The Irish Times - Business

Live Register remains steady at 14.3%

Wed, 30 May 2012 14:41:49 GMT

The number of people signing on the Live Register increased marginally for the second straight month in May but the standardised unemployment rate held steady at 14.3 per cent.

Markets fall on Spain's banking woes

Wed, 30 May 2012 14:09:07 GMT

European shares fell and the euro neared a two-year low today, depressed by worries that Spain's banking problems would push its borrowing costs to unsustainable levels and force it to seek a bailout.

Commission urges direct bank aid

Wed, 30 May 2012 13:04:47 GMT

The European Commission advocated direct aid from a euro zone rescue fund to recapitalise distressed banks in a move that could eventually help Spain, the latest front in Europe's debt wars, overcome a worsening banking crisis.

Olympus planning to cut 2,500 jobs

Wed, 30 May 2012 09:17:55 GMT

Japan's Olympus, hit by a $1.7 billion fraud scandal, plans to shed 2,500 workers and sell an equity stake to either Sony or Panasonic in a bid to bolster its finances, local media reported today.

Firms create 130 jobs in Dublin, Cork

Wed, 30 May 2012 09:02:03 GMT

Four companies are to create 100 jobs in Cork and Dublin as IDA Ireland confirmed they would set up operations here, with a further 30 jobs coming to Tullow Oil's Dublin operation.

TV 'of intense interest' to Apple

Wed, 30 May 2012 07:39:48 GMT

Apple chief executive Tim Cook said technology for televisions was of "intense interest" but stressed the company's efforts would unfold gradually amid speculation the iPad and iPhone maker was on the brink of unveiling a revolutionary iTV.

S&P downgrades Danske Bank

Wed, 30 May 2012 07:39:48 GMT

Denmark's biggest financial institution Danske Bank said today ratings agency Standard & Poor's had downgraded the bank's credit rating by one notch and adjusted its outlook upwards.

Bank of Spain chief to exit early

Tue, 29 May 2012 20:10:14 GMT

Miguel Angel Fernandez Ordóñez's early exit as Bank of Spain governor signals Madrid's desire to restore its credibility, days after the government was forced to stage the country's biggest ever bank rescue.

Facebook shares fall further

Tue, 29 May 2012 15:41:14 GMT

Shares of Facebook slid to a new low today at just above $30, extending their losing streak since a market debut on May 18th.

Opec output at 2008 high

Tue, 29 May 2012 13:31:57 GMT

Opec output in May has hit its highest since 2008 as Saudi Arabia maintained high production rates despite a drop in prices and Iranian shipments did not fall substantially further ahead of an EU embargo, a survey found today.

Spain plans to issue new bonds

Tue, 29 May 2012 12:59:49 GMT

Spain will soon issue new bonds to fund its ailing banks and indebted regions despite borrowing costs nearing the unsustainable 7 per cent level that forced other euro zone countries to seek international aid.

Spanish banks in merger talks

Tue, 29 May 2012 11:06:59 GMT

Spanish unlisted savings bank Liberbank is in talks about a possible merger with rivals Ibercaja and Caja 3, to bulk up their capital position as they struggle with billions of euros of bad property debt.

German states report lower inflation

Tue, 29 May 2012 10:49:56 GMT

Annual inflation slowed in three out of six German states in May, pointing to an easing of price pressures in Europe's largest economy that may give the European Central Bank more scope to loosen policy as the ailing euro zone clamours for growth.

NI house prices still falling

Tue, 29 May 2012 10:34:16 GMT

House prices in Northern Ireland are still heading downwards, University of Ulster research shows.

OECD annual inflation rate slows

Tue, 29 May 2012 10:17:50 GMT

Annual inflation in Organisation for Economic Co-operation and Development (OECD) member countries slowed to 2.5 per cent in the year to April 2012, according to new figures published today.

Italy six-month yields top 2%

Tue, 29 May 2012 09:45:08 GMT

Italian six-month borrowing costs rose further at auction today, hitting their highest since last December at 2.104 per cent, as uncertainty over the euro zone's future push investors to ask for higher risk premiums.

Samsung Galaxy S goes on sale

Tue, 29 May 2012 09:45:08 GMT

Samsung is launching its latest Galaxy S smartphone in Europe today, with the third generation model expected to be even more successful than its predecessor, which helped the company topple Apple as the world's top smartphone maker.

Bank seeking Bloxham partner

Tue, 29 May 2012 09:45:07 GMT

The Central Bank will seek to interview the financial partner of Bloxham Stockbrokers over the coming days about the alleged financial irregularities that have led to the closure of the State’s oldest stockbroking firm.

Euro remains at two-year low

Tue, 29 May 2012 09:12:39 GMT

The euro hovered near a two-year low today with investors worrying about Spain's banking problems, the outcome of the Greek elections and the health of the global economy.

IDG to create 125 jobs in Ireland

Tue, 29 May 2012 06:46:41 GMT

A division of International Data Group (IDG) is to create 125 new jobs in Ireland by the end of 2013, the company said today.

Oil prices steady at $107 a barrel

Tue, 29 May 2012 06:30:43 GMT

Brent crude steadied at around $107 per barrel today as investors weighed potential Middle East supply disruptions against a deepening debt crisis in the euro zone that is clouding the outlook for global fuel demand.

Bloxham ordered to cease trading over 'irregularities'

Mon, 28 May 2012 15:38:05 GMT

The Central Bank has ordered Bloxham stockbrokers to cease all regulated activities following the discovery of "financial irregularities" at the securities firm.

