In Short

A round-up of other business news in brief

New start-ups fell 9 per cent last year

The number of businesses starting up in 2009 fell 9 per cent compared with 2008, according to new research.

The Bank of Ireland Business Start-up Barometer showed 36 new firms formed every day in 2009, a total of 13,327 compared to 14,753 in 2008. Almost half were registered in Dublin. The 9 per cent fall was less than expected, the report said, but the number of companies dissolved in the year was 16 per cent higher. The motor sector saw the largest increase, up 42 per cent.

Foreign expert sought for inquiry

The Department of Finance is drawing up a shortlist of candidates to lead one of the preliminary investigations to be launched into the banking crisis. Minister for Finance Brian Lenihan would prefer an international financial expert to lead the investigation, Government sources said, although an Irish candidate has not yet been ruled out. The other preliminary inquiry will be led by the governor of the Central Bank, Patrick Honohan.

PayPal to create 100 new jobs in Dublin

PayPal is to create 100 jobs at its Dublin operation, the online payments company announced yesterday, writes Ciara O’Brien.

The jobs will be created in customer service and operations at its European Centre of Excellence in Blanchardstown, which manages all direct customer contact for PayPal’s businesses across Europe.

The jobs will be permanent positions and they will be open to people fluent in English and a second European language.

Taoiseach Brian Cowen welcomed the news which he said “underlines Ireland’s continuing ability to attract high-calibre foreign direct investment”. Since the European Operation Centre opened in 2003, staff numbers have grown from 25 to 1,100. In 2009, a €15 million investment was announced.

Google shares fall despite rise in profits

Google was among the first technology companies to shake off the recession last year, but the internet giants fourth-quarter report could not satisfy investors’ demand for stronger growth.

Its shares fell about 4 per cent after the leading internet search provider posted a higher-than-expected profit but its revenue growth lagged some of Wall Street’s most bullish expectations – even though it was Google’s strongest performance in a year. Google, whose total revenue increased 17 per cent to $6.67 billion, is the latest major tech firm to close out 2009 with improved financial results. – (Reuters)

McDonald's quarterly profits up

McDonald’s reported a higher quarterly profit as strength in international markets offset its weak US business, which is grappling with high unemployment and rampant discounting. The world’s largest hamburger chain also said sales trends remained positive in January at restaurants open at least 13 months. McDonald’s said fourth-quarter profit was $1.22 billion. – (Reuters)

Rusal raises $2.2bn in Hong Kong float

Rusal raised $2.2 billion in a Hong Kong share float that will enable the world’s largest aluminium producer to repay some of its $14.9 billion debt and may spur other Russian firms to pursue Asian listings. Investors bet on Rusal’s ability to flourish on growing Chinese demand for aluminium via a long-awaited IPO. Rusal owns Aughinish Alumina, the refinery located on the Shannon estuary. – (Reuters)