Govt liquidated €10bn of NPRF assets
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.
Read MoreTullow Oil starts trading on Ghana stock exchange
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…
Read MoreGoogle Starts to Remove Brands from Google+
Early mover brands that went about creating Google+ profiles in the same way as they would via Facebook or Twitter have started seeing their pages disappear or lack functionality. Brands affected by the move include Ford, Mashable, and Sesame Street. More than a fortnight since Google+ debuted, there was a bit of a game of Russian roulette underway as brands saw the sharing potential and brand-building opportunity of Google+ but were paralyzed by the question of should or shouldn’t create a Google+ profile. The official line was that real people with real names could create a Google+ account but that Google wasn’t ready to deal with brands yet. However, some…
Read MoreBrand campaigns on Facebook increased 1900pc in a year – report
The first in what is set to be a series of quarterly studies on global advertising on Facebook suggests that the number of brand campaigns on the social network increased by 104pc between the first two quarters of this year and by 1900pc year-on-year. The TBG Digital Global Facebook Advertising Report , which is based on data from 167 companies operating in 21 markets and generating 200 billion ad impressions, also indicates that brands targeting existing fans on Facebook see a 435pc improvement in campaign conversion rates. According to the study, retail has emerged as the biggest growth sector on Facebook. It gets the best click-through-rates (CTR) and grew to 36pc of total impressions in Q2…
Read MoreMost UK smartphone users ignoring ads in apps and on mobile web
The vast majority of British smartphone users completely ignore ads in both apps and on the mobile internet, new research from YouGov reveals. In the online survey of more than 2,000 smartphone owners, 79pc said they believe ads are intrusive while just 5pc said they think mobile ads are a good idea and welcome them. Some 88pc said they ignore ads in applications and 86pc have ignored placements on the mobile internet. However, according to the survey, awareness of advertising on smartphones in the last three months is high. Apple iPhone users and O2 and 3 customers are most likely to have seen ads – 46pc of Apple users, 42pc…
Read MoreBord na Móna sees profits rise 23pc to €12.9m
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…
Read MorePerfect Chemistry
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…
Read MoreIFSC strategy looks to create 10,000 jobs
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…
Read MoreMoody’s Downgrades Ireland’s Rating to Junk, Warns of Second Bailout
Moody’s has downgraded Ireland’s rating to junk status. Last night, the credit rating agency said it downgraded Ireland’s government debt one notch from Baa3 to Ba1. The outlook on the ratings remains negative, which means a further downgrade is still possible. The move came as a blow just hours after Ireland was optimistic that Europe had taken moves which would help it out of the financial crisis. Moody’s said it decided to downgrade the debt because of the growing possibility that a second round of financing by the EU and IMF will be needed at the end of 2013. The agency said it is possible that Ireland will not be…
Read MoreMick Wallace apologises for “Miss Piggy” comment
Independent TD Mick Wallace has apologised for derogatory comments he made in the Dáil about Fine Gael TD Mary Mitchell O’Connor, while she just wants the issue to be forgotten. Speaking on RTE’s John Murray Show this morning, Wallace said he was out of order for referring to the Dún Laoghaire-Rathdown TD as “Miss Piggy”. The comments were caught on microphone and released to the public this morning. During the audio recording, Wallace can be heard calling Mitchell O’Connor, “Miss Piggy”, during a conversation with fellow Independent TDs Shane Ross and Luke ‘Ming’ Flanagan. Wallace exonerated the other two TDs, stating they had “nothing to do with it”. On this…
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