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The Irish-Canadian billionaire Galen Weston has died following a long illness at his Toronto home at the age of 80, his family announced last night.

he retail mogul and his family built a vast empire on both sides of the Atlantic, owning the Irish luxury department store Brown Thomas as well as Arnott's and the UK-based Selfridges Group. They also acquired a majority stake in Associated British Foods, the company that owns Penneys in Ireland and Primark in the UK.

The family also owns Canada's largest retail food chain, Loblaw, as well as Canadian luxury retailer Holt Renfrew and other holdings.

He stepped down as chairman of George Weston Limited in 2016 to make room for his son Galen G Weston, who is now the company's CEO and chairman.

He married the former Irish model Hilary Frayne in 1966 who went to become Ontario's lieutenant-governor, a post she held for five years.

He was described by his family as "a dutiful son, a beloved husband, a proud father, a devoted grandfather, a loving brother, who dedicated his life to the service of his family, his businesses, and his community".

After his retirement, he continued what his family described as "his lifelong commitment to philanthropy through the Weston Family Foundation in Canada and the Selfridges Group Foundation in the UK.

"Through 55 years of a deeply loving marriage, Galen and his wife Hilary supported each other in family, business and community engagements. He was particularly proud of Hilary's five-year term as Ontario's 26th Lieutenant Governor and she was his constant collaborator on every aspect of the luxury retail group," the family said in a statement..

"My father's greatest gift was inspiring those around him to achieve more than they thought possible." said Galen G Weston Jr.

"In our business and in his life he leaves behind a legacy of extraordinary accomplishment, and joy," added his daughter Alannah Weston.

"The luxury retail industry has lost a great visionary. His energy electrified those of us who were lucky enough to work alongside him to reimagine what customer experience could be."

He was born in Buckinghamshire, England, to a prominent family and helped his father Willard Garfield Weston transform the family's bakery company into a global food empire. He is predeceased by his brother Garry H Weston, who died in 2002, as one of the richest people in the UK.

Irish Independent

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Irish-Canadian billionaire Galen Weston, who built retail empire on both sides of Atlantic, has died

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The Irish-Canadian billionaire Galen Weston has died following a long illness at his Toronto home at the age of 80, his family announced last night. he retail mogul and his family built a vast empire on both sides of the Atlantic, owning the Irish luxury department store Brown Thomas as well as Arnott's and the UK-based Selfridges Group.

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Innovation and vision

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Elon Musk: The future we're building -- and boring | TED

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Updated Guidelines for Business Legislation

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Updated Guidelines for Business Legislation

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Updated Guidelines for Business Legislation

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What is Stripe? The financial software you don’t even know you’re using

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Stripe to create at least 1,000 new jobs in Ireland as its valuation tops $95bn

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What Is a Stakeholder?

A stakeholder is a party that has an interest in a company and can either affect or be affected by the business. The primary stakeholders in a typical corporation are its investors, employees, customers, and suppliers.

However, with the increasing attention on corporate social responsibility, the concept has been extended to include communities, governments, and trade associations.

Key Takeaways:

Understanding Stakeholders

Stakeholders can be internal or external to an organization. Internal stakeholders are people whose interest in a company comes through a direct relationship, such as employment, ownership, or investment.

External stakeholders are those who do not directly work with a company but are affected somehow by the actions and outcomes of the business. Suppliers, creditors, and public groups are all considered external stakeholders.

Example of an Internal Stakeholder

Investors are internal stakeholders who are significantly impacted by the associated concern and its performance. If, for example, a venture capital firm decides to invest $5 million in a technology startup in return for 10% equity and significant influence, the firm becomes an internal stakeholder of the startup.

The return on the venture capitalist firm's investment hinges on the startup's success or failure, meaning that the firm has a vested interest.

Example of an External Stakeholder

External stakeholders, unlike internal stakeholders, do not have a direct relationship with the company. Instead, an external stakeholder is normally a person or organization affected by the operations of the business. When a company goes over the allowable limit of carbon emissions, for example, the town in which the company is located is considered an external stakeholder because it is affected by the increased pollution.

Conversely, external stakeholders may also sometimes have a direct effect on a company without a clear link to it. The government, for example, is an external stakeholder. When the government initiates policy changes on carbon emissions, the decision affects the business operations of any entity with increased levels of carbon.

Issues Concerning Stakeholders

A common problem that arises for companies with numerous stakeholders is that the various stakeholder interests may not align. In fact, the interests may be in direct conflict. For example, the primary goal of a corporation, from the perspective of its shareholders, is often thought to be to maximize profits and enhance shareholder value.

Since labor costs are unavoidable for most companies, a company may seek to keep these costs under tight control. This is likely to upset another group of stakeholders, its employees. The most efficient companies successfully manage the interests and expectations of all their stakeholders.

Stakeholders vs. Shareholders

Shareholders are only one type of stakeholder. All stakeholders are bound to a company by some type of vested interest, usually for the long term and for reasons of need. A shareholder has a financial interest, but a shareholder can also sell their stock in the company; they do not necessarily have a long-term need for the company and can usually get out at any time.

For example, if a company is performing poorly financially, the vendors in that company's supply chain might suffer if the company limits production and no longer uses its services. Similarly, employees of the company might lose their jobs. However, shareholders of the company can sell their stock and limit their losses.

What Are the Different Types of Stakeholders?

Examples of important stakeholders for a business include its shareholders, customers, suppliers, and employees. Some of these stakeholders, such as the shareholders and the employees, are internal to the business. Others, such as the business's customers and suppliers, are external to the business but are nevertheless affected by the business's actions. These days, it has become more common to talk about a broader range of external stakeholders, such as the government of the countries in which the business operates, or even the public at large.

What Is an Example of a Stakeholder?

In the event that a business fails and goes bankrupt, there is a pecking order among various stakeholders in who gets repaid on their capital investment. Secured creditors are first in line, followed by unsecured creditors, preferred shareholders, and finally owners of common stock (who may receive pennies on the dollar, if anything at all). This example illustrates that not all stakeholders have the same status or privileges. For instance, workers in the bankrupt company may be laid off without any severance.

What Are the Stakeholders in a Business?

Stakeholders in a business include any entity that is directly or indirectly related to how a company operates, whether it succeeds, or if it fails. First the owners of the business. These can include actively-involved owners as well investors who have passive ownership. If the business has loans or debts outstanding, then creditors (e.g., banks or bondholders) will be the second set of stakeholders in the business. The employees of the company are a third set of stakeholders, along with the suppliers who rely on the business for its own income. Customers, too, are stakeholders who purchase and use the goods or services the business provides.

Why Are Stakeholders Important?

Stakeholders are important for a number of reasons. For internal stakeholders, they are important because the business's operations rely on their ability to work together toward the business's goals. External stakeholders on the other hand can affect the business indirectly.

For instance, customers can change their buying habits, suppliers can change their manufacturing and distribution practices, and governments can modify laws and regulations. Ultimately, managing relationships with internal and external stakeholders is key to a business's long-term success.

Are Stakeholders and Shareholders the Same?

Although shareholders are an important type of stakeholder, they are not the only stakeholders. Examples of other stakeholders include employees, customers, suppliers, governments, and the public at large. In recent years, there has been a trend toward thinking more broadly about who constitutes the stakeholders of a business.

The Bottom Line

Stakeholders are individuals, groups or any party that has an interest in the outcomes of an organization. Stakeholders can be internal or external and range from customers, shareholders to communities and even governments.

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What Are Stakeholders: Definition, Types, and Examples

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A stakeholder is a party with an interest in an enterprise; stakeholders in a corporation include investors, employees, customers, and suppliers.

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The Competition and Consumer Protection Commission

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The Competition and Consumer Protection Commission is an independent statutory body that enforces competition and consumer protection law in Ireland.

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Data Protection Legislation | Data Protection Commission

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Key Data Protection legislative frameworks applicable from 25 May 2018

The Data Protection Commission (DPC) is governed by a number of legislative frameworks. Details of the key legislation and guidance about how the laws are applied is outlined below.

From 25 May 2018 the key legislative frameworks are:

The General Data Protection Regulation (GDPR) applies from 25 May 2018. It has general application to the processing of personal data in the EU, setting out more extensive obligations on data controllers and processors, and providing strengthened protections for data subjects. Although the GDPR is directly applicable as a law in all Member States, it allows for certain issues to be given further effect in national law. In Ireland, the national law, which, amongst other things, gives further effect to the GDPR, is the Data Protection Act 2018.

However, in some instances, depending on the nature and circumstances of the personal data processing, the type of personal data being processed, or when the data protection issue occurred, the GDPR will not apply and instead another legal framework concerning the regulation of the processing of personal data may apply. For example, if a data protection complaint or a possible infringement of the law relates to an incident which occurred before the GDPR became applicable on 25 May 2018, then the Data Protection Acts 1988 - 2003, and not the GDPR, will apply. After 25 May 2018, if the processing of personal data is carried out for a law enforcement purpose (in other words the prevention, investigation, detection or prosecution of a criminal offence or the execution of criminal penalties) then the GDPR will not apply and instead the Law Enforcement Directive, which has been transposed into Irish law by way of the Data Protection Act 2018, will apply.

A very brief summary of the main data protection frameworks, which the DPC will supervise and enforce from 25 May 2018 onwards, is set out in the table below.

GDPR

The GDPR will apply by default to the majority of personal data processing, but in Ireland further rules on certain issues (for example the reasons for, and extent to which, data subject rights may be restricted) are set out in the Data Protection Act 2018.

Law Enforcement Directive (as transposed by provisions in Parts 5 and 6 of the Data Protection Act 2018)

The Law Enforcement Directive is transposed into Irish law by the Data Protection Act 2018, in Part 5 and Part 6 of that Act. Those provisions set out the laws in Ireland which apply concerning the processing of personal data by data controllers who are competent for the prevention, investigation, detection or prosecution of criminal offences or the execution of criminal penalties, where personal data is being processed for these purposes.

Data Protection Acts 1988 and 2003 (as retained by sections 7(4) and 8 of the Data Protection Act 2018)

Data Protection Acts 1988 and 2003 (as retained by sections 7(4) and 8 of the Data Protection Act 2018). The Data Protection Acts 1988 and 2003 (without the repeals and revocations in section 7 the Data Protection Act 2018) apply to:

Ongoing investigations by, and complaints to, the Data Protection Commissioner respectively commenced or made before 25 May 2018;

New complaints and potential contraventions of the Data Protection Acts 1988 and 2003 which arose prior to the 25 May 2018 but which are made or investigated on or after 25 May 2018; and

Processing of personal data under the Criminal Justice (Forensic Evidence and DNA Database System) Act 2014 or the Vehicle Registration Data (Automated Searching and Exchange) Act 2018.

Data Protection Acts 1988 and 2003 (as amended by section 7 of the Data Protection Act 2018)

The Data Protection Acts 1988 and 2003 (as amended by the repeals and revocations in section 7 the Data Protection Act 2018) apply to:

Complaints and potential contraventions of data protection law concerning the processing of personal data for the purposes of safeguarding the security of the State, the defence of the State or the international relations of the State (as per section 8(1)(a) of the Data Protection Act 2018).

ePrivacy Regulations

From 25 May 2018, processing of personal data in the context of certain electronic communications (including, amongst other things, unsolicited electronic communications made by phone, e-mail, and SMS) is subject to both the general laws set out in the GDPR and the specific laws set out in the "ePrivacy Regulations" (S.I. No. 336 of 2011, under which the ePrivacy Directive 2002/58/EC (as amended by Directive 2006/24/EC and 2009/136/EC) was transposed into Irish law).

