Category Archives: Ireland Economy

Cork Outsourcing Business Voxpro Sold in Multi Million Deal


Cork call centre business counting Google and Airbnb among its customers, Voxpro, has been sold in a multi million euro deal, rumoured to be in the region of €1.5M.

The buyer, Canadian call centre giant Telus International, is a global provider of business process outsourcing, IT outsourcing, and contact center outsourcing solutions. Following this deal, they will eploy approximately 28,000 people, working in more than 35 languages worldwide.

Voxpro is the latest in a number of Irish BPO Companies to fall into foreign ownership with another Cork company, Southwestern, being taken over by Capita for €35m in 2014

 

Chambers to Fight for Cork Limerick Motorway


Cork and Limerick Chambers are to join Forces to campaign for the n20 between Cork & Limerick to be upgraded to a Motorway and become the M20.

The n20 is a highly significant commercial route linking the cities of Limerick and Cork and facilitating connectivity along the wider Atlantic Corridor.

While there have been repetitive discussions about upgrading the road to motorway status, all plans were shelved following the economic collapse of 2008 -2010.

In 2017, however, the new Government committed €1m in funding for Transport Infrastructure Ireland to re-start the planning process for the M20 motorway.

Seeing this development as a an opportunity to push for additional funding in the upcoming mid-term review of the national Capital Investment Plan, Cork and Limerick Chambers have joined forces and commissioned Indecon Economic Consultants and RedC research to assess the socio-economic benefits of upgrading the N20.

 

Apple in Cork evacuated


The press are reporting that 4000 employees of Apple in Cork have been evacuated due to a security threat.

Gardai are at the scene in Hollyhill and have confirmed that three plants have been evacuated.

Initial reports indicate that the threat may have been sent via email.

It is understood that the firm’s premises on Lavitts Quay, Hollyhill and Model Farm Road are those affected by the evacuations.

independent.ie are reporting that the EOD (explosive ordnance disposal) team are on standby.

Read more on indepenent.ie: http://www.independent.ie/irish-news/4000-apple-employees-evacuated-amid-possible-security-threat-in-cork-34373462.html

Whitegate Oil refinery Sale still on the cards.


The possible sale of Ireland’s only oil refinery in Whitegate, Co Cork is back on the table despite parent company, Phillips 66,  appearing to pull the plug on the sales process last year.

The US multinational energy company recently confirmed to Irish Newspaper, The Irish Examiner, that it is considering selling the refinery, which employs 300 people in East Cork, but again reiterating that that, longer-term, it expects that the “asset will be challenged”.

The ageing refinery’s  future has been shrouded in uncertainty for a considerable period of time with little progress being made in terms of securing its longer-term future.

Phillips 66 are under a contractual obligation to the Irish Government to operate the facility until July 2016.

 

Read more about this story:

http://www.irishexaminer.com/business/whitegate-refinery-sale-is-still-on-342389.html
http://www.irishexaminer.com/business/loss-making-refinery-faces-uncertain-future-342609.html

 

Ireland bans branding on cigarette packs


The Irish parliament (Dáil Éireann) passed a revolutionary health law yesterday that will ensure that all tobacco products sold in the coutry will be in a standard dark-coloured wrapper emblazoned with large health warnings and images of smoking related disease.

Brand names will have to be very small and use a limited set of fonts across all packets.

The law is likely to be challenged by the Big Tobacco companies in the courts, either in Ireland or under European rules. While Ireland is a relatively tiny market for these large companies, they must fear that if Ireland sets such a precedent, the rest of the European Union may follow.

Ireland is only the second country in the entire world to introduce such a ban, after Australia, and is the first in Europe.

Children’s Minister and former health minister, James Reilly who spearheaded the ban, said it was about “protecting people” and should be seen as “a good day for the health of children”.

“The interests of public health will be served when children decide never to take up smoking in the first place and if smokers are persuaded to quit,” he said.

“We have a duty to prevent our children from being lured into a killer addiction.

Slim boxes of cigarettes, in lipstick-style shapes, will also become illegal under the new law.

There have been significant threats of legal action against the Irish State by Big tobacco manufacturers.

Anti Smoking Spokesman, Ross Morgan said the Government and opposition politicians should be complimented for pushing ahead with the ban despite threats of lawsuits.

The law will come into effect when President Michael D Higgins formally signs the legislation into law. The date of this is yet to be confirmed.

Heineken Cup semi final for Aviva Stadium?


In what could be a huge, and largely unexpected, boost for hotels near Dublin’s Aviva stadium, it has been revealed today that this year’s Heineken Cup final venue could also play host to a semi-Final if Ulster overcome Saracens in the last 8.

Toulon or Leicester Tigers will play the winners of this weekend’s quarter final with home advantage going to either Ulster or Saracens. Ulster have confirmed that if they have home advantage the game will be played at the Aviva.

Apple to Expand Irish operation


Apple Inc has announced that it has signed a lease on a Cork City centre office with capacity to hold 350 people. The move is a result of plans to expand its EMEA Customer Support operations in Ireland.
Apple has had a presence in Cork since a manufacturing operation was founded in 1981 and despite scaling back the manufacturing capacity in the late 1990’s has continued to grow as a major centre of the IT Giant’s global presence.

“Apple is one of the many global technology companies with operations in Ireland,” said an IDA spokesperson, “Since it established in Cork 30 years ago, it has been a significant employer in the southwest region.”

