The Irish Times - Business

Banks must curb 'undue' bonuses - Trichet

Fri, 20 Nov 2009 15:56:10 GMT

Banks should step up their lending to support economic growth while taking steps to curb "undue" bonuses, European Central Bank head Jean-Claude Trichet said today.

ECB to tighten bank rating requirements

Fri, 20 Nov 2009 14:33:54 GMT

The European Central Bank will tighten its rating requirements for banks using asset-backed securities (ABS) as security in its lending operations, it said today.

21,000 lose jobs in industrial sector

Fri, 20 Nov 2009 12:57:21 GMT

More than 21,000 people working in the industrial sector lost their jobs in the 12 months to June of this year, according to the official data.

Goldman urged to be less 'greedy'

Fri, 20 Nov 2009 12:06:12 GMT

Big shareholders at Goldman Sachs have asked the US bank, on track to deliver $20 billion in bonuses, to pass more profit to investors after it quadrupled quarterly net profit, theWall Street Journalreported.

Two AIB managers investigated

Fri, 20 Nov 2009 10:45:44 GMT

AIB is conducting an investigation into the involvement of two senior managers in property businesses.

Oil prices steady below $78

Fri, 20 Nov 2009 09:24:36 GMT

Oil prices steadied below $78 a barrel today, looking for fresh direction after a strong US dollar and weakstock markets triggered a 2 per cent overnight fall.

Dell profits dive on weak sales

Fri, 20 Nov 2009 08:19:14 GMT

Computer maker Dell's quarterly profit plunged 54 per cent on lower-than-expected sales as it lost market share to competitors engaged in a price war in the PC market.

Ebay completes sale of Skype

Fri, 20 Nov 2009 08:19:14 GMT

Ebay said last night it had completed its sale of its Skype unit, as it had vowed to do before the end of the year.

EBS to get capital by early 2010

Fri, 20 Nov 2009 08:19:14 GMT

EBS Building Society, the State's biggest customer-owned lender, will probably get government capital by early next year to cushion losses on impaired loans to developers, chief executive Fergus Murphy said.

Japan keeps rates near zero

Fri, 20 Nov 2009 07:46:15 GMT

The Bank of Japan kept interest rates near zero and raised its economic assessment even as government pressure for it to fight deflation intensified.

Nationwide profits slump 62%

Fri, 20 Nov 2009 07:46:15 GMT

Nationwide Building Society, the UK's biggest customer-owned lender, said first-half profit fell 62 per cent because of increased provisions for impairments and lower margins caused by record low interest rates.

Volumes below average on Iseq

Thu, 19 Nov 2009 20:15:47 GMT

The November lull continued today as traders reported another relatively quiet day on the Dublin market, with volumes below average.

OECD calls for more spending cuts

Thu, 19 Nov 2009 16:42:21 GMT

Further fiscal measures will be needed to aid Irish economic recovery, including cuts in public expenditure and further increases in revenue, as public indebtedness increases sharply, a new report said today.

Dutch government commits €3bn to ABN Amro

Thu, 19 Nov 2009 15:22:39 GMT

The Dutch government said today it would have to inject another €3 billion into nationalised bank ABN Amro, raising the national debt with no immediate return for the state.

Greencore to sell bottled water business

Thu, 19 Nov 2009 14:49:42 GMT

Greencore is to sell its loss-making bottled water business to Highland Spring in a deal worth up to £17.5 million (€19.6 million).

Kerry forecasts earnings at upper range

Thu, 19 Nov 2009 14:33:52 GMT

Kerry Group is expecting to increase its earnings for the full year to the higher end of forecasts as business volumes showed a modest improvement.

Iseq tracks weakness in European stocks

Thu, 19 Nov 2009 13:45:34 GMT

The Irish market was down slightly this afternoon, tracking weakness throughout stocks in Europe.

Salary cap must remain, says FG

Thu, 19 Nov 2009 13:45:34 GMT

Fine Gael’s finance spokesman Richard Bruton has said the salary cap for top bankers must remain in place as long as the banks are being “propped up” by taxpayers.

Datalex revenue falls 19%

Thu, 19 Nov 2009 13:28:07 GMT

Continued difficult conditions in the travel industry caused revenue at travel software firm Datalex to fall 19 per cent in the third quarter of 2009.

