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Microsoft has announced the creation of 600 jobs this morning at its European headquarters in Dublin.

The jobs are the latest boost to the economy following the announcement this week that US recruitment services firm Indeed is adding 500 jobs at its European base in Dublin.

Microsoft’s announcement today will also be welcomed after last week’s devastating blow to staff at HP Inc’s Leixlip plant in Co Kildare, where 500 jobs are to go.

Of the new jobs being created at Microsoft’s operations here, 500 will be at its EMEA (Europe, Middle East and Africa) sales centre.

The Inside Sales Centre in Dublin will serve customers across EMEA in over 30 different languages.

It has another 100 roles open in areas such as finance, operations, engineering and sales.

These new recruits will join the 1,200 people already working with Microsoft in the Dublin based EMEA Operations Centre, the European Development Centre, the Irish Sales and Marketing Subsidiary and at the Europe, Middle East & Africa (EMEA) Data Centre.

Taoiseach Enda Kenny said he was “delighted” that the relationship between Microsoft and Ireland has grown stronger.

“Today’s announcement underlines the strong commitment of Microsoft to its Irish operation and the strength of leadership of its Irish management team,” he said at the site on Friday morning.

Jobs and Enterprise Minister Mary Mitchell O’Connor also spoke at the announcement at the Microsoft offices in Dublin.

“This latest investment, which brings an exciting new multi-skilled business activity to the company’s Dublin base, further enhances the company’s presence in Ireland and is vindication of the competitive advantage Ireland can offer,” she said.

Microsoft Ireland’s operations are headed by Cathriona Hallahan.

“Our CEO, Satya Nadella, is creating a culture of innovation and is bringing amazing technology to people with products like HoloLens and Surface Studio, with lots more to come,” she said.

“The team in Ireland has a long track record of helping the company to deliver against its vision and strategy and now there are opportunities for 600 more individuals to play their part in making the vision a reality.”

Microsoft has invested billions of euro in Ireland since it first set up operations here in 1985. The company, co-founded by Bill Gates, is building a new €134m campus in Dublin for 1,200 staff.

It has also spent more than €800m on its existing data centre operations at Grange Castle in the capital. That’s one of the biggest facilities of its type in Europe.

Last year, Microsoft got planning permission to build four huge data centres in Dublin that would likely represent an investment of as much as €900m, and involve 1,800 construction workers.

The company’s data centres here are used to support Microsoft’s cloud computing services. The 600 jobs being created by the company will also allay at least some concerns that US multinationals will delay overseas investments because of uncertainty regarding President Trump’s own plans and his calls for foreign-based jobs to be brought back to America.

US tech firms have “hit the pause button” on plans to hire staff here, according to a leading recruitment expert this week.

Tracy Keevans, of recruitment firm Morgan McKinley, said that since Donald Trump’s inauguration as US president, her company had identified a reticence among US technology companies to invest in Ireland.

“A lot of the US tech companies that were thinking about expanding into Ireland have hit the pause button on their plans as a direct result of uncertainty related to President Trump,” she said.

Phama giant Eli Lilly has confirmed that it has postponed a planned €200m investment at its facility in Kinsale, Co Cork.The recruitment process for the newly created Inside Sales roles in Ireland has already started, but truly gets underway today

While many roles require previous sales or technical experience, the company is also seeking to recruit graduates with a few years’ experience who have the necessary passion and aptitude.
Article Source: http://tinyurl.com/kbwqb42

Tony Blair has urged pro-Europeans to “rise up” and persuade the British people they were wrong about Brexit.

In a keynote speech, the former prime minister said voters had backed leaving the EU without knowing the true cost and should have the opportunity to change their minds.

Speaking at the headquarters of the Bloomberg financial news agency in London where David Cameron first set out his plan for an in/out vote on Britain’s EU membership, he questioned whether the referendum had given a mandate for “Brexit at any cost”.

He warned that the path the Government was now pursuing meant the break-up of the UK was “back on the table”, giving the SNP a much more credible case for Scottish independence.

“I accept right now there is no widespread appetite to re-think. But the people voted without knowledge of the true terms of Brexit.

“As these terms become clear, it is their right to change their mind. Our mission is to persuade them to do so,” he said.

“What was unfortunately only dim in our sight before the referendum is now in plain sight. The road we’re going down is not simply hard Brexit. It is Brexit at any cost.

“Our challenge is to expose relentlessly what this cost is, to show how the decision was based on imperfect knowledge which will now become informed knowledge, to calculate in ‘easy to understand’ ways how proceeding will cause real damage to our country; and to build support for finding a way out from the present rush over the cliff’s edge.

