Syndicated

An Tánaiste and Minister for Business, Enterprise and Innovation Frances Fitzgerald TD joined Bill Graebel, CEO of Graebel Companies, to announce the creation of 125 new jobs at Graebel Companies in Dundalk.

The announcement was made at the opening of the company’s Europe Middle East and Africa (EMEA) financial shared services and operations centre in Dundalk.
Recruitment for the positions is already underway and the investment is being supported by the Irish Government through IDA Ireland.

The roles being created will be in the area of general ledger, treasury and compliance, and customer support.
Graebel, which is headquartered in Denver, Colorado, is a provider of workforce and workplace mobility services for Fortune 500 and Global 100 firms in 165 countries.

The Dundalk centre will serve as an additional operations centre in Europe to support Graebel’s EMEA headquarters in Prague, and the growing needs of Graebel’s clients in managing their international talent mobility and relocation programs.
“Our location in Dundalk will allow us to better serve our international clients and their employees’ needs, as we provide our duty of care that is central to our values. We look forward to working with the Irish government and IDA to further grow our business internationally and create jobs in Ireland for many years to come,” Mr Graebel said.

Welcoming the announcement Minister Fitzgerald said that a key priority for the Government through the Regional Action Plans for Jobs, is to create jobs in rural Ireland and this significant number would be “transformative” for Dundalk.
While IDA chairman Martin Shanahan said that IDA Ireland had worked closely with the company in recent years to win this investment for Ireland.

“The types of roles being created coupled with strategic value of the centre is in line with IDA’s strategic objective to win high quality investments in regional locations,” Mr Shanahan said.

Article Source: http://tinyurl.com/kbwqb42

Attracting and retaining talent, as well as reform of the personal tax system, are the biggest challenges facing Ireland’s life sciences sector, according to new research from global executive search firm Accreate.

Of the 350 leaders of life science businesses in Ireland that took part in the survey, 84pc said that attracting and retaining talent were the ‘most challenging’ or ‘challenging’ issue affecting their businesses, while just over one in two identified Ireland’s personal income tax regime and regulatory environment as the next ‘most challenging’ or ‘challenging’ issues facing the sector.

In the area of Ireland’s personal tax regime, nine in 10 respondents believe Ireland is a less favourable location than our EU counterparts, however, unsurprisingly 98pc said that they saw Ireland as having a favourable corporate tax regime when compared to other EU countries.

Just over 80pc of those surveyed identified personal taxation reform as being ‘most important’ or ‘important’ measure that would enhance their ability to attract and retain talent, boosting economic growth, the research found.
“Overall, the sentiment for the businesses currently situated in Ireland is strong, 79pc of respondents see Ireland as being of significant importance to the future of their businesses, which is a considerable endorsement of the value which Ireland brings to the many multinational businesses here,” David Phelan, Managing Partner, Accreate, said.

Ireland’s life sciences industry employs over 50,000 people across all regions. It is home to eight of the world’s ten largest medical device companies, all of whom contribute to the sector’s €45bn worth of exports each year.

Article Source: http://tinyurl.com/kbwqb42

Two new towns have been designated rent pressure zones as the average cost rose by 6.6pc in the year to June.

The Residential Tenancies Board said that the national average rent stood at €1,017 per month, up €63 from the same period last year. Rents in Dublin grew by 3.3pc in the second three months of this year.

Rents for apartments in the capital are now 14pc higher than the peak of the housing boom at the end of 2007.

The cost of rent in the capital has increased by almost €400 in the past four years.
Drogheda, in Co Louth, and Greystones, in Co Wicklow, have now been designated as rent pressure zones, which means landlords cannot raise rents by more than 4pc a year.

This brings to 21 the number of rent pressure zones in the State.
Housing Minister Eoghan Murphy has promised to take on landlords who are trying to get around rules limiting rent increases, as the rise in rental costs has picked up pace.

