GOOD PIPELINE OF NEW JOBS FOR IRELAND, SAYS IDA - There will be another jobs announcement from the multinational sector this morning, with new jobs expected in Co Roscommon. On Friday, we heard that the NPD group is setting up operations in Athlone's IDA's Business and Technology park. So far this year more than 25 multinationals have announced that they are either opening or expanding in Ireland. Hundreds of more jobs are expected in the coming weeks.
The chief executive of IDA Ireland, Barry O'Leary, says a good flow of foreign direct investment continues to come into the country, from both brand new firms coming to Ireland for the first time and from existing companies expanding here. He says there is also a wide variety of sectors offering new jobs - ICT, business services, medical technology and financial services. He states that 75-80% of the new jobs are coming from the IDA's main market - the US.
Mr O'Leary says that IDA targets a portfolio of business, including companies involved in research and development, global services and advanced manufacturing. He says it is very important to have a spread of different models of industry in the country.
The IDA boss says that while Ireland's low corporation tax rate is an important issue for companies coming here, it is not the only reason they are attracted to the country. He cites the Irish talent pool, strong track record and ease of doing business as other key factors. He also says the transparency of the 12.5% is also important.
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MORNING BRIEFS - The world's most important provider of credit as the managing director of the IMF, Dominic Strauss Kahn, was sensationally arrested at the weekend after being taken from an Air France plane about to leave the US.
*** Providence Resources has reported a net loss of €41.6m for last year, mainly due to the company's decision to sell its Gulf of Mexico portfolio. Revenues for 2010 amounted to €11m which the company said reflected a slight reduction in UK production volumes due to drilling operations being interrupted in the fourth quarter and the lower price oil seen last year.
*** Japanese consumer confidence fell at the fastest pace on record in April from the previous month, data showed today, after the March earthquake and tsunami and a nuclear crisis overshadowed the economy.
*** On the currency markets, the euro is worth $1.4090 and 87.10 pence sterling.