Services producer prices slip 3.1%

Thu, 19 Nov 2009 12:55:41 GMT

Prices charged by service producers to businesses in Ireland fell 3.1 per cent in the second quarter of 2009 compared with a year earlier, according to new data from the Central Statistics Office.

New car registrations fall 40.9%

Thu, 19 Nov 2009 12:24:36 GMT

The number of new private cars registered in October fell 40.9 per cent, new figures from the Central Statistics Office showed today.

Avaya gets EU approval for Nortel deal

Thu, 19 Nov 2009 10:46:54 GMT

US telecom equipment maker Avaya has received European Union regulatory clearance for its planned buy of assets owned by bankrupt Canadian peer Nortel Networks.

British retail sales rise 0.4% in October

Thu, 19 Nov 2009 10:14:19 GMT

British retail sales rose slightly less than expected in October, while the public finances deteriorated more sharply than thought over the month, the Office for National Statistics said today.

Sony aims for 5% operating profit margin

Thu, 19 Nov 2009 08:20:40 GMT

Sony aims to earn a 5 per cent operating profit margin in three years by turning its struggling LCD TV and game operations profitable next year and launching 3D TVs and lithium-ion batteries for electric vehicles.

Pfizer eyes Japan's generic drugs market

Thu, 19 Nov 2009 08:20:40 GMT

Pharmaceutical giant Pfizer said today it may start selling generic drugs in Japan from 2011 as part of its efforts to diversify its operations.

Skype in talks with mobile firms

Thu, 19 Nov 2009 08:20:40 GMT

Skype said today that it is in talks with mobile handset and network companies to install its trademark Internet telephony service as it seeks growth drivers before being spun off by parent eBay.

FBD predicts earnings ahead of forecasts

Thu, 19 Nov 2009 07:46:44 GMT

Insurance group FBD Holdings said its operating earnings per share for 2009 would be ahead of expectations, as loss ratios improved and market rate increases compensated for falling market volumes and cover.

Oil hovers under $80 on flat dollar

Thu, 19 Nov 2009 07:30:56 GMT

US crude futures edged higher just below $80 a barrel today, trading in the middle of recent ranges and taking cues from the dollar and weather in the United States.

Iseq closes marginally higher

Wed, 18 Nov 2009 20:49:31 GMT

The ISEQ edged up towards the end of the session to end the day marginally higher, reversing the downward trajectory of recent days.

Corrigan to be appointed head of NTMA

Wed, 18 Nov 2009 15:50:38 GMT

The chief executive of the National Treasury Management Agency (NTMA) Michael Somers will step down on December 3rd.

ITV appoints new chairman

Wed, 18 Nov 2009 15:02:36 GMT

British commercial broadcaster ITV has appointed Archie Norman, a turnaround specialist and former Conservative politician, as its new chairman.

EU approves KBC restructuring

Wed, 18 Nov 2009 14:10:21 GMT

KBC was one of a number of lenders forced to divest assets, close branches, reduce market share and temporarily stop paying dividends as part of a European Commission review of a raft of bank bailouts across the 27 European Union member states.

Bank shares, builders lift Iseq

Wed, 18 Nov 2009 13:37:17 GMT

Shares in the Irish market rose modestly this afternoon as a slew of trading statements drove some stocks higher, but weighed on others.

Consumer sentiment hits Glanbia

Wed, 18 Nov 2009 13:21:21 GMT

Food conglomerate Glanbia expects earnings for 2009 to be at the lower end of the scale, as weak consumer sentiment drives competition in the market.

BoE split over £25bn boost to economy

Wed, 18 Nov 2009 12:02:11 GMT

The Bank of England's Monetary Policy Committee was split three ways in November, with seven members backing the £25 billion boost to the economy, one wanting more and another calling for no increase at all.

Ombudsman rebukes regulators over Intel

Wed, 18 Nov 2009 11:46:23 GMT

The European Ombudsman rebuked European Union regulators today for procedural errors in their antitrust inquiry of Intel but the censure will not affect a €1.06 billion fine against the US chipmaker.

Cadbury shares rise on counter-bid hopes

Wed, 18 Nov 2009 11:30:33 GMT

Shares in British chocolate maker Cadbury rose back above 800 pence for the first time in almost a month on hopes Hershey Co and Ferrero SpA would mount a bid to rival that of US food giant Kraft.

Wolseley warns of further market declines

Wed, 18 Nov 2009 10:43:00 GMT

Building supplies company Wolseley warned today that some of its markets had still not hit the bottom as first-quarter profits slumped by half.

