In Short

A round-up of other business news in brief

Ireland now more attractive for foreign investment - Ibec

Economic adjustments, including the drop in house prices and rents, have made Ireland more attractive for foreign direct investment, according to a new report by employers’ group Ibec.

Ireland as a Place to do Business says the domestic economy must become a priority for Government action. Ibec expressed concerns the Government will not meet its public capital investment this year which are 25 per cent behind target.

“Government needs to put in place a well-targeted public capital investment programme and ensure that any changes to the tax system promote consumer confidence and encourage a return to more normal spending and saving patterns,” said Brendan Butler, Ibec’s director of international affairs.

Mowlam profits dip 43% to €850,000

Profits at nursing home chain Mowlam Healthcare dropped 43 per cent to €850,000 last year, as occupancy fell due to the opening of three new homes in 2008 and 2009.

Mowlam said it takes three years on average for homes to reach full occupancy. Turnover at the group climbed 10 per cent during 2009. The company, which has 15 homes, said it increased staff numbers by 11 per cent to 680 last year, and expected to grow its workforce this year.

“Despite the very challenging economic environment, coupled with the addition of three new nursing homes, we are pleased with our performance in 2009,” said Pat Shanahan, chairman of Mowlam, which is based in Limerick.

€213m from EU for firms, institutions    

Irish companies and higher education institutions have secured €213 million in funding for research projects from a €50 billion EU fund.

Some 720 out of 2,965 applications had received the funding between the establishment of the Seventh EU Framework Programme in 2007 and April 2010.

Companies accounted for €55.5 million of the funding. The EU will tomorrow call for applications from research and development proposals for funding under the programme, which runs until 2013. Research projects in IT and communications, health, nano-technology and energy have drawn funding under the programme.

Minister for Technology and Innovation Conor Lenihan said the programme was open to projects in transport, environment and agriculture, and that ideas generated from the projects would help create new high-quality jobs.