The pace of rental growth accelerated in the second three months of the year. The Tenancies Board said rents shot up by 2.9pc in the April to June period, compared with a rise of 0.4pc in the first three months of the year.
The figures are based on new tenancy agreements. There were even stronger rises in Dublin, as supply is unable to meet demand in the capital.

There is concern in the Tenancies Board that some landlords are ignoring the rules restricting rent rises to 4pc in rent pressure zones.
Speaking at the National Ploughing Championships, Mr Murphy said some landlords may be seeking to “get around” the rules by carrying out refurbishment works on properties.

“Anecdotal evidence, which seems to be borne out by some of the data returns, is that the rent pressure zone legislation is not being complied with by some landlords, who are looking to get around the increase limits imposed, for example, by using the refurbishment exemption to charge higher rents or reset the market rent,” he said.
He is instructing his department and the Tenancies Board to formulate a definition of what constitutes “substantial refurbishment” of a dwelling.

“We’re still learning and understanding how it’s working,” he said of the new laws.
He said that at one stage last year rents were rising in Dublin by about 8.5pc – therefore there had been “a big improvement” even if costs were still going up.

Article Source: http://tinyurl.com/kbwqb42

Brexit should be considered an opportunity for Ireland to establish itself as a leading hub for Green Finance in partnership with Britain, Mr. Michael D’Arcy TD, Minister for Financial Services, has said.

Speaking that a Green Finance dinner at the Irish embassy in London last night Minister D’Arcy said that increased cross-border collaboration can cement Ireland’s attractiveness as a leader in the Green Finance area.

The event, organised by Sustainable Nation, showcased Ireland’s expertise in the area and explored ways to further strengthen relationships with the UK.

Sustainable Nation, a not-for-profit agency set up by the Government to promote Ireland as a hub for sustainable investment and business, works with both the public and private sectors to stimulate greater investment into smart innovations, new enterprises and sustainable business practices.

“The 2017 Action Plan for International Financial Services 2020 published in January 2017 gives Sustainable Nation a key role in focusing on the promotion and positioning of Ireland as an international hub for Green Finance,” the Minister said.
Sustainable Nation Ireland CEO Stephen Nolan, said Ireland’s reputation and track record for green finance in the UK was impressive with names such as Blackrock Renewable Power, NTR, Brookfield Renewable, Amarenco Solar and Greencoat Renewables all providing solid investment returns.

“Today we have €28bn of green finance activity already and a thriving cluster of activity covering asset management, domiciling and the listing of green bonds,” Mr Nolan said.
Mr Nolan went on to say that over €100bn would be needed over the next two decades to decarbonise the Irish and UK economies alone, “that’s the scale of the opportunity that green finance is scaling to meet,” he said.

Article Source: http://tinyurl.com/kbwqb42

If you have private health insurance, there’s a good chance that you’ll need to renew your policy this month, but why not switch instead and save hundreds, if not thousands?

The bottom line is that anyone who is on the same plan for two years or more stands to save money, according to health insurance broker and expert Dermot Goode of ­Totalhealthcover.ie.

Using the example of a family of two adults and two children under 18 who are insured on a quality mid-range plan covering public and private hospitals, he said: “If they have not reviewed their cover in the past 2-3 years, they could be missing out on potential savings of €740 to €3,100 depending on the plan held and which insurer they’re with.”

What’s more, a family who have been on an entry-level plan for some time can save up to €950 and still double their benefits to include public and private hospital cover.
Older individuals on dated higher-level plans also stand to make substantial savings by switching, according to a recent survey by the Health Insurance Authority (HIA).

The savings for younger policyholders may not be as substantial, but someone in their 30s with a public hospital cover and semi-private room in a private hospital could knock €500 off their premium by switching insurer and increasing their excess from €125 to €250.
With the average premium per person last year now close to €1,200, why have costs been rising so much again? Goode says a number of factors are to blame, including an aging population that is claiming more frequently, and new technologies and drugs that are pushing up the cost of claims.

