The Irish Times - Business

CRH run ends on busy day

Thu, 09 Jul 2009 18:38:15 GMT

Building materials company CRH was once again the busiest stock on the Iseq index of Irish shares today, as expectations continued that a large buy order for the stock on foot of its entry into the Dow Jones Dividend 30 Index would boost the stock.

Examiner appointed to O'Brien's sandwich firm

Thu, 09 Jul 2009 16:34:10 GMT

The High Court has appointed an examiner to O’Brien’s Irish Sandwich Bars Ltd, which employs 20 people directly and 800 indirectly in 85 franchised outlets in Ireland. The company has a total 220 outlets in 13 countries worldwide.

TVC sees UTV as 'long-term' holding

Thu, 09 Jul 2009 15:01:04 GMT

TVC Holdings executive chairman Shane Reihill said the company sees its shareholding in UTV Media as a “long-term” holding.

US wholesale inventories drop for 9th month

Thu, 09 Jul 2009 14:45:31 GMT

US wholesale inventories shrank for the ninth month in a row in May to $402.24 billion, their lowest level since August 2007, government data showed this afternoon.

E-Net awarded second network contract

Thu, 09 Jul 2009 13:42:27 GMT

E-net, the company contracted to run the Government’s metropolitan area networks (MANs),has won a second contract bringing the number of towns in which it is managing the service to 93.

PR consultant Michael Dennehy dies

Thu, 09 Jul 2009 13:11:21 GMT

Michael Dennehy, the well-known public relations consultant, has died.

BoE holds interest rates steady

Thu, 09 Jul 2009 12:24:29 GMT

The Bank of England surprised markets today by keeping its quantitative easing programme unchanged at £125 billion and the cost of borrowing unchanged at 0.5% for the fourth month in a row.

Consumer prices fall 5.4% in year

Thu, 09 Jul 2009 11:53:43 GMT

Prices fell again last month to bring the annual rate of inflation to -5.4 per cent, according to data from the Central Statistics Office (CSO).

Bank believes 'low point' may have passed

Thu, 09 Jul 2009 09:32:06 GMT

The first quarter is likely to have marked low point for the Irish economy in the current recession, according to a report from Bank of Ireland.

UK housebuilders report sales progress

Thu, 09 Jul 2009 08:45:45 GMT

More signs of life in the housing market were offered today after builders Barratt Developments and Redrow reported higher sales and stable prices.

German trade surplus rises in May

Thu, 09 Jul 2009 08:14:51 GMT

German imports fell by more than exports rose in May, pushing the trade surplus higher than expected to €10.3 billion ($14.3 billion) and lending some support to hopes its export engine may be firing up again.

US consumer credit edges down in May

Thu, 09 Jul 2009 07:59:12 GMT

Total US consumer credit fell by an unexpectedly slight $3.23 billion in May, Federal Reserve data showed last night, although the previous month's drop was revised to a steeper decline than initially thought.

Penneys owner sales up 20%

Thu, 09 Jul 2009 07:59:12 GMT

Clothing retailer Primark, which trades as Penneys in the Republic, has reported a 20 per cent rise in sales in the 40-week period to June 20th.

Alcoa reports lower than expected loss

Thu, 09 Jul 2009 07:28:11 GMT

Alcoa posted a third consecutive quarterly loss last night, but cost cuts helped the largest US aluminium maker beat Wall Street estimates by a large margin, sending its stock higher.

Australian employment falls in June

Thu, 09 Jul 2009 06:41:44 GMT

Australian employment fell in June as the global recession reduced demand for exports such as iron ore and coal, prompting mining companies to fire workers.

Oil rebounds after fall on bearish inventories

Thu, 09 Jul 2009 06:26:18 GMT

Oil rebounded towards $61 a barrel today, correcting from a seven-week low hit on bearish oil data that outlined continued weak demand amid growing concerns about the pace of economic recovery.

CPL expects profits in-line with estimates

Wed, 08 Jul 2009 14:55:34 GMT

IEX-listed recruitment firm CPL Resources has said it expects profits this year to be in line with analysts’ estimates, once impairment charges are taken into account.

OPEC sees prolonged weakness in demand

Wed, 08 Jul 2009 14:40:04 GMT

World demand for OPEC's oil may take years to recover from the slump in 2009 because of economic weakness and demand destruction, the group said today, justifying its slower spending on new supplies.

Oil falls below $62 on Opec report

Wed, 08 Jul 2009 14:40:04 GMT

Oil fell below $62 a barrel this afternoon, placing it on course for a sixth consecutive fall and the longest losing streak since mid-December, after the focus sharpened on economic weakness and US data showed higher fuel stocks.

