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Telefonica looks for next Silicon Valley

O2's parent Telefonica has launched the Irish arm of its global technology accelerator programme, Wayra, marking a multi-million euro investment by Telefonica in Irish-based start-ups. According to the company, Wayra is part of its new global digital unit. Initially launched last year in Latin America and Spain, the service hopes to "find and nurture the best technology ideas and talent around the world, aiming to become an accelerator for the development of future 'Silicon Valleys' in the countries where Telefonica is present".

Bicknell gets Rabo manager position


ONLINE savings bank RaboDirect has appointed Tim Bicknell as general manager for Ireland. Mr Bicknell will assume responsibility for the overall development and growth of RaboDirect in the Irish market. He joins RaboDirect from Permanent TSB where he has held the positions of head of customer relationship management and online banking and head of personal banking.

Providence finishes Barryroe labour


PROVIDENCE Resources has completed the first instalment of the follow-on work on the Barryroe well off the Cork coast where it discovered large quantities of oil in March. Analysis carried out by external consultants has shown that the deposits at Barryroe can be mapped accurately by seismic survey thus allowing the discovery to be "de-risked" without additional drilling. Analysts said the surveys should lead to a full working model for Barryroe by the end of the year. Providence climbed more than 4pc.

World's most costly coffee sells out


DUBLIN-based Java Republic Roasting Company has had "unprecedented demand" for the world's most expensive coffee after it sold out of the beans for the fifth time. Kopi Luwak coffee sells for €26.59 per cup and €68.49 per 250g pack. Despite the high prices and economic downturn, Java says the coffee has become very popular, especially as a gift. Company founder David McKernan said: "It's very odd that in the middle of a recession we have run out of the green coffee on five occasions and have at least 24 back orders to fill."

Irish Independent