The Irish Times - Business

Iseq ends week in positive territory

Fri, 06 Nov 2009 19:12:48 GMT

Iseq: 2,971.96 up 6.67 pointsThe Iseq closed up today after what proved to be a volatile day on the markets, where early gains were wiped out by news of higher than expected jobs cuts in the US, only for stocks to stage a late come-back in the afternoon.

AIG down despite posting profit

Fri, 06 Nov 2009 15:24:57 GMT

Insurer American International Group (AIG) today posted a profit but fell the most in two months in New York trading after posting sales declines at its property-casualty and life insurance divisions.

Bord Gáis signs up to heat-power product

Fri, 06 Nov 2009 14:35:25 GMT

Bord Gáis has signed a €1.8 million deal with Ceres Power Holdings relating to residential combined heat and power products for the Irish market, it was announced today.

US jobless at 26-year high

Fri, 06 Nov 2009 14:03:28 GMT

The unemployment rate in the United States has reached a 26-year high of 10.2 per cent in October and employers cut more jobs than forecast.

Biggest Live Register fall in Galway

Fri, 06 Nov 2009 12:55:34 GMT

The number of people signing on the Live Register fell across all regions, according to additional figures released today from the Central Statistics Office (CSO).

Irish economy 'to contract by 7.9%'

Fri, 06 Nov 2009 12:08:40 GMT

The Irish economy is projected to contract by 7.9 per cent in 2009 and a further 1.8 per cent in 2010, according to the latest Economic Outlook from PricewaterhouseCoopers (PwC).

UK input prices turn positive

Fri, 06 Nov 2009 10:46:54 GMT

Annual input price inflation for British manufacturers turned positive in October for the first time since February, driven by a rebound in crude oil prices, official data showed today.

Fannie Mae seeks $15bn in aid

Fri, 06 Nov 2009 10:46:54 GMT

US federal mortgage-finance company Fannie Mae said it will seek $15 billion in US Treasury aid and sell $2.6 billion in unused tax credits after posting its ninth straight quarterly loss.

Ulster Bank in £85 million loss

Fri, 06 Nov 2009 10:46:54 GMT

Ulster Bank had a third-quarter operating loss of £85 million compared to a profit of £81 million in the year-earlier period, it was announced today.

Aer Lingus sees traffic fall

Fri, 06 Nov 2009 09:58:23 GMT

Aer Lingus today announced a slight fall in traffic during the month of October.

China condemns US duties

Fri, 06 Nov 2009 09:41:59 GMT

China denounced as protectionist new US anti-dumping duties on steel pipes and launched its own investigation into imports of US-made automobiles today, a week before a visit by President Barack Obama.

AIB climbs after bond sale

Fri, 06 Nov 2009 08:54:09 GMT

Allied Irish Banks rose as much as 11 per cent in Dublin trading this morning.

IFG expects loss-making half

Fri, 06 Nov 2009 08:22:50 GMT

Financial services group IFG today reiterated its Irish business would be loss-making in the second half of 2009.

Asia stocks rally after weekly loss

Fri, 06 Nov 2009 08:06:22 GMT

Asian stocks rose today to pare a weekly loss after Australia's central bank more than tripled its economic-growth forecast and reports showed US unemployment claims and worker productivity beat estimates.

BA first-half losses widen

Fri, 06 Nov 2009 07:50:53 GMT

British Airways (BA) today said its first-half loss widened as cuts in capacity failed to keep pace with a slump in demand prompted by the economic recession.

Banks lift Iseq higher

Thu, 05 Nov 2009 18:57:53 GMT

Iseq: 2,965.29 (+41.47):Banking stocks staged a late rally in trading today, with both Bank of Ireland and AIB closing up and pushing the Iseq to outperform the European markets.

Starbucks closes five Irish outlets

Thu, 05 Nov 2009 17:38:41 GMT

Starbucks Coffee Company has today announced it has shut five stores in Ireland.

Zurich Life reveals market growth

Thu, 05 Nov 2009 16:36:19 GMT

Zurich Life Ireland today announced its market share had grown 46 per cent following a strong pensions performance.

Ibec dismisses 'old style' protests

Thu, 05 Nov 2009 15:49:26 GMT

The business group Ibec has today dismissed "old-style protests" and called for a plan that protects jobs rather than disrupts them.