This information is purely for guidance, and does not constitute legal advice or legal analysis. Up to date as of 31.01.2019.

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Data Protection Legislation | Data Protection Commission

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The Data Protection Commission (DPC) is governed by a number of legislative frameworks. Details of the key legislation and guidance about how the laws are applied is outlined below. The General Data Protection Regulation (GDPR) applies from 25 May 2018.

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Business News | Latest Breaking Stories & Headlines | RTÉ

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Get all of the latest news on the economy, financial sector, stock markets and share prices on RTÉ Business and keep up to date with the world of finance.

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Inside St James Gate

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The Guinness Brewery: Behind the Gates of the Iconic and World-Leading Stout | Diageo

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Iconic Brand Decisions

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Branding expert Robin Teets joins Tim to discuss the time Coca-Cola decided to change its highly successful 99-year old formula to a new one and the chain of events that took place after that. Robin and Tim talk about why the company decided to make the move, what it did right, and how it could get it so wrong. Marketing lessons that are still taught in MBA classes today.

https://traffic.libsyn.com/shapingopinion/The_New_Coke_Fiasco_-_Episode_30_-_auphonic.mp3

On April 23rd, 1985, Coca-Cola announced it would discontinue its beloved Coca-Cola formula for a new one. This marked the first formula change to the product in 99 years.

At that time, the company said it was changing the formula for modern tastes.

Coke and Pepsi were in the middle of fierce competition. This was when colas dominated the non-alcoholic beverage marketplace, and the battle between the two companies was called the Cola Wars.

The branding that made Pepsi so successful was its appeal to youth, building its marketing around a new generation. Pepsi was also sweeter and more sugary than Coke.

Some experts have believed Coke was inadvertently following Pepsi's lead by trying to make the product sweeter and more appealing to young people.

Late Night comics weighed in. David Letterman made the comment, "Coke's decided to make their formula sweeter, they're going to mix it with Pepsi."

For its part, Coca-Cola said its share lead over Pepsi was slipping for 15 years. The company said the cola category in general was lethargic. Consumer research had told Coca-Cola that consumer preference for Coke was dipping, and so was awareness.
Coke's Consumer Research
Coke conducted taste tests for a new formulation with nearly 200,000 consumers. They said the test results (based only on taste) favored "New Coke."

What they didn't measure was the emotional bond consumers may have felt with the original Coca-Cola brand. Reports are that Coke spent $4 million on development of the new product. Much of this was spent on consumer research.
Backlash
Shortly after the announcement, a groundswell erupted among consumers. Consumers sent letters to the company. They called the company, and that was just the beginning.

The company was getting 1,500 calls a day on a company hotline. Overall, they received about 400,000 angry calls and letters. People started to hoard what cases of old product they could find.

Protests started. One man became the face of the protests. Gay Mullins of Seattle, launched a lawsuit, and he loaned $120,000 to create a group he called Old Cola Drinkers of America. He said he got 60,000 calls a day in support of his effort.

The group circulated petitions, created a brand of its own featuring the New Coke logo crossed out. They staged media events.

The message was unanimous. America wanted their original Coke back.
Corrective Action
In July of 1985, the company decide to bring back original Coke, but it was done gradually. They introduced something called Coca-Cola Classic, but still they continued to offer New Coke under different names. "Coke II" was one of them. Finally, the company stopped making the alternative in 2002, 17 years later.

Once Coca-Cola Classic was reintroduced, sales actually went up over time and brand loyalty for a large number of base consumers was strengthened.
Lessons
In the long run, the question is did the controversy help or hurt the brand? According to research and sales results:

75% of those surveyed said they'd by New Coke again.

New Coke sales were on a par with original Coke sales.

The main thing was people did not like the idea of not having the option for the original Coke.
People did not like not having a say.

Still, it doesn't appear the change helped Pepsi. Pepsi's sales were down from 1984 to 1985.
Even New Coke outperformed Pepsi.

Coca-Cola also introduced sweeter Cherry Coke in 1985 and that seemed to do as much for the Coke brand as anything. That was very successful against Pepsi.

Links

About this Episode's Guest Robin Teets

Robin Teets is Principal at ARIA Strategic Communications, LLC, where he taps his 25 years' branding, marketing and strategic planning experience for clients. Robin has worked in corporate communications, government affairs and stakeholder engagement with an extensive background in branding and marketing. Previously, he led marketing communications and government affairs at a Fortune 500 consumer brands company. Before that, he was a Vice President at Ketchum.

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Branding expert Robin Teets joins Tim to discuss the time Coca-Cola decided to change its highly successful 99-year old formula to a new one and the chain of events that took place after that. Robin and Tim talk about why the company decided to make the move, what it did right, and how it could get it so wrong.

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Nike is the biggest sneaker maker in the U.S., putting it ahead of rivals Adidas and Under Armour. Its dominance in sports retail is undeniable. And it's also just an all-around beloved brand, among teens, adults and everyone in between.

But what comes with being the best in the business is the ever-present threat of losing that top spot. Nike still has its work cut out for it.

Nike shares, which have a market value of more than $130 billion, have rallied more than 15% this year and on April 18 hit an all-time high of $90. As of Friday's close, the stock was trading around $85. Nike's growth is better than the S&P 500 Retail ETF's ( XRT's) gains of about 3% year to date. But Lululemon shares are up roughly 50% so far this year, while Under Armour shares have gained 48%.

For Nike, a recent sales slowdown in the U.S. could threaten its gains. It needs to keep investors believing its future success is multi-fold, and steps are being made to keep momentum alive.

The primary focus for Nike in 2019 is selling more directly to consumers. So it's been investing in e-commerce, building tech like a foot-scanning app that tells users their accurate sizes, opening more stores and trying to clean up third-party marketplaces including Amazon.

Nike is making a bigger bet on women, as the overall market in the U.S. for women's shoes and clothing is much larger than that of men's. Sales to female shoppers still represent less than 25% of Nike's total revenues.

But Nike has also made headlines for its unfair treatment of women - its own employees and the female athletes it sponsors. Olympic sprinter Allyson Felix said in a May op-ed with The New York Times that Nike wanted to pay her 70% less after she gave birth because she couldn't maintain her same performance levels. Nike has since said it's changing contracts for female athletes to protect their pay during pregnancy. It needs to overcome these missteps, and avoid further mistakes, if it wants to sell more to women.

Despite the heat it's taken for this instance - and for controversial marketing campaigns, like one featuring former San Francisco 49ers quarterback Colin Kaepernick - many customers seem to not think twice about the drama that sometimes surrounds Nike. Its sales have climbed each year since 2011.

"Digital prowess, a robust product pipeline, increasing speed-to-market capabilities, improved offerings in the moderate channel, and targeted focus on the women's category are driving topline growth & margin expansion," for Nike, said Susquehanna analyst Sam Poser.

Nike is set to report its fiscal fourth-quarter and annual results after the bell on June 27.

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How Nike became No. 1. And how it plans to stay there

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Nike is the biggest sneaker maker in the U.S., putting it ahead of rivals Adidas and Under Armour. Its dominance in sports retail is undeniable. But what comes with being the best in the business is the ever-present threat of losing that top spot. Nike still has its work cut out for it.

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Product Life Cycle Explained | Apple iPhone & Coca Cola Examples

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Tom Keogh on resilience

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What do IBM, Disney and Microsoft have in common? Apart from being reputable business names with strong brand recognition, they were all started during times of recession.

While establishing a business is tough at any time, starting one when lenders, investors and consumers are retrenching in unison might seem counter-intuitive - or to be put less charitably - downright foolish.

However, with a host of successful brands having started life when things were going south economically - even if by accident more than design - there is an argument that there's no better time to start out on the entrepreneurial path.

And given that we're in the throes of a period of economic turbulence, which some warn could be of an unprecedented nature, that time of opportunity may have come around again.
Why do tough times awaken the inner entrepreneur?
"Severe recessions bring forced entrepreneurship," Michael Culligan, CEO of the Dublin Business Innovation Centre explains.

"People lose their jobs and out of necessity, because jobs are harder to come by, they think about starting their own business."

Larger corporates also tend to retrench when times are tough, he went on to explain, and they engage in cost cutting, which often sees innovation spending taking a hit in the short term.

That creates opportunities for individuals to engage in their own innovation and when economies bounce back, the bigger companies tend to seek partnerships with the new younger companies in order to benefit from their innovative endeavors.

Michael Culligan said the wave of entrepreneurship from the current crisis had yet to manifest itself, but he wasn't hugely surprised at that.

"We're right in the midst of the uncertainty at the moment. People are only really starting to think about the alternatives."

The Local Enterprise Offices (LEOs) deal with fledgling companies at an earlier stage in their development.

Oisín Geoghegan, Chairman of the Local Enterprise Office network

Oisín Geoghegan, Chairman of the network of LEOs, also believes that tough times can bring the inner entrepreneur to the fore.

He's beginning to see that idea of forced entrepreneurship coming through already in the form inquiries from potential start-ups.

"There's definitely been an acceleration in interest in recent weeks. That's not unexpected. When a business closes down, and people aren't able to work, they start to think creatively and they start thinking about that idea they've had but never acted upon."

Mr Geoghegan says the changed commercial and living environment will create opportunities, as well as hastening the pace of change in some sectors.

He points to online sales as an example. Irish companies were generally behind the curve in this area, he said, but the near shutdown of the economy in response to the Covid crisis had forced many companies to finally move in this direction.

"Inevitably, we'll have some really nice success stories coming out of this in the manner in which businesses have pivoted."

He referred to businesses 'thinking beyond the roadmap' and this was something that was evident in the aftermath of the last recession in the late 2000s, he said.
What do you do with excess spuds?
Keogh's crisps is a hugely popular brand in Ireland. The company's genesis was an exemplar of the adage 'out of difficulty comes opportunity.'

As Tom Keogh, one of the founders of Keogh's Crisps explains, there was a marked fall in fresh potato consumption in Ireland between 2002 and 2012 and that presented one of the country's biggest potato farms with an obvious conundrum.

In 2007, they came up with the idea of making potato crisps and so began a four year long quest to establish that company.

As anyone who lived here through that period knows, the years between 2007 and 2011 were fallow economically.

Starting a business in those years was challenging to say the least.

Tom Keogh, co-founder, Keogh's Crisps

"It was a huge learning curve. I literally stepped off a tractor and onto a plane," Tom Keogh said of his early days in business.

"We saw an emerging trend in the 'premiumisation' of potato crisps and that was something that could sit with our family business and something we could work at."

However, the market they were entering was generally considered to be one of the most competitive in the food industry globally.

He points to a Bord Bia focus group in the summer of 2011 as a seminal moment that helped Keogh's Crisps stand out from the crowd.

"We were expecting feedback around branding and product - and we got that - but by far and away, the overriding consumer sentiment was 'you're young guys starting a business in the middle of a deep recession in Ireland, and we as consumers understand that we can buy our way out of recession if we buy Irish and we will support you.' That changed the communication from the business from day one."

Success at home translated into success elsewhere. After only a few months in business, Keoghs were selling their product overseas.

As well as the achievement of developing a successful family business, the company was able to contribute to the local economy through employment opportunities.

