A round-up of today’s other stories in brief

US financial services firm to create 50 jobs

A US-based financial services software company is to create 50 jobs in Dublin over the next five years, it was announced yesterday, writes Ciara O'Brien.

Fi-Tek plans to open a European headquarters and customer support operation in Dublin. The facility will support clients of Fi-Tek’s HedgeTek software product.

Minister for Enterprise,Trade and Innovation Batt O’Keeffe said the IDA Ireland-backed investment was “significant” for Ireland’s financial services sector.

“Ireland is the largest hedge fund administration centre in the world, with almost half of all global alternative investment funds operated from here,” he said.

“Fi-Tek’s decision to establish a European headquarters in Dublin shows we can outperform rival locations for major global investments in the financial services sector.”

Fi-Tek managing director Peter Marshall said the availability of highly skilled personnel, a pro-business environment and the presence of many of its clients were key to its decision to locate here.

Cowen opens drug firm in Tullamore

Taoiseach Brian Cowen officially opened Freund Pharmatec's new European hub in Tullamore, Co Offaly yesterday. The Japanese firm has created 25 jobs at the plant. The primary focus of the plant will be in new drug delivery technologies and clinical trial manufacturing.

Yasutoyo Fusejima, chairman of Freund said that, despite stiff competition from other European countries, the company selected Ireland because of IDA support and the educated workforce. Mr Fusejima said he was delighted by the speed at which the base was established.

"I look forward to witnessing the growth of Freund's European base in Ireland," he said.

Mr Cowen said the company would work closely with Athlone Institute of Technology in developing further potential technologies.

Price of gold hits new record

Gold hit a record high yesterday for the third time this week as poor US consumer data and market talk of more quantitative easing put the alternative asset on track for its largest weekly gain since May.

Silver rose to just below $21 an ounce, approaching levels not seen since 1980 as gold's rally triggered further investor speculation that the white metal would continue a winning streak that began in August. Gold surged to an all-time peak of $1,282.75 an ounce in the European session on expectations that the US Federal Reserve, hoping to stave off double-dip recession, could announce more quantitative easing – usually a boon for gold. After some profit-taking, the metal turned higher again after data showed consumer sentiment worsened in early September to its weakest in more than a year. – (Bloomberg)