Morning business news - January 24

Friday 24 January 2014 09.57
Morning business news - January 24
Morning business news - January 24

The computing and technology giant Dell is launching a new initiative to support start-ups here.

The Dell Centre for Entrepreneurs is launching in Ireland following on from its earlier inception in the US and Britain.

Ingrid Vanderveldt, Dell's Entrepreneur in Residence, who's in Ireland for the launch, said the programme was aimed at any start up entrepreneurs in any industry who believe that technology will be a key escalator to their success.

"It's aimed at anyone with a dream and living out that dream. What we're doing is making resources available in terms of access to knowledge, expertise, technology and the capital," Ingrid Vanderveldt explained.

"We are providing up to €10 million in debt financing to companies who see technology as a key enabler to their success."

The programme has already been rolled out successfully in the US and the UK.

"In the US, we accomplished in six days what the internal finance teams thought we'd accomplish over 4 years. The programme literally exploded in a very positive way. Entrepreneurs are ready to engage with companies who are extending the olive branch to help them grow."

Asked for advice for entrepreneurs setting up here, Ingrid Vanderveldt's recommendation was to stay here.

"There's a strong ecosystem here, the investment capital that's here, the talent pool is here and it's easy to hop on a flight and go to Silicon Valley," she concluded.

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Bank of England governor Mark Carney is ready to give up on his policy of forward guidance, according to the Financial Times.

This was his policy of linking interest rate hikes to the unemployment rate. 

He had said rates wouldn't go up until UK unemployment went below 7%, but in the most recent figures, the rate hit an unexpectedly low level of 7.1%.

Speaking in Davos at the World Economic Forum, he said that unemployment alone would no longer guide policy.

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Microsoft reported a 14% increase in revenue overnight, but a less favourable 3% rise in profits which came in at just over $6.5 billion.

The bottom line was helped by sales of its Xbox.

The lower than usual profits reflect Microsoft's shift from a software producer to a manufacturer of devices and a computer service provider.

Electronics group Samsung posted a fall in fourth-quarter earnings - the first decline in quarterly profit in two years.

It was down 6% to 8.3 trillion won - that's about €5.5bn.

Samsung is facing pressure in its smartphone division from Apple on the high end and new competition from Indian and Chinese manufacturers on the lower-end.

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A new €30 million centre for photonics opens in Cork today.

It's a collaboration between the Tyndall Institute, UCC, Cork Institute of Technology and DCU.

It will bring together more than 100 researchers to develop light-enabled technologies in the ICT and medical devices sector.

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First Citizen Finance has announced that it's entering the car finance market after securing funding from a group of international lenders including Deutsche Bank.

The company will distribute its finance products through Motor Dealers across the country and online.