Business

Ireland’s Venture Capital Investment Rises in Q4 Amid Global Challenges

Published

2 weeks ago

January 20, 2025

RTX

Venture capital (VC) investment in Ireland experienced a notable rise in the final quarter of 2024, supported by renewed interest in emerging technologies and government schemes aimed at bolstering the VC industry. According to the latest KPMG Venture Pulse report, Ireland recorded 29 deals worth $255.16 million (€247.22 million) during the quarter, a 46% increase compared to 26 deals valued at $174.76 million (€169.38 million) in the same period of 2023.

However, despite the strong finish to the year, total venture capital investment in Ireland for 2024 fell by 18%, amounting to $627.75 million (€608.44 million) across 98 deals. This was a decline from the previous year, which saw 101 deals worth $764.06 million (€740.49 million). The drop reflects global funding pressures that have challenged startup ecosystems worldwide.

Major Deals and Sector Focus

The fourth quarter of 2024 saw several high-value deals in Ireland. Among the standout investments:

Dublin-based Nuritas, an AI-powered peptide discovery company, raised $42 million (€40.71 million) in a Series C funding round.
Travel tech infrastructure firm Nuitée, also based in Dublin, secured $48 million (€46.52 million) in its Series A funding round.

Irish venture capital activity in Q4 was driven by interest in sectors such as biotech, health, and fintech, alongside a growing focus on artificial intelligence (AI). The government’s introduction of the new Seed and Venture Capital Scheme further supported this momentum.

Optimism Amid Challenges

Anna Scally, international tax partner at KPMG Ireland, highlighted the resilience of Ireland’s innovation ecosystem. “A strong end to 2024 and a positive start to 2025 underscore the resilience of Ireland’s innovation ecosystem amidst global funding pressures and show confidence is returning to the market,” Scally said on the company’s website.

She also pointed to AI’s growing prominence in Ireland’s VC landscape, though deal sizes in the sector remain relatively small. The implementation of the EU AI Act on February 2, 2025, is expected to influence the development of AI products and services in the European market, further shaping the sector.

Global VC Trends

Globally, venture capital markets demonstrated resilience in 2024, with 35,684 deals totaling $368.3 billion (€356.74 billion). While the number of deals decreased from 43,320 in 2023, the combined value rose compared to $349.4 billion (€338.54 billion) the previous year.

The Americas led VC activity, with investments reaching $221.7 billion (€214.85 billion), while Europe’s total stood at $62.4 billion (€60.47 billion). The Asia-Pacific region saw its VC investment drop to a nine-year low of $78.8 billion (€76.36 billion), reflecting broader global challenges such as geopolitical tensions and economic uncertainties.

Business

Global Job Market to See Major Shifts by 2030, Report Reveals

Published

12 hours ago

February 1, 2025

RTX

A new report from the World Economic Forum (WEF) highlights significant changes in the global job market, with technological advancements, demographic shifts, and economic uncertainty reshaping employment opportunities. While 92 million jobs are expected to be displaced by 2030, an estimated 170 million new positions will emerge, resulting in a net gain of 78 million jobs.

Tech-Driven Roles Dominate Fastest-Growing Jobs

According to the WEF’s “Future of Jobs Report 2025,” jobs related to artificial intelligence (AI), financial technology, and data analytics will see the highest growth rates over the next five years.

The demand for Big Data Specialists is projected to rise by 113%, followed closely by FinTech Engineers (93%) and AI & Machine Learning Specialists (82%). Other high-growth roles include:

Software and Applications Developers (+57%)
Security Management Specialists (+53%)
Data Warehousing Specialists (+49%)
Autonomous & Electric Vehicle Specialists (+48%)
UI & UX Designers (+48%)
Internet of Things (IoT) Specialists (+42%)
Data Analysts & Scientists (+41%)

Clerical and Administrative Roles in Decline

Conversely, clerical jobs are among the most at-risk, as automation and AI continue to streamline business operations. By 2030, nearly one-third of postal service clerks (-34%) and bank tellers (-31%) will be displaced.

Other declining roles include:

Data Entry Clerks (-26%)
Administrative Assistants & Executive Secretaries (-20%)
Cashiers & Ticket Clerks (-20%)
Accounting & Payroll Clerks (-18%)

AI-powered automation is a primary driver of these declines, with businesses increasingly adopting digital processes to reduce reliance on manual labor.

Agriculture and Delivery Industries Experience Job Boom

Despite automation, agriculture remains a crucial source of employment. The report predicts 49 million new farming jobs by 2030, offset by 14.1 million job losses, resulting in a net increase of 34.9 million jobs—accounting for 45% of global net job growth.

Similarly, the rise of e-commerce and online food delivery services will drive demand for light truck and delivery drivers (+9.8 million jobs) and food processing workers (+4.3 million jobs).

Healthcare and Education Show Steady Growth

Unlike other sectors, nursing professionals (+3.1 million jobs) and personal care workers (+1.6 million jobs) are expected to see only job growth, with no anticipated losses.

Education remains another area of expansion, with university and higher education teachers (+1.9 million jobs) and secondary school teachers (+1.6 million jobs) ranking among the fastest-growing professions.

Skills Evolution: A Workforce in Transition

Beyond job creation and losses, the report emphasizes the changing skill landscape. By 2030, 39% of current workforce skills will be obsolete, requiring significant reskilling and upskilling efforts.

As AI and automation continue transforming industries, professionals will need to adapt to emerging technologies to remain competitive in the evolving job market.

