||Last Updated: Oct 9, 2015 - 12:32 AM
Jun 13, 2014 - 8:52 AM
The Financial Times says today that 14 US tech & pharma groups, including Microsoft, Google and Johnson & Johnson, have cut their average tax rate by a quarter over the past eight years as they parked more cash offshore than all other US companies combined. Almost a half trillion dollars in cash is technically held offshore and according to an FT survey, they paid an average overseas tax rate of just 10% last year.
The European Commission is set to open a probe of Irish tax breaks that have been available to Apple.
Jun 11, 2014 - 2:16 AM
Last year a paper [pdf] by the Kauffman Foundation, the leading entrepreneurship think-tank in the US, showed that research universities and other postsecondary institutions are important for metropolitan entrepreneurship, but are not the key catalyst in spurring such activity. Instead, the most fertile source of entrepreneurial spawning is "the population of existing companies, which has implications for economic policymaking and economic development strategies." Meanwhile, the received wisdom on clusters, that physical proximity within city-regions is key for innovation, is also under attack.
Jun 10, 2014 - 6:21 AM
Machines are starting to slowly replace humans on the battlefield. It’s believed fully autonomous weapons may be ready in 20-30 years. And Switzerland is moving ahead with its own research into mobile robot technology.
Jun 10, 2014 - 2:03 AM
The area around London's Silicon Roundabout is once again the most prolific area of new business generation in the UK, generating 15,620 new businesses in 2013/14 according to research published Monday - - some of these startups reflect the trend towards self employment rather than a rise in entrepreneurship.
Jun 9, 2014 - 2:29 PM
The slash & burn owner of Bausch + Lomb, the contact lens maker, is seeking jobs and pay cuts at its Irish plant in Waterford.
May 30, 2014 - 4:07 AM
Irish Innovation: Today's announcement from the Enterprise department is a €500,000 Enterprise Ireland Competitive Start Fund targeted at stimulating new start-up business activity for graduates. This fund will provide for up to €50,000 in support for each successful applicant. The fund will open for applications on Wednesday 9th July and closes at 3pm on Wednesday 23rd July 2014. Applicants must have graduated with a FETAC level 8 qualification in the last 3 years.
May 29, 2014 - 4:12 PM
Apple announced Wednesday that has agreed to acquire the critically acclaimed subscription streaming music service Beats Music, and Beats Electronics, which makes the popular Beats headphones, speakers and audio software. As part of the acquisition, Beats co-founders Jimmy Iovine and Dr. Dre will join Apple. Apple is acquiring the two companies for a total of $3bn, consisting of a purchase price of approximately $2.6bn and approximately $400m that will vest over time - - the international operations of Beats are owned by a mailbox Irish offshore holding company that is tax-resident in Jersey, the Channel Islands.
May 29, 2014 - 9:34 AM
Innovation Ireland: The latest announcement from Richard Bruton, enterprise & innovation minister, of the launch of Knowledge Transfer Ireland, provides the possibility of "making it easier to commercialise, and ultimately create jobs from, ideas developed through publicly funded research, which currently receives total funding of over €800m per year."
May 29, 2014 - 7:40 AM
Announcements were made today that foreign technology companies SAP of Germany, Ericsson of Sweden and Wipro of India are to create almost 500 jobs in Ireland.
May 27, 2014 - 4:52 PM
HP (Hewlett-Packard Co) plans to cut up to 16,000 jobs as the struggling tech giant flounders in response to changing market trends.
May 23, 2014 - 9:58 AM
Cloud computing has generated a lot of hype in recent years and the proliferation of smartphone and tablets devices has made many people aware of storage in a 'cloud' but as the use of remote computing grows, the limitations are becoming more obvious and Cisco, the internet infrastructure firm, is promoting what its calls fog computing.
May 22, 2014 - 3:24 AM
The rate of birth of US startups has almost halved in three decades while in the US and elsewhere, the number of big firms that dominate global business sectors has fallen to a low level in recent times.
May 21, 2014 - 7:09 AM
May 19, 2014 - 7:21 AM
Graphene is viewed as a potential wonder material that is derived from graphite and Sir Andre Geim and Sir Kostya Novoselov, Russian-born scientists, who in 2010 had shared the Nobel Prize in Physics, first isolated the one atom thick carbon layer at the University of Manchester in 2004. However a decade later, there are fears that the UK may lose out on its commercialisation.
