Web Summit spin-off MoneyConf brings the magic to Dublin

This week in business: Fintech conference founded by Paddy Cosgrave will attract more than 5,000

Paddy Cosgrave, Web Summit CEO and founder of MoneyConf. Photograph: Dara Mac Dónaill

Paddy Cosgrave, Web Summit CEO and founder of MoneyConf. Photograph: Dara Mac Dónaill

 

Monday

Indicators: Irish new car sales (May), construction PMI (May); UK balance of trade (Apr), manufacturing and industrial production (Apr); US consumer inflation expectations (May).

Meetings: Hostelworld AGM (One Central Park, Leopardstown, Dublin 18); MoneyConf (RDS, Dublin 4).

MoneyConf

Paddy Cosgrave may have taken his Web Summit off to Portugal under a stormy cloud in 2016 but he has brought a little piece of his magic back to Dublin this year with MoneyConf.

The Web Summit spin-off begins on Monday and is now, according to Cosgrave, the fastest-growing fintech-focused conference in Europe. This year’s event is expected to attract more than 5,000 attendees to discuss, debate and mull over all things money.

Moving in the opposite direction to its bigger sibling, the MoneyConf event migrated from Madrid to Dublin and is expected to remain here, at least into the foreseeable future.

It is of considerable value to anyone with a stake in fintech. The 2018 line-up includes: Joseph Lubin, co-founder of bitcoin rival etherum; Valentin Stalf, founder of N26; Kristo Kaarmann, chief executive of TransferWise; and Kathryn Petralia, chief operating officer of Kabbage.

Mr Cosgrave says the number of conference partners has risen from about 15 to 50 this year.

Whatever it is about their events, organisers Manders Terrace Limited are doing something very right. Recently filed abridged accounts for the holding company behind the Web Summit and its various sister events showed pre-tax profits jumped to €2.27 million in 2016, from just €230,302 a year earlier.

Tuesday

Indicators: Euro zone economic sentiment index (Jun); UK consumer inflation expectations (Q2), unemployment (Apr), average earnings (Apr); German economic sentiment index (Jun); US business optimism index (Jun), inflation (May).

Meetings: Enough Finance seminar on money management (Fitzwilliam Hotel, St Stephen’s Green, Dublin 2).

Wednesday

Indicators: Irish residential property price index (Apr), tourism and travel figures (Q1); Euro zone industrial production (Apr); UK inflation (May), retail price index (May), PPI input and output (May); US PPI (May).

Meetings: US Fed interest rate decision; UCD Smurfit School information evening on part-time masters programmes (Smurfit Business School, Blackrock, Co Dublin); Digital Dún Laoghaire’s Digital Transformation Conference for business (Royal Marine Hotel, Dún Laoghaire, Co Dublin).

Thursday

Indicators: UK retail sales (May); German inflation (May); US import and export prices (May), retail sales (May).

Meetings: ECB interest rate decision; Providence Resources AGM (Clayton Hotel, Burlington Road, Dublin 4); Chartered Institute for Securities & Investment presentation: Blockchain for Business on transformation of financial services (Westbury Hotel, Grafton Street, Dublin 2); Property Industry Ireland Conference (Marker Hotel, Docklands, Dublin 2).

Providence Resources chief executive Tony O’Reilly. Photograph: Cyril Byrne
Providence Resources chief executive Tony O’Reilly. Photograph: Cyril Byrne

Providence AGM

On Thursday, Providence Resources will hold its agm. The shareholder gathering comes shortly after the company announced a widening of operating losses in 2017.

These rose to €21.4 million compared to €18.8 million in 2016. Overall losses were €20.4 million in 2017, compared with €20.5 million a year earlier.

However, in the annual report published last month, chairman Pat Plunkett said that, after three difficult years in the oil and gas sector, with a drop in commodity prices, 2017 brought with it the beginnings of a recovery.

“With the pickup in industry cash flows and the sharp decline in operating costs, the industry is refocusing on reserve replacement and the need to identify and execute new drilling opportunities,” he said.

“Importantly for Providence, this has been reflected in increased interest in the Irish offshore and improved scope for farming out projects with credible technical and financial characteristics.”

Its main activity during last year was exploration drilling in the Porcupine Basin, targeting the Druid and Drombeg targets.

“We continue to be by far the most active player offshore Ireland in terms of drilling activity, commercial deals and collaborations with world-class partners,” chief executive Tony O’Reilly jnr said recently.

“Looking ahead we have the portfolio, partners, people and financial resources in place to advance our portfolio through exploration and appraisal drilling for the benefit of all our shareholders.” Food for thought on Thursday.

Friday

Indicators: Irish exports and imports (Apr), balance of trade (Apr); Euro zone inflation (May); German wholesale prices (May); US industrial and manufacturing production (May).

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