But one of the biggest single drivers of higher prices this year has been the decision of former Health Minister James Reilly to impose charges on health insurers when people with private medical cover use a public hospital. Changes in the law in 2014 allow public hospitals to charge health insurance customers even when they do not receive private treatment.
Before that, insurers were only charged when a person got a designated bed.

“This practice is probably adding at least 5pc per annum to our policies,” said Goode, who adds that more consumers are making claims for private hospital treatments to avoid the lengthy waiting times of the public system.
“Unfortunately, consumers need to be budgeting for 8pc-10pc increases per annum, but those who have never reviewed their cover, especially older members, stand to make the biggest savings by shopping around.”

Some 400,000 policies are due for renewal in January, but just less than a quarter of policyholders have ever switched providers, according to the HIA.
“The range of insurance plans on offer is changing and becoming more competitive all the time,” said HIA chief executive Don Gallagher. “Personal and family circumstances also change and this can change the level or type of health insurance needed. Someone who hasn’t reviewed their level of cover, and the price they are paying, in the last three years is unlikely to be getting the best value they can for the cover they need. Switching health insurance product or provider is a very straightforward and easy process.”

But while switching health insurer can clearly provide dividends in the form of often huge savings on premiums, at least one of the factors putting off some from even researching alternative providers and plans is the bewildering array of plans available.
Goode says things have improved in this regard in that some insurers have removed some of their most dated plans and information on the best deals is now more accessible on their websites.

“There has been a marked improvement in the level of information available online from the health insurers, so it’s also worthwhile checking out their websites as well, starting with your current provider.”
You can also check out the HIA’s website, which has a searchable database of all the plans available and allows you to compare plans. “One point to note is that the HIA are there to provide information only and are not permitted to give any advice on health insurance options. Consumers should use the information to then engage with the health insurers on the specific plans they wish to consider.”

While he advises consumers to do their research online, it is better to contact insurers or a broker to make sure it meets your needs.

“It is recommended that you never buy your plan online as you are then responsible for making sure that it meets your exact requirements as you have not received any advice from the insurer.
“By phoning the insurer, they then must explain everything to you in detail and all calls are recorded as well.”

However, the online-only option is still there if you’ve left it to the last minute and need cover immediately.

How to switch …Health insurance

Step 1
Find out what the name of your current plan is and how much your renewal premium is (eg Vhi Family Plan Level 1; Laya Flex 125 Explore). Decide what your budget is this year.

Step 2

Visit the Health Information Authority’s website, www.hia.ie, and use its comparison facility to compare this plan with others on the market, side by side.
Step 3

Talk to your insurer or a broker. Ask them: “What is your very best plan for my budget and please include all your corporate plans.” If you are considering upgrading or downgrading your plan, it will be well worth talking to them about this, too. They could also advise on any discounts that might be available, any premium reductions possible by, for example, increasing your excess, or alternative plans that may give you more benefits for the same premium.

Potential saving: €250 (courtesy of hia.ie and based on a single individual in their 30s on a public hospital plan that includes semi-private room in a private hospital)
Total time: 30 mins

Article Source: http://tinyurl.com/kbwqb42

THE biggest mistake people make with house insurance is over-insuring. That means it’s easy to fix, and switching for a better deal will make it better again.

You might think that it doesn’t matter — after all, you’ll get back what you’re insured for, right? Wrong. An insurer is only obliged to pay out the value of the items lost, whether by theft, fire or damage. In some policies, that means you only get today’s value, not the cost of buying new.

It means that say your house floods in winter and your downstairs furniture is ruined, instead of the €10,000 you think you’re covered for, in fact, it may be assessed on the current value of items. That means you only get back what your 10-year-old sofa is worth today… and that’s after any excess on the policy is paid.

