Friday 20 October 2017

Start-up jobs boost

Some 218 jobs will be created by entrepreneurial start-ups backed by the Dublin Business Innovation Centre (BIC) over the next 12 months, Taoiseach Enda Kenny will say today at a ceremony to mark Dublin BIC's 25th anniversary.

The new jobs will be created across a range of 30 entrepreneurial firms, including Davra Networks, EmpowerTheUser, iCabbi, Learnosity, MMSOFT Design, OpenJaw Technologies, Point of Care, Stratus5 and SafeFood 360. BIC added that 93pc of start-ups backed by the agency expected to increase employment over the next 12 months according to a DKM Economic Consultants study.

LEASING FIRM PROFITS UP

Pre-tax profits at a Shannon-based aircraft engine leasing firm increased 50pc to $47.68m (€35.3m) last year. US-owned Shannon Engine Support boosted pre-tax profits to $47.68m as revenues at the firm increased 31pc to $124.75m last year.

According to the directors' report, "overall turnover increased by 31pc, primarily driven by the release of deferred revenues for a portfolio acquisition". The directors state that the pre-tax profit "represents a margin of 40.7pc on its revenues, which remains in line with the prior year".

BLACKBERRY'S NEW PLAN

BlackBerry, coping with the collapse of a $4.7bn (€3.48bn) buyout by Fairfax Financial, will raise $1bn in convertible bonds and seek a new chief executive officer for the struggling company. BlackBerry shares fell as much as 18pc after Fairfax abandoned the takeover plan, opting instead for a bond deal and management shake-up.

Fairfax, BlackBerry's largest investor, will invest $250m in the convertible debentures, according to a statement yesterday. CEO Thorsten Heins will step down, while former Sybase Inc chief John Chen becomes executive chairman, putting him in charge of the company's strategy.

GROSS LOSES TOP SPOT

Bill Gross no longer runs the world's largest mutual fund. Mr Gross's Pimco Total Return Fund has shrunk by $37.5bn since the start of this year, ending last month with $247.9bn in assets, according to data provided by Pacific Investment Management Co in Newport Beach, California, and compiled by Bloomberg.

The Vanguard Total Stock Market Index Fund ended October with $251bn, said Vanguard spokesman John Woerth. That's enough to take the top spot.

Irish Independent

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