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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%).

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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.

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Ireland has the most successful recovery in the Eurozone Periphery

Fitch ratings agency yesterday released a report which shows that a divergence has started to develop in the eurozone periphery as the economic recovery in the eurozone takes hold.

The report compares the recent macroeconomic performance of the four largest peripheral countries – Italy, Spain, Portugal and Ireland – with a focus on the divergence and its potential drivers.

It finds that Ireland is the most successful among the four peripheral countries and by most metrics an outlier. According to the report, the recovery and ultimately the growth potential was helped by the high level of openness of the Irish economy.

The report indicates that confidence in the financial sector was boosted by early bank recapitalisation, though the forbearance of NPLs prevailed for a longer period and fiscal consolidation has continued during the recovery.

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Small businesses facing insurance cost crisis warns Small Firms Association

Small businesses are facing an insurance cost crisis which can no longer be ignored according to the Chairman of the Small Firms Association (SFA), AJ Noonan.

Mr Noonan today referenced recent figures which showed that Insurance costs have increased by 29.6% since 2011.

Between 2012 and 2014, the Central Bank has tracked a rise in the frequency of claims and an increase in the average cost per claim of 8% in private motor, 27% in employer liability and 8% in public liability. Mr Noonan has warned that ‘Ireland’s compo culture’ has been allowed to get out of control in recent years.

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Brexit will be the most significant risk for the Irish economy warns Premier Irish law firm

The possibility of a Brexit is probably currently the single most significant risk for the Irish economy and Irish business according to a report by Premier Irish law firm, McCann FitzGerald.

This report was launched at a special panel discussion which featured Chairman of AIB- Richard Pym, Group CEO of Ervia-Michael McNicholas, Former CEO of UK Office of Fair Trading and Chairman of Irish Competition Authority-Dr John Fingleton and Chief Economist at Goodbody Stockbrokers-Dermot O’Leary.

The event was moderated by John Cronin, a partner and former Chairman McCann FitzGerald, who leads the firm’s Brexit Group.

The briefing by McCann FitzGerald is the first of its kind by a major Irish law firm and provides analysis in relation to a number of different legal areas and industry sectors including energy, intellectual property, imports and exports and financial services.

In light of its warning, McCann FitzGerald recommends that Irish companies should establish a review team to consider their business models and arrangements in order to identify legal and business risks, opportunities and steps that should be taken in the event of a vote to leave.

The primary aim of the review would be to identify the principal aspects of the company’s business that would be most affected by Brexit.

Cronin noted that the financial services industry, including asset management and funds, is most exposed of all UK industry sectors to a Brexit.

In relation to Ireland, he said that there may be short and medium term gains for Irish financial services but the longer term position is uncertain and somewhat insecure. However, he suggested that there may be some Irish solutions to a number of potential issues that could arise for the UK investment funds industry.

Article Source: Business World

Irish digital advertising spend hit 340M across 2015

An advertising industry study carried out by IAB Ireland/PwC records growth of 29% in the Irish digital advertising market, with total digital spending reaching €340 mln in 2015.

The 2015 IAB PwC Online Adspend Study Display indicates that advertising had the highest growth rate at 38%, representing €137m in 2015. Display now represents 40% of total digital spend.

Paid-for-Search advertising has grown by 28% year on year and remains the dominant digital format with a 52% share of total online adspend at €176m.

Classified advertising online holds an 8% share of total online adspend at €27m.

Within the Display Category, Social Media Display saw a 72% growth from €28.5m in 2014 to €49m in 2015. Spend on digital video grew by 71% from €14.3m in 2014 to €24.5m in 2015 reflecting the strong commitment of brand advertisers to the video format.

Mobile advertising is a key driver of total digital adspend growth accounting for 81% of the total growth arising from the increase in mobile advertising. Mobile Search accounts for 63% of mobile spend at €89m with Mobile Display advertising representing a 37% share at €52m

PwC predicts 14.6% growth (CAGR) in Irish digital adspend during the period 2014-2019.

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