You’ve overpaid for nothing.
Add to that the lazy practice of many insurers covering your ‘contents’ for a percentage value of your ‘buildings’ cover, and it’s a recipe for price hikes across the board.

Don’t worry, this is one bill you can reduce by switching and saving. You mightn’t even need to change your company!
There are three components to most household policies…

1. Buildings: This is the amount that will be paid out if your house is structurally damaged, either by fire or perhaps things like flooding, burst pipes or something crashing into it.
The fatal mistake is costing it at what your house is valued (i.e. what it would sell for).

This is generally much higher than the actual cost to rebuild, which is all you need have.
For example, a four-bed semi in Terenure, Dublin 6, measuring 1,400 sq ft costs on average €595,000 to buy. Its basic rebuild cost, however, is just €242,431. The difference in insurance premiums is huge.

To get the correct figure, see the Society of Chartered Surveyors website (www.scsi.ie) — they have a handy rebuild guide price based on the type and location of the property.
2. Contents: The ‘stuff’ in your house, from furniture to electricals to clothes. It will take a little time, but try and add it up (go around with a paper and pen and guesstimate).

You’ll be surprised how low the figure is compared to the cover you’re paying for.
Policies will only pay out on the actual value, not what you have insured for unless you have a ‘new for old’ clause written in. And that’s less the excess!

3. All risks: Most policies have a ‘per item’ limit on contents cover and it can be as low as €1,000, but is normally €2,000. If you have jewellery, art, laptops, etc worth more than this, they must be covered under ‘All Risks’ separately.
You can expect to be asked for valuations, pictures, etc.

Once you’ve calculated the figures correctly, use a broker to requote you. Or call your own insurer and see if you can switch to a lower-priced policy.

How to switch …house insurance

Step 1

Find out the rebuild cost of your home on www.scsi.ie,

using square footage and location, along with your
renewal date.

Step 2

Add contents value by calculating it properly.
Step 3

Create ‘All Risks’ list from items valued at more than

€2,000.
Step 4

Ask a broker to quote you based on new figures or see

www.chill.ie or www.insuremyhouse.ie to compare a
range of insurers.

Step 5

Complete the application form and direct debit. If you
can afford to pay in one go, you will save even more.

Potential saving: €300 p.a.

Total time: 3 hours

Close to one quarter of Irish firms would be forced to pull down their shutters if handed fines for non-compliance to the new EU General Data Protection Regulation (GDPR).
Data Protection Commissioner Helen Dixon has stated that her office will use their power, under the impending GDPR, to issue fines of up to €20m or 4pc of a company’s annual turnover.
According to the results of a recent study commissioned by DataSolutions, 23pc of businesses here said they would be forced to close if found to be non compliant and subject to these financial penalties.

Under the GDPR, all companies and organisations will have to adopt stringent procedures when it comes to collecting, protecting, and storing that data belonging to EU citizens.
An additional 10pc of those surveyed said that their firm would have to lay off several employees if found liable to GDPR fines, while a further 18pc said they would continue to trade, but at a seriously reduced rate.

Security specialist at DataSolutions David Keating said that the survey results highlight how the changing information security environment is having a direct effect on Irish organisations.
“GDPR fines could have a huge impact on companies, with a significant number of those unable to pay the amounts required being forced to cease trading,” he said.

“To avoid fines and safeguard their futures, Irish businesses need to make achieving compliance one of their top priorities.
“As well as this, simple enhancements such as implementing two-factor authentication can dramatically improve an organisations information security standing. It’s time for organisations to realise that cybercriminals are incredibly sophisticated, and to do everything they can to stay one step ahead,” he said.

Despite the potentially debilitating repercussions of GDPR fines, one fifth of firms said that GDPR compliance is currently not a priority.
However, some 34pc said they have made provisions in their annual budget to invest in changes to adhere with the new rules.