ECB keeps rate unchanged at 1%

Thu, 05 Nov 2009 13:50:52 GMT

The European Central Bank, as expected, kept its main refinancing rate unchanged at a record low of 1.0 per cent today.

Karelian Diamond posts loss

Thu, 05 Nov 2009 13:17:47 GMT

Karelian Diamond Resources has today announced a loss after taxation of €194,126 for the year ended May 2009 compared to a €268,638 in 2008.

Toyota posts surprise profit

Thu, 05 Nov 2009 13:17:47 GMT

Toyota Motor Corp reported a surprise quarterly profit and cut its annual loss forecast by more than half as sales and cost cutting beat its forecasts, putting it on track to follow Japanese rivals into the black next year.

Fitch lowers unsecured-note rating

Thu, 05 Nov 2009 12:34:44 GMT

Fitch Ratings today lowered its ratings of Irish banks' Government-guaranteed senior unsecured notes to AA- from AA+.

BoE holds interest rate at 0.5%

Thu, 05 Nov 2009 12:19:09 GMT

The Bank of England today maintained its key interest rate at a record low of 0.5 per cent.

£48m for NI housing unveiled

Thu, 05 Nov 2009 11:45:59 GMT

Bank of Ireland and Barclays today announced a £48 million funding arrangement for affordable homes in Northern Ireland.

EU settles internet access dispute

Thu, 05 Nov 2009 11:28:56 GMT

The European Union moved closer to gaining more powers to open the networks of companies such as Deutsche Telekom when EU lawmakers settled a dispute over the unrelated issue of Internet access for consumers.

Banks positive following rally

Thu, 05 Nov 2009 10:36:03 GMT

Bank shares showed further gains on the Iseq this morning following a rally by financials yesterday.

BNP Paribas profits rise 45%

Thu, 05 Nov 2009 08:56:00 GMT

BNP Paribas today said third-quarter profit rose 45 per cent, helped by the purchase of Fortis assets and a rebound at the investment bank.

Wavin expects sales decline to ease

Thu, 05 Nov 2009 08:56:00 GMT

Pipe manufacturer Wavin today forecast the fourth-quarter sales decline to be more moderate than in the previous quarters.

Commercial property 'being sought'

Thu, 05 Nov 2009 08:24:27 GMT

International funds are seeking to buy offices and stores in Ireland, signalling that the commercial real estate market may be close to the bottom, according to the head of a group representing the country’s biggest investors.

Commerzbank reports quarterly loss

Thu, 05 Nov 2009 08:08:31 GMT

Commerzbank, Germany's second-biggest lender, predicted a difficult fourth quarter as the bank expects it will need to set aside more money for bad loans.

Oil drops toward $79 a barrel

Thu, 05 Nov 2009 07:53:08 GMT

Oil dropped towards $79 a barrel today after a steep decline in US crude inventories sent prices up 1 pe rcent the previous day, as traders look to the fall in equities markets and firming dollar to take profits.

Nikkei slips ahead of US jobs data

Thu, 05 Nov 2009 07:37:40 GMT

Japan's Nikkei share average fell 1.3 per cent today to its lowest close in a month, with Sony and other exporters slipping as investors locked in profits on caution ahead of US jobs data.

Union in legal action against Ulster Bank

Wed, 04 Nov 2009 15:08:29 GMT

The IBOA Bank Officials Association (IBOA) today said it had launched legal action against Ulster Bank in relation the bank’s failure to honour existing staff contracts by withholding pay of employees.

Live Register falls by 3,000

Wed, 04 Nov 2009 13:33:16 GMT

The number of people claiming unemployment benefits fell in October in what was the first decline in two years, according to Live Register figures released today.

Fitch downgrades Ireland rating

Wed, 04 Nov 2009 12:42:51 GMT

Ratings agency Fitch has today cut Ireland's credit rating by two notches, citing the severity of its economic and fiscal downturn and prompting a retreat for the euro from earlier gains.

Banks show gains on Iseq

Wed, 04 Nov 2009 12:42:51 GMT

The banks posted strong performances on the Iseq this morning in the wake of Bank of Ireland's financial report this morning.

Bof I reports €979m pre-tax loss

Wed, 04 Nov 2009 11:22:43 GMT

Bank of Ireland (BoI) has today reported a pre-tax loss of €979 million for the six months ending September 30th compared to a profit of €647 million last year.