May 15, 2014 - 4:55 PM
Enda Kenny, taoiseach/ prime minister, today launched a new competition to find Ireland’s Best Young Entrepreneur, with a total fund of €2m available to invest in winning businesses and entrepreneurs in every county in the country - - this type of initiative is like something produced by a committee comprised of people in need of vision, tasked with finding new ideas - - in 2010, I had an idea myself: A prize for Failed Irish Entrepreneur of the Year?
Corporate Tax Avoidance: Last week the news that Apple is considering buying Beats Electronics, a maker of expensive headphones that was founded by record mogul Jimmy Iovine and rap artist Dr Dre, for $3.2bn, got a lot of media attention. Dr Dre must have pissed-off Apple when he bragged on video about becoming the “first billionaire in hip-hop” as the hyper-secretive hunter had not concluded the deal while market analysts were largely sceptical. In Ireland Dr Dre had got attention in 2012 when Beats' international holding company was established in a virtual sense in the coastal town of Clonakilty in southwest Ireland with the tax residency in the British island of Jersey. It has since moved to Dublin where there is expertise to maintain tax-dodging Irish offshore companies as stateless despite an apparent legislative attempt to end this loophole in Irish law late last year.
May 14, 2014 - 3:14 PM
May 13, 2014 - 11:06 AM
Thanks to the purchase of millions of emissions reduction certificates in foreign countries, Switzerland has managed to meet its goals under the Kyoto protocol. But do projects in developing countries really benefit the climate?
May 13, 2014 - 7:43 AM
Up to 90% of US high tech startups fail and this estimate includes both venture capital (VC) backed and other firms that are not able to raise external funding. Meanwhile, with the cost of launching a startup plunging in recent times, it has been suggested that the Silicon Valley system is one of failure by design.
We wrote in 2011 on China's 'indigenous innovation plan' of 2006 to reduce its dependence on the technology of foreign-owned firms and set the country on the road to become a world-class knowledge economy.
May 12, 2014 - 5:29 PM
May 12, 2014 - 8:05 AM
It's striking how the tech industry has made the terms 'startup,' 'entrepreneurship' and 'innovation' synonymous with itself in public and policy settings in Ireland and elsewhere, with the help of fawning politicians and technology journalists.
Apple has bought 24 companies in past 18 months, it was recently disclosed, and more deals are likely on the way, with Tim Cook, the CEO, describing Apple as "on the prowl" for potential acquisitions that make sense. Cook's comments coincide with news reports that Apple is seeking to bolster its streaming-music business with a proposed $3.2bn deal to acquire Beats Electronics LLC, the high-end headphone maker that recently launched the Beats Music subscription service, according to people familiar with the matter - - Beats Electronics LLC is a privately held US firm and Beats Electronics Holding Limited, an Irish offshore tax avoidance company that is domiciled in Jersey, Channel Islands, is the owner of the international operations.
May 9, 2014 - 4:51 PM
Last November, Snapchat, the then 2-year old developer of a popular mobile messaging app, spurned a purchase offer from Facebook that had valued the firm with no revenues at $3bn, is now facing a reality that a key aspect of its business model has been undermined and it faces 20 years of audits of its privacy obligations by a US federal agency.
May 9, 2014 - 12:06 PM
Alibaba, China's e-commerce giant, has filed an initial public offering (IPO) document with the US Securities and Exchange Commission (SEC) with plans to raise $1bn.
May 7, 2014 - 7:28 AM
Intel, the US chip giant, has confirmed that it will upgrade its Kiryat Gat plant in Israel, potentially creating thousands of jobs.
May 2, 2014 - 9:12 AM
The Irish Government today promised 60 "high end" jobs in Donegal - - "high end" is added to a lexicon for research jobs that includes "quality jobs" and "high value jobs."
May 1, 2014 - 3:53 PM
Pfizer's interest in acquiring London-based AstraZeneca, a drugs firm of Swedish origin, is partly motivated by the opportunity to not only cut its annual tax burden but it could use its overseas cash pile of $69bn without likely incurring a tax liability.
Apr 29, 2014 - 11:15 AM
Oracle, the US business software and computer server giant, booked 27% of its global revenues in Ireland in the fiscal year ending May 31, 2013, to avoid taxes.
