IFG REPORTS STRONG PROFIT JUMP - Financial Services Group and the country's biggest mortgage broker IFG Group has reported a near 40% increase in pre tax profits to €9.9m for the first six months of this year compared to 2006.
However, the mortgage side of the business is down 13% with €670m of mortgages brokered.
IFG chief executive Mark Bourke said that although mortgage volumes are down 20%, profitability of the division is up 19%.
He said there was evidence last year of the slowing property market - with higher interest rates and affordability hit as a result.
IFG is partnered with GE Money to provide mortgages in the sub prime market here and he says there is an extremely low level of default.
He said although interest rates for these sub prime loans have not increased yet, a credit squeezed across all markets will have future influence.
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SCIENCE FOUNDATION IRELAND TO INCREASE SPENDING - Science Foundation Ireland has said it supported 463 research projects with a financial commitment of €135m last year. That is according to the annual report published this morning.
The foundation is currently tasked with awarding €1.4 billion in scientific research grants to scientists - mainly in academia - over the next six years as part of the National Development Plan.
Is the honey pot big enough to attract the creme de la creme of research talent into Irish third level?.
Science Foundation director general Frank Gannon says SFI has to double its spending while increasing research and quality.
He said under the NDP there will be an additional 315 research groups - that is a 33% increase in researchers.
He says that poaching international scientists to get them into Ireland is the same as any other industry - you have to make the terms attractive and convince them they are coming to the right place to do the right research.
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Markets -The euro this morning is worth €1.365 and 67.5 pence sterling.