“I don’t know if we can succeed. But I do know we will suffer a rancorous verdict from future generations if we do not try.”Mr Blair said that in the absence of an effective opposition, pro-Europeans needed to build a “movement ” that reached across party lines.He said that the institute which he was launching would play its part in developing the arguments to rethink the country’s position.

“The debilitation of the Labour Party is the facilitator of Brexit. I hate to say that, but it is true.

“What this means is that we have to build a movement which stretches across party lines; and devise new ways of communication,” he said.

“These groups must find ways of concerting strategy and tactics effectively. We should begin to create informal links immediately and then build them into a movement with weight and reach.

“We need to strengthen the hand of the MPs who are with us and let those against know they have serious opposition to Brexit at any cost.”

Mr Blair said Brexiteers had been the beneficiaries of a “propensity for revolt” which characterised the current state of politics, but that did not mean voters’ views on leaving the EU were set in stone.

“They will say the will of the people can’t alter. It can. They will say leaving is inevitable. It isn’t. They will say we don’t represent the people. We do, many millions of them and with determination many millions more,” he said.

“This is not the time for retreat, indifference or despair; but the time to rise up in defence of what we believe – calmly, patiently, winning the argument by the force of argument; but without fear and with the conviction we act in the true interests of Britain.”
Article Source: http://tinyurl.com/kbwqb42

Cavan-based insulation giant Kingspan made a €341m profit last year as its revenue jumped 12pc to €3.1bn, the company reported this morning. The profit was 33pc higher than in 2015

Kingspan, whose chief executive is Gene Murtagh, said that it had experienced a strong performance in the UK last year, despite June’s Brexit vote, and that “clear recovery” is evident across much of western Europe. It added that business was “more subdued” in the United States during the second half of 2016.

Mr Murtagh said 2016 had been another “record year” for the group.

“Through our organic initiatives and acquisition strategy we are developing a truly global business well placed to capitalise on the transition towards a lower energy future,” he said.

“We are encouraged about the outlook for the first half of 2017, with the current order book solidly ahead of the same point last year. With low debt levels and strong cash generation we retain the flexibility to invest in new opportunities as they present themselves,” Mr Murtagh added.

In its insulated panels business, revenue was up 17pc at €2.07bn, with organic revenue rising 5pc. The unit made a €228m profit, 38pc higher than in 2015.

Kingspan’s insulated boards division reported revenues of €688m, which was 4pc higher on 2015. Organic revenue was 7pc higher. Profits at the unit rose 28pc to €78.5m.

Davy Stockbrokers analyst Flor O’Donoghue said this morning that Kingspan faces “near-term challenges” – notable the need to manage rising raw material costs. However, he said he remains “very optimistic” about Kingspan’s prospects.

“These include a vastly extended operating footprint in recent years; the ability to disrupt in newer markets and gain share; a track record in innovation and product development; and what remains a very healthy financial position,” he said.
Article Source: http://tinyurl.com/kbwqb42

Irish goods exports reached a record last year of almost €117bn, but exports to Britain dropped by almost half a billion euro as the Brexit vote took its toll.

Imports from Britain also fell back by €1.36bn.

The preliminary data from the Central Statistics Office are the first official figures showing the impact of the Brexit referendum on Ireland’s crucial export sector.

Exporting businesses – particularly in the agri-food sector and those in border areas – have been hit hard by the slump in the value of the pound in the wake of last June’s vote.

Sterling at one point had lost almost a fifth of its value against the euro, as it tumbled to more than 90p against the single currency, putting a particular squeeze on small and medium-sized exporters as they grappled with the currency impact.

The pound was hovering around the 86p mark to the euro yesterday.

Alan McQuaid, of Merrion Fixed Income, said that overall trade data for last year remained positive, even though business and consumer confidence had been dented to some degree – although not in a major way – by the uncertainty surrounding Brexit.

“Still, the uncertainty over the implications of Britain’s decision to leave the EU suggests risks on the external trade front remain elevated for 2017 and beyond, especially for food exporters,” Mr McQuaid said.
“The movement in the euro/sterling exchange rate will be critical in this regard.”

It comes as Food and Drink Industry Ireland (FDII), the lobby group affiliated to Ibec, called on Government to implement a range of policy measures to ensure that the Irish agri-food sector remains innovative, competitive and capable of meeting the challenges posed by the Brexit vote.

“Ireland’s largest indigenous sector faces substantial challenges in the years ahead in a world that has changed radically in 12 months,” said FDII director Paul Kelly.

