Mexican tops world’s rich list as billionaires from emerging markets grow; O’Brien is Ireland’s richest man - - O’Reilly no longer a billionaire

March 11th, 2010

Mexican telco billionaire Carlos Slim has topped Forbes magazine’s world’s rich list as billionaires from emerging markets grow and an American has not occupied the top ranking for the first time since 1994. Denis O’Brien is Ireland’s top billionaire and Sir Anthony O’Reilly has been dropped from the list.

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Markets News Afternoon: Deutsche Bundesbank’s Axel Weber says in Dublin more bank capital preferable to Volcker Rule; German exports dip in January; AIB/Amárach Recovery Indicator (ARI) shows consumers putting debt management first

March 10th, 2010

Markets news on stocks, currencies and oil; Deutsche Bundesbank’s president, Prof. Axel Weber,  said in Dublin today that more bank capital is preferable to the US Volcker Rule, named after former Federal Reserve chairman Paul Volcker.

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Coughlan launches nine "transformational" Competence Centres for research and public investment of €56 million

March 10th, 2010

The Government announced today that it will invest up to €56 million over the next five years in a network of “transformational” competence centres that will support companies in the smart economy, the Tánaiste Mary Coughlan announced today.

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Dempsey says Dublin Airport Authority can operate Dublin Airport’s Terminal 2 - -T2 - - if it meets agreed benchmarks

March 10th, 2010

Today Minister for Transport, Noel Dempsey TD announced his mandate to the Dublin Airport Authority (DAA) to operate Terminal 2 - -T2 — , while demonstrating that it can do so within a benchmark set by the Commission for Aviation Regulation (CAR). This follows a decision to terminate the facility management procurement process relating to Terminal 2 at Dublin Airport.

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IFSC accounts for €789.1 billion of €1.1 trillion of external Irish debt

March 10th, 2010

The Central Bank today published new statistics on securities issued by entities resident in Ireland. The new dataset contains information on the outstanding amount of external Irish debt and equity securities by sector of issuer, at end-December 2009 and end-January 2010. Debt of almost €1.1 trillion is mainly accounted for by the IFSC, Dublin’s offshore financial services centre, which has a debt of €789.1 billion.

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Markets News Wednesday: Aer Lingus cuts 250 cabin crew jobs and pay 2 weeks redundancy per year of service; Tullow Oil reports a 93% drop in 2009 pre-tax profits

March 10th, 2010

Aer Lingus Group today announced that it has now disclosed to cabin crew representatives measures to achieve the cost savings originally contemplated under the cost reduction programme announced in October 2009.

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Glanbia reports 19% fall in 2009 pre-tax profits; Majority shareholder is interested in acquiring Glanbia’s Irish dairy operations

March 10th, 2010

Food group Glanbia today reported a 19% fall in pre-tax profits for the year ending 2009. The group also announced its majority shareholder is interested  in acquiring Glanbia’s Irish dairy operations.

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China’s exports jumped by 46% in February compared with a year ago; Imports climbed 44.7%

March 10th, 2010

China’s exports jumped by 46% in February compared with a year ago, confirming the robust recovery in the Asia region. China’s imports also rose strongly, climbing by 44.7% last month.

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Wednesday Newspaper Review - Irish Business News and International Stories - - March 10, 2010

March 10th, 2010

Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.

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Innovation Ireland Taskforce: Yet another 120,000 jobs plucked from the air by insiders?; In UK 2,900 high-tech companies in business since 1991 have only 40,000 jobs

March 10th, 2010

The taskforce on innovation in Ireland that was established by Taoiseach Brian Cowen in June 2009, is reported to have projected that almost 120,000 new jobs could be created by the end of the decade, if Ireland transforms itself into an innovation centre, according to a report to be published on Thursday. However, a reality check is necessary as this body is dominated by insiders, who have form in plucking jobs figures from the air to justify spending by receptive politicians. Meanwhile, Bart Clarysse, professor of Entrepreneurship, at Imperial College London, said in 2009 that in the UK there are over 2,900 of high-tech companies that have been in business since 1991. Despite spending over £2.5 billion, they are responsible for only 40,000 jobs.

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