Connemara welcomes rise in zinc prices

Wed, 08 Jul 2009 14:24:32 GMT

AIM-listed exploration company Connemara Mining told shareholders today that the recent rise in zinc prices was encouraging for exploration underway in this country.

Tullow may seek partners for Kudu project

Wed, 08 Jul 2009 14:09:01 GMT

Tullow Oil has said it’s prepared to cooperate with Russian natural-gas exporter OAO Gazprom or other partners to advance its Namibian Kudu gas project.

Mars loses Bounty bars shape case

Wed, 08 Jul 2009 13:06:50 GMT

Mars, the maker of M&Ms and Snickers, has lost a bid at the European Union’s second-highest court to regain region-wide trademark rights over the shape of its coconut-filled Bounty chocolate bars.

C&C says trading ahead of expectations

Wed, 08 Jul 2009 12:50:53 GMT

C&C said trading for the first four months of the year was ahead of expectations leading it to expect operating profits at the top end of its previously guided range between €77 million and €82 million.

Britain to tighten up banking supervision

Wed, 08 Jul 2009 12:50:53 GMT

Britain will tighten up how it supervises banks, scrutinise bonuses paid to their employees and punish misconduct harder as it tries to prevent a re-run of the credit crunch.

State-supported firms created almost 9,000 jobs

Wed, 08 Jul 2009 12:01:55 GMT

State-backed foreign firms created more than 8,800 jobs in Ireland last year, it was revealed today.

Quinlan confirms retirement

Wed, 08 Jul 2009 11:46:08 GMT

Property investor Derek Quinlan has confirmed his intention to step down as chairman and partner of of the Dublin investment company that bears his name at the end of this month.

E.ON, GDF fined for carving up gas market

Wed, 08 Jul 2009 10:58:04 GMT

European Union antitrust regulators imposed a combined fine of more than €1.1 billion ($1.54 billion) on German utility E.ON and Gaz de France Suez today for secretly carving up gas markets.

US mortgage fraud 'rampant', says FBI

Wed, 08 Jul 2009 10:25:39 GMT

US mortgage fraud reports jumped 36 per cent last year as desperate homeowners and industry professionals tried to maintain their standard of living from the boom years, the FBI said last night.

Google to launch new PC system

Wed, 08 Jul 2009 10:06:51 GMT

Google is planning to challenge Microsoft by seeking to unseat the software giant's globally dominant Windows operating system for personal computers.

Record contraction in euro zone economy

Wed, 08 Jul 2009 09:34:07 GMT

A steep drop in exports and corporate investment led to a record economic contraction in the euro zone in the first quarter of 2009, the European Union's statistics office said this morning.

Holcim sees no sign of upturn in 2009

Wed, 08 Jul 2009 08:14:30 GMT

Holcim, the world's second-largest cement maker, said 2009 would remain difficult with demand still weak in the United States, Spain and Eastern Europe but emerging markets helping to slow a decline in earnings.

Japan machinery orders in record fall

Wed, 08 Jul 2009 06:56:06 GMT

The value of Japan's core private-sector machinery orders, a leading indicator of capital spending, hit a record low in May as the services sector scaled back spending in the face of weak domestic demand.

Hoyer hints at second US stimulus plan

Wed, 08 Jul 2009 06:40:25 GMT

US leaders should be open to the possibility of a second stimulus package to jolt the economy out of a recession still causing job losses, House of Representatives Majority Leader Steny Hoyer said last night.

CRH, Ryanair help Iseq finish up

Tue, 07 Jul 2009 18:21:52 GMT

Strong performances from leading stocks CRH and Ryanair kept the Dublin market ahead of its European peers today, dealers said.

Glencar talks with Gold Fields collapse

Tue, 07 Jul 2009 16:14:01 GMT

IEX- and AIM-listed gold exploration company Glencar Mining said today its talks with Gold Fields Ltd over a possible joint venture have ended without agreement.

Dublin falls in cost of living rankings

Tue, 07 Jul 2009 15:58:11 GMT

Dublin has dropped out of the world's top 20 most expensive cities due to falling rents and the weakness of the euro, according to a survey released today.

Oil rises toward $65 after four-day fall

Tue, 07 Jul 2009 14:53:42 GMT

Oil edged up above $64 a barrel today, after four consecutive days of falls on worries about the economy that have brought the stock market rally to a halt and pushed the dollar higher.