"At that time in rural North County Dublin, you either worked in farming or the building trade. In 2011, we all know what the building trade was like. There was huge unemployment here. We started to employ locally. My first employee was a carpenter who became a factory manager. We just went from there."

The company now employs more than 70 people in North Dublin and has expanded operations in the US as well as winning a contract in recent years to supply Emirates airlines with one million bags of crisps a year.
A challenge for a new generation of businesses
Aoife McNamara now finds herself roughly where the Keoghs were in 2011.

Having started her fashion business in Limerick just last September, Covid was an unexpected headwind, but she's taking a philosophical approach to the developing challenges.

AOIFE Ireland was born organically, as the Limerick School of Art and Design graduate sees it.

Having completed a five month stint working in various fashion houses in Paris, she came home to take up a temporary contract designing uniforms.

A raft of ensuing queries from potential customers about whether she was selling her designs planted the kernel of an idea that eventually led to AOIFE Ireland.

"It's about creating beautiful garments that don't cost the earth," she explained.

"Sustainability is a huge part of my brand. I'm always looking for innovative ways to use all of my materials in a sustainable way to ensure that I don't have any waste."

Supported by the Local Enterprise Office in Limerick, Aoife McNamara got her business off the ground in the final quarter of last year.

It was plain sailing, with a trip to Paris Fashion Week in February to showcase some of her designs in the bag, when out of the blue, Covid hit.

Like all businesses, she's had to contend with slower sales and a challenging outlook, but Ms McNamara has taken advantage of the recent down time to take stock of what she's achieved and where she can take the company next.

"I focused on revamping the website, on my new collection and making new contacts to source sustainable materials. Of course, everyone has had a different experience but it was good to be able to slow down and re-evaluate what I want the fashion brand to be and where I want it to go," she explained.

Aoife McNamara, AOIFE Ireland

Start-up supports
For anyone considering taking action on their business idea, supports for entrepreneurship in Ireland are generally considered to be quite good, according to Michael Culligan.

He says entrepreneurs he has spoken to in other countries tend to be complimentary about the offering for business start-ups here.

There are a range of programmes and schemes available from Enterprise Ireland, the Local Enterprise Offices and Microfinance Ireland, among others.

The LEOs offer everything from idea generation workshops to business start-up programmes as well as business mentoring and one to one advisory services, Oisín Geoghegan explains.

All the programmes are available online at the moment.

"They're not academic qualifications but people get really practical knowledge and skills covering all the bases of how to set up a business, putting a plan together, raising finance, marketing and managing budgets."

When it comes to accessing finance, there are a range of supports available from the LEOs and loans from Microfinance Ireland and, at a later stage, the so-called angel investment options.

"If businesses qualify for financial support, we encourage them to apply," Oisín Geoghegan says.

"We work with clients to help improve their prospects of being approved. Whether it's presenting your case to a potential investor or applying for a loan, you need to put your best foot forward and present your plan in a manner that is compelling."

Michael Culligan agrees that there are good early stage supports available, but if there's one area that was ripe for improvement, he said, it was seed funding - or capital supports for developing enterprises.

"A little more could be done to support very young companies," he said. "There is room for improvement and that is generally acknowledged."

"During the last recession, when the banks were recapitalised, a lot of funding was put into seed venture capital funds.

"I think there are opportunities at a policy level for further supports to enable high risk investment into early stage companies once they get beyond the initial supports from Enterprise Ireland and the Local Enterprise Offices," he said.

He explained that younger companies tend to require equity rather than loans as they generally don't have the assets or security to pay back that debt.

"What you're looking for is ways to attract equity investment to help those that look like they can make it to get that leg up."
Advice for budding entrepreneurs
"Be passionate about what you do," is what Michael Culligan advises when thinking about starting a business.

"If you're passionate about your idea, you'll make it through the tough times," he explained.

"And don't be afraid to ask for help," he added. "Finally, surround yourself with good people, inside and outside the business."

"Planning, planning, planning," is Oisín Geoghegan's mantra for getting on the road to success.

"Probably the most important thing to do is to focus on your skill set and that of your team to ensure that you can make the business work."

He also recommends taking a longer term view and coming up with a realistic plan. And be aware that things may not go as you expect.

That advice is especially pertinent as the global economy faces into an uncertain period ahead.

However, the businesses that come through the other side will undoubtedly be emboldened by the experience.

Just think of IBM, Disney and Microsoft.

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Recession ahead! Time to start a business?

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What do IBM, Disney and Microsoft have in common? Apart from being reputable business names with strong brand recognition, they were all started during times of recession. While establishing a business is tough at any time, starting one when lenders, investors and consumers are retrenching in unison might seem counter-intuitive - or to be put less charitably - downright foolish.

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CSO infographics

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CSO Infographic

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Economy - CSO - Central Statistics Office

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Home / Interactive Zone / Visualisation Tools / Infographics / Economy

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Global Ambition

If you've got the ambition to reach new markets we'll help you take it global. #GlobalAmbition

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Irish companies deliver competitive advantage worldwide. Source your partner here. #IrishAdvantage

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Discover how the Client Solutions Hub can help build your business capabilities

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Enterprise Ireland is the Government agency in Ireland responsible for supporting Irish businesses in the manufacturing and internationally traded service sectors. Specifically, Enterprise Ireland helps businesses to start-up, innovate and ultimately, to achieve global success.

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Infographic: EU Japan Economic Partnership Agreement

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Covid-19 & Brexit Business Supports 2021

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Covid-19 & Brexit Business Supports 2021

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Department of Enterprise, Trade & Employment

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Regional Recovery and Sustainable growth

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Regional Recovery and Sustainable growth

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Regional Recovery and Sustainable Growth Strategy 2021-2024

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Change management?

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How many pyjamas, T-shirts and fluffy cushions will you be buying once the shops finally reopen again? Well, Penneys for one will be hoping quite a lot, as the fashion retailer has suffered more than most as a result of Covid-19 restrictions.

Almost four out of every five of its stores - or more than 300 - are closed, while two of its biggest markets, in Ireland and the UK, have faced some of the most severe lockdowns of anywhere in the world.

Unsurprisingly then, the pandemic has hit the retailer hard. It expects to report lost sales worth some £1.1 billion (€1.3 billion) in the six months up to the end of February, with further losses expected in the second half, as shops remain closed.

And yet, despite this apparent pain, despite a sector that was already embracing ecommerce before the pandemic accelerated the transition, Penneys, or Primark as it is known outside of Ireland, is steadfastly holding onto the old way of shopping.

In person, in store.

The only problem, of course, is that for much of the past year this simply hasn't been possible in many of its markets; which begs the question as to why it hasn't made any efforts to tap the online market.

Pandemic hit

There is no doubt that a lack of an online presence has handicapped the retailer, at a time when others are embracing, and thriving, from online sales. Last year, the retailer was hopeful that buoyant sales over the Christmas period could help reverse lost sales from autumn closures, but the prolonged nature of the latest lockdowns, in many of its markets, means the situation has deteriorated.

Sales for the first six months of its financial year, to end-February 2021, are expected to decline by 40 per cent, down from £3.7 billion to about £2.2 billion, and with stores still closed in the UK and Ireland, it's likely to take a hit into the second half of its financial year also, with a figure of about £480 million put on this.

Contrast this with the performance of its peers over the past year. Asos and Boohoo, two reasonably priced online-only retailers aimed at the youth market, saw sales rise by about 40 per cent in the last four months of 2020.

And even those who depend heavily on their network of shops have benefited substantially from online sales.

Zara owner Inditex, for example, which also has the Pull & Bear and Massimo Dutti brands, reported a 28 per cent decline in sales in the year to end-January. But online sales helped to stem the tide, advancing by 77 per cent in the year.

Too cheap for ecommerce

So why doesn't Penneys go online?

Well, it seems the reason so many people love it, is the very same reason why it won't follow in the footsteps of an Asos or Boohoo.

Costs.

The profit margin on a €3 T-shirt is tight; Penneys makes its money on volume, not margin. Online shopping, with all the related logistics costs, could mean that delivery costs would exceed the value of many of its goods.

It did try such a venture. Back in 2013 it linked up with Asos for a 12-week trial period, but despite strong demand for its wares, it terminated the contract at the end of the trial, reportedly due to the strong fees Asos was charging for selling on its site.

Another issue is returns, which plagues many online retailers. A recent report by the UK's online retail association, IMRG, found that 33 per cent of retailers had to increase prices to cover the cost of returns.

But higher prices is not what drives so many shoppers to the brand.

It's also possibly a function of how shopping in person differs from shopping online. Like a trip to Ikea isn't complete until you have filled your basket with lint rollers, candles, storage boxes and any other combination of goods that you never thought you needed, so too is a trip to Penneys.

Ikea can flog its candles online because you're probably also buying a Billy bookcase, or Ektorp sofa, at the same time. But would you be so inclined to stomach delivery charges on a €5 bath pillow or €1 fluffy socks?

Retail revival

In the meantime then, Penneys is likely pinning its hopes on strong demand for its goods when it finally reopens the majority of its stores.

As a spokeswoman said of its lack of an online business, "Penneys is all about an amazing shopping experience in store, which was proven in the past 12 months with the fantastic response from our customers every time we have reopened our stores."

Indeed Penneys broke its daily sales records when it reopened its Irish stores ahead of Christmas, as some stores opened around the clock to cope with the demand.

And, while some shoppers may have turned to Dunnes Stores or Marks and Spencer for bed linens, towels and nightwear, or other online retailers, others will be keenly awaiting the return of the cheaper retailer.

Penneys, presumably, is of the view that if it isn't broke, don't fix it. But this may simply be not enough any more; the pandemic has changed more than just how we shop. It's changed where we shop. A lunchtime stroll on Henry Street has been replaced by an online browse.

And the retailer isn't immune to this. Prior to the pandemic, it was in discussions with the owners of the Dundrum Town Centre to expand its presence in the shopping centre, moving into a considerably larger unit spread out over two floors.

Now, however, it has "paused" this plan - which may still go ahead - while it has also looked at downsizing some of its international stores.

And it could be softening too, its stance on online shopping. Back in January, the retailer said it was "not in its plans" to open an online store. But the brand has now told The Irish Times that it has "no immediate plans to trade online".

Given its success as a bricks-and-mortar retailer, it's difficult to imagine Penneys couldn't find a way to bring value to an online offering too.

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How many pyjamas, T-shirts and fluffy cushions will you be buying once the shops finally reopen again? Well, Penneys for one will be hoping quite a lot, as the fashion retailer has suffered more than most as a result of Covid-19 restrictions.

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Useful Quotes on Leadership from leaders

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Useful Quotes on Leadership from leaders

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What Are The Top 24 Leadership Skills That Make a Great Leader?

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There are many different leadership skills required in the workplace, but the most in-demand ones include: Active listening Empathy The ability to share clear messages and make complex ideas easy to understand for everyone Strategic thinking skills Creativity The ability to inspire and convince others Flexibility The ability to turn

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Eight essential elements of a valid contract

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Eight essential elements of a valid contract

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Video

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The following are the essential elements of a valid contract.

1. Offer and Acceptance

Basically, a contract unfolds when an offer by one party is accepted by the other party . The accepted offer should be without any qualification and be definite. An offer needs to be clear, definite, complete and final. It should be communicated to the offeree. A proposal when accepted becomes a promise or agreement. The offer and acceptance must be 'consensus ad idem' which means that both the parties must agree on the same thing in the same sense i.e. identity of wills or uniformity of minds.

