Business & Finance brings you the day’s Irish business news in brief.
Legendary Irish economist TK Whitaker dies at the age of 100
The death of Dr TK Whitaker has been announced as many figures in Irish society pay tribute to a man whose policies propelled Ireland into modernity.
Martin Shanahan, CEO of IDA Ireland, noted earlier today: “Dr TK Whitaker’s legacy extends far beyond the economic and he will be remembered as the very finest exemplar of public service. If it were not for his policies, Ireland would not have the modern economy that we have today. It is also reasonable to say that IDA Ireland, in its current form, would not exist were it not for the policies that he espoused in the ‘50s and ‘60s.”
He continued: “Dr TK Whitaker encouraged us to look beyond our shores for the economic prosperity we desired as a nation. His courage and determination to persuade others of the need to create a more open economy in Ireland laid the foundations for the employment we see today in multinational companies across Ireland.”
Governor Philip R Lane has also paid tribute to TK Whitaker. “He was a dedicated public servant, deeply committed to the wellbeing of the Irish people,” he commented. “His vision of Ireland as an open, dynamic economy has provided the platform for Irish economic policy for the last 60 years.”
“During his tenure at the Central Bank, Governor Whitaker led the modernisation of the Central Bank and the expansion of its mandate. He was also a consistent voice in providing independent economic advice to the government throughout this period. In the Central Bank, he is also remembered for important initiatives such as increased opportunities for female staff and reformed management structures.”
Ibec CEO Danny McCoy today described the late TK Whitaker as a key to establishing the economic foundations upon which business in modern Ireland has thrived so successfully upon.
He said: “TK Whitaker was instrumental in the opening up Ireland’s economy to the world, positioning our course toward the single European market and fuelling our convergence with living standards of developed economies, the fruits of which we continue to enjoy today. His resolute support for free trade and internationalisation has resonated throughout the decades on this island and remain a corner stone of economic policy.”
President Michael D Higgins also paid tribute. “Dr Whitaker contributed enormously to the building of an independent Ireland. I had the privilege and also the great pleasure to know Dr Whitaker. His great energy and intellectual rigour was matched by an irresistible personal charm. He was as inspiring as he was impressive, and as fine an Irishman as there has been.”
Click here to read a Business & Finance article written by TK Whitaker in 1980.
80% of workers not saving enough for retirement
80% of the working age individuals who started seeking financial advice from the deVere Group in 2016 were not adequately saving for their retirement, it has today been revealed.
Nigel Green, the founder and chief executive of deVere Group, says: “This is very worrying indeed. Eight out of ten of all the new clients we took on as a firm last year were not saving enough in order to be able to have a comparable lifestyle in retirement.
“Last year only 20% of new clients were putting enough aside to realise their own long-term financial goals of retiring at an age they want and having enough money to last throughout their retirement.”
Irish ecommerce spending rises by over 15.4% in December
The slowdown in growth of household spending in Ireland continued in the final month of 2016, according to the latest data from Visa’s Irish Consumer Spending Index.
This month’s data shows that consumer spending was up +3.6% year-on-year in December, marginally slower than the +3.9% rise in the previous month. Spending has increased continuously through the 28-month series so far, but the latest rise was the slowest since it began in September 2014.
The rate of expansion has now eased in three consecutive months. Meanwhile, spending was up +4.0% year-on-year in the final quarter of the year as a whole, the slowest rise since the final three months of 2014.
Are jobs on the line at Bus Éireann as losses set to grow?
Bus Éireann’s finances have deteriorated and the latest figures suggest that the company has could be headed for trouble over the coming years.
In 2015, the company haemorrhaged €5.6m and losses for 2017 are expected to exceed this figure.
However, Bus Éireann have stated that there will be no redundancies.
Irish sisters step down as directors of Opsh.com
Jennie, Grace and Sarah McGinn have left Opsh.com, an online shopping portal the sisters founded.
In a statement, the McGinn sisters said: “Perhaps what will come as a surprise is just how long we battled, fought and pivoted our way through adversity – a testament to our sheer determination, but ultimately unsustainable. We have built an incredible brand with Opsh – but it’s now time for us to step away.”
“We hope we have left some blueprint for aspiring entrepreneurs or people who just want to getahead. That alone makes it worthwhile.”