“On the international front, 2016 saw the risks from Brexit beginning to crystallise for Irish food and drink exporters.

“At home, in the domestic grocery market, declining consumer sentiment has given way to a decrease in sales relative to volume growth and this is putting further pressure on business costs.”

Overall, goods exports totalled €116.9bn last year, the highest annual total on record, according to the preliminary figures.

This was an increase of €4.5bn or 4pc over 2015.

Imports in 2016 decreased by €507m, or 1pc, to €69.6bn compared with 2015.

The preliminary trade surplus for 2016 was €47.3bn.

The biggest increase in exports overall was seen in exports of electrical machinery, which jumped almost 150pc to €7.3bn.
The figures

Goods exports to Britain – €13.3bn, down 4pc or €496m
Goods imports from Britain – €15.55bn, down 8pc or €1.35bn
Goods exports to USA – €30.2bn, up 12pc or 3.3bn
Goods exports to EU countries – €59.65bn, down 0.3pc or €193m
Article Source: http://tinyurl.com/kbwqb42

Shares in Irish-Swiss food group Aryzta fell 2.3pc in Zurich by mid-afternoon yesterday as investors took an opportunity to cash in on Tuesday’s share surge after it announced the departure of chief executive Owen Killian and a review of its joint investment strategy. Its cfo is also leaving.

And world stocks rose to a whisker off all-time highs on Wednesday and the dollar rose for the eleventh straight day following Federal Reserve chair Janet Yellen’s flagging of a possible interest rate rise next month.

The dollar notched up its longest winning streak in almost five years after Ms Yellen said on Tuesday that the Fed would probably need to raise rates at an upcoming meeting and that delaying could leave the central bank’s policymaking committee behind the curve.

Propelled by record highs on Wall Street, MSCI’s benchmark global equity index rose 0.25pc to 442.4 points, its highest since May 2015 and two points off its record high.

It has not fallen for six sessions, its longest such run since last July.

“The simple act of leaving a March hike on the table, given that it had been all but written off by investors, is what triggered such a reaction,” said Craig Erlam, senior market analyst at Oanda, regarding Ms Yellen’s comments.

Europe’s index of leading 300 stocks rose nearly 1pc in early trading to its highest level since December 2015, but by mid-session had settled back to trade up 0.4pc on the day at 1,465 points.

Ireland’s ISEQ Overall Index was 0.12pc higher by the afternoon, at 6,539.26.

Shares in Bank of Ireland were up 3.3pc at 25 cent. Shares in Ires Reit, which released preliminary full-year results yesterday, were just 0.8pc ahead at €1.21.

Miners and exploration minnows were down, while shares in recruitment firm CPL Resources were 3.5pc lower at €5.60.

The UK’s FTSE-100 was 0.37pc higher.

Germany’s DAX was down 0.26pc and France’s CAC-40 was up 0.34pc.

Financials led the way in Europe, with Credit Agricole up more than 3pc after France’s biggest retail bank beat forecasts with a smaller than expected earnings drop in the fourth quarter.

In the US, retail sales rose more than expected in January as households bought electronics and a range of other goods, pointing to sustained domestic demand that should bolster economic growth in the first quarter.

The Commerce Department said retail sales increased 0.4pc last month.

December’s retail sales were revised up to show a 1pc rise instead of the previously reported 0.6pc advance.
Article Source: http://tinyurl.com/kbwqb42

A loss of market share as a result of increased competition in the electricity market here contributed to pre-tax profits at SSE Airtricity tumbling by 65pc to €13.4m last year.

New accounts filed by SSE Airtricity Ltd show that the firm recorded the sharp drop in pre-tax profits from €38.6m to €13.4m in spite of revenues increasing by 3pc from €853m to €877m in the 12 months to the end of March last year.

At the end of the period, SSE Airtricity was the second-largest provider of electricity to domestic customers in Ireland, but it saw its customer numbers decline by 1.5pc to 309,315, with a market share of 15.22pc.

According to figures from the Commission for Energy Regulation (CER), SSE Airtricity then lost its second place in the domestic market to Bord Gáis Energy in the second quarter of 2016 after its market share slipped to 14.75pc, with customer numbers reducing to 300,065.

The largest provider of electricity to domestic users at the end of the first quarter of last year was Electric Ireland, which had a 58.59pc market share.

According to the directors’ report for SSE Airtricity, the firm’s post-tax profit for 2016 – excluding the impact of derivative instruments – was €36.9m compared to €41.5m in 2015.