Lenihan sees upturn in 2011

Wed, 04 Nov 2009 11:06:23 GMT

Minister for Finance Brian Lenihan today said he did not envisage an upturn in the economy until the second half of 2011 and warned there were still "significant challenges" ahead.

Kraft 'has financing' for Cadbury bid

Wed, 04 Nov 2009 10:50:48 GMT

Kraft Foods has obtained a $9 billion in bridge financing from a group of nine banks to back its $16.7 billion bid for Britain's Cadbury, bankers told Thomson Reuters.

Irish services contraction slows

Wed, 04 Nov 2009 10:18:40 GMT

The Irish services sector shrank at the slowest pace in some 18 months, with the amount of new business in the sector nearing growth territory, a survey showed today.

Nissan turns to profit outlook

Wed, 04 Nov 2009 10:02:40 GMT

Nissan Motor, Japan's third-biggest car maker, today revised its annual outlook to a profit from a loss as soaring sales in China helped drive quarterly earnings beyond the market's expectations.

M&S profits beat forecasts

Wed, 04 Nov 2009 10:02:40 GMT

Marks & Spencer Group today reported first-half profit that beat analysts' estimates, sending the shares up the most in seven months.

Euro zone services show growth

Wed, 04 Nov 2009 09:31:04 GMT

The euro zone's dominant service sector expanded for the second consecutive month and at its fastest pace in 22 months, led by France, with new business growth also near a two-year high, a survey showed today.

European stocks rise on earnings

Wed, 04 Nov 2009 08:59:01 GMT

European stocks rose as earnings at companies from Société Générale to Marks & Spencer Group topped analysts' estimates and metals gained. Asian shares and US index futures also advanced.

EC 'may force' AIB to sell Polish unit

Wed, 04 Nov 2009 08:43:03 GMT

The European Commission may force Allied Irish Banks to sell Polish unit Bank Zachodni WBK SA, as well as stakes in M&T Bank of the United States and the UK’s First Trust Bank, a Polish newspaper reported.

Disney to build theme park in China

Wed, 04 Nov 2009 08:27:05 GMT

The Walt Disney Co has received Beijing's approval to build a theme park in Shanghai in a major advance for the media and entertainment company in the tough China market.

Madoff accountant pleads guilty

Wed, 04 Nov 2009 07:55:05 GMT

The former outside accountant for Bernard Madoff's firm pleaded guilty to fraud charges on yesterday, but he told a US judge he did not know about the swindler's multibillion-dollar Ponzi scheme.

GM abandons sale of Opel

Wed, 04 Nov 2009 07:39:03 GMT

General Motors has reversed course by abandoning a long-expected sale of its Opel to a group led by Canadian auto supplier Magna and opting to keep the European unit after a year of uncertainty and high-stakes political negotiations.

Iseq closes lower as banks weigh

Tue, 03 Nov 2009 20:38:41 GMT

Financial stocks suffered another day of sell-offs as leading banks Irish Life and Permanent, AIB and Bank of Ireland all finished down at close of business.

Nokia plans up to 5,800 job cuts

Tue, 03 Nov 2009 15:37:22 GMT

Struggling telecom equipment maker Nokia Siemens Networks aims to cut up to 5,800 jobs and save more than €1 billion to stay competitive in the market.

Buffett makes railways move

Tue, 03 Nov 2009 15:37:22 GMT

Warren Buffett's Berkshire Hathaway will pay $26 billion to buy out railroad Burlington Northern Santa Fe Corp (BSNF) in what the billionaire investor called a bet on the US economy.

Economy will not recover until 2011

Tue, 03 Nov 2009 15:05:19 GMT

Europe's economy will rebound next year from a deep slump and accelerate in 2011, the European Commission said today, paving the way for major budget deficit cuts across the union from 2011 at the latest.

Banks fall in Iseq trading

Tue, 03 Nov 2009 15:05:19 GMT

Shares in the State's banks fell on the Iseq this morning amid ongoing uncertainty over their ability to raise capital.

Data-security firm in €1.27m expansion

Tue, 03 Nov 2009 14:49:29 GMT

A Dublin-based information-security consultancy and services firm today announced a major expansion.

INM shareholders rebuff O'Brien

Tue, 03 Nov 2009 14:01:46 GMT

Media group Independent News & Media expects a restructuring deal to be finalised before the latest extension to its overdue debt payments expires on December 23rd, chief executive Gavin O'Reilly said today.

Consumer mood improves

Tue, 03 Nov 2009 13:12:59 GMT

The mood of Irish consumers improved during October, according to a survey published today.