Dublin Casino offers VIP Trip to Las Vegas


Our friends at The Sporting Emporium, the premier private members Casino in Dublin have teamed up with Sunway Holidays, Ireland’s largest Irish owned tour operator to offer a fabulous VIP trip of a lifetime to Las Vegas for two people with $2,000 spending money.

The prize includes return flights from Dublin with Virgin Atlantic, 4 nights in the 5*+ Wynn Las Vegas, a special VIP package that includes limo pick up and a night helicopter flight over the Vegas strip plus that all important $2,000 spending money.

The competition, playing roulette, is free to enter and is open to existing and new members of the Sporting Emporium. It has eight qualifying rounds with the winner of each round going through to the Grand Final in September where they play to win this terrific prize.

Further information about this competition can be found on thesportingemporium.com or at facebook.com/thesportingemporium

Get playing today and make sure your passport is up to date! The Sporting Emnporium is just off Grafton Street in the heart of Dublin and is one of Ireland’s most popular casinos.

Heineken Cup final for Aviva Stadium


Hotels near the Aviva stadium in Dublin got a welcome boost today with the announcement by the ERC that the European Rugby Cup Final (Currently known as the Heineken Cup) will take place at the Dublin venue in 2013.

It will be tenth anniversary of the first and only time that the Heineken Cup final was played at the old Lansdowne Road stadium, the site of the current Aviva Stadium.

In a statement announcing the decision, ERC chief executive Derek McGrath said “The Aviva Stadium is a world-class venue which has quickly established a close affinity with the Heineken Cup having staged three matches last season”…..”Ireland has provided four Heineken Cup champions in the past six seasons and Irish rugby is steeped in the history of the tournament since it began 16 years ago.”

Unfortunately the final in 2003 was very poorly attended due to the finalists both being from France. Wouldn’t it be a great if Munster and Leinster were to battle it out in 2013?

Tesco price cuts not what they seem?


Tesco recently announced 1,000 price cuts in Ireland but what they didn’t say was that they had increased thousands of prices in the two months before the price reduction campaign was announced.
The price of almost 8,000 lines had actually gone up in January and February according to independent price analysis data, which tracks the online price of thousands of products sold by Tesco Ireland.

According to the Irish Times, for example, “Flahavan’s Progress Oatlets cost €1.95 at the end of last year. The price increased to €2.05 in the middle of January and then fell to €1.99 as part of the promotion.” This product now costs 2% more than it did the beginning of the year despite being included in the price cut campaign.
There are several other similar examples listed in today’s Irish Times.

Consumers Association of Ireland chief executive Dermott Jewell accused the large supermarkets of using “smoke and mirrors” to confuse consumers.

Petrol and Diesel prices to fall in Northern Ireland


The UK governement announced its 2011 budget today and included a reduction of 1p per litre in fuel duty meaning a 1p reduction at the pumps from 6pm this evening.

This will see a closing of the gap in petrol and diesel prices between Northern Ireland and the Republic of Ireland and may have an impact on the economic dynamic of border counties.

Currently petrol stations south of the border see a huge influx every day of motorists from Northern Ireland filling up with the cheaper fuel available in the Republic.

A closing of the gap by by 1p or 1.17c per litre will make the decision to journey across the border more marginal for many motorists and may see the resurrection of some petrol sales in border areas of Northern Ireland.

Current prices in Derry for example are as low as £1.339 (or approx €1.539 ) according to the Consumer Council for Northern Ireland while Petrol in Topaz in Muff, County Donegal is currently €1.539, the same price (according to pumps.ie)

The reduction in the UK price would see the potentail for NI to be cheaper than ROI, something that hasn’t been seen for over a decade.

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Mobile operator 3 to create 50 new jobs


Mobile operator 3 Ireland is to create 50 new positions as part of an expansion across finance, product development and retail sales with recruitment already under way according to a press release published this morning.

The company already employs 400+ people in Ireland and these new positions are to be filled at its head office in Dublin and at a number of retail stores around the country.

New Minister for Communications, Pat Rabitte, welcomed today’s announcement saying: “Three is playing a significant role in terms of the quality service and competition it offers to consumers in Ireland.”

Ireland’s debt is manageable according to ECB president


The president of the European Central Bank (ECB), Jean Claude Trichet, said yesterday that Ireland’s sovereign debt and banking crises are not impossible to deal with and he believes the country can overcome its problems .

“My working assumption is that Ireland can do it, Ireland will do it,” he told MEPs in the European Parliament. He stressed that Ireland had to regain its credit worthiness and that the international community had backed the rescue plan.

In a warning to would be bondholder burners he added that the ECB is working off a policy that no eurozone country will default on its debt.

In a separate question, Fine Gael MEP Gay Mitchell suggested that the ECB’s low interest rates during the property bubble fueled Ireland’s problems.

However, Mr. Trichet hit back, hinting that Ireland’s issues were somewhat self-inflicted and in an apparent attack on the economic management of the previous government added that “National policies have to take [interest rates] into account, and to exert appropriate influence to cope with possible difficulties”

“You might say that interest rates were too low for Ireland, (but) they were the interest rates that were appropriate to deliver price stability as a whole.”

Irish Election 2011 enters its final week


 

As election 2011 enters its final week two opinion polls published today have put the Fine Gael party in pole position for the final days.

We can expect to see a significant increase in the intensity of the exchanges between the three main parties with the focus on policy being put aside for more targeted attacks on the leadership of the parties.

Polling day is Friday February 25th with counting of votes starting on Saturday 26th. An indication of the result from Tallypersons will be available by lunchtime that day but the destination of the all important fian seats in some constituencies may not be known until Sunday night or Monday morning.