Daily Digest

Dear Colleague,  

 

Sterling at three month low ahead of May's Brexit speech (RTÉ)

The British pound stayed near a three-month low this morning, hit by fears that Prime Minister Theresa May's speech later today is likely to set Britain on a course that would end its access to the lucrative European Union single market.  Concerns over US President-elect Donald Trump's protectionist policies are also undermining risk sentiment, helping to push up the yen back to its highest levels in more than five weeks.  The pound was on the defensive at $1.2045, having slumped to a three-month low of $1.1983 yesterday.  Read more: 

Minister Halligan announces €34.5M in funding for the Technology Transfer Strengthening Initiative (Merrion Street)

Minister Halligan has announced funding of €34.5m for the third phase of Enterprise Ireland's Technology Transfer Strengthening Initiative (TTSI) which serves to bolster the capability within the knowledge transfer system in Ireland. The programme allocates funding across eight consortia comprising 26 research performing organisations that include Universities, Institutes of Technology and state research bodies.  Read more: 

Hard Brexit to ratchet up ‘stress’ for Irish firms (Irish Examiner)

The renewed slump in sterling is hurting key Irish businesses hard as the turmoil caused by the uncertainty of the UK’s new relationship with Europe will persist for a long time, analysts here have warned.  The UK currency fell again yesterday, touching almost 88p, its lowest level against the euro since early November amid a sell-face as UK prime minister Theresa May later today outlines her government’s plans over the divorce talks with the EU.  Any hard Brexit outcome would damage the economy here, north and south.  Read more: 

Irish startups are punching above their weight in attracting VC funding (Fora)

IRISH COMPANIES RAISED the fourth-highest total venture capital funding in Europe during the final three months of last year.  In the last quarter of 2016, €220.8 million in venture capital funding was raised across 25 deals by Irish companies, 7% of the total raised in Europe, according to the latest Dow Jones VentureSource report.  The research also found that Enterprise Ireland was the third-most active European-based investor during the period.  Read more: 

Steeltech Sheds announce 43 jobs for Galway (Business World)

Galway-based steel shed manufacturing company, Steeltech Sheds, has today announced a major investment of €5million over the next three years and 43 new jobs in the next 12 months. The expansion is due to the major growth of the company domestically in the last year, following the creation of 50 Jobs in 2016 and the decision to further expand and export into the UK Market.  The €5million investment over the next three years by the company will see funding in capital, people, IT, innovation, R&D and sales and marketing allowing Steeltech Sheds to scale significantly over the next five to ten years.  Read more: 

And finally...

Entrepreneurs will keep striving (Bel Tel)

Generally speaking, there are ample signs that the Northern Ireland property market will continue to improve in 2017. Overall, last year was a positive one for commercial property, and while the immediate fall-out from the Brexit vote appeared to have had a negative impact, it was very much a case of business as usual towards the end of 2016.  Read more: 


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