| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 Asia Economy


How to use our RSS feed

Follow Finfacts on Twitter

Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.


Finfacts is Ireland's leading business information site and you are in its business news section.


Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News


Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News




Content Management by interactivetools.com.

News : Irish Economy Last Updated: Jul 22, 2011 - 9:25 AM

IDA Ireland says 28 'new name' investors won in H1 2011 but few facts on jobs
By Michael Hennigan, Founder and Editor of Finfacts
Jul 21, 2011 - 1:50 PM

Email this article
 Printer friendly page
Analog Devices, Limerick

IDA Ireland, the State inward investment agency, today issued a mid-term review and said that 28 'new name' investors have agreed  in H1 2011 to create jobs projects in Ireland for the first time.

In recent years, new projects tend to be small with a limited jobs potential.

The total number of overseas investments won in the first half of this year was 75, up 19% on 2010. However, there is no data on the total value of investments on net jobs - -  gains minus losses.

The agency said yesterday’s €50m investment by Analog Devices in Limerick, which has been in Ireland since 1977,  together with today’s four announcements and another expected announcement tomorrow from "a world leading company" will see over 560 new jobs created. "We expect the strong flow of foreign direct investment to continue through 2011," the agency said.

New jobs announcements get a lot of official promotion; job losses unless very large, are ignored.

On Wednesday, US finance company Northern Trust confirmed plans to cut 220 jobs in Dublin and a further 50 jobs in Belfast and London.

The move follows the group's purchase of Bank of Ireland Securities Services (BoISS) last month in a deal valued at up to €60m.

Northern Trust said the acquisition had led to a number of duplicate roles across the company and it also said that 80 positions are to be transferred to the firm's fund administration operation in Limerick over the next 18 months and that those impacted by Wednesday's decision will be invited to apply for the new positions.

Commenting at the announcement of H1 results, IDA chairman Liam O’Mahony said "in a marketplace where foreign direct investment into the EU was down 23% last year it is extremely encouraging that IDA is having a strong performance in 2011 and has managed to win an increasing number of investments from overseas companies."

Irish jobs at foreign multinationals in 2010 were at 1998 level while employment in the Irish-owned tradeable sector was also back to 1998.

IDA announcements list 2011 (MS Word)

Update: The IDA has told Finfacts that estimates that, based on losses in the first half of this year compared to H1 last year, that total job losses should be one third less than in 2010.

Given that losses in 2010 were 9,545, IDA estimates that job losses could be approximately 6,400 (calculated as 9,545 x 0.67).

IDA estimated that between 10,000 and 11,000 jobs will be created in 2011.

Related Articles
Related Articles

© Copyright 2011 by Finfacts.com

Top of Page

Irish Economy
Latest Headlines
Finfacts launches new news site
Irish Farmers & Milk Prices: 'Shackles' off in April; Demanding safety-net in August
Irish pension managed funds returns at over 12% year-to-date in 2015
Irish chartered accountants' salary packages surge 13% in 12 months
Irish services PMI fastest rate since late 2006; Official data up only 2.4% in 12 months
Irish Economy: Tax €893m above target in year to July — €653m from corporation tax
Fact and Fiction: Time to review Ireland's economic statistics?
Irish M&A deals H1 2015: Dutch or UK firm acquires Irish firm for €32.6bn - they are both American
Irish manufacturing PMI strong in July
Irish Economy: Fall in GNP in Q1 2015; GDP rises
Irish Economy 2015: Central Bank lauds strong recovery; Time to start paying down debt
Irish Budget 2016: Ibec demands 20 tax cuts, spending and investment rises
Low pay in Ireland; Lowest social security & corporate taxes in Europe
Ireland vs Greece: Enda Kenny's false claims on growth, taxes and debt
Irish standard of living in 2014 below Euro Area average, Italian level; Prices 5th highest in EU28
Irish goods exports rose a record 30% in April - due to fake tax-related transactions
Mexican tall ship to sail into Dublin on June 17th
Irish industrial production up 20% in first four months of 2015; Construction down 2.6% in first quarter
Irish Economy 2015: ESRI slams return to boom-time pro-cyclical fiscal policy
Irish pension fund returns in average range 1.6% - 1.8% in May 2015
Irish service sector PMI remains strong; Tax avoidance clouds data
Ireland: Official unemployment rate at 9.8% in May; Broad rate at 19% — 440,000 people
Ireland: Fiscal Council warns of dodgy forecasts, no plan; OECD warns of new property bubble
Irish Public Finances: Tax revenue in first five months of 2015 €734m ahead of target
No simple measure of economic progress in Ireland: GDP & GNP defective
Irish manufacturing PMI rises in May; Production up unbelievable 45% in year to March!
ESRI says data volatility hinders Irish economic forecasting; Tax avoidance taboo cause
Ireland at 16 in international competitiveness ranking; US, Singapore and Hong Kong on top
Irish Economy 2015: Sectors to add 200,000 jobs?; Broad jobless rate at 19%
Irish Export Performance: Myths and reality - Ireland is a poor exporter
Irish Economy: 41,300 jobs added in 12 months to Q1 2015 - Construction up 19,600
China-Ireland: Economic relationship on a slow burn
Estonia, Austria, France, Ireland head global alcohol rankings
Irish Exchequer Returns: Tax receipts under target in April but ahead in year
Irish service sector PMI rose in April
Irish manufacturing PMI remained strong in April- includes overseas manufacturing
Irish Live Register + 90,000 activation scheme numbers at 439,000 in April
Ireland: Coalition drops 2018 full-employment target
Ireland Spring Statement: Noonan promises 200,000 net new jobs by 2018
Irish Economy 2015: Retail sales volume up 1.4% in month of March