The Irish Times - Business

Version 1 to open Belfast centre

Thu, 24 May 2012 12:34:56 GMT

IT consultancy firm Version 1 is to create 26 jobs in Belfast with the establishment of a new Oracle centre in the city.

Property prices fall 16.4% in year

Thu, 24 May 2012 12:02:54 GMT

The decline in the residential property market continued over the year to the end of April, new data from the Central Statistics Office showed today.

Euro zone private sector slumps further

Thu, 24 May 2012 10:09:59 GMT

The euro zone's private sector has sunk further into the doldrums this month as new orders shrivel, forcing firms to run down backlogs and slash workforces, key business surveys showed today.

British economy shrinks in first quarter

Thu, 24 May 2012 09:21:27 GMT

The British economy shrank more than first thought between January and March, after the deepest fall in construction output in three years, while government spending made the biggest contribution to growth, official data showed today.

Irish business weighs on Britvic

Thu, 24 May 2012 07:44:12 GMT

Britvic’s Irish market has shown no signs of recovery in the short term, and the drinks group promised “decisive action” on costs as the market continued to decline.

Jury rules in favour of Google

Thu, 24 May 2012 07:12:29 GMT

Google’s Android mobile platform has not infringed Oracle's patents, a California jury decided, putting an indefinite hold on Oracle's quest for damages in a fight between the two Silicon Valley giants over smartphone technology.

HP to lay off 27,000 staff

Thu, 24 May 2012 06:08:23 GMT

Hewlett Packard plans to lay off roughly 27,000 employees or about 8 per cent of its workforce over the next couple of years to jumpstart growth and save up to $3.5 billion annually, sending its shares 11 per cent higher.

Shareholders sue over Facebook IPO

Wed, 23 May 2012 17:06:36 GMT

Facebook and banks including Morgan Stanley are being sued by the social networking leader's shareholders, who claimed the defendants hid Facebook's weakened growth forecasts ahead of its $16 billion initial public offering.

McDonald's deal to create 65 jobs

Wed, 23 May 2012 15:14:09 GMT

Some 65 permanent jobs are to be created in Waterford following the announcement that Dawn Meats has been awarded a €300 million contract to process up to 18,000 tonnes of Irish beef a year for McDonald's Europe.

Euro falls on talk of Greek 'exit'

Wed, 23 May 2012 14:58:16 GMT

The euro fell to under $1.26 and European stocks declined as investors shunned riskier assets on worries about Greece's possible departure from the euro zone, which would deepen the region's debt crisis and hurt an already fragile global economy.

Greek euro exit would be 'manageable'

Wed, 23 May 2012 14:42:14 GMT

The impact of a Greek exit from the euro zone would be substantial but "manageable", Germany's Bundesbank said today, raising pressure on Athens to keep its painful economic reforms on track.

Spain 'can learn' from Ireland

Wed, 23 May 2012 12:50:19 GMT

Spain could learn lessons from Ireland’s handling of its banking crisis, according to economic consultant Peter Bacon, the architect of the National Assets Management Agency.

Germany sells debt at 0% coupon

Wed, 23 May 2012 12:18:09 GMT

Germany sold €4.56 billion of bonds carrying a zero per cent coupon today, its first-ever sale of debt offering investors no regular return and underscoring its safe-haven appeal at a time of turmoil in the euro currency zone.

Annual factory gate prices rise 2.8%

Wed, 23 May 2012 12:02:20 GMT

Factory gate prices inched higher in the year to April, growing by 2.8 per cent over the 12 months.

Windows 7 shipments to reach 350m

Wed, 23 May 2012 10:08:03 GMT

Microsoft expects 350 million devices running its Windows 7 software to be shipped globally this year as it prepares the next version of the operating system to challenge Apple's dominance in tablet computers.

Nama planning to invest €2bn

Wed, 23 May 2012 09:52:08 GMT

The National Asset Management Agency is to invest about €2 billion by 2016, creating up to 35,000 jobs, its chairman said today.

Smartbox to set up Dublin centre

Wed, 23 May 2012 08:31:27 GMT

Gift voucher firm Smartbox is to set up a new international centre in Dublin, in a move that could create up to 70 jobs at the firm.

World Bank cuts China forecast

Wed, 23 May 2012 06:55:36 GMT

The World Bank cut its economic growth forecast for China this year to 8.2 per cent today and urged the country to rely on easier fiscal policy that boosts consumption rather than state investment to lift activity.

Facebook shares plunge again

Tue, 22 May 2012 21:31:38 GMT

Two top US financial regulators said the issues around the initial public offering of Facebook should be reviewed, putting fresh pressure on the company, its embattled lead underwriter and the Nasdaq.