Bankia shares hit record low

Mon, 28 May 2012 12:10:09 GMT

Spanish debt yields jumped and shares in troubled lender Bankia plunged to record lows, highlighting a lack of confidence in government efforts to stabilise the finances of Spain and its ailing banks.

Amazon to hire 100 staff in Dublin

Mon, 28 May 2012 11:54:12 GMT

More than 200 new jobs are to be created across four companies in counties Dublin, Limerick and Carlow.

April retail sales down by 1.5%

Mon, 28 May 2012 11:06:35 GMT

The volume of retail sales fell by 1.5 per cent in April as hardware, department store and textiles businesses struggled.

Bank to bank lending rates fall

Mon, 28 May 2012 10:02:43 GMT

Key euro zone bank-to-bank lending rates fell to new two-year lows today, dragged down by the ECB's recent deluge of ultra-cheap bank loans and a growing expectation it will have to cut euro zone interest rates again in the coming months.

First Derivatives revenue up 25%

Mon, 28 May 2012 10:02:43 GMT

Revenue at specialist financial software and consultancy firm First Derivatives increased by 25 per cent in the year to the end of February to £46.1 million.

Surge in UK retailers going bust

Mon, 28 May 2012 07:22:30 GMT

The number of British retailers going bust jumped 38 per cent to 670 in the first quarter of the year as the economy fell to a double dip recession, up from 486 in the fourth quarter of 2011.

Origin reports 22% revenue rise

Mon, 28 May 2012 07:06:16 GMT

Agri-services group Origin Enterprises has reported a 22 per cent increase in revenues for its third quarter.

Shares, euro creep up from lows

Mon, 28 May 2012 06:50:35 GMT

Asian shares and the euro edged up from lows today, as opinion polls showing a lead for Greece's pro-bailout camp helped calm fears of a disorderly exit by Athens from the single currency that had driven a flight from riskier assets last week.

Greek exit 'may cost' €1 trillion

Sat, 26 May 2012 11:06:48 GMT

The cost of Greece exiting the euro would be unmanageable and probably exceed the €1 trillion previously estimated by the Institute of International Finance (IIF), the group's managing director said.

Greece a 'corrupt, failed state'

Fri, 25 May 2012 16:53:22 GMT

The incoming co-chief executive officer of Deutsche Bank today described Greece as a "corrupt" and "failed" state.

Catalonia 'running out of options'

Fri, 25 May 2012 15:33:56 GMT

Spain's wealthiest autonomous region, Catalonia, needs financing help from the central government because it is running out of options for refinancing debt this year, Catalan president Artur Mas said today.

German opposition rows back on bonds

Fri, 25 May 2012 15:02:07 GMT

Germany's opposition Social Democrats (SPD) scaled back its support for proposals to ease weaker euro zone states' financing costs, saying the common bonds championed by France were not a near-term option for tackling Europe's debt crisis.

Profits down 9% at DAA

Fri, 25 May 2012 14:14:07 GMT

The Dublin Airport Authority's profits declined by 9 per cent to €30 million last year, but passenger figures rose slightly, according to its 2011 annual report.

Weak UK data 'strengthens stimulus case'

Fri, 25 May 2012 13:42:06 GMT

Weak British gross domestic product data this week strengthens the case for more Bank of England stimulus, but this has to be weighed against above-target inflation, BoE policymaker Martin Weale said today.

Greek 'exit' worries weigh on markets

Fri, 25 May 2012 13:09:37 GMT

The potential fallout from a Greek exit from the euro zone and worries about the global economy weighed heavily on financial markets today, snuffing out a tentative rally in stocks and setting up a mixed outlook for Wall Street's open.

PTT gets £950m loan for Cove buy

Fri, 25 May 2012 11:01:11 GMT

Thailand's PTT Exploration & Production (PTTEP) has obtained a £950 million financing to back its proposed acquisition of Africa-focused explorer Cove Energy.

Medical devices firm to create 40 jobs

Fri, 25 May 2012 10:44:25 GMT

Irish medical devices company Technopath is to create 40 jobs in Co Tipperary as part of a €3 million investment.

Bankia shares suspended in Madrid

Fri, 25 May 2012 10:12:42 GMT

Shares in Spain's fourth-biggest lender Bankia were suspended on the Madrid stock exchange today, ahead of an evening announcement when the bank is expected to ask the state for a rescue of more than €15 billion.

German consumer morale steady

Fri, 25 May 2012 08:03:38 GMT

German consumer morale held steady going into June, countering a run of negative data and shoring up hopes that private consumption can support Europe's largest economy through any faltering export demand and renewed turbulence in the euro zone.

Clegg warns of Greek 'chain reaction'

Fri, 25 May 2012 06:43:02 GMT

A Greek exit from the euro zone would set off a "chain reaction of uncertainty" that would be strongly felt in Britain's banking sector, British deputy prime minister Nick Clegg said.

Dublin benefits from Europe rally

Thu, 24 May 2012 20:33:38 GMT

Dublin:The Dublin market benefitted from the general rally around Europe today.

Volatile trade but little change for US stocks

Thu, 24 May 2012 14:45:14 GMT

US stocks were little changed today in volatile trading as ongoing concerns about Greece's possible exit from the euro zone and tepid data on the US economy gave investors little reason to take risk.

Circle Oil extends loan arrangements

Thu, 24 May 2012 14:29:15 GMT

Oil and gas exploration firm Circle Oil has extended a $30 million financing arrangement for three years.

HP to lay off 27,000 staff

Thu, 24 May 2012 14:13:17 GMT

Technology giant HP is to cut its workforce by 8 per cent over the next few years as it aims to trim costs and kick start its growth again.

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.

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.