Business

Minimum Wages in the EU Rise Faster Than Inflation, Boosting Real Incomes

Published

2 days ago

January 31, 2025

RTX

Brussels, Belgium – Minimum wages across the European Union (EU) and candidate countries have increased at a faster pace than inflation, leading to real wage growth for workers in most nations, according to the latest data from Eurostat. However, significant regional disparities remain in both nominal wages and purchasing power.

Minimum Wage Disparities Across Europe

As of January 2025, monthly gross minimum wages in the EU range from €551 in Bulgaria to €2,638 in Luxembourg. Among candidate countries, Moldova has the lowest minimum wage at €285.

The EU’s 22 countries with statutory minimum wages fall into three categories:

Group 1: Above €1,500 per month
- Luxembourg (€2,638), Ireland (€2,282), Netherlands (€2,193), Germany (€2,161), Belgium (€2,070), and France (€1,802).
- Notably, Germany overtook Belgium due to its latest wage increase.
Group 2: Between €1,000 and €1,500 per month
- Spain (€1,323), Slovenia (€1,254), Poland (€1,091), Lithuania (€1,038), Portugal (€1,015), and Cyprus (€1,000).
- This group has expanded significantly since July 2024, when it included only two countries.
Group 3: Below €1,000 per month
- Includes 10 EU nations and all candidate countries.
- Croatia (€970), Greece (€968), Malta (€961), Estonia (€886), Czechia (€826), Slovakia (€816), Romania (€814), Hungary (€707), and Bulgaria (€551) are in this category.
- Among candidate nations, Turkey leads with €708, surpassing Hungary and Bulgaria.

Purchasing Power Adjustments Narrow Wage Gap

While nominal wages vary widely, the gap shrinks when adjusted for purchasing power standards (PPS), which accounts for cost-of-living differences.

In nominal terms, Luxembourg’s minimum wage is 4.8 times higher than Bulgaria’s.
In PPS terms, Germany ranks highest (€1,992), while Estonia has the lowest (€878), reducing the gap to 2.3 times.
Countries like Romania (17th to 9th) and Montenegro (18th to 12th) improve significantly in PPS rankings, while Ireland (2nd to 5th) and Estonia (14th to 21st) drop due to higher living costs.

Inflation vs. Wage Growth: Winners and Losers

In most countries, minimum wage increases outpaced inflation, but four nations saw real wages decline:

Turkey was hit hardest, with inflation at 44.4%, while its minimum wage rose by only 30%.
Cyprus, Albania, and Belgium also experienced slight real-term declines.

Conversely, Montenegro led real wage growth, with a 25.9% wage hike against just 2.6% inflation, significantly boosting purchasing power. Other strong performers included Romania, Bulgaria, Croatia, and Lithuania.

EU Minimum Wage Directive Drives Up Pay

The EU Minimum Wage Directive aims to set statutory minimum wages at 60% of a country’s median wage. In 2022, only three EU nations met this threshold, but rising wages are now bringing more countries in line with the directive.

“The directive may play a role in driving substantial increases to minimum wages from now on,” wrote Christine Aumayr-Pintar and Carlos Vacas-Soriano of Eurofound.

With minimum wages continuing to rise, policymakers will be watching closely to see if the trend sustains real income growth across Europe.

Business

Commerzbank Announces €400 Million Share Buyback Amid UniCredit Takeover Battle

Published

2 days ago

January 31, 2025

RTX

Frankfurt, Germany – Commerzbank has announced plans to buy back shares worth up to €400 million, according to its earnings statement released on Friday. The move comes as the German lender fends off a potential takeover by Italy’s UniCredit.

The bank confirmed that it had secured regulatory approvals for the buyback, which it aims to complete by its Annual General Meeting in mid-May.

Strong Earnings and Increased Dividends

Commerzbank reported earnings of €2.68 billion for 2024, reflecting a 20% increase compared to 2023. The bank’s revenues grew by 6% year-on-year to €11.11 billion, driven by higher commission income and interest returns.

Additionally, the bank announced an increase in its dividend to €0.65 per share, up from €0.35 in the previous year. This means that from 2022 to 2024, Commerzbank will have returned €3.1 billion to shareholders.

CEO Stresses Strength of Commerzbank as a Standalone Entity

Commerzbank CEO Bettina Orlopp emphasized that the bank had exceeded its capital return promise to investors.

“By consistently managing costs and focusing on growth initiatives, we were able to significantly increase the net result for the past financial year,” Orlopp said in a statement.

She also reaffirmed that Commerzbank remains an attractive investment, sending a clear message to investors as she works to defend the bank from UniCredit’s takeover attempt.

UniCredit’s Growing Stake Raises Political Concerns

Under CEO Andrea Orcel, UniCredit has been steadily increasing its stake in Commerzbank. In December, the Italian lender raised its holdings to 28%, having previously disclosed a 9% stake in September.

UniCredit initially acquired the shares through derivatives, a method that allowed it to avoid immediate disclosure. This has sparked criticism from German politicians, who accused the Italian bank of lacking transparency about its intentions.

Upcoming Strategy Meeting

Orlopp is set to present an updated strategy to Commerzbank’s board of managing directors on February 13, in an effort to reinforce the bank’s independence and convince shareholders that a takeover is unnecessary.

As the battle for control of Germany’s second-largest lender continues, Commerzbank’s latest financial results and shareholder-friendly initiatives could play a key role in determining the bank’s future.