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18 TUESDAY 1 MAY 2012 EVENING HERALD

EXCHANGE RATES

TECHNOLOGY

Cisco creates 115 jobs in €26m deal

US TECHNOLOGY firm Cisco has inked a deal to create 115 jobs by investing €26m in its operations in Galway. The company hopes to move its Irish base into new areas in communication and collaboration software technology, including desktop virtualisation and real-time web communications over the next two years. “This technology is used globally by many of the world's largest companies and many of the world's governments. It is a recognition of the progress that has been made here since the site was opened in 2007,” said Chris Dedicoat, president of Cisco Europe, Middle East and Africa. “It is seen globally as a centre of excellence, and I think it's a great example of the benefit of the investment that Ireland has made in the science and technology subjects through education.” The company, which is being supported by the IDA in this investment, currently employs approximately 180 people in research and development at its European customer centre at Oranmore. Recruitment for the new roles is ongoing. “Ireland is in a great position in that there are more jobs available than there are students to fill those jobs,” Mr Dedicoat noted. The firm's revenues have continued to grow in the second quarter and, if the current trend continues, Ireland could be in line for further investment.

RETAIL

Dramatic spike across sector for insolvencies THE retail and hospitality sector has shown a dramatic spike in insolvencies within the month. The construction and services sector continue to be the worst affected with Leinster rising to the top – accounting for 65pc of the overall total. The total corporate insolvencies for the month of April totalled 154, an increase of 15pc compared to the 130 insolvencies recorded in March 2012. Year-on-year figures for company failures in April are, however, down by 5pc compared to April 2011. The cumulative total of insolvencies from January to April of this year now stands at 585, 4.6pc higher than the same period last year.

Euro - UK Pound

0.8166

Euro - US Dollar

1.3254

Euro - AUS Dollar

1.2826

Euro - CAN Dollar

1.3095

SALARIES

CHARITY

IT and sales staff highest earners

JURYSINNHELPSHOMELESS IRISH hotel group Jurys Inn has partnered with homeless charity Depaul Ireland to donate more than 5,000 pillows and duvets to the organisation. Depaul is a charity that provides approximately 400 beds a night to disadvantaged people across Ireland and has been named as Jury’s ‘charity of the year’ for the group’s Dublin and Belfast hotels. The organisation provides accommodation and key services to people who many others struggle to work with, such as street drinkers, women in prison, families who have been abandoned by others and those with behavioural, self-harm and addiction problems. “As an Irish hotel group, we are fully committed to giving back to the communities where we operate and we are thrilled that our Dublin and Belfast hotels are partnering with Depaul Ireland, a charity that offers crucial support and services to homeless and disadvantaged people across Ireland,” said Joe Quinn, Chief Operations Officer for Jurys Inn.

EMPLOYEES in IT, sales, engineering and accounting and finance are among Ireland's biggest earners, new research has identified. The IrishJobs.ie survey found that the highest earners – for the purpose of the survey they were identified as those earning more than €60,000 – were broken down into four sectors. The majority of jobs in this region were for IT workers, followed by sales, accountancy and finance and engineering. However, three out of four workers admitted they were unhappy with their current pay and 70pc would change jobs for more money. According to the Irishjobs.ie Salary Survey, one quarter of respondents received an increase in salary this year. A total of 30pc received a raise of 5pc and a fifth got a raise of 20pc. The survey also found that 35pc of workers took a pay cut in the past year. One in four took a 5pc cut, with one in three taking a cut of 10pc, while the remaining two fifths took a cut of over 20pc.

ENTERPRISE

New start-ups rise 10pc A TOTAL of 118 new start-ups launched last month showing that entrepreneurship in Ireland is clearly on the rise. The figures revealed from Vision-net outline that there were 3,080 start-ups between April 1 to 26, up 10pc from 2011. “The number of new companies and business start-ups is among the highest in Europe,” said Vision-net managing director Christine Cullen.

LEISURE

Golf club loses €356k

MANUFACTURING

Our output weakens IRELAND'S manufacturing sector weakened in April with production falling for the first time in three months. NCB's manufacturing PMI stood at 50.1 in April. However, there was some positive news as it was revealed that new orders continued to increase and firms took on more staff at a faster pace. NCB's Manufacturing purchasing managers index remained just above the expansion mark in April to stand at 50.1.

CASTLEKNOCK Golf Club hit a €355,957 loss, a €1.9m negative swing from last year, according to latest accounts filed. The company is headed up by Monarch Properties, the north Dublin-based property development group which has built many of the country's largest shopping centres, including The Square in Tallaght along with centres in Dundalk, Drogheda, Navan and Athlone. The loss follows the golf club firm's revenues dipping from €2.1m to €1.7m. The directors' report outlines that the result for the year and the financial position at the year end were considered satisfactory by the directors in the light of the current economic climate.

BUSINESS ROUND-UP

Where are Honour for ‘No’ to bid the skills? McDonald’s for Eircom

3m profit Spain in rise at IAA recession

A LEADING engineering firm says its growth is being stunted due to a lack of skilled workers. Dromone Engineering chief William Egenton welcomed the drive to promote technology and engineering in schools. However he said there was a time lag between this and actually producing engineers with the expertise to meet the expansion needs of companies.

THE IRISH Aviation Authority (IAA) returned a €3m increase in operating profit to €17.9m. The company said that there was increased traffic, turnover and operating profit within the year, despite the current economic downturn and the uncertain economic situation in Europe. Turnover for 2011 was €179m, an increase of 6.3pc.

McDONALD’S has been recognised for its ”outstanding contribution to franchising” in Ireland. The Irish Franchise Awards Sponsored by Ulster Bank recognises excellence in franchising and rewards the outstanding achievements of businesses, such as the fastfood giant, and individuals in the franchise industry.

EIRCOM'S examiner has received an offer to buy out the group, but has refused it. Michael McAteer of Grant Thornton said that he received a conditional non-binding offer. “Given the level of the offer and its conditionality, the examiner has decided not to proceed,” a spokesman said. Separately, Eircom Group filed its annual historical

accounts for the 2010/2011 financial year for the three companies currently protected by the court under examinership. These show that revenue for the main trading company, Eircom Ltd, fell to €1.6bn, down 8pc on the previous year.

SPAIN has returned into recession, with the economy shrinking by 0.3pc for the second quarter in a row. However despite the recession and a towering unemployment rate, which hit 24.4pc in the first quarter, the government has vowed to meet its ambitious deficit-cutting targets so as to regain market confidence.


Herald Business on Pillow Partnership for Jurys Inn and Depaul Ireland