Liam Casey of PCH International spoke to Morning Ireland this morning about the creation of a supply chain company feeding the constant demand for smartphone, e-readers and tablet.
For those that own a smartphone if it's an Apple iPhone chances are that they have in their handbag or pocket a range of electronic components that at one stage or another have passed through the hands of PCH International.
The global technology and supply chain management company founded by Irishman Liam Casey has turnover of more than 400 million dollars a year and employs over 1,200 people in Ireland, the UK the US and China where it has extensive operations.
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Advertising conditions are challenging and erratic and the outlook and forecasting performance is difficult according to Independent News and Media which has just published a trading statement. Its performance for the year to date is down on where it was last year. IN&M's total group revenue is down 3.5% year-on-year. While its overall advertising revenue is off 5% from both its newspapers and online operations, digital revenue was up 17.6%.
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The ratings agency Moodys has hit 16 Spanish banks with downgrades.
The outlook for depositors and creditors of the banks has disimproved since it last reviews the credit ratings of the Spanish banks says Moodys. It cites high unemployment in Spain, mounting losses as a result of the bursting of the Spanish property bubble and adverse conditions throughout the Eurozone as the reasons for the downgrade.
Naturally that action had consequences for global stock markets. The main European indices fell by between one and two per cent. This morning in Tokyo the Nikkei was down 2.3%.
And in New York the S&P 500 off 1.5% and the technology weighted Nasdaq fell by 2 per cent.
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That fall on the Nasdaq said to have influenced the pricing of Facebook shares. The company will float on that market today priced at $38 a share. There had been market rumours it would go for as much as $40 but the drop in the Nasdaq seemed to put the kibosh on that.
Not to worry. At that price the company is valued at $104bn and will raise $16bn from this offering of shares.
Founder Mark Zuckerburg's net worth now $19.1bn making him the 29th richest human according to Forbes and the world's second youngest billionaire.
The state of California incidentally has already pencilled in $2bn in capital gains tax from individuals selling their Facebook shares. California running a budget deficit of $16bn and edging close to bankruptcy so that could well keep the wolf from the door.
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IBM is to create 200-300 jobs at its Mulhuddart campus in West Dublin where it is setting up a global services integration hub.
IDA chief executive Barry O'Leary said the positions will be in a range of disciplines and will be supporting IBM's worldwide activities.