Possibility of new PTSB rate cut

Tue, 22 May 2012 20:29:22 GMT

Irish Life & Permanent indicated its banking arm would further reduce residential mortgage rates, as it came under fire today from customers furious at having to pay more than homeowners at rival banks.

Germany to borrow for free

Tue, 22 May 2012 19:58:07 GMT

Germany will pay no interest to borrow money over two years this week, taking advantage of investor demand for the euro zone's safest bonds as worries about a Greek euro exit rattle financial markets.

Aer Lingus welcomes Ryanair ruling

Tue, 22 May 2012 14:54:55 GMT

Ryanair may be forced to sell its minority stake in Aer Lingus after a British court today gave the competition regulator the green light to investigate whether the stake is curbing competition.

OECD says EU crisis worsening

Tue, 22 May 2012 13:16:36 GMT

Global recovery could be derailed by the euro crisis, the Organisation for Economic Co-operation and Development (OECD) warned today.

Irish people still saving for rainy day

Tue, 22 May 2012 12:10:46 GMT

Despite the doom and gloom of the recession Irish people are still managing to put money away for a rainy day, according to the latest KBC Bank Ireland savings barometer.

European stocks show early gains

Tue, 22 May 2012 11:04:40 GMT

The Iseq index of Irish shares opened up today, tracking a global rebound, with the FTSE, CAC and DAX also up.

Ex-CEO of Enron seeks retrial

Tue, 22 May 2012 09:42:18 GMT

Jailed former Enron Corporation chief executive officer Jeffrey Skilling is seeking a new trial citing "newly discovered evidence," according to court documents.

Tesco boss declines £372,000 bonus

Tue, 22 May 2012 08:53:31 GMT

Tesco chief executive Philip Clarke's pay was cut by 49 per cent after he declined a bonus amid slumping earnings at the British retailer.

Greencore revenues up 50%

Tue, 22 May 2012 08:37:18 GMT

Food company Greencore has reported half-yearly results with profits remaining strong despite challenging market conditions.

Vodafone cuts sales target on European woes

Tue, 22 May 2012 08:04:44 GMT

Vodafone today cut a medium-term sales growth target as customers in southern Europe slashed spending and regulators upped the pressure on the world's largest mobile operator.

Marks and Spencer profits fall

Tue, 22 May 2012 07:01:06 GMT

Marks and Spencer Group Plc, the UK's largest clothing retailer, lowered its sales target amid a slump in consumer spending that led to a drop in profit.

Qantas to split operations in two

Tue, 22 May 2012 06:29:00 GMT

Qantas Airways, said it plans to split its loss-making international and profitable domestic businesses, though Australia's top airline was viewed by analysts as unlikely to spin off or sell the international operations.

Facebook drops below float price

Mon, 21 May 2012 20:04:27 GMT

Facebook shares sank in the first day of trading without the full support of the company's underwriters, leaving some investors down almost 25 per cent from where they were on Friday and driving others to switch back to more established stocks.

Noonan 'hopeful' of crisis resolution

Mon, 21 May 2012 14:34:17 GMT

There have been hopeful signs in the last 48 hours that world leaders were moving towards a resolution of the European situation, Minister for Finance Michael Noonan said today.

Future of Opel plant 'uncertain'

Mon, 21 May 2012 14:34:16 GMT

The head of German carmaker Opel, under pressure from parent General Motors' to end losses, refused to promise workers at its plant in Bochum that their jobs would be safeguarded beyond 2014.

Apple, Samsung head for mediation

Mon, 21 May 2012 14:18:32 GMT

The chief executives of Apple and Samsung come face to face today in court-directed mediation in the United States over a dispute in which the iPhone maker claims the Korean firm has "slavishly" copied some of its products.

Central Bank says it is 'not comfortable' with arrears

Mon, 21 May 2012 13:29:33 GMT

The Central Bank is “not comfortable” with the high level of mortgage arrears but they were not unexpected, given the high level of household debt in the country, the bank’s governor Patrick Honohan said today.

Dunne consents to €164m judgment

Mon, 21 May 2012 12:25:56 GMT

A syndicate of banks that provided funds to companies of developer Sean Dunne towards acquiring two hotels in Ballsbridge for €400 million has secured €164.5 million summary judgment orders on consent against Mr Dunne over his personal guarantees of loans related to the purchase of Jury's Hotel.

