News

• 02 Jul 2009

  Manufacturing giant moves to Ireland

  Diversified U.S. manufacturer Ingersoll-Rand Plc said today it had reincorporated in Ireland, a move that will allow it to take advantage of low Irish corporate rates, EU membership and tax treaties.
  
  The move, approved last month by shareholders, will make the maker of climate control systems ineligible for inclusion in the Standard and Poor's 500 index.
  
  Ingersoll is one of several large companies shifting their incorporation from the Atlantic islands of Bermuda to Ireland or Switzerland.
  
  Health care products company Covidien Plc earlier this year reincorporated from Bermuda to Switzerland as well.
  
  (Bizworld)
  
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• 22 Jun 2009

  Pharmacies say 5k jobs in peril over cut

  Up to 5,000 jobs are in danger from the decision by the Government to cut up to E133m in payments to pharmacists over the coming year, pharmacists warned today.
  
  The Government's plan is to reduce from 50pc to 20pc the retail mark-up payable under the community drugs schemes.
  
  It also plans to put in place a new dispensing fee structure for the community drug schemes based on a sliding scale. This will see pharmacists paid E5 for first 20,000 items, E4.50 for next 10,000 items and E3.50 for the remaining items.
  
  The Irish Pharmacy Union said the Government's plans could jeopardise up to 5,000 jobs. IPU President, Liz Hoctor, said; "These cuts announced today amount to a 36 per cent reduction in the current level of payments to pharmacists. These massive cuts are utterly disproportionate and totally unsustainable."
  
  The Government is also to end a special payment to pharmacists which was awarded as part of the former scheme to provide automatic entitlement to a medical card for person aged over 70. It is also to reduce the "wholesale mark-up" reimbursement price paid for delivery of drugs to community pharmacies, from 17.66pc to 10pc.
  
  Minister for Health Mary Harney said that as a result of the new measures pharmacists' income under the various State schemes would fall back to the levels paid in 2006.
  
  "In 2009 specifically, this income will be back to the level of 2007. With many people having lost their jobs, and wages and incomes being reduced throughout the economy, it is not unreasonable to bring income to pharmacies from State sources back to the level of three years ago," she said.
  
  (bizWorld)
  
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• 16 Jun 2009

  Powervation to create 150 Limerick jobs

  Limerick based semiconductor manufacturer, Powervation, is set to create 150 new jobs over the next two years following the development of a new microchip.
  
  The new technology will allow manufacturers achieve up to 30 per cent energy efficient gains as well as a 50 per cent increase in transient response.
  
  The Limerick headquartered company has offices in California, China and Cork and currently employs 35 people worldwide where 25 are based in Limerick.
  
  Formed in 2006, Powervation has had the backing of major investors from both home and abroad following its inception back at the Circuits and Systems Research Centre at the University of Limerick. Antoin Russell, Powervation chief executive, said that the "company was due to go into full production shortly."
  
  Commenting on the team that backed the project, Russell added; "It was a collection of individuals in the research community in Limerick who were able to work together and blend their creation into something that was truly unique. That research goes back seven years, so there's no such thing as an overnight success."
  
  (bizworld)
  
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