| 12.2°C Dublin

SMEs continue to bolster economy

SMALL- and medium-sized businesses account for more than 99pc of all active businesses in Ireland and employ two-thirds of all private sector workers, the Central Statistics Office said yesterday. In a new study, the CSO concluded Ireland had more than 195,000 companies in the private economy which employed 1.24 million people in 2010. The number of businesses and people employed fell by around 5.5pc.

Ikea targets growth in Indian market


Ikea is planning to invest up to €600m as the first stage of a long-awaited move into India, despite previously expressing concerns about New Delhi's faltering attempts to open its retail market to foreign groups. The Swedish group said that its total investment could reach as much as €1.5bn, but added the investment would only come over 15-20 years.

Iceland repays IMF debt ahead of time


The International Monetary Fund (IMF) revealed that Iceland has repaid, ahead of schedule, obligations to it amounting to about $483.7m. "This early repayment will reduce Iceland's outstanding obligation to the IMF," to about $987.3m, the IMF said in a statement.

Facebook turns to former Apple man


Facebook has recruited former Apple design manager Chris Weeldreyer. Mr Weeldreyer will work on mobile products, a statement from Facebook said. Meanwhile, Facebook became the seventh company to agree to give people advance warning if its mobile applications pull personal information from mobile phones and tablet computers.

Freefall in oil price has been 'stopped'


US petrol prices rose as the dollar slipped after the ECB took additional measures to improve banks' access to funds. The dollar weakened 0.2 pc against the euro after the announcement. "This is a market that's been begging for stimulus the last couple days," said Phil Flynn of Price Futures Group in Chicago. "It stopped the freefall."

Irish Independent