D Monday, January 11, 2010 Business 19 Edited by Alan Caulfield news@metroherald.ie Business & Finance n Not one Ferrari was sold in Ireland last year, as sales of luxury cars hit the skids. Just 25 Range Rovers were bought, compared with 713 in 2008, while sales of Porsches were down 80 per cent to just 11, motor industry figures obtained by a Sunday paper show. They also reveal Fords were the biggest selling car in Ireland, with 14 per cent of sales. Business Bites IRISH ex-pats continue to top the list of non-British, UK-based company directors, new research reveals. Irish directors make up 19 per cent of the total number of non-British directors in the UK, and Murphy, Kelly and ONeill are the most common surnames among UK-based Irish directors. There are more Irish directors than those from India, Australia and America combined which make up the second, third and fourth rankings according to a study by Eulogy!, the UKs largest Irish-owned PR agency. The companys chief executive, Adrian Brady, said: The research provides a fascinating and valuable insight into how prominent Irish directors are in the UK... Being number one is something all of us can be truly proud of and suggests a great business acumen amongst Irish business directors. Murphia dominate UK firms Germanys crown stolen by 833bn China exports By Joe McDonald CHINA overtook Germany as the worlds top exporter after December exports jumped 17.7 per cent for their first increase in 14 months, in another sign of Chinas rise as a global eco- nomic force. Exports for the last month of 2009 were 90.7billion, data from the Gen- eral Administration of Customs showed. That raised total 2009 exports to 832.5billion, ahead of the 816bil- lion for Germany. Chinas new status is largely sym- bolic but reflects the ability of its resil- ient, low-cost manufacturers to keep selling abroad despite a slump in glo- bal consumer demand because of the financial crisis. Decembers rebound was an impor- tant turning point for exporters, cus- toms agency economist Huang Guo- hua said. We can say that Chinas export enterprises have completely emerged from their all-time low in ex- ports, he said. Stronger foreign sales of Chinese goods could help to drive the countrys recovery after demand plunged in 2008, forcing thousands of factories to close and throwing millions of labour- ers out of work. Boosted by a 4trillion yuan (406.4billion) stimulus, Chinas eco- nomic expansion accelerated to 8.9 per cent for the third quarter of 2009. China is best known as a supplier of shoes, toys, furniture and other low- tech goods, while Germany exports machinery and other higher-value products. German commentators note their country supplies the factory equipment used by top Chinese manu- facturers. China passed the US as the biggest car market last year and is on track to replace Japan as the worlds second- largest economy. It passed Germany as the third-largest economy in 2007. China exports back from all-time low Fireworks are seen at the World Heritage Site Zeche Zollverein in Essen, Germany. The Zollverein Coal Mine Industrial Complex has was inscribed into the Unesco list of World Heritage Sites in December 2001. The European Commission has selected Essen, Turkeys Istanbul and Pecs in Hungary as joint European Capitals of Culture in 2010 Picture: Reuters Culture capitals celebrate MORE than 80 per cent of companies in the global financial services sector are making changes to their pay structures, with guaranteed bonuses on the way out, a new report has found. Some of the blame for the global financial crisis was levelled at executive pay practices in the banking sector. The survey found companies are now moving the emphasis away from short-term incentive schemes. The industry practice of guaranteeing bonuses is dying out, with 41 per cent of respondents having restricted, or eliminated, one-year guarantees, while 42 per cent have eliminated golden handshakes a practice that generated much debate over pay for failure. The survey of 61 global firms was carried out by Mercer. Bankers bonuses get chop Jobs were cut in Northern Ireland last month at the slowest pace since April 2008. However, levels of business fell faster than the month before, with the region underperforming the rest of the UK. Despite the influx of shoppers from south of the Border, local retailers experienced the sharpest fall in activity of all areas in December, an Ulster Bank report added. The banks economist Richard Ramsey said the easing in the rate of job losses meant the decline in employment was less marked than in the rest of the UK, continuing a trend since June 2009. nTwo Irish companies are to be involved in the development of offshore wind farms off the UK coast over the next decade, it has emerged. Mainstream Renewable Power and Dublin-based SSE Renewables are partners in groups that have been awarded exclusive rights to develop the wind farms in nine zones in the North Sea and Irish Sea. The groups are to spend more than 60billion more than half the total investment in the project, It is expected to provide a total capacity of 32,000 Megawatts of electricity, which is enough energy for 24million homes. n Cadbury chairman Roger Carr has said pressure exerted by Krafts major shareholder appeared to limit the companys ability to better its rejected takeover offer. The Dairylea and Toblerone firm has until January 19 to decide whether to raise its bid, valuing Cadbury at 8.55 a share, or 11.68billion. A bid of more than 8.90 is likely to test the resolve of shareholders, but in doing so Kraft will need the support of Warren Buffett, who owns almost ten per cent of the US firm. This week, Cadbury will try to convince investors of the merits of independence, by publishing figures showing strong sales for 2009. n index.html2.html3.html4.html5.html6.html7.html8.html9.html10.html11.html12.html13.html14.html15.html16.html17.html18.html19.html20.html21.html22.html23.html