Revenue at UTV Media falls 8%

Wed, 18 Nov 2009 10:14:43 GMT

Overall revenue at UTV Media fell 8 per cent over the 10 months to October 31st, as weak television and radio sales in Ireland weighed on the company, the company said today.

Volvo shipments fall 41% in October

Wed, 18 Nov 2009 09:11:11 GMT

Volvo said vehicle shipments fell sharply in October from last year, but a rise in deliveries compared with September offered hope the sector's headlong plunge in demand may have bottomed.

United Drug profits fall on weak sterling

Wed, 18 Nov 2009 08:21:45 GMT

Healthcare services provider United Drug saw profits fall as the falling value of sterling against the euro hits its balance sheet.

AIB expects bad debt charges of €5.3bn in 2009

Wed, 18 Nov 2009 07:50:08 GMT

AIB is expecting bad debt charges for 2009 to amount to €5.3 billion, up from previous estimates of €4.3 billion.

Oil extends gains above $79

Wed, 18 Nov 2009 07:50:08 GMT

Oil extended gains above $79 a barrel today, supported by an industry report that showed crude stocks in the US fell steeply last week, but limited by US economic data that painted a picture of a slow recovery.

Iseq follows other markets lower

Tue, 17 Nov 2009 19:24:39 GMT

Dublin's ISEQ index finished lower this evening in line with other European markets as financials continued to give up ground, and index heavyweight CRH fell off towards the end of the session.

Bank pay cap 'won't be breached'

Tue, 17 Nov 2009 16:06:49 GMT

Minister for Finance Brian Lenihan has said a Government imposed cap on the salaries of top bankers will not be breached with the appointment of AIB's new managing director.

Petroceltic reports successful well testing

Tue, 17 Nov 2009 14:28:26 GMT

Oil and gas exploration company Petroceltic has reported progress in its well testing in Algeria.

Trichet warns of threat to recovery

Tue, 17 Nov 2009 13:09:13 GMT

The fiscal situation in some European countries is so bad there is a danger markets will lose faith in them, European Central Bank president Jean-Claude Trichet warned today.

M&S plans bond buyback

Tue, 17 Nov 2009 12:32:35 GMT

British retailer Marks & Spencer plans to buy back up to £225 million of bonds from investors and issue new debt, becoming the latest company to take advantage of attractive market conditions.

Final 2009 bond auction raises €1bn

Tue, 17 Nov 2009 11:59:39 GMT

The National Treasury Management Agency (NTMA) raised €1 billion today in the final bond auction of 2009.

Exports boost euro zone trade surplus

Tue, 17 Nov 2009 11:59:39 GMT

Recovering exports produced an unexpected trade surplus for the euro zone in September, data showed today, pointing to a positive contribution to growth in the third quarter and beyond.

C&W to turn to bond market to fund demerger

Tue, 17 Nov 2009 11:38:23 GMT

British telecoms group Cable and Wireless (C&W) is to tap the bond market to fund its demerger by April next year, it said today as it laid out plans to tie in senior management and for a pension agreement.

Dragon takeover offer is final - Enoc

Tue, 17 Nov 2009 11:05:12 GMT

A takeover offer for Dragon Oil that values the company at more than €2.6 billion is final, the exploration firm said today.

UK inflation accelerates in October

Tue, 17 Nov 2009 09:57:36 GMT

Britain's inflation rate accelerated in October, as expected, after a sharp fall in transport costs last year was not repeated, official data showed today.

Easyjet profit falls 64.5% in 2009

Tue, 17 Nov 2009 08:54:03 GMT

British low-cost airline Easyjet reported a 64.5 per cent fall in full-year profit, hit by rising fuel costs and lower interest income, but said it expected profit to be substantially higher in 2010.

Cost cutting helps support Burberry profit

Tue, 17 Nov 2009 08:54:03 GMT

British luxury goods group Burberry said cost cuts and demand for accessories helped limit a fall in first-half profit and lower stock levels would help it improve second-half profitability.

IL&P warns of higher impairments

Tue, 17 Nov 2009 08:38:13 GMT

Provisions for impaired loans at Irish Life & Permanent in the second half of 2009 will be higher than previously expected, the company said today.