The directors said: “This performance reflects various factors, including a tariff reduction from April 2015 and a decrease in customer numbers due to increased competition activity in the Republic of Ireland domestic market.”

Numbers employed by the firm last year decreased from 415 to 369, with staff costs decreasing marginally from €15.76m to €15.63m.

The profit for last year takes account of non-cash depreciation costs of €2.2m and non-cash amortisation costs of €2.8m.

The firm’s shareholder funds last year totalled €84.53m, which were made up of €68.53m in accumulated profits and a capital contribution of €16m.

The firm’s cash decreased from €1.6m to €934,000.

The firm recorded a post-tax profit of €12.55m after paying corporation tax of €847,000.
Article Source: http://tinyurl.com/kbwqb42

US tech firms have “hit the pause button” on any plans to hire staff here, according to a leading recruitment expert.

Tracy Keevans, of recruitment firm Morgan McKinley, said that since Donald Trump’s inauguration as US president, her company had identified a reticence among US technology companies to invest in Ireland.

“A lot of the US tech companies that were thinking about expanding into Ireland have hit the pause button on their plans as a direct result of uncertainty related to President Trump,” she said.

She was speaking after the publication of the regular Morgan McKinley Monthly Employment Monitor which tracks trends in the jobs market month by month.

While US companies are becoming more nervous, the report found that a large numbrs of job enquiries are now coming from the UK as a result of Brexit.

There was also a rise in the number of Irish people abroad working in the financial services sector who are contemplating returning home to Ireland, having left the country during the financial crisis.

Asian financial institutions in particular are showing more interest in Ireland, thought to be a sign of contingency planning for Britain’s exit from the EU, it said.

President Trump has repeatedly pledged to bring US companies home and has raised the spectre of punitive tariffs for companies operating offshore that do not provide employment or pay tax in the US.

The view was supported by a senior Irish official, who confirmed that the uncertainty was having an effect.

“In times of regulatory and political uncertainty like this, companies will tend to put off decision-making in the short term,” they said.

Ms Keevans said there has been a notable reluctance among technology firms that are scoping out Ireland as a possible base of operations to commit to firmer plans.

The companies involved cited uncertainty surrounding what – if any – measures Mr Trump might impose on US companies that hold intellectual property overseas, or hire outside America.

Ireland has become a major hub for US tech firms in recent years. Dublin is host to nine of the world’s top 10 IT firms, with the industry thought to contribute around €36bn to the Irish economy annually.

Ms Keevans stressed that her information related to prospective investment into Ireland, not companies already established here.

However, the growing reticence of US companies will undoubtedly cause unease to Irish policy makers charged with facing off myriad threats to the economy in 2017 and beyond.

Ms Keevans was speaking about the Morgan McKinley monthly report that showed there was a 10pc decline in the number of professional jobs available in the first month of this year compared with January 2016.

A total of 11,850 professional roles were available in January compared to 13,173 a year previously, according to the Morgan McKinley report.

However, the report also showed that the number of professional job vacancies in Ireland rose by a third last month compared to December’s figure.

In addition, the number of active professionals in the jobs market also increased by 56pc compared to December.

Half of all professional positions that became available in January were outside Dublin, bucking the trend from January 2016, when opportunities were concentrated in the capital.

The latest data shows increased demand for private equity and real estate experts. Demand for IT professionals was especially strong last month. The survey is based on new job vacancies and new candidates registered with Morgan McKinley’s network in Cork, Dublin, Kilkenny, Limerick and Waterford.
Article Source: http://tinyurl.com/kbwqb42

Two university spin-out companies have secured backing to develop cancer treatments.

OncoMark, a startup spin-off from University College Dublin, has secured €2.1m from a funding round that will see the company bring its main product to market.

The investment will allow the company to commercialise a product that is aimed at reducing the number of early-stage breast cancer patients who need chemotherapy.

OncoMark seeks to provide tailored patient treatment, which improves the quality of life for cancer patients.

The €2.1m was raised through funding from the Bank of Ireland Kernel Capital Venture Funds, the Irrus Investments syndicate, the Galway HBAN MedTech syndicate, private investors and Enterprise Ireland.

The funding will help finance the costs of gaining regulatory approval and full commercialisation.

“In the absence of accurate tests, the majority of early-stage breast cancer patients are treated with chemotherapy despite many not benefiting from the treatment,” said OncoMark ceo Des O’Leary.

“The OncoMasTR test is designed to enable a more personalised approach to patient care, helping clinicians to determine which patients should not receive chemotherapy, ultimately improving their quality of life.”

Meanwhile, the Royal College of Surgeons Ireland (RCSI) and Almac Discovery have announced collaboration on a new cancer research project.