European shares at new 5-month low

Mon, 21 May 2012 08:09:28 GMT

European shares hit a fresh five-month low today after losing more than 5 per cent last week as investors remained jittery about the ability of Greece and Spain to deal with their debt problems and due to concerns about the banking sector.

Ryanair reports record profits

Mon, 21 May 2012 07:37:50 GMT

No-frills airline Ryanair said profit and revenue rose in the year to March 31st, as rising fares and passenger numbers helped offset the rising cost of fuel, but warned that profit would fall in the coming year as the economic slowdown continues.

Alibaba in talks over Yahoo stake

Mon, 21 May 2012 07:21:58 GMT

Chinese internet firm Alibaba Group is in talks with existing shareholders, including Singapore state investor Temasek Holdings, to raise about $2.3 billion in equity to partly finance its deal with Yahoo, two sources said.

Greek exit is preventable - Schaeuble

Sun, 20 May 2012 13:10:10 GMT

German finance minister Wolfgang Schaeuble said Greece's exit from the euro zone could definitely be prevented but that it was up to Greece to abide by its agreements.

Merkel comments on Greek euro membership denied

Fri, 18 May 2012 20:58:33 GMT

A Greek-German row broke out this evening after Greece's government spokesman said chancellorAngela Merkel raised the idea of Athens holding a referendum about its euro zone membership next month, which Berlin vehemently denied.

IBM to create up to 300 jobs

Fri, 18 May 2012 16:48:30 GMT

IBM is to create between 200 and 300 jobs at its Dublin-based technology campus with the opening of a new global services integration hub in Mulhuddart.

Kentz performs 'ahead of expectations'

Fri, 18 May 2012 15:13:44 GMT

Engineering and instrumentation group Kentz said today that it expects to perform “ahead of expectations” for 2012.

BoI seeks 600 more staff cuts

Fri, 18 May 2012 15:13:44 GMT

Bank of Ireland is seeking another 600 job cuts in addition to the 750 sought by the bank in July 2010, the Irish Bank Officials’ Association has said.

Facebook shares valued at $104bn

Fri, 18 May 2012 14:26:23 GMT

Facebook made its Wall Street debut at 3pm Irish today, as the world's number one online social network raised about $16 billion in one of the biggest initial public offerings in US history.

Ireland 'may need' second bailout

Fri, 18 May 2012 13:23:03 GMT

Ireland's bailed-out banks may need as much as €4 billion more loan loss provisions than assumed in stress tests last year, which could "tip the balance in favor" of the country requiring a second aid program, Deutsche Bank said in a report today.

Stocks head for worst week in months

Fri, 18 May 2012 12:51:39 GMT

European stocks dropped this morning, on course for their biggest weekly sell-off since September, amid signs of slowing growth in China and after Moody's Investors Service downgraded Spanish lenders.

Datalex on target for 2012

Fri, 18 May 2012 12:04:26 GMT

Datalex is performing in line with expectations, the Irish travel software firm said this morning in an update to the market.

AIB announces redundancy terms

Fri, 18 May 2012 12:04:26 GMT

The long-awaited terms of redundancy pay-outs being offered to 2,500 staff at State-controlled Allied Irish Banks have been announced.

IFG says it is 'performing well'

Fri, 18 May 2012 10:12:59 GMT

Financial services group IFG today disclosed that it is “performing well” despite the difficult market environment.

Total Produce reaffirms its guidance

Fri, 18 May 2012 09:41:23 GMT

Fresh food company Total Produce this morning reaffirmed its guidance for 2012, indicating that its earnings per share (EPS) estimate is still on target.

High fuel costs hit ICG profit

Fri, 18 May 2012 08:20:50 GMT

Irish Continental Group saw revenue and profit fall as freight volumes fell off and soaring fuel charges inflated operating costs.

Revenue trends slip at INM

Fri, 18 May 2012 07:17:06 GMT

Revenue at Independent News and Media to date is trailing 2011 trends, the group said today, with both advertising and circulation revenue falling year on year.

Iseq joins European slide

Thu, 17 May 2012 18:46:59 GMT

Stocks fell across Europe today, and the Dublin market was no exception with most leading shares shedding value.

Eircom survival plan to be approved

Thu, 17 May 2012 15:22:40 GMT

A survival plan for Eircom is expected to be approved tomorrow after the High Court rejected what was described by the companies and their examiner as a groundless attempt to "derail" the process.

'Barren' season hits United profits

Thu, 17 May 2012 14:51:10 GMT

Premier League football club Manchester United, rated by Forbes as the world's most highly-valued sports team, showed the first effects of a rare barren season when reporting a dip in quarterly revenue and underlying profit.