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Replicating the success of Stripe, here

Posted on by Will Goodbody

Stripe's Patrick Collison (left) following in the footsteps of Facebook's Mark Zuckerberg (right)

Stripe’s Patrick Collison (left) following in the footsteps of Facebook’s Mark Zuckerberg (right)

By Will Goodbody, Science and Technology Correspondent

@willgoodbody

Last year was a pretty strong one for investment in Irish technology start-ups. Currency Fair ($2.5m), Trustev($3m), RAPT Touch (€4m), FeedHenry (€7m), Logentries (€7.3m) were among a whole host of growing Irish tech firms to secure seed and venture capital to help fuel them to the next stage. It was all indicative of a growing belief from abroad in small Irish firms with big disruptive ideas.  A recognition that this country’s is gradually coming of age, when it comes to encouraging, facilitating, incubating and growing innovative new tech ventures.

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They haven’t gone away you know – the OECD’s tax plans

Posted on by Sean Whelan

euro

Changes to international tax structures are coming down the tracks

By Economics Correspondent Sean Whelan

Pay attention tax-dodgers!  The OECD people have been working hard on the issue of double non-taxation, and will be producing a slew of reports over the next couple of months.

They, in turn, will feed into the G20 summit in September, when the OECD expects decisions will be taken on changes to the international tax regime that will – among other things – target ‘Double Irish’-type tax plans.
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Fallout from high risk mortgage lending continues

Posted on by David Murphy

arrears

Sub-prime loans worth €1.9 billion are in arrears

By David Murphy, Business Editor

It is remarkable how much damage sub-prime lenders did in their short burst of lending during the boom.

These lenders typically offered loans to people who had difficulty getting mortgages with traditional banks or building societies.

The consumers were turned down elsewhere because they had poor credit histories or didn’t have three years of accounts showing their incomes. Sometimes they were borrowers who wanted to consolidated a number of loans into one mortgages.

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Games take bronze in battle for sport industry’s value

Posted on by Sean Whelan

The money generated by sporting events is only a small part of the overall industry

The money generated by sporting events is only a small part of the overall industry

By Economics Correspondent Sean Whelan

According to a new study on the economic impact of sport, it seems that the least economically important part of the sports industry is, er….sport.

The European Commission is now trying to promote sport as “a real industry” that can be a significant driver of growth. So can we really run, kick and jump our way out of recession?
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Compilation method changes to boost Irish GDP

Posted on by Sean Whelan

The CSO supplied an estimate of up to 2% of extra GDP

The CSO supplied an estimate of up to 2% of extra GDP

By Sean Whelan, Economics Correspondent

@seanwhelanRTE

Planned changes to the way EU countries compile their national accounts statistics could add between 1% and 2% to the level of Ireland’s GDP.

The European System of Accounts 2010 (ESA2010) will come into effect later in the year, and will make a number of changes to the way countries measure economic output. Continue reading

Google’s new $3.2bn Nest egg

Posted on by Will Goodbody

 

Nest's smart thermostat, one of two available products

Nest’s smart thermostat, one of two available products

By Will Goodbody, Science & Technology Correspondent

@willgoodbody

How can a company with just 300 employees, a handful of products and a very short history be worth $3.2 billion? That’s the question many tech analysts and entrepreneurs around the world will be asking themselves, on foot of the news that Google is to buy smart thermostat start-up Nest Labs. The second largest disclosed purchase in its history.

The answer, if there is one, is probably the “Internet of Things”. It’s one of those slightly annoying technology buzz terms which on the face of it means very little. But clearly, based on its recent acquisition profile, Google sees much value in the concept.

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The Good, the Bad and the PTSB

Posted on by David Murphy

Questions remain over Permanent TSB's plan to split the bank in two

Questions remain over Permanent TSB’s good bank / bad bank plan

By Business Editor David Murphy

Imagine meeting your bank manager to discuss your financial situation. You have a performing owner-occupier mortgage and a buy-to-let loan which is in arrears.

Despite your financial problems you are upbeat about your situation. You tell the manager that you have never missed a repayment on the loan on your home.

The bank manager stops your confident patter, interjecting to ask about your buy-to-let mortgage which is in irreversible trouble.

You sit back, look him in the eye and say you are unconcerned. You tell him that you view the buy-to-let loan as “non-core”.

If anybody did try this, they would be laughed at.

But, in many ways, this is how State-owned Permanent TSB finds itself behaving.

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Peripheral bonds back in vogue after Irish sale

Posted on by Sean Whelan

eurocoin

Decent yields – along with the ECB’s pledge to do whatever it takes to protect the euro – have made Irish bond attractive to investors once more

By Economics Correspondent Sean Whelan

The NTMA sells €3.75 billion worth of ten year bonds, and suddenly they are all at it!

Spain is to offer €242 billion worth of bonds to the market this year – Italy will seek to borrow €470 billion.  Both countries’ ten year bonds carry higher yields than Irish debt.

Of the bailout states, Portugal announced this week that it would “tap” an existing bond to raise €5 billion.

It’s the kind of ‘first step towards returning to the market’ seen in Ireland 18 months ago, and comes ahead of Portugal’s planned exit from its bailout programme in June.

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The price of using gold as a safe haven

Posted on by David Murphy

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The price of gold has fallen 35% from its peak in 2011

By Business Editor David Murphy

During the acute phase of Ireland’s financial crisis many people wondered if it was possible that the country would leave the euro.

It would be an exaggeration to say the financial problems are now fixed – but circumstances have certainly improved.

Consequently speculation about leaving the currency has ceased.

But it is worth considering some of the actions which were recommended to protect savings during those days, particular investing in gold.

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Chopra’s five lessons from the Irish bailout

Posted on by Sean Whelan

Ajai Chopra is retiring from the IMF after working there for three decades

Ajai Chopra is retiring from the IMF after working there for three decades

By Economics Correspondent Sean Whelan

In a survey article published by the International Monetary Fund on Thursday, 19th December, Ajai Chopra says “my involvement with Ireland over the past few years has been the capstone of a three-decade career at the IMF”.

From his Irish days, Mr Chopra has distilled five lessons.
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