2. Intention to Create Legal Relationship

The intention of the parties to a contract must be to create a legal relationship between them. Agreements of social nature, as they do not contemplate legal relationship, are not contracts. For instance, if a father fails to give his daughter the promised pocket money, the daughter cannot sue the father, because it was purely a domestic arrangement. Thus, it is clear that all agreements, which do not result in legal relations, are not contracts.

3. Capacity to Contract

If an agreement is entered between parties who are competent enough to contract, then the agreement becomes a contract.

4. Genuine and Free Consent

Free consent is another essential element of a valid contract. An agreement must have been made by free consent of the parties. The contract would be void in case of mutual mistakes. When consent is obtained by unfair means, the contract would be voidable.

5. Lawful Object

Objectives of an agreement should be lawful. It must not be illegal or immoral or opposed to public policy. It is lawful unless it is forbidden by law. When the object of a contract is not lawful, the contract is void.

6. Lawful Consideration

Something in return is Consideration. In every contract, agreement must be supported by consideration. It must be lawful and real.

7. Certainty and Possibility of Performance

The agreements, in which the meaning is uncertain or if the agreement is not capable of being made certain, it is deemed void. T&C of the contract should always be certain and cannot be vague. Any contract that are uncertain are considered void. The terms of the agreement must also be capable of performance and should not enforce impossible act.

8. Legal Formalities

Legal formalities if any required for particular agreement such as registration, writing, they must be followed. Writing is essential in order to effect a sale, lease, mortgage, gift of immovable property etc. Registration is required in such cases and legal formalities in the relevant legislation should be strictly followed.

Infographic on 8 essential elements of Valid Contract

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The following are the essential elements of a valid contract. Basically, a contract unfolds when an offer by one party is accepted by the other party . The accepted offer should be without any qualification and be definite. An offer needs to be clear, definite, complete and final.

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Acquisition Deals Republic of Ireland 2020

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Acquisition Deals Republic of Ireland 2020

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Statista

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Learn more about how Statista can support your business.

Experian. (January 29, 2021). Largest acquisition deals announced in the Republic of Ireland in 2020, by transaction value (in million euros) [Graph]. In Statista. Retrieved March 24, 2021, from https://www.statista.com/statistics/412049/ireland-merger-and-acquisition-acquisition-deals-by-value/

Experian. "Largest acquisition deals announced in the Republic of Ireland in 2020, by transaction value (in million euros)." Chart. January 29, 2021. Statista. Accessed March 24, 2021. https://www.statista.com/statistics/412049/ireland-merger-and-acquisition-acquisition-deals-by-value/

Experian. (2021). Largest acquisition deals announced in the Republic of Ireland in 2020, by transaction value (in million euros). Statista. Statista Inc.. Accessed: March 24, 2021. https://www.statista.com/statistics/412049/ireland-merger-and-acquisition-acquisition-deals-by-value/

Experian. "Largest Acquisition Deals Announced in The Republic of Ireland in 2020, by Transaction Value (in Million Euros)." Statista, Statista Inc., 29 Jan 2021, https://www.statista.com/statistics/412049/ireland-merger-and-acquisition-acquisition-deals-by-value/

Experian, Largest acquisition deals announced in the Republic of Ireland in 2020, by transaction value (in million euros) Statista, https://www.statista.com/statistics/412049/ireland-merger-and-acquisition-acquisition-deals-by-value/ (last visited March 24, 2021)

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Largest acquisition deals in Ireland 2020 | Statista

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Learn more about how Statista can support your business. Experian. (January 29, 2021). Largest acquisition deals announced in the Republic of Ireland in 2020, by transaction value (in million euros) [Graph]. In Statista. Retrieved March 24, 2021, from https://www.statista.com/statistics/412049/ireland-merger-and-acquisition-acquisition-deals-by-value/ Experian. "Largest acquisition deals announced in the Republic of Ireland in 2020, by transaction value (in million euros)."

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Google acquires Fitbit- Business expansion

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Google acquires Fitbit- Business expansion

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Forbes

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Google Confirms Fitbit Deal: Here's What It Means

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The Google Fitbit deal was confirmed this week, after being scrutinised by regulators for over a year. But there are still valid concerns over Google's purchase of the smartwatch maker. Is now the time to quit? I was offered a Nest device by my utility supplier for free, but I said no.

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Assistance from ISME

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Interest group

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About Us

ISME, the Irish SME Association, is the only independent representative association for Small and Medium Enterprises and currently has in excess of 10,500 members nationwide. Uniquely in Ireland, ISME is independent of big business, big banks and government and gives voice to the issues facing SME owner-managers.

ISME is owned, funded and managed by SME owner-managers, representing the sector through its Members. Therefore, we can rightly claim to be the true independent voice of the Irish SME. ISME is a not-for-profit membership organisation whose National Council is made up of elected owner-managers of SMEs from all over Ireland and from a variety of sectors.

We exist to support SME owner-managers by lobbying on their behalf, providing advice and information, and offering discounts on products and services through our ADVANTAGE - Affinity programme. ISME also provides a number of opportunities for business networking through events and training. We promote and give our members opportunities to work together via the Members Area of the website, and to work with other businesses through advertising and publicity on the ISME website, publications and digital channels.

The tax-deductible membership is a cost-effective way for SME owner-managers to network with like-minded business people and to be continually updated on issues that impact on their business

The mission of ISME:

The mission of ISME, the independent organisation for the Irish Small & Medium business sector, is to:

To represent the best of what is best in the SME sector
To anticipate and decisively articulate the needs of the sector
To be vigilant, decisive, and direct in defending the interests of all small and medium businesses
To be beholden to no interests, other than the members
To ensure that what is urgent does not detract from what is important to the members
To help Members better manage their business through the provision of accurate, timely and pertinent information
To drive down members costs through the co-ordinated strength of the sector

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ISME, the Irish SME Association, is the only independent representative association for Small and Medium Enterprises and currently has in excess of 10,500 members nationwide. Uniquely in Ireland, ISME is independent of big business, big banks and government and gives voice to the issues facing SME owner-managers.

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Intel to create 1600 jobs- Business Sectors

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Intel to create 1600 jobs- Business Sectors

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Podcast

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Chipmaker Intel has said it will create 1,600 permanent high-tech jobs at its Leixlip campus, once it has completed the construction of a new chip manufacturing factory there.

The company also revealed tonight that it has invested an additional $7bn in its manufacturing facilities in the Co Kildare campus over the past three years, with more still to be spent on the new infrastructure.

The details emerged as new CEO Pat Gelsinger unveiled new plans for the company, which has struggled with a number of challenges in recent years.

Eamonn Sinnott, Vice President of Manufacturing and Operations and General Manager of Intel Ireland, said the company is accelerating investment in Europe and supporting the EU's ambition of having 20% of the world's silicon chips manufactured locally.

"Since 1989, we have invested $15 billion in current manufacturing capacity in Europe, ensuring that Intel is one of the largest and most advanced semiconductor manufacturing operations in the region," he said.

"But we're not stopping there. In an effort to more than double Intel's available manufacturing space in Ireland and Europe, we have invested an additional $7 billion from 2019 to 2021 in an ongoing expansion."

Mr Sinnott said the investment is designed to bring Intel's latest generation 7 nanometer process technology to the region and expand its manufacturing operations.

"It will also drive economic growth in the region, creating 1,600 permanent high-tech jobs once complete and over 5,000 construction jobs," he said.

The construction of the new fabrication plant or FAB is about half way through the estimated four to five year timeframe.

Mr Sinnott also signaled that there will be additional opportunity for further investment in the region, arising from the announcement that the company plans to set up a separate foundry business to manufacture chips designed by others.

Traditionally, Intel has both designed and manufactured its own chips.

Intel, which has been in Ireland since 1989, currently employs just under 5,000 people in Ireland, with 4,500 working in Leixlip and the balance based in offices in Cork and Shannon.

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Intel to create 1,600 new jobs at Leixlip campus

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Chipmaker Intel has said it will create 1,600 permanent high-tech jobs at its Leixlip campus, once it has completed the construction of a new chip manufacturing factory there. The company also revealed tonight that it has invested an additional $7bn in its manufacturing facilities in the Co Kildare campus over the past three years, with more still to be spent on the new infrastructure.

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Initial impact of Brexit

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New figures from the Central Statistics Office show that Ireland's goods imports from Britain fell by 65% in January compared to the same time last year.

The CSO said that imports from Britain fell to €497m from €1.403 billion and accounted for 9% of total imports.

Exports to Britain were also lower, falling by 14% to €946m in January, the CSO said.

The CSO said a combination of factors contributed to the large reduction in imports from the UK in January, including the challenges of complying with customs requirements.

Other factors were the stockpiling of goods in the fourth quarter of 2020 in preparation for Brexit, substitution with goods from other countries and a reduction in trade volumes due to the impact of Covid-19 related restrictions during the month.

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Overall, the value of seasonally adjusted goods imports decreased by €907m or 12% to €6.606 billion in January 2021 compared with December 2020, according to today's preliminary figures from the CSO.

The fall was driven by a 75% drop in imports of food and live animals, and a 71% decline in imports of mineral fuels, such as petroleum and natural gas.

Imports of chemicals and of machinery and transport equipment also both fell by more than half.

The value of goods exports increased by €188m (1%) to €13.024 billion on a seasonally adjusted basis.

This resulted in an increase of €1.096 billion (21%) in the seasonally adjusted trade surplus to €6.418 billion in January 2021 compared with the previous month.

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Today's figures show that the EU accounted for 34% of total exports in January.

Exports to EU countries in January 2021 decreased by 23% compared with the same time last year.

The US was the main non-EU destination accounting for 37% of total exports in January.

Meanwhile, imports from the EU made up 39% of total imports in January, a decrease of 13% over the same month in 2020.

The US with 13%, Switzerland with 12% and China with 8% were the main non-EU sources of imports.

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Imports from Britain slump 65% on stockpiling, Brexit

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New figures from the Central Statistics Office show that Ireland's goods imports from Britain fell by 65% in January compared to the same time last year. The CSO said that imports from Britain fell to €497m from €1.403 billion and accounted for 9% of total imports.

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local and community development in Ireland

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The Central Bank's announcement on Thursday that it has fined Ulster Bank a record €37.8 million for its role in the tracker mortgage scandal brings total penalties levied against all lenders to date to €81.6 million.

However, Ulster Bank's record for the highest fine yet will likely prove short lived as the regulator continues investigations into the State's two biggest mortgage lenders. AIB has set aside €70 million so far for likely fines for the bank and its EBS unit, while Bank of Ireland has made an undisclosed provision.

Permanent TSB was fined €21 million, the previous record, in May 2019, while its former subprime unit Springboard Mortgages was ordered in 2016 to pay a €4.5 million penance. KBC Bank Ireland was fined €18.3 million last September.

Ulster Bank, which said last month that it is quitting the Irish market, was found by a five-year Central Bank investigation to have come up with "deliberate strategies" to shift borrowers off cheap mortgages linked to the European Central Bank's main rate during the financial crisis, and only put those who complained on the correct rate.

Debacle

Ulster Bank admitted to 49 separate regulatory breaches in relation to the tracker debacle. The regulator determined that these warranted an almost €54 million fine, but a standard 30 per cent settlement discount brought it down to €37.8 million.

