Business News
UNEMPLOYMENT
The number of people claiming weekly unemployment benefit in March was 626,000, according to the Central Statistics Office. The Live Register of JA and JB recipients was 183,000 while 443,000 people were in receipt of the Pandemic Unemployment Payment. The CSO said 98,000 of PUP claimants are aged 25-34 and 100,000 are aged 35-44.
CREDIT DATA
SME credit applications were slightly lower in 2020 than the previous year, according to Central Bank data. Expired payment breaks on SME loans have mainly returned to full payment on extended (47%) or existing terms (33%) with 20% requiring further support or entering arrears.
PARENTAL LEAVE
The period for paid Parental Leave has been increased from two weeks to five weeks, with Parent’s Benefit also to be paid for an extra three weeks. The period during which this leave can be taken has also been extended from 12 to 24 months.
SENTENIAL SALE
Australian financial payments company EML Payments has acquired Sentenial and its open banking brand Nuapay for a consideration of €70m in cash and shares upfront and up to €40m on the earnout in 2024. EML said it will expand Sentenial’s platform and products into the North American and Australian markets, as well as Europe.
CGS EXTENSION
The state-backed Credit Guarantee Scheme will remain open for applications until the end of the year. The CGS offers an 80% government guarantee to participating lenders. Loans provided under the scheme range from €10,000 to €1m, for terms of up to 5.5 years.
BANK FINE
The Central Bank has fined Ulster Bank €37.8m for serious failings in the treatment of tracker mortgage customers. The penalty is in addition to the €128m the bank has been required to pay in redress and compensation to borrowers.
STRIPE FUNDING
The Ireland Strategic Investment Fund has invested €42m in global payments technology company Stripe, as part of a $600m fundraiser by the US business. The state body stated the huge allocation of taxpayer resources is consistent with its mandate of investing for a commercial return and economic impact for Ireland.
CARBON PLEDGE
Tesco Ireland, ABP and Virgin Media are among the companies that have signed up with Business in the Community Ireland to reduce their carbon emissions. BITCI’s Low Carbon Pledge sets industry standards on sustainability and carbon emissions reduction.
FDI JOBS
Workday is to create 400 new jobs at its European headquarters in Dublin, in an IDA-backed expansion.
The California company, a specialist in enterprise cloud applications for finance and human resources, first located in Dublin in 2008 and currently employs c.800 people in Ireland.
US digital workflow company ServiceNow is to create 300 jobs in its Irish operation over the next three years as it expands in Europe, the Middle East and Africa.
The company opened its intellectual property and development centre in Dublin in 2018, employing 30 people, and has expanded since to c.100 staff.
Intel is to invest in its Leixlip plant as part of an expansion of its Irish manufacturing operations, which will create 1,600 jobs at the plant on completion.
Hewlett Packard Enterprise plans to recruit 150 people over the next two years, and has chosen Galway as its European hub for cybersecurity operations. The company is also establishing a new ‘Hybrid Cloud Practice’ to help Irish customers accelerate their digital transformation.
Swiss tech firm SITA, which provides IT solutions to the air transport industry, is to hire 55 people in Letterkenny. The new roles include software engineers, test engineers, UX designers, scrum masters and product owners.
AT Management has secured state aid from IDA Ireland to establish a call centre in Sligo, creating 40 jobs this year. The company employs 400 people across the UK.
NEW ACCOUNTANTS
Some 1,600 accountants have been admitted to membership of Chartered Accountants Ireland in a virtual ceremony, a first in the institute’s 130-year history. The newly admitted members are the first cohort of students to have sat their Final Admitting Exams (FAEs) entirely online.
ARAB EXPORTS
Exports from Ireland to Arab countries increased by 6.4% in 2020, according to the Arab Irish Chamber of Commerce. Saudi Arabia and the United Arab Emirates accounted for almost half of the €2.4bn worth of merchandise. Notable rates of growth were recorded in Algeria (40%), Qatar (33%) and Jordan (28%).
AVAIL ACQUIRED
Avail Support has been acquired by US software company CentralReach. Avail’s digital platform helps individuals with cognitive disabilities learn the skills needed to live more independently.
NATIONAL DEBT
The National Treasury Management Agency has completed the repayment of Ireland’s £3.2bn bailout loan from the UK a decade ago. Still outstanding are two EU bailout loans – EFSF (€18.4bn) and EFSM (€22.5bn).
DIGITAL CONNECTIVITY
Virgin Media Business and Infinera are partnering to deploy Infinera’s XTM Series on Virgin’s Infinity Ring, a high-capacity optical network connecting data centres in Dublin. Virgin Media says the result will be faster connectivity for customers in the financial, healthcare and government sectors.
DUNDALK GATEWAY
The government is to provide €340,000 in funding for the Centre for Renewable Energy at Dundalk IT. The technology gateway is focused on energy efficiency and optimisation, and will look at how companies can make their products and their manufacturing operations as energy efficient as possible.
CLUNE’S GRADGUIDE
Clune Technology Group, formerly known as The Taxback Group, has acquired Gradguide, which pairs students and college graduates with mentors and tech companies. The deal involved a majority equity investment of €2m.
UPLIFTING YOUTH
Standard Chartered has launched a community programme designed to support students in higher education impacted by the economic and social fallout of the Covid-19 pandemic. Delivered by Enactus, the Uplifting Youth initiative will see 50 students aged 18-25 mentored and supported to create and implement social entrepreneurial projects.
APPOINTMENTS
• Enterprise Ireland has appointed Leo Clancy as chief executive officer. Clancy is currently head of technology, consumer and business services at IDA Ireland.
• Nestlé has appointed Kieran Conroy as the new country manager for Ireland.
MANCHESTER FLIGHTS
Aer Lingus is to launch its first direct US services from Manchester. The airline will fly to New York JFK and Orlando from July 29, while flights to Barbados will commence on October 20. A service to Boston will commence in 2022.