Today in the press

Tuesday 03 June 2014 09.09
Today in the press
Today in the press

DAA REBRANDING PLAN SHELVED - The Irish Independent reports on comments by Minister for Transport Leo Varadkar, who has said the Dublin Airport Authority has decided not to go ahead with a €3m re-branding exercise.

Mr Varadkar said consumer research amongst passengers and business customers showed that most did not want a rebranding. 

The name DAA excludes Cork Airport, which is also under the authority's control.

"The response to a proposed name change was firmly negative and considered to be unnecessary, unwarranted, a waste of money and potentially damaging to the reputations of the Dublin Airport Authority and Government," Mr Varadkar said.

"It was decided, therefore, not to engage in an expensive rebranding exercise and to use instead the existing acronym, DAA, in lower case."

The original cost of changing the name from Aer Rianta to the Dublin Airport Authority was €4m.

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EMC TO BASE EUROPEAN RESEARCH CENTRE IN CORK - The Irish Examiner reports that Cork is set to be the heart of EMC’s European operations focusing on research and will see it increasing its headcount, according to the company’s managing director for Europe Middle East Africa, Bob Savage.

The cloud computing giant with a market capitalisation of more than $50bn (€36.8bn) is looking at its Cork facility in Ballincollig, which employs 3,000 people, to become a centre for European research.

Mr Savage said that, due to the quality of people and the research tax regime in Ireland, the company would definitely be expanding in Cork again in the near future.

“There is no question but that we will be looking at more business for Cork, based on what value we offer. Cork will more or less be rebranded as the EU centre. 

“With our 26 years (in Cork) behind us, strong links to the community and government, we will be extending those out to the EU. We consider the market for our talent to be not just Cork or Ireland, but Europe, 500m people,” he said.

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100 START-UPS FORMED EVERY DAY IN MAY – The Irish Times reports on statistics from credit and business risk analyst Vision-net, which show that an average of 107 start-ups were formed every day last month.

Construction start-ups grew by almost 48%, when compared with last year, while the number of start-ups in the transport and logistics sector grew by 41% over May 2013.

In total, 2,783 start-ups were set up in May, down 12% compared to the same month last year.

Dublin continues to be the most popular location for start-ups, when compared with other parts of the country and even allowing for the differences in population size.

In 2004, Dublin was the location of 40% of start-ups but by 2014 this has grown to 48%, despite the capital being home to only 28% of the national population. 

By comparison in 2004, Cork had 11% of all start-ups but this has fallen to 9% in 2014.

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BRITISH HOUSE PRICESE RISE 11% IN MAY – The Financial Times reports that British house price increases accelerated to 11.1% in May, according to data from Nationwide, a figure that adds fuel to the debate over whether a bubble is developing in the market.

The annual rate of price rises for last month compared with a 10.9% rise in April. On a monthly basis, prices rose 0.7% in May.

The rapid rises run counter to other indicators that have suggested the market is cooling slightly. 

Yesterday, the Bank of England said the number of mortgage approvals had fallen for the third successive month, and stood 17% lower than in January.

Some economists suggested this could be due to banks changing lending criteria and practices ahead of the introduction of the Mortgage Market Review at the end of April which tightened affordability standards.