The bank "devised and sought to implement a customer campaign to encourage certain tracker customers to convert their tracker rates to fixed rates during 2008, without informing them that they would not be entitled to return to their original tracker rate if they moved to a fixed rate," the Central Bank said.

While this particular campaign ultimately failed, thousands of customers opted for periods of fixed-rate loans in the normal course of managing their borrowings.

In 2011, Ulster Bank decided to only return customers who complained about being on the wrong rate to the correct tracker rate - after calculating what it would cost to do the right thing by all affected customers. The 352 borrowers that did complain were handled on a case-by-case basis and not all afforded the same redress, the Central Bank said.

"Having initially provided its customers with unclear information and having failed to warn them of the very real consequences of their mortgage-related decisions, UBID (Ulster Bank Ireland DAC) put further impediments in its customers' way," said Seána Cunningham, the Central Bank's director of enforcement.

The regulator also found that Ulster Bank failed to properly implement "stop the harm" principles when the Central Bank started the tracker mortgage examination (TME) in 2015.

Compensation

"This resulted in UBID failing to identify and therefore inform some customers seeking to sell, or otherwise dispose of their properties, including by way of assisted voluntary sale or surrender, that they may be impacted under the TME and may be entitled to redress and compensation and to have their account balance adjusted," the Central Bank said.

The regulator said that aggravating factors in the case include the fact that Ulster Bank was aware from 2009 onwards - as a result of customer complaints - that its mortgage documents were unclear. The Central Bank also had to go down the road of preparing to seek a High Court order to get hold of certain information from Ulster Bank, before the lender provided the material.

The bank would ultimately set aside about €300 million of provisions to cover costs relating to tracker fiasco.

This is the fourth time Ulster Bank has been fined by the Central Bank since the financial crisis, bringing the total charge to €49.2 million.

A spokeswoman for Ulster Bank declined to say whether any individuals faced sanctions or left the bank as a result of their role in the overcharging debacle.

The fine comes five weeks after the lender's UK parent, NatWest Group, confirmed that it was exiting the Republic in the coming years as it has struggled since the onset of the financial crisis to deliver acceptable profit returns. The spokeswoman said the decision was "in no way linked to the tracker mortgage investigation".

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Ulster Bank fine brings total tracker penalties against lenders to €82m

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The Central Bank's announcement on Thursday that it has fined Ulster Bank a record €37.8 million for its role in the tracker mortgage scandal brings total penalties levied against all lenders to date to €81.6 million. However, Ulster Bank's record for the highest fine yet will likely prove short lived as the regulator continues investigations into the State's two biggest mortgage lenders.

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Business Expansion- Waystone: Organic and inorganic Growth

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Business Expansion- Waystone: Organic and inorganic Growth

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Waystone is the name of the new brand that was created as a result of the merger of DMS, MontLake and MDO, which was announced in 2020. Partnering with institutional investors, investment funds and asset managers, the company builds, supports and protects investment structures and strategies worldwide.

In a complex world that is subject to constant change, certainty is a commodity in very high demand. Waystone delivers that dimension of certainty by addressing the challenges faced by investors and asset managers in an uncomplicated and unambiguous way.

With over 20 years' experience and a comprehensive range of specialist services to its name, Waystone is now supporting asset managers with more than $1tn in assets.

The new brand reflects what Waystone means to its clients. "We put a lot of thought into not only what the brand looks like visually, but also what it would represent to our institutional clients and investors," explains Waystone's marketing director, Alison Mitsas.

"Following conversations with clients, staff and referrers and other partners right along the chain, we are very proud that, amongst the myriad of feedback received, the consistent message was our clients felt assured of the level of service they receive, with one key comment being that they 'could sleep easy at night with Waystone looking after them'."

Waystone's key message is 'certainty in your world' and is derived from its new logo symbol, representative of a stylised 'waystone', so called because it was used to make compass magnets to guide mariners in the 1500s.

Alison Mitsas, Waystone marketing director

"We are officially launching the Waystone brand on March 22nd, however, the integration of the three groups has already taken place and we have been working together as one team for some time," explains Mitsas.

With vast and complementary expertise, the three companies are natural partners.

DMS, headquartered in Ireland is the worldwide leader in governance, risk and compliance, representing leading investment funds and managers globally.

MontLake, also headquartered in Dublin, is a leading UCITS management company and alternative investment fund (AIF) manager which brings world-class infrastructure solutions to the world's leading investment managers. MontLake's dedicated investment professionals have led successful distribution efforts for some of the leading hedge fund and asset management firms globally.

MDO, which is Luxembourg based, is a leading UCITS management company and alternative investment fund manager with a long and recognised track record in providing high-quality, solution-driven services.

"The two Ireland-headquartered firms complemented each other in their areas of expertise; with one having particular expertise in AIFs and the other favouring UCITS," says Waystone chief growth officer, Cyril Delamare.

"Combining the two made for a very well-rounded business. The addition of MDO, one of the most long-standing third-party management firms in Luxembourg, enables the new firm to offer the full suite of management services in Europe. Waystone is the only firm that has full licences and operations in all the main finance centres in Europe."

Acquisitions

Mergers and acquisitions are nothing new to the group, with DMS in particular having made a number of acquisitions over recent years. Those acquisitions included Host Capital in London, a UK ACD firm, Oligo Swiss Fund Services and Aviation Corporate Services, an Ireland-based aviation services company, based in Cashel, Co Tipperary. The Cashel operation expanded to become a Centre of Excellence for DMS and will continue to play the same role for Waystone.

Cyril Delamare, Waystone chief growth officer

"Europe is where we have over 60 per cent of our 325 staff," says Delamare.

"The new name is just the final step in the process of creating the new brand. We decided that bringing everyone under the one name would be the final thing we did after integrating the three teams," he points out.

"We are still doing what we always did, just in one organisation and with one team. We have the same core expertise in governance, fund structuring, management company oversight, building funds, operating funds and so on. Our objective is to create an institutional global leader to define the governance industry," Delamere says.

"We serve global asset management firms' regulatory, governance and fund structuring needs and we are able to do that on a global scale across America, Europe and Asia on a multi-jurisdictional basis.

We plan to grow organically as well as through further acquisitions

"When clients come to Waystone, we can provide services for any kind of fund structure globally. We can also support asset managers in deciding what kind of structure they need in order to deliver on their asset-raising objectives. We are able to work with clients that have increasingly complex needs and deliver bespoke and tailored solutions to meet those needs."

The merger was more than just about aggregating expertise and experience, however. "An exercise like this takes time," says Mitsas. "We wanted to retain the heritage and DNA of the three companies and encapsulate these in the new brand and group. Our new branding has a modern institutional look and feel in line with the new organisation, however, we wanted to make sure that we remained true to the heritage and culture developed over the past 20 years. It's an important step for the group and we are excited for the future."

"The industry has seen quite a lot of mergers and acquisition activity of late," says Delamare. "First in fund administration and now in the management company space. We are well positioned to benefit from that trend. We plan to grow organically as well as through further acquisitions which will see new groups joining the firm. Our modern, new, elevated brand will support that activity."

The company will also maintain its leading-edge position in the industry. "One key word is anticipation," Delamare points out. "That means staying ahead of the curve of new regulation globally. For example, we are getting involved in the establishment of the new Variable Capital Company (VCC) fund structures just launched in Singapore which are aiming to become the Asia-Pacific version of UCITS. We were also involved in discussions around the Irish Investment Limited Partnership legislation. We are able to bring along a wealth of knowledge of private equity and other illiquid investment structures from many different geographies."

The Waystone offer

Waystone's service offerings are firmly rooted in its core principles of being astute, proactive, purposeful, inclusive and principled. "Investors are at the heart of what we do," says Delamare. "Investment funds exist because they have investors, and they have to meet investor expectations. We are at the forefront of understanding the evolution of investor needs. We also possess an in-depth understanding of what investors are looking for and we pass on that knowledge to our fund manager clients."

Waystone has continued to grow despite the challenging business and investment environment created by Covid-19. "We continue to grow, and we are proud that we have continued to be a great place to work," says Mitsas.

You get to work with a diverse team of people around the globe who are the best of breed

"Covid-19 hasn't changed the growth trajectory for us. Fund managers are still setting up new funds and good governance and appropriate independent oversight are more important than ever in the remote working situation. We are currently recruiting for 30 roles globally, the majority of them in Ireland. We have also been growing our Centre of Excellence in Cashel and we have been working very closely with IDA Ireland on that. We have a highly-talented, experienced and motivated group of people working for us," says Delamare.

Staff are attracted by the career opportunities as well as other benefits.

"There is a real family feeling to the workplace," says Mitsas. "During the pandemic, as well as the usual online trivia quizzes and informal coffee meetings, we held virtual Pilates, yoga classes and other virtual group events to keep the teams connected. We have a very strong focus on mental health, which is important during these challenging times. We pride ourselves on being a company that looks out for its employees."

"It's more than just a job when you join Waystone," she adds. "You get to work with a diverse team of people around the globe who are the best of breed and are there to help one another succeed. That's what's helped deliver such fantastic results since we came together as one company."

Looking ahead, Waystone is set to continue to grow as the global leader in institutional governance, risk and compliance services to investors and the asset management industry.

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Merger of leading governance firms provides certainty in a rapidly changing world

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Waystone is the name of the new brand that was created as a result of the merger of DMS, MontLake and MDO, which was announced in 2020. Partnering with institutional investors, investment funds and asset managers, the company builds, supports and protects investment structures and strategies worldwide.

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Intel's investment in Ireland is about to top $22 billion (€18.6 billion). That is an impressive feat and even more so when you consider the fact we very nearly didn't get a penny from the company.

When IDA Ireland first started trying to woo Intel back in the late 1980s it had a hard task ahead of it.

The chipmaker was keen to expand its manufacturing capability outside of the United States but Ireland was just one location that company executives were considering.

"They were on a whistle-stop tour, visiting about 10 countries over the space of two or three weeks and so we were just one of many that were being considered," remembers Kieran McGowan, who served as chief executive of IDA Ireland between 1993 and 1998.

McGowan, who was personally involved in the negotiations that brought the chipmaker to Ireland, had a good track record of bringing in multinationals.

"It was hard to get Intel over here at all initially and it took a long time. They were considering a number of different places and it was by no means sure that we were being taken seriously as contenders," he says.

Martin Cronin, who was at IDA Ireland for more than 20 years, during which he served as director of operations, was also privy to those early negotiations with Intel.

"I remember our meeting was finishing up and Kieran cheekily said to them, 'Come back to us when you're narrowed the choice down to Ireland or Scotland'. They didn't laugh and likely thought we were being above ourselves, but they came back to us looking sheepish a few weeks later and admitted that it was between us or them," he says.

Attractive tax rate

Cronin, who went on to become chief executive of enterprise advisory board Forfás, notes that while Scotland already had fabrication facilities for making semiconductors, Ireland had an attractive tax rate and operating environment.

"One key issue that came up was that Intel was unsure if we had the skills base to both build the plant and to operate it once up and running. Fortunately, while we hadn't previously developed much in the way of fabrication facilities, the construction industry had done a lot of complex work for the pharmaceutical sector," he says.

"In addition, we got a recruitment agency to scour the world. They talked to around 1,000 Irish engineers who were working in the semiconductor sector to see if they would have an interest in returning home if the work was there. Around 80 per cent of them signalled an interest, so that helped persuade Intel," adds Cronin.

