ENTERPRISE IRELAND SEES CHINESE SUCCESS - Taoiseach Brian Cowen said that over the week contracts have been signed with Chinese companies worth €65m to Irish firms, with more to come. Mr Cowen made his comments in Beijing where he is part of the Enterprise Ireland trade mission to China. Among the Irish firms signing deals are Timmony Technology, Audit Diagnostics and Life's Too Good.
Enterprise Ireland's CEO Frank Ryan says that despite the international financial crisis, the agency has had a very successful week in China. He says the Chinese market place is very competitive and points out that the country is a much sought after trade economy. He says it will be the biggest economy in the world by 2030 and its GDP growth rate in 2008 is 9/5%.
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EXAMINERSHIP NOT THE END OF THE LINE FOR A COMPANY - Because of the credit crunch firms are now finding it harder to raise money. Some need to restructure, but the words that we hear when that happens don't necessarily spell fatal trouble for the firm. Receivership, Examinership and 'Administration' all sound bad, but do they mean a company's inevitable demise?
Michael McAteer is a partner at accountancy and insolvency firm Foster McAteer. He says the three main forms of insolvency used in the country are liquidations, receiverships and examinerships. The first two would tend to mean the end of a business, however, examinerships do not signal the death of a company. This is a rescue tool which is very close to Chapter 11 proceedings in the US. The vast majority of companies that go into examinership come out successfully on the far side.
Mr McAteer says the number of companies going into examinership has risen this year compared to 2007. Last year about 44 companies were put into examinership, while in the first quarter of this year there was 22. That increased trend is continuing as the year goes on, he adds.
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MORNING BRIEFS - Japan's Nikkei index plunged 9.6% this morning, ending below the key 8,000-point level for the first time in over five years as electronics giant Sony issued a profits warning. Elsewhere in Asia, markets in Seoul tumbled over 10%t, Sydney closed 2.6% lower, while Hong Kong dropped 4.7%in the morning session and Singapore lost almost 5%.
*** Crude oil prices are down slightly ahead of an OPEC meeting today in Vienna. OPEC is expected to slash at least 1 million barrels a day of production, but Iran's Oil Minister wants a cut of 2 million barrels a day. US crude oil is selling for $67.64 a barrel, down 20 cents, off a high of almost $150 in July. And, official figures show that US demand fell by 8.5% last month from a year ago. .
*** Last night John Flaherty of C&F Group was named Ernst and Young Entrepreneur of the Year. His company was set up in Galway in the 1990, back then it made tools. Now it carries out contract manufacturing for the worlds biggest business names like IBM, various car manufacturers. It makes products from server racks for data systems to components for fridges.
*** On the currency markets the euro is trading at $1.2754 cents and 79.90 pence sterling.