Lehman files legal action against Barclays

Tue, 17 Nov 2009 08:06:37 GMT

Lehman Brothers Holdings has filed a lawsuit against Barclays Capital alleging the British bank took control of excess assets in collusion with Lehman executives when it bought its US brokerage business a year ago, court documents show.

Fortis records €196m profit

Tue, 17 Nov 2009 07:50:46 GMT

Belgian insurance group Fortis reported third-quarter net profits in all divisions today, and said it expected 2009 inflows to at least match last year's levels.

China should let currency rise - IMF

Tue, 17 Nov 2009 07:50:46 GMT

China should let the yuan rise sooner rather than later, the head of the IMF said today.

Oil falls but hovers above $78

Tue, 17 Nov 2009 07:34:59 GMT

Oil fell today but clung to most of its previous session gains of 3 per cent, hovering above $78 a barrel, as traders took profit ahead of the release of key US indicators and a weekly fuel inventories report.

Belgard staff end protest at VW Ireland

Mon, 16 Nov 2009 19:28:22 GMT

Former staff at troubled motor group Belgard Motors were today seeking answers following Friday's appointment of a provisional liquidator to the Tallaght-based dealer.

Iseq closes lower on banks

Mon, 16 Nov 2009 18:39:22 GMT

The Dublin market was back in the red today as Irish banks fell out of favour with investors.

Iseq falls as financials weigh

Mon, 16 Nov 2009 15:43:57 GMT

After out-performing European markets on Friday, the Irish index of shares fell this afternoon, weighed down by bank shares.

Criminals cash in on H1N1 fears

Mon, 16 Nov 2009 15:43:57 GMT

Criminal gangs are making millions of dollars out of the H1N1 flu pandemic by selling fake flu drugs over the internet, a web security firm said today.

Ibec seeks job stimulus package

Mon, 16 Nov 2009 15:43:57 GMT

Part of the existing public expenditure on social welfare should be redirected to fund an “ambitious” jobs stimulus package, employers’s group Ibec has said.

US retail sales rise in October

Mon, 16 Nov 2009 14:09:34 GMT

Sales at US retailers rose more than expected in October as consumers bought more motor vehicles and other goods, but the previous month's figures were revised sharply downward, a government report showed today.

Credible strategies 'essential' for adopting euro

Mon, 16 Nov 2009 13:36:32 GMT

The European Union's eastern members need to adjust their timetables for joining the euro currency to avoid the risk of creating new bubbles again with overly ambitious plans, policymakers warned today.

UK to consider new compensation rules

Mon, 16 Nov 2009 13:03:09 GMT

The British government will this week outline legislation allowing consumers to group together to claim damages from financial institutions that mislead customers over financial products, a government source said today.

Economic crisis cuts energy investment

Mon, 16 Nov 2009 11:58:59 GMT

The economic crisis has cut investment in the European gas and electricity sector by around 15 per cent, threatening energy supply security when consumption resumes, a senior analyst at consultancy CapGemini said.

Stocks rally on upbeat economic data

Mon, 16 Nov 2009 11:38:44 GMT

World stocks rose today while gold, oil and other commodities rallied as upbeat economic data and a weakening dollar underpinned raw material prices and related shares.

Japan predicts slower economic growth

Mon, 16 Nov 2009 10:49:36 GMT

Japan's government inched toward agreeing new stimulus measures that could be worth $30 billion today as economic growth is likely to slow next year due to sluggish personal spending and rising inventories.

Cheaper food, fuel hit euro zone inflation

Mon, 16 Nov 2009 10:49:36 GMT

Cheaper food and fuel pulled down the euro zone consumer price index in October for a fifth month running in annual terms, data showed today, confirming earlier estimates.

Price stability priority for central banks - ECB

Mon, 16 Nov 2009 10:49:36 GMT

ECB governing council member Christian Noyer said today he didn't believe monetary policy played a central role in causing the global financial crisis, and that price stability should remain the main objective of central banks.

Downturn hits H&M sales

Mon, 16 Nov 2009 09:55:15 GMT

Swedish fashion giant Hennes & Mauritz posted an unexpected 3 per cent drop in sales at established stores in October, blaming the economic conditions in some of its major markets.

European passenger car sales rise 11.2%

Mon, 16 Nov 2009 08:02:47 GMT

European passenger car sales rose 11.2 per cent in October, with a marked contrast between Western European markets, which grew strongly, and Eastern European markets which tumbled, industry association ACEA said today.