PLAN TO ENCOURAGE FINANCIAL MATHEMATICS RESEARCH - Later today, Tánaiste and Minister for Enterprise Mary Coughlan will announce the award of funding for the setting up of a new Science Foundation Ireland strategic research cluster in the area of financial mathematics and computation. The clusters exist to support industry with the hard work of academics and researchers.
SFI is the government agency which funds scientific research. Its director general Frank Gannon says funding for each cluster is usually around €5m. There are 19th in existence.
The cluster being announced today involves working out combinations of share and other asset movements in order to decide whether to buy or sell. Mr Gannon said mathematics could also be used to provide models for almost every economic activity.
Mr Gannon said the IFSC in Dublin was moving from administration of finances to management of finances, and this initiative would provide the training and research for such activities. He said the main aim was to ensure that jobs were retained. Initially, there will be 20 people involved in this research cluster.
Asked about the McCarthy report's criticisms of spending on science, Mr Gannon disagreed. He said SFI had been in existence for five years, and its scientists were working with 300 different industries, and it was far too early to say this was not having an impact.
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NEWS AND CURRENCIES - China says both exports and imports fell in September from a year earlier but at a slower pace than previously. The euro is trading at $1.4884 cents and 93.22p sterling.