The joint initiative will seek to identify how tumour cells that are resistant to treatment can cause cancer to spread to other parts of the body.

The research will examine the effectiveness of a new drug for the treatment of ovarian cancer that will go forward for trial on patients with solid tumours.

Researchers will focus on how a protein produced in the body called FKBPL has the ability to target cancer stem cells and can transform them into more ‘normal’ tumour cells, which can be killed more easily by radiotherapy and chemotherapy. Such an outcome could lead to improved prognoses for ovarian cancer patients.

“The funding provided by Almac will enable us to carry out further research in order to fully understand the mechanism behind its anti-cancer stem cell activity,” said Professor Tracy Robson, head of molecular and cellular therapeutics at RCSI.

“This research is a key step on the journey to making this treatment available to patients for whom all other forms of therapy have failed,” Prof Robson added.
Article Source: http://tinyurl.com/kbwqb42

France has seen its borrowing costs overtake Ireland’s for the first time since the financial crisis as investors worry about the prospect of far-right, eurosceptic Marine Le Pen winning presidential elections in April.

French 10-year borrowing costs – at 1.045pc per year – overtook lower-rated Ireland’s 1.037pc yesterday for the first time since 2007.

France’s credit ratings are Aa2, AA and AA from Moody’s, S&P Global and Fitch – all well ahead of Ireland’s A3, A+ and A respectively.

Europe’s benchmark German bond yield also climbed to a one-week high on Tuesday after signals the US Federal Reserve was preparing to raise interest rates there.

That pushed up US and other global benchmark bond yields and strengthened the dollar, as traders started to price in a slightly higher chance of a move at the Fed’s next meeting, on March 14-15.

“The general tone from the statement is pretty upbeat … Markets were relatively relaxed about March, and perhaps it may just edge expectations slightly in that direction,” said Victoria Clarke, an economist at Investec, adding that she expected the next increase in June.

In the eurozone, analysts said disappointing growth data and an uncertain political outlook should temper any further rise in bond yields.

German, the eurozone’s biggest economy, expanded 0.4pc in the final quarter of 2016, less than expected, tamping down inflation expectations. German 10-year yields initially dipped slightly on Tuesday, but later hit a one-week high of 0.38pc.
Article Source: http://tinyurl.com/kbwqb42

THE chief executive of Irish-Swiss food group Aryzta, Owen Killian, is to leave the embattled company after more than a year of turmoil at the company.

Shares in the food giant soared nearly 13pc in Switzerland this morning.

Chief financial officer Patrick McEniff and JohnYamin, the chief executive of Aryzta’s Americas bisiness, have also tendered their resignation.

They’ll all step down at the end of the current financial year.

Three new members have been appointed to Aryzta’s executive management with immediate effect.

The new appointments are Dermot Murphy, chief operating officer Europe; Ronan Minahan chief operating officer Americas; and Robert O’Boyle, chief operating officer of the Asia-Pacific and Middle East.

About €1.4bn was wiped off Aryzta’s market capitalisation last month after it issued a profit warning.

Last March, Killian had to offload €16m worth of shares in Aryzta.

It was a move he said was “triggered by the weakness in the share price impacting the collateral value of the share”. He added that being forced to sell was “not indicative of my confidence in or commitment to Aryzta and the achievement of its goals”.

The company’s shares had fallen over 10pc before he sold the stake, ditched by investors as it reported weak first-half results.

This morning, Aryzta, whose chairman is Gary McGann, also confirmed that it is engaged in a review of its investment strategy in joint ventures.

It said: “As part of that review, Aryzta has commenced a process with Lion Capital to evaluate investment alternatives for the Picard business.”

Picard is a French frozen food business.

“Picard is a highly attractive specialist food retailer, which has a unique proposition that is singularly relevant for modern consumers,” Aryzta added.

Aryzta owns 49pc of Picard, together with a call option on the remaining 51pc stake. That 51pc stake is owned by Lion Capital.

Aryzta said that if it sells its Picard stake, the proceeds would be used to strengthen its balance sheet.

Aryzta also said this morning that it has increased the covenant headroom under its senior revolving credit facility, thereby providing the group with enhanced financial flexibility.

“On behalf of the board, I would like to express our gratitude to Owen, Patrick and John for their contribution in building a unique infrastructure with a very strong franchise in the speciality baking industry,” said Mr McGann. “The newly constituted executive management team, together with an improved capital structure, provides stability with an objective to deliver, in time, both performance and growth.”
Article Source: http://tinyurl.com/kbwqb42