ECONOMIST WARNS OF WANING FOREIGN DIRECT INVESTMENT - Ireland's economic growth of the last 20 years has been in part due to our ability to attract big multi-national investments especially from places like the US. We know now that low cost manufacturing jobs are heading for cheaper homes in eastern Europe and Asia and we are told high value jobs in hi-tech sectors are now the focus.
The Minister for Enterprise Trade and Employment Micheál Martin was at the launch of Enterprise Ireland's new programme for high-potential start-up companies yesterday evening. The Minister said that the country is holding its own when it comes to foreign direct investment. Admitting that the environment has become more challenging, he says that his department works on both building up existing investment here as well as bring new companies in.
Chief Economist at Friends First Jim Power says that the multi-national industries has been extremely important to the Irish economy over the last 30 years. He says that not alone have they brought in the jobs, they have also changed the whole work practice environment here and created a much more favourable environment for 'local multi-nationals'.
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MORNING BRIEFS - the country has a new tax boss - and it is a woman. Josephine Feehily has been appointed as chairperson of the Revenue Commissioners. She takes over from Frank Daly and will begin her job of trying to keep the nation tax compliant this day week.
*** House builders McInerney Holdings has reported pre-tax profits of €58m, up slightly thanks to a strong performance in the UK. 'The response by the housing industry in cutting output, combined with strong underlying demand is likely to preserve the positive fundamentals of the Irish housing market in our view,' the company said as it gave its outlook for 2008.
*** Recruitment group Premier has bought a 23% stake in UK recruitment company Imprint. Last month, the Irish company entered a bidding war for Imprint, making an approach worth around €60m in cash for the company. Yesterday, it said it had bought 8.7 million shares at a price of 115p, the price at which it pitched its approach.
*** The Cavan and Monaghan Voice newspapers have closed with the loss of 18 full-time jobs. The newspapers are part of the Voice Group of newspapers, which has a number of other titles across the country. The group was established by property developer Niall Mellon and former Sunday World managing editor John Sheils.
*** The euro is hovering at around record levels against the dollar. This morning it is worth $1.53 cent and nearly 77 pence sterling.
