ONLINE PRESENCE KEY FOR IRISH COMANY SUCCESS - Google is this morning hosting a seminar in its European headquarters on Barrow Street in Dublin city centre on how small and medium enterprises can get on online. Irish consumers have taken to the web in large numbers and are buying many goods and services online. They are expected to spend more than €350m online in the run-up to Christmas. But despite this, Google says that Irish businesses have been dragging their heels when it comes to establishing their presence online. This means that many Irish consumers are going to UK and other foreign websites and, in effect, spending their money abroad.
Ronan Harris, Google director for Northern and Central Europe, says that Google has been running these successful workshops for the past couple of years. The company has launched a new online tool to help businesses realise their growth potential and how an internet presence can boost the country's exports. He adds that the export industry is the way forward for the economy. Mr Harris says that Google employs people from 40 different countries in Dublin and are constantly recruiting internationally. He says that despite the tax changes announced in this week's Budget, the tax regime is similar, or indeed, less than many other countries.
Michael Crean, one of the founders of Micksgarage.ie, which sells motor parts online, says a company's website is like a shop front. He says its proper upkeep takes a lot of work, but it opens up the company to a much broader audience and also trebles the amount of opening hours for the business. He points out that 50% of his business is generated in out-of-office hours. The business, which recently expanded into the UK, was set up by Michael and his brother in 2004. Unemployed at the time, he had experience in IT and car parts and merged his two interests together. A funding round of €56,000 in 2008 allowed the business to expand. Mr Crean says that the recent cold snap has actually been great for business with products like snow-socks for tyres flying off the shelves. 'It's like having the best toy in the shop at the moment', he states.
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MORNING BRIEFS - Angela Merkel and Nicolas Sarkozy will meet in Germany later today to prepare joint positions for the EU summit in Brussels next week. The French and German leaders have both already come out against the idea of euro bonds as proposed by Jean-Claude Juncker. President Sarkozy has said 'the idea is not entirely new. It raises difficulties notably in terms of sharing profits and costs. There is no need to discuss new propositions'. Angela Merkel has said that a common euro bond would set the wrong incentives for countries that need the discipline of the bond markets. But Mr Juncker has remained optimistic about his proposals.
*** Sterling has fallen against the dollar and the yen, dragged down by doubts about the euro and the downgrading of Ireland's sovereign debt by credit rating agency Fitch. Continuing concerns over sovereign debt in the euro zone have led to worries that this might hit Britain's exports to its major trading partners, including Ireland, and thus affect UK economic growth. This comes despite recent economic data in the UK indicating a return to growth.