Penneys owner sees static profits

Tue, 03 Nov 2009 12:37:07 GMT

Associated British Foods (ABF), the owner of Penneys clothing stores, today announced that annual profit was little changed after it lost money on business shutdowns.

Euro area set for 'record deficit'

Tue, 03 Nov 2009 10:10:36 GMT

The euro area’s budget deficit will swell to a record next year with all 16 countries breaching EU rules as governments keep pumping cash into their economies, the European Commission forecast.

RBS, Lloyds to sell divisions

Tue, 03 Nov 2009 09:55:01 GMT

Royal Bank of Scotland (RBS) Group will sell its insurance division and bank branches after negotiations with the European Commission and the UK Treasury, pushing it further into government hands.

UBS reports further quarterly loss

Tue, 03 Nov 2009 09:37:41 GMT

Switzerland's largest bank, UBS, today reported a fourth consecutive quarterly loss after a charge to reflect an improvement in the company's own debt outweighed a rebound in trading revenue.

BMW earnings fall in quarter

Tue, 03 Nov 2009 09:37:40 GMT

Germany's BMW gave a tepid markets outlook after third-quarter earnings before interest and tax (EBIT) shrank 86 per cent amid a global economic slump.

Global stocks fall on stimulus worries

Tue, 03 Nov 2009 09:37:40 GMT

World stocks dipped towards the previous session's four-week lows today as investors continued to fret over the early removal of government stimulus, particularly in the financial sector.

NIB posts loss of €496m

Tue, 03 Nov 2009 09:21:21 GMT

National Irish Bank (NIB) today said its nine-month loss widened after a surge in bad-loan provisions.

Australian dollar slips on rate rise

Tue, 03 Nov 2009 07:29:36 GMT

The dollar hung fire today ahead of several central bank meetings this week, while the Australian dollar erased early gains after its central bank raised rates but left investors pondering the timing of its next move.

Iseq closes higher despite weak banks

Mon, 02 Nov 2009 20:10:49 GMT

AIB and Bank of Ireland both finished down in what was a “fairly erratic” day for the banks, according to one trader. The UK banking sector traded relatively well in the afternoon but the Irish banks did not see this upsurge in what one broker described as another disappointing day for the big two.

Isme urges intervention over lending

Mon, 02 Nov 2009 15:05:15 GMT

The Irish Small and Medium Enterprises Association (Isme) today urged the Government to immediately intervene through the Nama legislation to force banks to free up credit for SME business.

Bank, airline shares post drops

Mon, 02 Nov 2009 14:32:47 GMT

AIB shares fell up to 14 per cent this morning amid continued concern over the slow progress through the Dáil of the Government's €54 billion "bad bank" scheme.

Ford posts quarterly profit

Mon, 02 Nov 2009 13:12:51 GMT

Ford Motor surprised Wall Street with a quarterly profit today and raised its 2011 outlook to "solidly profitable," sending its shares up 5.7 per cent in premarket trading.

Euro zone manufacturing expands

Mon, 02 Nov 2009 12:40:07 GMT

The euro zone manufacturing sector expanded for the first time in 17 months during October as new orders reached a level not seen in over two years, a key survey showed on Monday.

Manufacturing decline eases

Mon, 02 Nov 2009 12:40:07 GMT

NCB Stockbrokers today expressed hope the Irish economy will return to growth this quarter as its latest manufacturing survey showed output and new orders fell only slightly last month.

UK manufacturing shows growth

Mon, 02 Nov 2009 12:23:42 GMT

UK manufacturing unexpectedly expanded in October at the fastest pace in two years in a sign factory production is recovering from the economy's longest contraction on record.

Transparency sought over State boards

Mon, 02 Nov 2009 12:23:42 GMT

Greater clarity on the outcomes expected from State bodies, and how they report on them, would improve corporate governance, the Institute of Directors said today.

Ryanair profits surge 80%

Mon, 02 Nov 2009 12:23:42 GMT

Ryanair posted an 80 per cent rise in first-half profit and said it could reverse its long-standing strategy of rapid growth and distribute cash to shareholders instead.

Oil up on China economic data

Mon, 02 Nov 2009 09:56:28 GMT

Oil rose above $77 a barrel this morning, countering some of the previous session's drop, as manufacturing data from China helped to allay fears about the pace of the rebound in global energy demand.