MULTI-NATIONAL EXPORT DOMINANCE 'NOT A WORRY' - Figures released by the Irish Exporters' Association show that multi-national companies account for more than 75% of Irish exports, and that exports from the sector are on the increase as Ireland's cost base improved during the economic crisis.
The top 250 exporters report was compiled by the IEA and Investec. IEA chief executive John Whelan said we should not worry too much about the 75% figure. He said there was a 'myth' that multi-nationals and indigenous companies were completely separate, adding that multi-nationals provided opportunities for local suppliers, who could often break into export markets as a result.
He said 75% was not too big a proportion for multi-nationals. Mr Whelan said that, in relation to its small population, Ireland 'massively outperformed' in the export sector.
The report showed that Irish companies are dominant in the agri-food sector and are big players in international markets.
Mr Whelan said Ireland had managed to hold on to its multi-nationals during the downturn, helped by improved competitiveness. He added that although there were fewer manufacturing jobs, big multi-nationals such as Google were employing substantial numbers of people.
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NEWS AND CURRENCIES - Elan has reported total revenues of $333.5m for the second quarter of this year, up 24 per cent on the same period last year. The company increased sales of its multiple sclerosis treatment Tysabri and reduced its operating costs.
Bank of Ireland says almost 60% of shareholders have taken up their rights to buy new shares under the bank's rights issue.
On the currency markets the euro is trading at $1.4522 and 88.42p sterling.
