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.
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.
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)
A constructive dismissal is a situation where the employee feels their working conditions have been made so intolerable that they feel they have no choice but to leave the workplace. It can result in litigation between the parties.
An interesting situation is developing between the Chelsea team doctor and her employer which could result in a constructive dismissal case.
Irish betting company Paddy Power is merging with Uk’s Betfair to create the worlds biggest online betting group. Shares in both groups have risen as a result.
The new company will be called Paddy Power Betfair plc and the merger should be completed by early 2016.
Shareholders in Paddy Power will have 52% of the new business. Both management teams are expecting synergies as a result of the merger.
Minister Simon Coveney travels to the U.S today acompanied by members of the Irish beef industry on a trade mission. He will meet up with his counterpart in the U.S. and his delegation will meet with U.S. beef buyers and restauranters.
Ireland is the first E.U. country to have the opportunity to sell beef into the U.S. for the last 15 years. The sale of E.U. beef there was banned due to the b.s.e. crises.
Irish sellers will target the premium market of grass based beef.
Over the last couple of years we have followed the fortunes of Aer Lingus. It is an interesting story as a former state company,that was privitised,is partially owned by the workers (14%) (E.S.O.T),the state (30%) and Ryanair(25%). Indeed Ryanair has made three unsuccessful attempts to take it over.
Recently International Consolidated Airlines Group (IAG) has made two attempts at purchasing Air Lingus. Last Friday it offered €2.40 a share,€1.28 bn in total but it was rejected by Air Lingus’ board of directors. It previously offered €2.30 in mid December. Air Lingus is seen as a well run company with reserves in the bank, passenger numbers up and is the holder of prized slots into Heathrow. Hopefully if the state sells its 25.1% stake it ensures that those slots remain between Dublin,Shannon and Cork into Heathrow.
IAG owns British Airways and Iberia Airlines.
Last weeks Ryanair E.G.M. attended by just three external shareholders agreed in rapid fashion to sanction the purchase of up to 200 new Boeing 737 aircraft with a list price of €17.6 bn. The meeting took place at its headquarters in Swords, Co. Dublin.
99.93% of votes cast prior to the meeting were in favour of the purchase.
The E.G.M. lasted all of 35 seconds!
Allergan Pharmaceuticals whose main Irish production unit is based in Westport has accepted a $66 bn takeover bid from Actavis plc ending a seven month hostile pursuit by Valeant Pharmaceutical International inc.
Actavis offered $219 per share in cash and stock.
Though happier to remain independent,Allergan preferred to deal with Actavis as Valeant has a history of cutting R&D at companies it has acquired in the past.
China has become Ireland’s second largest market for dairy products(with infant formula driving that growth),our third largest for pork and our sixth largest overall.
Trade Missions there over the past couple of years including one earlier this month have contributed to this. (see article Jan. 8th 2014).
Bord Bia’s marketing team is doing 300 hours of consumer research in China this year-living,eating and shopping with local families,to see what products they use,how they use them,and why. This would be classed as ethnographic research which combined with Desk and Field research can help An Bord Bia find the information needed to cater for the needs of a culturally different market.