Morning business news - December 4

Tuesday 04 December 2012 10.42
Morning business news with Conor Brophy
Morning business news with Conor Brophy

MCOR TECHNOLOGIES TAKES PRINTING TO THE NEXT 3D LEVEL - MCor Technologies is rolling out its 3D printing to outlets of the US office supplies retailer Staples in Belgium and the Netherlands. MCor is recognised as one of the world leaders in 3D printing.

The company's co-founder and chief executive Dr Conor MacCormack says that MCor Technologies turns ideas into physical realities. He says the consumers will be able to get low cost, coloured, photo-realistic 3D printed products which are also environmentally friendly. He says that as 3D printers are not that common, people will look to service bureaus for the product. Dr MacCormack says that his biggest customers are currently commercial - in areas such as architecture, medical and dental and engineers. But this new development means that consumers will now also be able to print whatever they want as 3D images - including models of their children.

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MORNING BRIEFS - Facebook privacy campaign group europe-v-facebook has issued a statement this morning saying it plans to sue the social network in Ireland. The Austrian student group has been campaigning for better data protection by Facebook for over a year and has won some concessions, notably pushing the world's biggest social network to switch off its facial recognition feature in Europe. But the group said the changes did not go far enough and it was disappointed with the response of the Irish Data Protection Commissioner.

*** The gap between the White House and Republicans in the negotiations over a new deficit reduction deal is now clear. The talks are aimed at avoiding an automatic package of tax hikes and spending cuts coming into force in January that would suck $600 billion out of the US economy and likely push it into recession. Last night Republicans outlined proposals that would raise $800 billion in new tax revenues over the next 10 years with $600 billion in cuts to Medicare - the social health insurance system for the elderly and disabled. That is long way from the $1.6 billion in taxes and $350 billion in cuts to Medicare that was President Obama's opening gambit. It is a big gap to bridge but some positive reaction to that overnight from analysts in that we can now quantify where both sides are at. The real negotiations begin from here.

*** Starbucks is reported to be planning to change its tax policy in the UK after widespread criticism over the fact that it has avoided paying any corporation tax in the country for 14 of the past 15 years. Starbucks has annual revenues of almost £400m but avoids paying UK corporation tax, in part, by paying money to other Starbucks subsidiaries in the Netherlands and Switzerland which results in Starbucks UK recording losses. The company has indicated it is now preparing to restructure its affairs to pay more corporate tax in the UK, presumably in the hope it can avoid a consumer backlash to follow the brickbats the company has been facing from politicians.

*** Paddy Power has been named ninth in the prestigious Management Today list of Britain's most admired companies. The magazine's annual table is voted for by executives at the largest companies across the Irish Sea.

In addition to Paddy Power, Tullow Oil, which was founded in Ireland, also makes the top 20. Kerry Group is ranked 50th.