ATLANTIC BRIDGE VENTURES TO INVESTMENT €85M IN HIGH TECH GROWTH FIRMS - A private equity fund with €85m of commitments is being announced today by Atlantic Bridge Ventures, whose investors include Dermot Desmond and as well as Brian Long. Mr Long is best remembered as the boss of Parthus Technologies.
Mr Long says that the new fund will target high technology growth firms looking to go global. He says it is hoped the fund will be increased to €130m next year. Mr Long says that a 20% stake in a growth tech firm would be normal for Atlantic Bridge Ventures, while the company also may take seats on company boards. He says the industry his company focuses on it not currently being served by the banks at all and Atlantic Bridge Ventures is in a good position to help these sort of companies.
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CONSUMERS URGED TO GIVE IRISH GIFTS THIS CHRISTMAS - The head of market development at the Craft Council of Ireland, Brian McGee, says that how people carry out their Christmas shopping can save and generate Irish jobs. Mr McGee says the Irish craft industry is shedding its old 'shillelagh' image and is now design-led and very contemporary. This Christmas Irish households are expected to spend about €650 each on gifts - the total Christmas gift market is expected to come in a €910m and he says that even if €50 of this total household spend was spent on Irish craft purchases it could save jobs in the industry.
Mr McGee says the Irish craft industry is coming under a new umbrella group in shops called 'Imagined, Designed, Made, in Ireland'. This year 54 Irish retail shops are taking part in the campaign, up from the 31 shops that took part last year. Mr McGee says that nearly 6,000 people work in the Irish craft sector and its main objective is to sustain these jobs as well as generate more.
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MORNING BRIEFS - Building materials group Kingspan, which last week announced it was spending €120m on buying the European insulation business from CRH, this morning issued a trading statement. The company says turnover in the nine months to 30 September was €865m, up 6% year on year, with third quarter sales up 15% on the same time last year. Most of that better news came from the company's businesses in Europe, Australia and to some extent the US. But it added that better order flows towards the mid year have fallen back somewhat because of austerity programmes getting undeRway. It has three words on its activities here - 'Ireland remains depressed'. Kingspan says it expects operating profits for 2010 to be between €62m and €65m, compared to €62.7m last year.
*** What was scheduled to be the world's biggest deal of 2010 has come to nothing. Global mining concern BHP Billiton scrapped its hostile $39 billion bid for Canada's Potash Corp. The deal had earlier been blocked by the Canadian government which said it was not in the country's interests. Instead, BHP is going to spend $4.2 billion on a share buy back. The news comes ahead of the BHP's annual general meeting tomorrow.
*** On the currency markets, the euro is worth €1.3667 and 84.95 pence sterling.
