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UK firms could start moving to Ireland in second quarter

Companies considering quitting Britain due to its departure from the EU are likely to start making investment decisions from the second quarter, the head of the agency competing to win foreign business for Ireland said on Tuesday.

Industrial Development Agency Ireland has already fielded Brexit-related enquiries from more than 100 firms, a lot of which have progressed to site visits, its chief executive Martin Shannahan also said at a news conference.

Given the countries’ close trading links, Ireland is widely considered the European Union economy most at risk from Britain’s decision to quit the bloc. But it is also well placed to draw business away from its neighbour, particularly in financial services.

Shannahan said some companies had already narrowed down their options.

“My expectation is that by Q2 of 2017 we will start to see companies make decisions,” he said, announcing that the number of employees of multinationals in Ireland hit a high in 2016.

British Prime Minister Theresa has said she plans to begin the two years of exit negotiations with the EU by the end of March.

“It is not likely that companies will await the outcome of (those) negotiations,” Shannahan said. “..I think the political timeline and the commercial timeline are entirely incompatible. That is particularly true in the financial services sector.”

Inquiries to the IDA were also likely to rise in the technology and pharmaceutical sectors, he added.

He said North American companies would make Brexit-related decisions first, followed by Asian and lastly by British and European ones, which might be willing to wait longer to see how the negotiations play out.

Ireland, whose economy is the fastest-growing in the EU, is already a major hub for big employers including Apple, Pfizer and Citibank.

Multinational companies added a net 12,000 jobs there last year, bringing their rosters in Ireland to 200,000, or close to one in 10 of the overall workforce.

Some U.S. companies might also put off investment decisions until they saw details of President-elect Donald Trump’s taxation policies, Shannahan added. (Reuters)

Article Source: Business World

Purchase of cloud computing services by Irish enterprises increases

A report released yesterday by the Central Statistic Office (CSO) has shown that 36% of Irish enterprises employing 10 or more persons purchased cloud computing services in 2016, compared to 35% in 2015.

Finland had the largest percentage of enterprises in the EU purchasing cloud computing services at 57%, while both Bulgaria and Romania had the lowest take up rate at 7%. The most popular cloud computing service purchased by Irish enterprises in 2016 was the storage of files at 27%, while 26% of Irish enterprises purchased e-mail services.

Furthermore, the report shows that Irish enterprises ranked 4th in the EU when paying for Internet advertising. Thirty four per cent of Irish enterprises reported to have paid to advertise on the internet in 2016, such as on search engines, social media and other websites. The EU-28 average was 25%.

The most popular advertising method was based on webpage content or keywords searched by users with 27% paying for this method. Fifteen per cent opted for advertising based on the geolocation of internet users with 13% based on tracking internet users’ past activities or profile. Sixteen per cent opted for other targeted advertising methods.

Not surprisingly, over half of large enterprises conduct their sales electronically. In 2016, 52% of large enterprises had e-Commerce sales which accounted for 46% of total sales of such enterprises.

Twenty six per cent of small enterprises had e-Commerce sales which accounted for 23% of all sales in this size class. Forty seven per cent of medium sized enterprises had e-Commerce sales which accounted for 22% of their total sales.

Article Source: Business World

UK is the Top Destination for Emigrating Irish Professionals

The UK is the top destination for emigrating Irish professionals during the year to October 2016, according to new data released today by LinkedIn.

According to the data, 28% of talent that left Ireland moved to the UK with net losses in the healthcare, architectural & engineering and professional services sectors between both countries.

The report shows that Ireland continues to be a net beneficiary of professional migration with more talent moving to the country than emigrating.

The software sector attracted the most professionals with the Irish tech industry continuing to lure talent to the country thanks to the presence of a range of multinationals and a flourishing indigenous industry.

India, France, Brazil and Italy respectively accounted for the largest contribution of professionals moving to take up positions in the Irish software sector.

LinkedIn’s data revealed that the top five sources of professionals moving to Ireland during the period were Brazil, India, Italy, France and Australia. The industries that experienced the largest levels of growth were:

1. Technology (Software)
2. Architecture & Engineering
3. Healthcare
4. Technology (Hardware)
5. Oil & Energy

In contrast the regions that attracted the most professionals from Ireland were United Kingdom, United States, Canada, Germany and Spain.  While a significant proportion of UK professionals also moved to Ireland, more Irish talent moved across the Irish sea resulting in a net loss.

The countries that accounted for the largest shares of net migration to Ireland were:
1. Brazil
2. India
3. Italy
4. France
5. Australia

The countries that accounted for the largest shares of net migration from Ireland were:
1. United Kingdom
2. United States
3. Canada
4. Germany
5. Spain

For more on this article, please visit: Business World

Irish Startups hindered by negative banking perceptions

New research published by Trinity College today shows that firms in Ireland have the greatest non-application rates with banks because of fear of rejection.

The research indicates that many companies who might well have good projects and which might make attractive loan prospects will not apply to banks for loans for fear of being rejected.

A survey looked at 6,287 small and medium companies across nine Eurozone states. It found that non-application for fear of rejection placed Ireland at the top with 44% followed by Germany (24%), Greece (19%), Belgium (18%), Austria (17%) and Spain (17%).

For more on this article, please visit: Business World

46 % of Irish say money is their main worry

A recent survey from Royal London has indicated that four in ten (40%) of Irish people say their health will be their main focus in 2016.

The nationwide survey of 1,000 people found that health is by far people’s biggest priority (40%) while money is their biggest worry (46%).

The protection experts at Royal London say that it’s also no surprise that people are making health a bigger priority as they get older. Twenty seven per cet of 18 to 34 year olds say they’ll be focusing on it this year which jumps to 42% of those aged 35 to 54 years old and increased to 58% of those aged over 55.

Nearly a quarter (24%) of all male respondents said their career will be their main focus in 2016, compared with just 17% of women.

For more on this article, please visit: Business World