The next question was where the new plant would be located - Intel had little interest in Leixlip initially, according to McGowan.

An aerial view of Intel's facility in Leixlip, Co Kildare

"They had their hearts set on a site in Dublin, but the reason they eventually settled on Leixlip was because the county manager and the contract engineer helped them with the application for planning permission so it went through quickly," he says.

Intel announced its decision to locate its European headquarters in Ireland at a former 146-hectare (360-acre) stud farm in Leixlip in 1989 with the first chip manufactured there in 1993.

McGowan says that once Intel had committed, it was a dream to work with. His successors, such as Martin Shanahan, say it continues to be.

Cronin puts this down in part to the fact that the company has always had Irish people in charge locally.

Jim O'Hara, who led the company locally from 2002 till 2010, says the Irish operation has been well regarded internally since the earliest days.

"Intel has always looked fondly on Ireland as a place to do business. We had a good experience when we started out and that has continued. Intel has huge confidence in its Irish workforce because it has continually delivered over 30 years," he says.

McGowan recalls someone in Intel telling him at the beginning that many of the contractors coming on to the site during the building phase would likely never leave.

"He was right because many of those companies are still working with Intel over 30 years later," says McGowan.

Catherine Murphy, Social Democrats TD for Kildare North, said the new investment is hugely important given the number of jobs that Intel supports locally.

"It isn't just the number of people employed directly by Intel," she said. "There are also a huge number of ancillary jobs that have arisen as a result from the company's presence in Leixlip," she says.

The Intel Fab 24 construction site at Leixlip. The company is in the process of doubling manufacturing capacity and intends to create 1,600 new roles. Photograph: Alan Betson

Intel has also been good for Ireland Inc as a whole with many still seeing it as a jewel in IDA Ireland's crown.

'Game changer'

"It was a game changer for Ireland when we were out knocking on doors internationally," is how Barry O'Dowd, formerly head of the emerging business and new forms of investment divisions at IDA Ireland.

"Our credibility as an investment location went through the roof on the back of Intel's decision and others sat up and asked 'why?'. They wanted to know what had Ireland to offer. Intel validated our talent depth and availability claims on the international stage," adds O'Dowd, who is now chair of Yew Grove Reit.

That the chipmaker is now in the process of doubling manufacturing capacity and intending to create 1,600 new roles is not only a positive development in itself, but also further cements its relationship with the State.

It comes as the company announced a $20 billion (€16.9 billion) plan to expand its advanced chip-manufacturing capacity globally and restore its reputation on the international stage.

"Intel is back. The old Intel is the new Intel," is how new chief executive Pat Gelsinger put it as he made the announcement earlier this week.

The fact the company's Leixlip facility forms a central part of Intel's plans is testament to the role the plant has played over the years.

"Intel's new chief executive, has set out an ambitious plan for Intel globally and it is clear, and most welcome, that Ireland is an integral part of its plans," says current IDA Ireland chief executive Martin Shanahan.

"The fact that 7-nanometer microchip technology is coming to Kildare, to what is already one of the most advanced manufacturing facilities in the world, is very exciting, particularly at a time when Europe and the world is increasingly focused on digitisation. Intel is clearly stating it is the solution to future digital needs and Ireland is part of that," he adds.

News of Intel's new investment had been expected as a planning permission application had been submitted in early 2019, indicating the number of roles likely to be created. There is one potential concern ahead, which is a court hearing later this year involving local landowner Thomas Reid, who has objected to the plan.

If this case can be overcome successfully then it will be full steam ahead for the latest expansion of Intel's operations here.

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How Intel ended up investing billions in Ireland

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Intel's investment in Ireland is about to top $22 billion (€18.6 billion). That is an impressive feat and even more so when you consider the fact we very nearly didn't get a penny from the company. When IDA Ireland first started trying to woo Intel back in the late 1980s it had a hard task ahead of it.

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Digital technology

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If it has become a cliché that Covid-19 fast-tracked digital transformation, it's true not just of companies but their customers too. Before the coronavirus pandemic led to lockdowns and restrictions, there was an assumption that only a certain group of people were so-called 'digital natives', but that's all changed. After the experience of the past year, technology is the medium for all kinds of customers and companies to interact with each other.

"Now, everyone has adapted to digital media in the way we communicate with family and friends and in addition to the way we do business," says Mark Grainger, VP of sales for Europe at Engage Hub, a company that specialises in customer engagement using data. He was speaking at a recent webinar hosted by Three Ireland which looked at the latest trends in messaging, how customer expectations are changing, and how companies can respond.

"We thought, pre-pandemic, that we knew who the digital natives were. Now all ages and backgrounds are digitally savvy. That has certainly had an impact on how businesses adapt," said Grainger.

Enabling 24/7 interaction

"Customers expect to interact with businesses 24/7. They want to be able to get what they're looking for without necessarily speaking with an advisor. They want to interact with a mobile app or through other digital means." Many types of businesses have felt this effect first-hand, from financial services, and logistics to retail and waste disposal, Grainger says.

The best way is to take an iterative approach as a "low friction" way of becoming more digital

Fortunately, despite the rapid progress of the past year, it's not too late for companies to catch up with digital developments and improve how they engage with customers.

According to Grainger, the best way is to take an iterative approach as a "low friction" way of becoming more digital. Instead of contacting customers by letter and post, they can start to replace this communication with text messages or email. Once the interaction uses digital technology, it becomes easier for companies to start automating the process of sending messages. It also helps them to get rich data about those customers, to understand their behaviour patterns better and react to them better.

Enhanced efficiency and experience

Another way to improve communication with customers is to offer online self-service that lets them carry out some tasks themselves, like checking the status of an order or managing their account. This can reduce queue times for a company's contact centre, for example, while giving customers the ability to get what they're looking for quickly and conveniently.

It's important for companies to make sure every interaction feels part of a journey

Doing things this way, companies achieve two goals: increasing their operational efficiency and improving their customers' experience. "Using the customer's preferred communications channel is hugely important in building trust," Grainger says. Depending on the customer, that channel might be text message, email, website chat, or even social media.

It's important for companies to make sure every interaction feels part of a journey; nothing is more frustrating than when someone calls a company and has to repeat the same information many times on the same call. Businesses need to make sure they don't treat different communications channels as silos but as a single, integrated whole.

Ian Flynn, business product manager for communications and collaboration with Three, said companies don't need to invest in expensive hardware to get a multichannel platform that helps them to engage with customers. 3Communicate enables companies to build customer-focused messaging, is easy to use, and because it's hosted in the cloud, it can scale to handle large volumes of messages.

Automated messaging saves time

On the webinar, Paul Mulhall, communications and digital marketing manager at Greyhound Recycling, explained how the company sends out millions of text messages to its customers every month, such as reminders to put out their bins the night before collection. This used to be a manual process that involved updating Excel files, and uploading each different message while testing to make sure the right one was going to the right customer group on the right collection day.

It gave us a real focus on digital transformation and the power it could have

"I always had to have time available to make sure I was sending out those messages," said Mulhall. And as long as the process relied on one person, that was a risk if they weren't available, or had made a mistake. Looking for a solution to make the process more automated, Greyhound began using 3Communicate, the multi-channel communications platform.

Now, Mulhall estimates he has saved at least six hours a week in manual effort managing and maintaining the messages and the data they use. "When you consider what you can do in that time, it's almost a full working day," he says.

Success with 3Communicate has been the catalyst for Greyhound to think differently about how it engages with its customers. "Once you begin this journey, it shouldn't stand alone on SMS. It can integrate on so many systems," said Mulhall. "It gave us a real focus on digital transformation and the power it could have."

To find out how 3Communicate can help your business, visit our website to learn more.
Ian Flynn is business product manager for Communications and Collaboration

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The medium is the message: communicating in a digital world

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If it has become a cliché that Covid-19 fast-tracked digital transformation, it's true not just of companies but their customers too. Before the coronavirus pandemic led to lockdowns and restrictions, there was an assumption that only a certain group of people were so-called 'digital natives', but that's all changed.

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The main stages of the product life cycle are:

1. Research & development - researching and developing a product before it is made available for sale in the market

2. Introduction - launching the product into the market

3. Growth - when sales are increasing at their fastest rate

4. Maturity - sales are near their highest, but the rate of growth is slowing down, e.g. new competitors in market or saturation

5. Decline - final stage of the cycle, when sales begin to fall

This can be illustrated by looking at the sales during the time period of the product.

Extending the Product Life Cycle
For successful products, a business will want to do all it can to extend the growth and maturity phases of the life cycle, and to delay the decline phase.

What can businesses do to extend the product life cycle?

To do so, it may decide to implement extension strategies - which are intended to extend the life of the product before it goes into decline.

Examples of extension strategies are:

1. Advertising - try to gain a new audience or remind the current audience

2. Price reduction - more attractive to customers

3. Adding value - add new features to the current product, e.g. improving the specifications on a smartphone

4. Explore new markets - selling the product into new geographical areas or creating a version targeted at different segments

5. New packaging - brightening up old packaging or subtle changes

Evaluating the Product Life Cycle Model
The product life cycle model is by definition simplistic. It is used to predict a likely shape of sales growth for a typical product.

Whilst there are many products whose sales do indeed follow the classic shape of the life cycle model, it is not inevitable that this will happen.

For example, some products may enjoy a rapid growth phase, but quickly move into a decline phase if they are are replaced by superior products from competitors or demand in the market overall declines quickly.

Other products with particularly long life cycles seem to enjoy a maturity phase that lasts for many years.

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The product life cycle is an important concept in marketing. It describes the stages a product goes through from when it was first thought of until it finally is removed from the market. Not all products reach this final stage. Some continue to grow and others rise and fall.

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Department of Enterprise, Trade & Employment

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Department of Enterprise, Trade & Employment

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Skip to main content

A proven path to grow in Europe

Why Companies Choose Ireland

From large established multinationals to high-growth scaling companies, Ireland offers the perfect platform for continued success. Join more than 1,700 international businesses that chose Ireland to scale quickly and attract talent.

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Ireland's Foreign Direct Investment (FDI) Agency | IDA Ireland

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Looking for a new home for your business at the heart of Europe? Ireland is a world-leading location for foreign direct investment. Learn more.

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Department of Enterprise, Trade and employment

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Department of Enterprise, Trade and employment

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Multi media

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Our website uses cookies to enhance your browsing experience and to collect information about how you use this site to improve our service to you. By not accepting cookies some elements of the site, such as video, will not work. Please visit our Cookie Policy page for more information on how we use cookies.

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Eurostat

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Elon Musk's Speech that Broke the Internet | I Lost Many Battles!

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CSO infographic

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Welcome to the PDST blended learning webpage. Below you can access two key supports:

On the left you will find a short overview video which will provide you with a suggested sequence to follow when engaging with our blended learning resources so that you can maximise your professional learning in this regard.

On the right you can access our level-specific blended learning resources by selecting the image relevant to your context.

Each resource below explores blended learning and outlines how approaches in this regard can be effectively embedded in teaching, learning and assessment practices using digital technologies.

Primary Resource Overview

Access to Primary Resource

Post-Primary Resource Overview

Access to Post-Primary Resource

Blended Learning Webinars

Please log in to view each webinar

Post-Primary Webinar Part 1

Post-Primary Webinar Part 2

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On the left you will find a short overview video which will provide you with a suggested sequence to follow when engaging with our blended learning resources so that you can maximise your professional learning in this regard. On the right you can access our level-specific blended learning resources by selecting the image relevant to your context.

