored by HSBC. Terry Clune started the tax recovery business Taxback.com as a student sideline over 13 years ago and has transformed it into a global business with over 650 employees and offices in 21 countries. He was the Ernst & Young Entrepreneur of the Year in 2009. There was a diverse group of entrants to the HSBC sponsored awards, ranging from fish farming to renewable energy and light aircraft to skincare, with a combined turnover higher of over €766 billion and employing over 3.5 million people. A tough bunch to please Adrian…

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Business and Leadership Ltd.

The European Commission today tabled its ‘Innovation Union’ initiative, which sets out a strategic approach to challenges such as climate change, energy and food security, health and an ageing population. In a statement today, the Commission said it will use public sector intervention to stimulate the private sector and to “remove bottlenecks which stop ideas reaching the markets.” These barriers can include lack of finance, fragmented research systems and markets, underuse of public procurement for innovation and slow standard setting. Commissioner for Research, Innovation and Science, Máire Geoghegan-Quinn said if Europe is not transformed into an Innovation Union, economies will “wither on the vine while ideas and talent go to…

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Business and Leadership Ltd.

Taoiseach Brian Cowen TD said he believes Ireland can become the ‘gateway’ for Chinese investment into Europe. He made his comment yesterday in the wake of meeting a high level Chinese delegation in Government Buildings. The Chinese delegation was led by Mr Li Changchun , Member of the Standing Committee of the Political Bureau of the Central Committee of the Communist Party of China. It’s the highest level Chinese delegation to have visited Ireland in the last six years. In 2004, China Premier Wen Jiabao visited Ireland. Cowen said Ireland has important advantages, including being the only English speaking country in the Eurozone. He said that Irish trade with China had increased “six-fold…

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Business and Leadership Ltd.

Global Finance has published its 19th annual list of the world’s safest banks, and for the second consecutive year Nationwide UK is included on the list. Nationwide (UK) Ireland is due to open its first retail branch in Dublin this Autumn. It grabs the No. 47 slot. The only other UK banks to appear are HSBC and Barclays. Unsurprisingly, no Irish banks feature. The ‘World’s 50 Safest Banks’ 2010 were selected through a comparison of the long-term credit ratings and total assets of the 500 largest banks around the world. Ratings from ratings agencies Moody’s, Standard & Poor’s and Fitch were used to compile the list. Commenting on the results,…

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Business and Leadership Ltd.

A new survey of Irish accountants conducted in the past week has shown that almost 60pc believe the minimum wage is making Irish business uncompetitive. The survey, carried out by the Institute of Certified Public Accountants in Ireland (CPA), questioned more than 500 accountants employed in accountancy practices and across a wide range of industries throughout the country, with almost 85pc of those questioned working in SMEs. According to the CPA survey, almost 20pc of those surveyed said the introduction of the minimum wage had had a significant, or very significant impact, on their business. However, one in every two respondents said their organisation would not employ more people even…

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LinkedIn To Open Global Headquarters in Dublin

The social-networking service for professionals LinkedIn is to locate a new international headquarters in Dublin, joining Google, eBay, and Facebook among the bevy of internet giants setting up shop in the city. The headquarters, which will open on Sir John Rogerson’s Quay in April, will create jobs in sales, marketing, finance and customer service. Details of current openings can be found on the LinkedIn website . LinkedIn’s offices in Mountain View, California will continue to serve as corporate headquarters with Dublin as the center for international growth. The company says it will manage its international expansion from Dublin, working with teams in London and the Netherlands. LinkedIn now has more than…

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