PENDULUM SUMMIT TO EXPAND TO NEW YORK - Pendulum Summit, the business and motivational event founded by former Munster rugby star Frankie Sheahan, is expanding to New York.
Pendulum has announced that it will host an event in the city in September, targeting more than 1,000 attendees. The New York event will be held under the moniker "Elevate to Excellence". The precise venue and line-up of speakers has yet to be unveiled by Mr Sheahan, who retired as a professional rugby player nine years ago and has 29 rugby caps for Ireland, says the Irish Times. However, the putative website for the New York event appears to suggest that among its main speakers will be Jack Canfield, a motivational speaker who co-wrote the Chicken Soup for the Soul series. "We invite all our Pendulum network to share this announcement with anyone they know stateside who would relish this unique opportunity," said Mr Sheahan. Tickets for the New York event have yet to go on sale, and their pricing has not yet been revealed. Tickets for Pendulum’s two-day Dublin event in January, however, were priced at up to €1,100.
KOREAN FIRMS BACK €150m RENEWABLE ENERGY PROJECT HERE - Irish company Lumcloon Energy is to invest €150m in two battery storage technology centres in the Midlands that will boost use of renewable energy and reduce dependence on fossil fuel-fired power plants.
The firm has partnered with Korean firms Hanwha Energy Corporation and LSIS to develop two 100MW sustainable energy projects at Lumcloon and Shannonbridge, in Co Offaly, it will announce today. Some 240 jobs will be created during the construction phase, and up to 10 in each of the two facilities when up and running, writes the Irish Independent. Work is expected to begin later this year. The development will introduce Battery Energy Storage Solutions (BESS) to Ireland for the first time on a commercial basis, Lumcloon said. Aimed at supporting EU 2020 renewable targets by enabling greater levels of wind and solar to be accommodated on the grid, the technology is deployed across the UK, US, Australia and Europe. BESS involves the storage of power from the grid which is then resupplied on demand. It will allow renewable energy generated at night to be stored, which would otherwise have to be curtailed due to a lack of demand. The power can then be released back into the grid, avoiding the use of conventional oil or gas-fired power stations to generate electricity.
HIRING TUMBLES AT UK ASSET MANAGERS AS BREXIT CONTINGENCY MEASURES KICK IN - Fund managers have cut the rate at which they are hiring in London by as much as half since the UK voted to leave the EU in June 2016.
Data provided by LinkedIn, the professional networking site that has grown into a large portal for job ads, showed investment groups have ramped up hiring in Paris and Luxembourg since the referendum. The two other European finance hubs of Dublin and Frankfurt have suffered a drop in recruiting, says the Financial Times. "We are seeing a bigger push from UK and US managers to have boots on the ground in Europe," said Jonathan Doolan, head of Emea at Casey Quirk, Deloitte’s asset management consultancy. "London is not so much being dethroned as diluted." The UK’s £8 trillion asset management industry is one of the most vulnerable parts of the country’s financial services sector as it controls £2.6 trillion for investors based overseas. The expected loss of valuable passporting rights and the potential change to so-called delegation rules have meant UK fund companies could be cut off from their international clients. Global fund houses are putting post-Brexit contingency plans into action by launching and staffing operations elsewhere in the EU. A February survey of asset managers by EY, the consultancy, showed more than half had already strengthened their existing operations in Europe as they sought to Brexit-proof their businesses.
E-CIGARETTE FIRM CASHS IN ON VAPING BOOM WITH STOCK MARKET LISTING - One of Britain's biggest makers of liquids for e-cigarettes is aiming to cash in on the boom in vaping by listing its shares on the London stock market.
Manchester-based Supreme, which is 100% owned by its chief executive Sandy Chadha, is expected to have a market value of £150m when it floats on Aim, the London Stock Exchange’s junior market, in mid to late May. The float will raise £10m, which will be used to expand its factory in Manchester and pay down debt, writes today's Guardian. Supreme is the first UK vaping company to go public. Supreme owns the KiK and 88vape brands and makes more than 130,000 bottles of vaping e-liquids a day. It also sells hardware kits and vaping accessories, along with lightbulbs and 200 million batteries in the past year. The firm supplies retailers such as Asda, Halfords, B&M, Poundland, Iceland, Home Bargains and wholesalers such as Booker, Bestway, Costcutter and Nisa. Supreme made revenues of £70.7m in the past year and earnings before interest and tax of £7.2m in the year to the end of March.