Continued growth of Penneys

April 26th, 2016
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Penney’s have just opened its first Italian store close to fashion capital Milan.This comes on the back of its first US store in Boston and with plans to open a further six stores in the States.

Familar here in Ireland as Penney’s and as Primark all over Europe,it is to fashion what Ryanair is to aviation, an Irish success story spreading affordable fashion right across the continent.

Primark’s fashion follows trends. Much time is spent by the business watching celebrities and fashion designers to see what is and will be in demand.

The company has grown from 17 stores in 1975 to its present number of 304 in 10 countries (U.S. UK,Austria,Spain,GermanyPortugal,the Netherlands,France Belgium),62,000 employees and annual profits in excess of €800m.

Like many fashions houses,  production  is often a focus of examination. It outsources production to factories in countries like Bangladesh, China,India Vietnam and Pakistan where wage costs are low. The minimum wage in Bangladesh for example is $68 a month.

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Bailey’s -An Irish Success Story.

March 1st, 2016
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Baileys Irish Cream -an Irish whiskey and cream liqueur recently celebrated its 40th birthday. It has much to celebrate.

Sales of 80m bottles in 180 different countries is an incredible achievement. Working closely with Enterprise Ireland it continues to seek out new opportunities.

The product is particularly popular in China, Latin America and the Caribbean.

Not alone that, it is also the biggest buyer of fresh Irish milk(aside from the co-ops) with purchases of 250m litres thus benefiting Irish farmers.

Business

Glanbia continues to grow.

February 29th, 2016
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2015 was another year of growth for Glanbia.

The food producer had revenues in excess of

€3.6 bn and profits of €310m.

The star performer for the company was its performance nutrition division with a suite of health and fitness products like protein powder.

It was also involved in a capital expenditure programme in the U.S. building a new whey production facility in Idaho.

Sales in Brazil and Russia did not match forecasts however.

Business

Broadband contract up for grabs.

February 23rd, 2016
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More than ten companies have expressed an interest via the States eTender website for the rollout of high speed broadband in rural Ireland later this year. All such contract fall under EU public procurement rules.

Eir,the States largest broadband supplier, Siro, a joint venture between ESB and Vodaphone, and some French and UK companie will all attempt to win the contract.

High speed broadband is seen as vital infra-structure for the development of rural regions.

Business

Pzifer to buy out Allergan

November 23rd, 2015
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It is expected that Pzifer plc will today buy Allergan plc for $160bn. in the biggest ever buy out in the healthcare sector.

Pzifer has offered Allergan shareholders $363 a share. Its share price on Friday last was $312.

It is just a year ago (Nov. 18  2014) that Allergan was acquired by Activis plc for $66 bn.

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Air Lingus no longer Irish owned.

October 13th, 2015
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Air Lingus, for decades a State owned company has finally become part of IAG ( International Airlines Group). In May the Irish government agreed to sell its 25% share. Ryanair sold their 30%  at €2.55 a share in August while the remaining shareholders sold on September 2nd.

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Nurses engage in ‘work to rule’.

October 13th, 2015
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Nurses in a Dublin hospital are carrying out a work to rule to highlight overcrowding in the hospital. This follows on from a token stoppage by 100 members of the Irish Nurses and Midwives Association earlier in the week.

Meanwhile Iarnrod Eireann,the National Bus and Railworkers Union and SIPTU are meeting at the Workplace Relations Commission( formerly the Labour Relations Commission). The row concerns payments for past productivity by train drivers. Token stoppages are planned on October 23 and November 6.

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Benefits of Multinationals for Ireland.

October 9th, 2015
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Excluding the financial sector there are about 1,000 U.S. located in Ireland employing directly 100,000 people.

These companies pay €6bn in wages to Irish employees,spend €3bn on capital investment and pay €2bn in corporation tax on an annual basis.

Other contributions include vat and other taxes,indirect spending on security,cleaning,catering,transport,accountancy and many other services.

Business

N.S.A.I.

October 2nd, 2015
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Have you ever wondered when you have put 20 litres of diesel into your car,or the butchers weighing scales indicates that the steak is 1 kg that you are actually getting what you are paying for.

According to the latest report from the National Standards Authority of Ireland 1 in 5 weighing scales and 1 in 14 petrol pumps measure inaccurately.

Taxi metres perform poorly with almost 1 in 3 failing compliancy tests.

The N.S.A.I. seeks to protect the consumer through measurement accuracy and the promotion and application of standards across many industries.

Business

Social Responsibility and VW

September 27th, 2015
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Social Responsibility is where a business treats all of its stakeholders with respect and dignity. The business applies a high standard of ethical behaviour.

On Tuesday last VW whose 12 brand empire includes brands such as  Audi,Seat,Skoda,Porsche and VW said that 11 million of its cars featured software designed to deliberately cheat on air quality tests.

Up to 80,000 cars in Ireland could be affected.

This is the biggest crises in its 78 year history with billions slashed from its market valuation. Its share price has gone from a 52 week high of €132.09 to €107.30 today.

(see also post on April 2010)

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