Today in the press

Thursday 15 May 2014 08.58
A look at some of today's business stories in the newspapers
A look at some of today's business stories in the newspapers

IFSC CAN DOUBLE ITS WORKFORCE, CLAIMS CITIGROUP CHIEF - Employment at the International Financial Services Centre (IFSC) could double to about 70,000 in the coming years by aggressively targeting new areas of activity, Aidan Brady, chief executive of Dublin-based Citigroup Europe plc, told a conference yesterday. Mr Brady noted that 35,698 people were employed in the IFSC at the end of 2012. He said Ireland should be looking to increase this to at least 50,000 in the coming years but that the number could double if the right focus and resources were applied to the task, writes the Irish Times. Addressing an event in Dublin hosted by the Federation of International Banks in Ireland, Mr Brady said the IFSC should look to establish itself as a digital banking hub and a centre of excellence for operational risk and governance. He added that there are also niche opportunities to be pursued, where employment levels would be less than 1,000 each, including mortgage servicing, loan servicing, finance activities associated with the "green" economy and Islamic finance. But he said there was "big potential" from digital banking. "I reckon that we could create 5,000 to 10,000 new jobs very quickly," he said. 

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CREDIT UNIONS TARGET YOUNG ADULTS WITH €2 BILLION LOAN BLITZ - Credit unions have been encouraged to target young adults in a move that could see up to €2 billion lent to them to buy cars and fund education, writes the Irish Independent. And people between the ages of 18 and 34 have a high regard for the community-owned lenders. Almost half of adults under the age of 34 would consider taking out a loan from their credit union, a conference in Dublin hosted by international insurer provider to the sector Cuna Mutual heard. Credit unions are seen by young adults as more understanding than banks. But the movement needs to speed up the delivery of electronic payments, the conference heard. Four out of 10 young adults are members of credit unions and half of this group would consider a loan of around €6,300, research conducted for the conference by Behaviour and Attitudes has found. Most members of credit unions are savers rather than borrowers, a situation that meant many of the locally-owned lenders were struggling to make a profit, the Cuna-sponsored conference was told. Chief executive of Cuna Mutual Paul Walsh said credit unions were seen by young people as more understanding than banks, easier to deal with and a great place for loans.
 
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DUNNE TO APPEAL RULING THAT K-CLUB WARRANT WAS VALID - Bankrupt developer Sean Dunne is to appeal a High Court ruling that a warrant used to search a house in the K-Club was valid, says the Irish Examiner. Mr Dunne is also to ask the Supreme Court to overturn another ruling that his lawyers were not entitled to cross-examine the official who obtained the warrant. Mr Dunne, who has been declared a bankrupt both in Ireland and the US where he now lives, failed last month in a High Court application to set aside a warrant granted to the official assignee in charge of Irish bankruptcy, Chris Lehane, allowing a search of the house at Churchfield, Straffan, Kildare, last November. Various assets, including artworks, were seized by Mr Lehane’s staff. Mr Dunne says he is not the owner of the property and it is held in trust for his children by an Isle of Man registered company called Traviata. As well as seeking to have the warrant set aside, he asked the court for permission to cross-examine Mr Lehane in order to show claims made to support the granting of the warrant were groundless. Previously, the court heard Mr Dunne deny claims there was a “false wall” in the house. He said the area in question was in fact a storage unit accessed from under the stairs in which the sound system for the property was located.

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MINISTRY OF DEFENCE'S ‘QUANTUM COMPASS' OFFERS POTENTIAL TO REPLACE GPS - The UK Ministry of Defence is investing millions of pounds to look for the holy grail of navigation: a tamper and interference-proof device capable of pinpointing a location anywhere on the globe, says the Financial Times. Scientists at Porton Down and the National Physical Laboratory believe they are three to five years away from developing a “quantum compass” that would be able to locate itself based on the subatomic effects of the earth’s magnetic field. The technology, which would have no need for satellites or fixed points of reference such as radio masts, is of military interest around the world, because of the limitations of space-based navigation systems. In February, the US pioneer of GPS, the most widely used satellite navigational array, warned that the system was under strain and was extremely vulnerable to deliberate disruption or attack. The MoD sees particular use for a new technology on its nuclear submarines, which need to navigate with great stealth and accuracy, and rarely communicate with the outside world. Without regular fixes, even the most sophisticated navigational systems can produce inaccuracies that amount to as much as 1km a day.