NUI MAYNOOTH ANNOUNCES NEW PHARMA SPIN-OFF FIRM - Amidst the horror of the economy some people are getting on with normal business - and even new business. NUI Maynooth Professor John Lowry has set up a company called Cerebeo which aims to get new medicines and drugs to the market more quickly. The company is targeting €6m in turnover by 2016.
Professor Lowry says that Cerebeo is a contract research company, which uses some of the most innovative models and techniques available in science. He says that most of the pharmaceutical industry is involved in manufacturing in Ireland, but his new company moves into new terrain as it looks at research and development. Cerebeo is the second spin-off company established by Professor Lowry and it already employs one person with plans to add another two technicians over the coming months.
On possible advice for the new Enterprise, Jobs and Innovation Minister, Richard Bruton, Professor Lowry says that investment in education and the country's youth is essential. He says there is a lot of bright kids with very good ideas out there and the Government has to strive to keep them in Ireland as they are leaving the country in droves.
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MORNING BRIEFS - The Aer Lingus annual report has been published this morning and it shows that Aer Lingus chief executive Christoph Mueller enjoyed a remuneration of €1.132m in 2010 - his first full year in the post. €483,000 of that was in the way of a performance-related bonus. In addition Mr Mueller is the beneficiary of a long term investment plan. Aer Lingus chairman Colm Barrington was paid €126,000 - 20,000 less than last year...
*** Mobile phone services group Zamano has reported pre-tax losses of €13.3m for 2010 as its revenues fell to €15.8m from €25.1m in 2009. The company said it has seen some signs of stability in the latter half of the year.
*** In less than 60 hours the news will be out on the results of the bank stress tests. Estimates have said the test of the banks' reserves is likely to show a capital hole of between €18 billion and €23 billion. Goodbody Stockbrokers said yesterday that with so many variables still unknown - loan losses on a range of portfolios, interest rate assumptions, volumes, cost bases and stressing of financial assets - the outcome is still relative guesswork. The EU's economics Commissioner, Olli Rehn, that the EU has 'no reason to believe that the financial assistance programme would not be sufficient'.
*** On the currency markets, the euro is worth $1.4116 US cents and 88.08 pence sterling.