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Additional links from PDST Technology in Education to support teachers working from home, including links to good practice videos that contain activities which can be adapted for online teaching. Digital learning planning resources are also available, please visit PDST Technology in Education for more information.

As pupils/students will also be engaging in online learning at home througout this period, we would advise teachers and parents to visit the Webwise website to find out more about online safety and relevant considerations. The parents' section of the website is also particularly useful in highlighting popular apps and their features.

RTÉ Learn is a dedicated resource for teachers and educators showcasing a diverse range of educational content from across RTÉ, ideal for both formal and informal learning.

Beidh tús a chuir ag TG4 le clár nua sa sceideal Cúla4 ar Scoil ag 10 gach maidin.

Is clár leath uaire í seo a bheidh dírithe ar dhaltaí bunscoile Gaeltachta agus Gaelscoile atá sa mbaile ón scoil faoi láthair de bharr srianta an Covid19.

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Additional links from PDST Technology in Education to support teachers working from home, including links to good practice videos that contain activities which can be adapted for online teaching. Digital learning planning resources are also available, please visit PDST Technology in Education for more information.

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Monitor actions and evaluate impact

The actions must be monitored on an ongoing basis to evaluate their impact on learning, teaching and assessment practices.

The school will need to decide:
* How monitoring will be organised and carried out
* Who will be responsible for monitoring13
* How progress will be determined and reported
* When and to whom progress will be reported (for example at staff
meeting, planning meetings, board meetings)
* If targets and actions are realistic or need to be changed.

The active engagement of school leaders and teachers in the ongoing and systematic monitoring of the DL Plan is essential. The evidence gathered, as a result of ongoing monitoring, should inform and influence the next phase of the DL Plan, or could lead to the identification of a new aspect of digital learning that the school focuses upon. Ultimately the goal for the school is to enhance their DL practices in all areas of school life and this should be an ongoing activity.

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The actions must be monitored on an ongoing basis to evaluate their impact on learning, teaching and assessment practices. The school will need to decide: * How monitoring will be organised and carried out * Who will be responsible for monitoring13 * How progress will be determined and reported * When and to whom progress will be reported (for example at staff meeting, planning meetings, board meetings) * If targets and actions are realistic or need to be changed.

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Cavan-based insulation maker Kingspan will have to wait until August to find out if its proposed takeover of Slovenian rival, Trimo, can go ahead after the European Commission opened an investigation into the deal.

he Commission announced yesterday that it is examining the transaction, first announced in August 2020, over concerns it could reduce competition and lead to price increases for insulation panels in the EU and UK.

"Together, Kingspan and Trimo would be by far the largest player in Europe and the main supplier of high quality mineral fibre sandwich panels," said Commission competition chief, Margrethe Vestager, who announced the investigation late on Monday.

"We need to ensure a healthy competitive landscape for all the businesses relying on these products to insulate their buildings."

Kingspan and Trimo compete head-to-head in the sale of mineral fibre sandwich panels, and the Commission said it was "concerned that the proposed transaction could significantly reduce competition for mineral fibre sandwich panels in Czechia, Denmark, France, Hungary, Slovakia, Slovenia and the UK".

The Commission said it was notified of the merger last October, and has until 20 August to make a decision.

The investigation was announced the same day that Kingspan said it achieved its net zero energy target in 2020, reducing carbon emissions from operations by 5.2pc. It is aiming for net zero carbon manufacturing by 2030.

The investigation also comes just ahead of the resumption of hearings next Monday in the Grenfell Tower inquiry in the UK.

Kingspan's Kooltherm K15 insulation was one of the building products used on the Grenfell Tower in London where 72 people died in a 2017 fire.

Executives from the company appeared before the first phase of the inquiry, which revealed serious shortcomings in its UK insulation boards business.

Kingspan has since made changes to processes, governance and management and adopted a new code of conduct. It reported strong 2020 results earlier this year, with its global panel order book up 19pc.

Kingspan manufactures insulating panels, light and air solutions, water and energy, and data and flooring technology.

Slovenian-based Trimo is a leading producer of fireproof roofs and façades and metal modular units for non-residential buildings, manufacturing in Slovenia and Serbia and exporting across western and central and eastern Europe.

It has a market share of around 10pc in Europe, and had become the second main producer of panels with mineral wool core. Sales in western Europe accounted for 35pc of Trimo's total sales in 2019.

Private equity fund Innova Capital signed a definitive agreement with Kingspan Group to sell its 100pc stake in Trimo last August.

The parties did not disclose the terms of the transaction.

At the time, Trimo said its strategy was to strengthen its leading position in the high-end steel façades market, in part by taking advantage of Kingspan's strong international distribution network and operating synergies.

"We are excited to be joining Kingspan Group, the global market leader in the panel industry," Trimo CEO Božo Černila said at the time. "We look forward to developing Trimo further as part of the larger Kingspan family."

Online Editors

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Investigation stalls Kingspan takeover of Slovenian rival

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Cavan-based insulation maker Kingspan will have to wait until August to find out if its proposed takeover of Slovenian rival, Trimo, can go ahead after the European Commission opened an investigation into the deal.

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We're dedicated to delivering better nutrition for every step of life's journey. That means we're curious about finding ways to make better, healthier and smarter products that fit the lifestyles and needs of people around the world. We're constantly innovating, developing and reinventing, creating products that fit easily into people's daily lives. The desire to do better is embedded in our business: we take care to respect the planet, communities and people as our own journey unfolds.

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We're dedicated to delivering better nutrition for every step of life's journey. That means we're curious about finding ways to make better, healthier and smarter products that fit the lifestyles and needs of people around the world. We're constantly innovating, developing and reinventing, creating products that fit easily into people's daily lives.

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Ethical, social and environmental responsibilities of business

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Ethical, social and environmental responsibilities of business

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Glanbia

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Our business is built on the basis of social, environmental and economic sustainability. At Glanbia our focus on minimizing waste and maximizing the circular economy includes how we address waste at our manufacturing sites and in our customer facing brands.

For many, recycling is the obvious action to tackle the problems facing our environment. For Glanbia the focus, since launching a group-wide sustainability strategy in 2015, has primarily been on executing a phased sustainability programme focused on waste, water, and energy consumption.

The first focus within our operations has been on examining and setting realistic ambitions for our waste streams. In 2016 Glanbia Performance Nutrition set a goal of zero waste to landfill in all manufacturing and warehouses by 2019. The waste management programme focused on establishing baseline data, centralizing data tracking, identifying source reduction opportunities and engaging employees through site "Green Teams". As a result GPN achieved its zero landfill goal in 2018 ahead of target across all sites and eliminating 4,500 tonnes from landfill. Glanbia Nutritionals is pursuing a similar ambition for our specialty operations sites with our longer term goal of zero waste to landfill for all manufacturing sites.

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Glanbia strives for zero waste in drive to maximize a circular economy

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Our business is built on the basis of social, environmental and economic sustainability. At Glanbia our focus on minimizing waste and maximizing the circular economy includes how we address waste at our manufacturing sites and in our customer facing brands. For many, recycling is the obvious action to tackle the problems facing our environment.

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Numbers receiving Pandemic Unemployment Payments

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Numbers receiving Pandemic Unemployment Payments

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The statistic shows the distribution of employment in Ireland by economic sector from 2010 to 2020. In 2020, 4.49 percent of the employees in Ireland were active in the agricultural sector, 18.53 percent in industry and 76.98 percent in the service sector.

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Ireland - Employment by economic sector | Statista

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The statistic shows the distribution of employment in Ireland by economic sector from 2010 to 2020. In 2020, 4.49 percent of the employees in Ireland were active in the agricultural sector, 18.53 percent in industry and 76.98 percent in the service sector.

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Census 2022 Summary Results have been published with further thematic reports being published throughout 2023

A snapshot of people aged 65+ living in Ireland

Find detailed Census 2022 data by theme in our interactive map, from county level to neighbourhood (Small Area) level on CSO Visual

All census resources and results from previous censuses

Our interactive zone has visualisations, infographics, school resources, competitions and much more...

Rewarding roles, career progression, unique culture - learn about everything that a career with the CSO has to offer

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Census 2022 Summary Results have been published with further thematic reports being published throughout 2023 A snapshot of people aged 65+ living in Ireland Find detailed Census 2022 data by theme in our interactive map, from county level to neighbourhood (Small Area) level on CSO Visual All census resources and results from previous censuses Our interactive zone has visualisations, infographics, school resources, competitions and much more...

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* Transfers of functions across Departments may impact figures and comparison of expenditure across time.
** Figures for Housing expenditure prior to 2020 is amalgamated into 'Additional Departments'.

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Where Your Money Goes - Expenditure Data and Graphs broken up by sectors

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Form a national team in your economy. Apply unique approaches to studying entrepreneurship at the national level.

Collaborate with GEM to assess city and regional readiness for entrepreneurship.

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Form a national team in your economy. Apply unique approaches to studying entrepreneurship at the national level. Collaborate with GEM to assess city and regional readiness for entrepreneurship.

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Easily create beautiful interactive video lessons for your students you can integrate right into your LMS. Track students' progress with hassle-free analytics as you flip your classroom!

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Official education portal of the Department of Education and Skills in Ireland. Curriculum focused resources and support for primary and post primary teachers.

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Expansion

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Dive Brief:

Glanbia Nutritionals, a wholly-owned subsidiary of Glanbia, is acquiring Canada-based custom flavor designer Foodarom for 60 million Canadian dollars (about $45 million), according to a release and Glanbia's latest earnings report.

Foodarom boasts a flavor library of more than 15,000 recipes with both liquid and powder applications.

Glanbia Nutritionals said the acquisition will strengthen the company's flavor and nutritional solutions by expanding its ability to offer customers optimized ingredient system formulations and turnkey flavors.

Dive Insight:

Glanbia has been on an acquisition spree for the last few years as it searches to expand its product portfolio and consumer base. The strategy to grow its ingredients unit through M&A was announced in 2016.

Since then, Glanbia has not let off the gas. Last year, Glanbia acquired Watson, a non-dairy ingredient solutions business, for $89 million. The Foodarom acquisition continues the strategy. By purchasing Foodarom, Glanbia is more closely aligning itself with consumer demand for flavor solutions. According to Allied Market Research, the global flavors market for food and beverages was worth $12.4 billion in 2016, and is projected to hit $18.1 billion by 2023.

While the Canadian flavor designer provides everything from fruity flavors to botanicals, it also has a range of solutions for texture improvements, bitter blockers and sweetness enhancements. Masking agents, alcohol smoothers and mouthfeel enhancers may be of particular interest to Glanbia. These solutions facilitate the use of alternative sweeteners and plant-based proteins while preventing the off tastes and textures that some consumers associate with ingredients including stevia and pea protein.

Glanbia's ongoing M&A activity shows it is bullish on customized ingredients and new flavor solutions - a position that dovetails with consumer interest in maintaining flavor while pursuing better-for-you foods and beverages. In fact, in its earnings report, Glanbia noted that this latest acquisition will not be its last. "We continue to selectively pursue opportunities which meet our strategic and financial criteria," the company said.