Meanwhile, Ward Solutions have launched a new GDPR consultancy service aimed to help Irish businesses cope with the new data protection rules coming into force.
Ahead of the new regulation, which comes into effect across the EU from May 25 next, the IT security firm has invested €300,000 in staff training, accreditation and new hires to make this new service available.

According to the information security provider, a dedicated team of fifteen consultants will solely work on helping organisations in Ireland comply with the incoming General Data Protection Regulation.

Article Source: http://tinyurl.com/kbwqb42

The National Treasury Management Agency (NTMA) has completed an auction of €1bn of the benchmark Irish Government bonds this morning.

The NTMA sold €550m of bonds at a yield of 0.689pc which will mature in 2026, and €450m worth of bonds with a yield of 1.648pc which will mature in 2037.

With the completion of today’s auction, the NTMA has issued €10.5bn benchmark bonds, from its stated target range of €9 to €13bn in the bond markets this year.
While the NTMA could have locked in negative interest rates on shorter-dated paper – meaning investors effectively pay the Irish Government to hold the bonds – investor demand has gravitated to longer-dated maturities.

Article Source: http://tinyurl.com/kbwqb42

Some Irish exporting sectors have seen their dependence on the UK market increase since the turn of the millennium, even though the exports share overall to the UK has been declining.

A new paper from the Department of Finance shows the extent to which some sectors are vulnerable to Brexit.

The importance of the UK to Ireland as a destination market for exports has declined over the last 40 years. In the early 1970s, the UK accounted for more than 50pc of total Irish exports, whereas in 2015, the figure was just 17pc, the paper notes.

But that trend is reversed for certain sectors.

For example, the paper states that Ireland’s exports to the UK in food and live animals has increased from 38pc of the sector’s total exports in 2000 to 46pc in 2015.

Manufactured goods exports have jumped from 43pc in 2000 to 55pc in 2015.

“The figures thus reveal that although at the aggregate level there is a long-term trend decline in the UK export share, certain sectors still have a high exposure to the UK and for some, this has increased over the past 15 years,” the paper states.

Commodities and minerals exports have also seen their share of exports into the UK increase over that period. However, the proportional exposure of the chemicals sector has fallen over time. As has machinery, beverages and tobacco and agricultural residuals.

The paper also states that 11 of the EU 27’s top 15 most exposed products to the UK, on the proportional exposure measure, are Irish exports.

Included in the top five are the Irish agri-food sub sectors, cereals, vegetables and fruit, and live anmimal products.

“These sectors would face some of the highest tariffs if the EU registered WTO tariff schedule was applied to EU-UK trade,” the paper states. “These findings have implications for the prospects of these sectors in the context of future trade negotiations between the EU and their vulnerability to post-exit UK trade policy.”

It also states that Britain’s intention to pursue new trade deals could have “substantial negative consequences for these most exposed sectors in the Irish economy as it would be a significant step change in the trading relationship that has developed since EU membership.”

Article Source: http://tinyurl.com/kbwqb42

There has been a dramatic drop in the cost of motor insurance. New figures show there was a plunge of 14pc in the cost of cover in the last year, the biggest drop since the insurance crisis hit.

Central Statistics Office (CSO) inflation figures show the cost of motor insurance was broadly steady in the month of August, but is now down 14pc compared with the same month a year ago.

It comes after premiums have risen by 70pc on average over the last three years.
But motor insurance experts said that motorists were still paying elevated premiums, and it will take a number of months before the easing off in premium-price pressures is reflected in renewal quotes.

The new figures showing a fall in insurance costs come as a number of insurers in this market have returned to profitability.
The industry has been helped by a Government task force that is introducing reforms that are aiding the industry.

Motor insurers have been under pressure to ease back on premium hikes after European cartel-busters carried out dawn raids on them and their representative body in the summer.
The CSO said prices across a range of goods and services in the economy were up 0.4pc in August, and by the same percentage in the past year.

Article Source: http://tinyurl.com/kbwqb42