Apr 28, 2014 - 8:00 AM
Google revealed this week that France's tax authority has hit it with a tax demand in respect of underpayments arising from the Double Dutch-Irish corporate tax avoidance scheme. The search engine giant didn't give an estimate of the liability but It may have to pay as much as €1bn.
Apr 27, 2014 - 3:09 PM
Apr 24, 2014 - 5:22 AM
World's Tech-Ready Countries 2014: The latest Global Information Technology Report demonstrates that infrastructure is only half of the battle in creating a networked nation. With 90% of its population online, high levels of technological innovation and the concerted efforts of governments, business and individuals investing in ICT (information and communications technologies), Finland once again tops the ranking of the most network-ready countries in the Global Information Technology Report (GITR) 2014 [pdf] produced by INSEAD, the French business school, the World Economic Forum and Cornell University. Ireland got a 26th rank, up from 27 in 2013.
As a research location, Germany has made significant progress over the last few years. The share of R&D expenditure in GDP probably just missed the EU's 3% target in 2012. Despite this positive trend, further efforts are necessary to maintain Germany's competitive position, according to Deutsche Bank economists.
Apr 24, 2014 - 4:26 AM
What farmer wouldn’t want an insect-resistant pepper? Yet opposition is growing to a pepper patent granted to Swiss agrochemical giant Syngenta. A coalition has stepped up the fight against patents and the threat they pose to farmers everywhere.
Apr 23, 2014 - 2:07 AM
Google reported rising costs in the first quarter that reduced profits and sent its shares lower in after-hours trading.
Apr 17, 2014 - 9:33 AM
IBM on Wednesday posted its lowest quarterly revenue in five years, as first quarter revenue fell 4% to $22.5bn, with the company's hardware, software and services business all underperforming. It was also the eighth straight quarter the company failed to show a revenue rise.
Apr 17, 2014 - 8:53 AM
Apr 16, 2014 - 8:22 AM
Munich, London and Paris are Europe's top ICT (Information and communications technology) hubs, with smaller cities such as Darmstadt identified as a leader in a new EU Atlas of ICT hotspots (can take a while to load), that has been produced by the European Commission. This atlas shows where digital technologies thrive and examines the factors contributing to this success. Dublin has a rank of 16.
Switzerland is no longer part of the “Champions League” of European research. Scientists tell swissinfo.ch their future is uncertain following the European Union’s decision to exclude Swiss institutes from funding within its flagship research programme.
Apr 14, 2014 - 1:18 AM
Apple booked about $100bn in sales through Irish subsidiaries in 2013 but the Irish Government is bizarrely claiming that the Irish incorporated offshore affiliates, which were stateless until a change in Irish law late last year, are not Ireland's concern because trading is not located in Ireland.
Apr 8, 2014 - 7:49 AM
Ryanair, the principal commercial success of the Celtic Tiger period, today announced plans to create 200 new jobs here in Ireland, primarily for technology, software development and digital marketing specialists, as , Enda Kenny, taoiseach and Michael Noonan, finance minister, joined David Bonderman, Ryanair chairman, to officially open Ryanair’s new 100,000 sq.ft Dublin office campus in Airside Business Park, Swords.
Apr 3, 2014 - 1:15 PM
Richard Tol, the Dutch environmental economist, who left Dublin's ESRI (Economic and Social Research Institute) in 2012 after a dispute about research techniques, has become a dissenting author of the UN's Intergovernmental Panel on Climate Change (IPCC) latest report published Monday, that says the effects of climate change are already occurring on all continents and across the oceans.
Mar 31, 2014 - 7:00 AM
One of the most important issues in a new report by the Intergovernmental Panel on Climate Change (IPCC) is the impact on migration flows – a phenomenon not limited to the world’s poorest regions, warns a Swiss migration expert.
Mar 31, 2014 - 6:39 AM
Intel 25 years in Ireland: Intel the US chip giant's decision in the late 1980s to build a chip plant in Ireland was hugely important and from the early 1990s, Ireland with only 1% of Europe's population, attracted up to 25 % of all US greenfield industrial investment in our continent. The new technology and skills that this inflow brought contributed to a 4% annual increase in output per worker at national level, ie productivity. However, while it's commonly stated by the company itself, politicians, IDA Ireland and the media that Intel employs about 4,500 in Ireland, the actual number is 2,800.
Mar 27, 2014 - 11:27 AM