The Irish company announced the acquisition the same day it released its earnings report for the first half of 2020. Overall, Glanbia's half-year adjusted earnings dropped more than 58%, mainly because lockdowns associated with the coronavirus pandemic have closed the gyms and health stores where many consumers bought Glanbia's performance nutrition products.

Despite the financial strain resulting from COVID-19, acquisitions have proven to be an effective growth strategy for Glanbia. Its Watson acquisition contributed to a 1.1% increase in overall volume sales for the first half of 2020. In its Nutritional Solutions division, the acquisition delivered 3.5% revenue growth over the first six months of the year.

The Irish nutrition solutions company is not the only one interested in tapping into the growing flavors market through acquisition. In 2018, Givaudan spent $1.6 billion to acquire flavor maker Naturex, and International Flavors and Fragrances is buying DuPont's Nutrition & Biosciences division to create a food ingredients and flavors powerhouse.

Although Foodarom competes with much larger ingredient firms, it has independently seen success. Founded in 2006, Foodarom has an estimated annual revenue of about $23.8 million, according to GrowJo. By bringing it into a larger corporation, Glanbia will be providing the runway for this boutique flavor firm to continue to grow its revenue and benefit its new parent company.

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Glanbia acquires custom flavor designer Foodarom for $45M

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Glanbia Nutritionals, a wholly-owned subsidiary of Glanbia, is acquiring Canada-based custom flavor designer Foodarom for 60 million Canadian dollars (about $45 million), according to a release and Glanbia's latest earnings report. Foodarom boasts a flavor library of more than 15,000 recipes with both liquid and powder applications.

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National Council for Curriculum and Assessment (NCCA)

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Focus on Learning. Assessment at junior cycle places the student at the centre of the learning process allowing for new ways of learning and a broader range of…

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Product Life Cycle Explained | Apple iPhone & Coca Cola Examples

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CSO Infographic - Industry, innovation & Infrastructure

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CSO Infographic - Industry, innovation & Infrastructure

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Ireland's UN SDGs - Goal 9 Industry Innovation and Infrastructure 2021

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Home / Statistics /Ireland's UN SDGs - Goal 9 Industry Innovation and Infrastructure 2021

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The coming week could be a huge one for businesses in Ireland, particularly large domestic and multinational firms.

That's because negotiations around a new global corporation tax framework could be about to reach a crescendo.

Depending on how things pan out over the next few days, the result could be a dramatic shift in Ireland's corporation tax policy.

For so long, the 12.5% rate has been Ireland's calling card, the bedrock upon which a vibrant and lucrative export-oriented economy has been built, which in turn has become a powerful driver of economic growth.
Remind me about why change is being sought?
Pressure has been growing steadily in recent years for a substantial overhaul of how corporation tax is calculated, how much is levied and where it is paid.

Many countries were growing frustrated with big companies, particularly in the tech space.

These were firms making large amounts of money in their territories but could avoid paying much (if any) tax locally because they didn't have actual operations there.

Governments were also becoming annoyed that aggressive tax planning was being used to shift profits around the world to lower or zero tax locations.
So where does the OECD come into it?
The annoyance of states who were losing out because of this situation began leading to some of them threatening to break away from the global tax norms and instead pursue their own policies, like placing special taxes on large digital firms, like Facebook, Google and Amazon.

Left unchecked, that had the potential of leading to a bit of free-for-all that could have resulted in a hugely disruptive, bureaucratic and disparate system across the world.

So under the auspices of the Paris-based Organisation for Economic Co-operation and Development, a process began to try to bring about a global accord on corporation tax reform.

It has been running for several years, with 139 countries taking part.

But now it looks like it is about to reach endgame.

OECD headquarters in Paris - it is aiming for a global accord on tax

And what has been proposed by the OECD?
Last November the OECD announced that 130 of those 139 countries and jurisdictions had signed up to a plan that would bring sweeping new reforms.

Under the proposals, countries would be able to tax the profits of large companies in markets where they are earned regardless of whether they have a physical presence there.

The framework also proposed that a global minimum tax rate of "at least 15%" will be set.

The rate would apply to companies with turnover above a €750 million threshold, with only the shipping industry exempted.

The sense in Government is that the negotiations have been heading in a positive direction, but nobody is yet certain that Ireland will get enough of what it wants.

The OECD said the plan will ensure that multinational enterprises pay a fair share of tax wherever they operate and would provide much needed revenue for governments, as well as stability.

Those that signed up to the plan represented 90% of global GDP, and included the US, China, the UK, France and Germany.

Since then a number of other holdouts have also signed up.
But Ireland hasn't, right? Why is that?
No the Government wasn't among the original 130 signatories, leaving it very much out in the cold.

Ireland doesn't have a major issue with the first part of the plan, which would give countries a right to tax firms on the basis of business they do in a country, even if the company doesn't have a major operation there.

The problem Ireland has is in the second part of the draft deal, which sought to set a global minimum tax rate of "at least 15%".

Ireland doesn't want to give up its 12.5% rate at all, if it can help it. And if does have to, it wants the new rate to be as low as possible.

There is a private acceptance in Government circles that 15% would be a reasonable compromise in the circumstances.

But only if the agreement were to offer certainty and stability of a fixed 15% - not 15% or more.

It was therefore not overly surprising that Ireland didn't sign up at the start.

Not when the absolute finish line of the negotiations had yet to be reached and there were lots of variables in play, including the question of whether the plan would even get through the US Congress.

And so, since then, Irish officials, as well as the Minister for Finance, have been negotiating hard with anyone who will listen for the "at least" part of the description to be removed.

Key to the negotiations is also what "carve-outs" or exemptions from the new global minimum rate will also be included.
So what is happening this week then?
The expectation is that the latest, possibly final, draft agreement will be circulated to all the participating countries in the coming days.

When that happens, it will quickly become apparent whether Ireland has been successful in its lobbying efforts or not.

If it has been, then the Government will have to face a difficult decision as to whether or not to relinquish the 12.5% rate - a key weapon in Ireland's foreign direct investment armoury that has been closely guarded for decades - in the hope that by doing so now, it will limit the longer-term damage.

And if it hasn't been successful, then the Cabinet will face an even more difficult decision of whether to stay out of the agreement, leaving it very much as an outlier in the global economy.

Or it could decide to sign up to whatever the text proposes, including perhaps the "at least 15%" clause, because staying outside the agreement is no longer tenable.

To complicate the decision-making process, it is still not clear how US tax reforms proposed by the Biden administration will pan out and whether they will complement the global plan.

The sense in Government is that the negotiations have been heading in a positive direction, but nobody is yet certain that Ireland will get enough of what it wants.

Ireland is a very small global player. But it does have many friends in the US and Europe and a thriving collection of foreign multinationals that have plenty of leverage in their home markets.

On Friday, representatives of the 139 countries involved in the process will hold a full meeting at the OECD at which it is expected that a final agreement could be inked.

It is not a complete certainty that the process is at the end and the deadline could drift.

But all the signals are that decision time is drawing near for the Government.

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Crucial decision looming for Ireland on corporation tax

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The coming week could be a huge one for businesses in Ireland, particularly large domestic and multinational firms. That's because negotiations around a new global corporation tax framework could be about to reach a crescendo. Depending on how things pan out over the next few days, the result could be a dramatic shift in Ireland's corporation tax policy.

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Cookie Notification We use necessary cookies to run our website. We also use cookies for analytical and advertising purposes. More information on what cookies we use can be found here. To consent to the use of ALL cookies click "I Accept". You may visit Cookies Preference to manage which cookies we may use.

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Eurostat

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Circularity at Nike Innovation - Sustainability

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Circularity at Nike Innovation - Sustainability

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Sustainable Innovation | Nike Innovation 2020 | Nike

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Home / Interactive Zone / Visualisation Tools / Infographics / Economy

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Ethical, social and environmental responsibilities of business

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Ethical, social and environmental responsibilities of business

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Glanbia

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Our business is built on the basis of social, environmental and economic sustainability. At Glanbia our focus on minimizing waste and maximizing the circular economy includes how we address waste at our manufacturing sites and in our customer facing brands.

For many, recycling is the obvious action to tackle the problems facing our environment. For Glanbia the focus, since launching a group-wide sustainability strategy in 2015, has primarily been on executing a phased sustainability programme focused on waste, water, and energy consumption.

The first focus within our operations has been on examining and setting realistic ambitions for our waste streams. In 2016 Glanbia Performance Nutrition set a goal of zero waste to landfill in all manufacturing and warehouses by 2019. The waste management programme focused on establishing baseline data, centralizing data tracking, identifying source reduction opportunities and engaging employees through site "Green Teams". As a result GPN achieved its zero landfill goal in 2018 ahead of target across all sites and eliminating 4,500 tonnes from landfill. Glanbia Nutritionals is pursuing a similar ambition for our specialty operations sites with our longer term goal of zero waste to landfill for all manufacturing sites.

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Glanbia strives for zero waste in drive to maximize a circular economy

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Our business is built on the basis of social, environmental and economic sustainability. At Glanbia our focus on minimizing waste and maximizing the circular economy includes how we address waste at our manufacturing sites and in our customer facing brands. For many, recycling is the obvious action to tackle the problems facing our environment.

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ESRI Infographic- Economic Commentary Quarterly Bulletin (3) 2021

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ESRI Infographic- Economic Commentary Quarterly Bulletin (3) 2021

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Exports expected to increase- Balance of Payments

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Exports expected to increase- Balance of Payments

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More than half of exporting businesses here have seen their exports increase this year compared to last year, despite the impact of Brexit and the Covid-19 pandemic.

That is according to a new survey carried out by Enterprise Ireland which also found 91% expect to see their sales rise again next year.

The key growth markets identified by client companies are North America, Europe and the UK.

80% of firms reported that digitalisation was a priority over the next year.

Just under two thirds said advancing their sustainability agenda and adapting to climate change was a priority.

The survey was carried out ahead of Enterprise Ireland's International Markets, which will see over 700 companies meet virtually with 140 market advisors from 40 overseas offices, during over 1600 individual meetings over five days.

"It is really encouraging to see our research pointing to business optimism and this is testament to the resilience and performance of Irish exporters despite Brexit and the Covid-19 pandemic," said Leo Clancy the CEO of Enterprise Ireland.

"So far in 2021, we have seen these companies win a total of 965 new contracts and establish 375 new overseas presences against that backdrop of what are still difficult trading conditions."

"With global recovery, there are significant opportunities for Irish companies to accelerate their growth internationally and International Markets Week will play a critical role in driving this agenda."

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The International Markets Week launch event will hear from Rosy Temple, CEO of Magee Clothing, Tom O'Leary, CIO of ICON and Fidelma McGuirk, CEO of Payslip, on each of their businesses' plans for growth in overseas markets and advancing the important digitalisation and sustainability agendas.

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Over half of exporting firms expect exports to rise

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More than half of exporting businesses here have seen their exports increase this year compared to last year, despite the impact of Brexit and the Covid-19 pandemic. That is according to a new survey carried out by Enterprise Ireland which also found 91% expect to see their sales rise again next year.

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Google acquires Fitbit- Business expansion

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Google acquires Fitbit- Business expansion

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Forbes

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Google Confirms Fitbit Deal: Here's What It Means

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The Google Fitbit deal was confirmed this week, after being scrutinised by regulators for over a year. But there are still valid concerns over Google's purchase of the smartwatch maker. Is now the time to quit? I was offered a Nest device by my utility supplier for free, but I said no.

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View the interactive image by Regina Casey