Trinity Biotech product gets FDA approval

Tue, 07 Jul 2009 13:35:37 GMT

Trinity Biotech, the manufacturer of medical diagnostic kits,Trinity Biotech said today it has received FDA approval for its Destiny Max analyzer and is launching the product in the US.

US firm to create 30 jobs in Cork

Tue, 07 Jul 2009 13:20:09 GMT

Gilead Sciences, a US biotechnology firm, is to establish a financial centre for its European businesses in Carrigtwohill, Co Cork that will lead to the creation of 30 jobs.

Moody's downgrades debt ratings on Irish banks

Tue, 07 Jul 2009 11:29:04 GMT

Moody’s downgraded its ratings on the long-term senior unsecured debt securities of the six Irish financial institutions covered by the Government’s bank guarantee to Aa1 with a negative outlook, from Aaa, it said today in a statement.

UK factory output shrinks in May

Tue, 07 Jul 2009 09:52:36 GMT

British manufacturing output unexpectedly shrank in May, official data showed today, making it less likely the economy returned to growth in the second quarter.

CRH predicts sharp fall in pretax profits

Tue, 07 Jul 2009 09:20:52 GMT

Buildings materials giant CRH said its pretax profits for the first six months dropped to around €100 million compared to €600 million during the same period last year.

Persimmon encouraged by sales trends

Tue, 07 Jul 2009 08:17:39 GMT

Housebuilder Persimmon today said sales rates continued to improve amid further encouraging signs from the property market.

Ex-Goldman employee in theft case

Tue, 07 Jul 2009 08:01:46 GMT

A former Goldman Sachs Group Inc computer programmer has been accused of stealing secret trading codes from the financial firm.

Aer Lingus passenger numbers rise

Tue, 07 Jul 2009 06:58:57 GMT

Aer Lingus said that it carried just over 1 million passengers in June, up 7.5 per cent compared to the same period 12 months ago.

Britain remains in recession in second quarter

Tue, 07 Jul 2009 06:27:40 GMT

Britain's economy is not yet out of recession despite a marked easing in the pace of decline in the manufacturing and services sectors in the second quarter, a survey by the British Chambers of Commerce suggested today.

CRH drags sluggish Iseq

Mon, 06 Jul 2009 17:06:14 GMT

Monday sluggishness was the prevailing market trend on the Iseq index of Irish shares today, as the index closed down almost 3 per cent - slightly underperforming the major European indices - as trading volumes remained below average.

Small firms say credit restrictions tightening

Mon, 06 Jul 2009 14:27:43 GMT

The proportion of small business claiming to have been refused credit by banks has risen over the past six months with half of all firms surveyed saying a lack of access to lending was having a serious, negative impact on their business, according to a new survey.

Toyota's Prius Japan's best selling car

Mon, 06 Jul 2009 13:56:07 GMT

Toyota's Prius hybrid was Japan's best-selling car in June while Honda's rival Insight ranked fourth, helping the two hybrid leaders dominate the list of top-selling models.

Oil falls to $64 on recovery doubts

Mon, 06 Jul 2009 13:56:07 GMT

Oil fell to around $64 a barrel today and touched a five-week low, pressured by doubts over the prospects for a recovery in the global economy and energy demand.

BASF to cut 3,700 jobs by 2013

Mon, 06 Jul 2009 13:40:17 GMT

Chemical company BASF said the integration of Switzerland’s Ciba Holding will lead to 3,700 job cuts by 2013 and annual cost savings of about €400 million.

Fraud office to investigate MG Rover collapse

Mon, 06 Jul 2009 13:24:18 GMT

Britain's Serious Fraud Office will decide whether a criminal investigation should be launched into the 2005 collapse of carmaker MG Rover, the government said today, delaying the publication of its own inquiry.

Ryanair considering standing areas in planes

Mon, 06 Jul 2009 13:07:31 GMT

Ryanair Holdings may offer free flights to passengers willing to stand up during flights of less than 90 minutes, Sky News reported, citing chief executive Michael O'Leary.

Pfizer to invest €11m in Cork R&D unit

Mon, 06 Jul 2009 11:33:05 GMT

Pharmaceutical firm Pfizer is to invest €11 million into a research and development unit at its Ringaskiddy site in Cork that seek to enhance its manufacturing technology.

IMF says trade flows may rebound quickly

Mon, 06 Jul 2009 11:17:10 GMT

Trade volumes may rebound “quite quickly” when the global economy recovers, and US exports are likely to rise first and buoy worldwide flows, the head of the International Monetary Fund said today.

Rio Tinto sells packaging unit for $1.2bn

Mon, 06 Jul 2009 09:08:23 GMT

Global miner Rio Tinto agreed today to sell its Americas food-packaging assets for $1.2 billion to packaging group Bemis, raising yet more much-needed cash for the indebted miner.

Société Générale expects return to profit

Mon, 06 Jul 2009 07:49:29 GMT

Société Générale, France’s second-largest bank, said it expects to report “slightly positive” net income in the second quarter, helped by its corporate and investment banking division.

GM bankruptcy plan gains approval

Mon, 06 Jul 2009 07:02:25 GMT

GM won approval to sell most of its assets to a US Treasury-funded buyer, cementing the Obama administration’s efforts to remake the car industry and leaving restructuring professionals with several years of work to liquidate the leftovers.

Total Produce appoints new finance director

Mon, 06 Jul 2009 07:02:25 GMT

Total Produce said today Frank Davis will become finance director, replacing Frank Gernon who will become director of financial strategy and development.

Bank bailouts promote 'deglobalisation' - WTO

Mon, 06 Jul 2009 06:46:50 GMT

Government bail-outs of the world's big banks pose a threat to free trade, Pascal Lamy, head of the World Trade Organisation (WTO), told theFinancial Timesnewspaper in an interview today.

Call for inquiry into MI6 chief

Sun, 05 Jul 2009 07:41:49 GMT

The Liberal Democrats in Britain were calling for an inquiry today into whether the new head of MI6, Sir John Sawers, should be allowed to take up his post after his wife apparently published personal details and photographs on the Facebook website.

C&C, Kerry Group the star performers

Fri, 03 Jul 2009 18:49:40 GMT

Independence Day celebrations in the US led to a slight slowdown in trade in Dublin yesterday, despite a reasonably busy news flow.

Ryanair carries record 60m passengers

Fri, 03 Jul 2009 13:18:21 GMT

Ryanair carried a record 60 million passengers in the 12 months to the end of June, according to new figures released today.

Dáil passes enforcement legislation

Fri, 03 Jul 2009 12:46:25 GMT

The Companies (Amendment) Bill 2009, which contains a number of tough new measures to ensure better compliance with company law, has been approved in the Dáil.

Rogue trader costs oil broker $10m

Fri, 03 Jul 2009 12:46:25 GMT

An oil broker suffered losses of close to $10 million after a suspected rogue trader allegedly carried out unauthorised trading.

Smurfit credit facilities extended

Fri, 03 Jul 2009 11:10:45 GMT

Lenders to packaging firm Smurfit Kappa have agreed to extend their revolving credit facilities on loans totalling €600 million.

Zapa secures €2.5m funding

Fri, 03 Jul 2009 10:54:45 GMT

Zapa Technology, a new Irish company set up by former Alphyra chief executive John Nagle has secured €2.5 million in venture capital.

Údarás seeks end to spending restrictions

Fri, 03 Jul 2009 10:38:50 GMT

Údarás na Gaeltachta has called on the Government to lift restrictions which is preventing the agency from offering State support to companies in Irish-speaking areas.

Euro zone retail sales decline

Fri, 03 Jul 2009 10:38:50 GMT

Euro zone retail sales fell further than expected in May, data showed today, dampening hopes that an improvement in consumer spending might ease the recession.

Euro zone PMI falls in June

Fri, 03 Jul 2009 09:17:36 GMT

Signs of a recovery in the euro zone's dominant services economy took a backwards step in June but business optimism hit a near two-year high on hopes that the worst is over, surveys showed today.

Euro zone PMI dec/l

Fri, 03 Jul 2009 09:01:47 GMT

Signs of a recovery in the euro zone's dominant services economy took a backwards step in June but business optimism hit a near two-year high on hopes that the worst is over, surveys showed today.

Oil eases below €67 a barrel

Fri, 03 Jul 2009 08:45:42 GMT

Oil eased below $67 a barrel today, after a nearly 4 per cent fall in the previous session, pressured by a stronger dollar and investor concern about the economic outlook and energy demand.

Services sector at 13-month high

Fri, 03 Jul 2009 07:58:10 GMT

Ireland's services sector shrank at the slowest pace for more than a year last month, according to new figures.

Airtricity to create 200 new jobs

Fri, 03 Jul 2009 07:58:10 GMT

Wind energy group Airtricity has announced it is to create 200 jobs including 50 new positons at its Sandyford hedquarters.

Trading conditions still difficult - BoI

Fri, 03 Jul 2009 07:24:58 GMT

Bank of Ireland said today that trading conditions continues to be challenging while demand for new lending remains muted.