The Irish Times - Finance

Lender that burst its own credit bubble

Wed, 10 Feb 2010 00:20:02 GMT

ANALYSIS:Halifax led the lending boom – and has fallen victim to tight margins and the property bust

Timeline Bank Of Scotland (Ireland)

Wed, 10 Feb 2010 00:20:02 GMT

1989Bank of Scotland (Ireland) (BoSI) is established, but the bank does not gain traction in the Irish market until the late 1990s, when it makes a series of acquisitions and establishes a reputation as an alternative lender for small businesses.

Bank reassures customers over savings

Wed, 10 Feb 2010 00:20:02 GMT

INVESTMENTS:FOLLOWING THE decision to close its retail banking business in Ireland, Bank of Scotland and Halifax customers have been advised that they do not have to anything at this stage.

Lenihan 'should consider inclusion in third force'

Wed, 10 Feb 2010 00:20:02 GMT

UNION POSITION:THE TRADE union Unite intends to press Minister for Finance Brian Lenihan to consider the inclusion of Bank of Scotland (Ireland) (BoSI) in the so-called third banking force to save the 750 staff who face losing their jobs.

'Devastating blow' for 750 workers and families

Wed, 10 Feb 2010 00:20:02 GMT

REACTION:FINE GAEL finance spokesman Richard Bruton said the closure of the Halifax branch network dealt a “devastating blow” to staff and families. He described the news as “a landmark event” in what was an ongoing unemployment crisis for Fianna Fáil.

BoSI to sell or reassign its 44 retail branches from May

Wed, 10 Feb 2010 00:20:02 GMT

BANK OF Scotland (Ireland) (BoSI) has said it will sell or reassign its 44 Halifax retail branches as it exits personal banking to focus on business lending.

Banks under pressure on day of slow trading

Wed, 10 Feb 2010 00:20:02 GMT

DUBLIN REPORT: Iseq:2,888.33 (-19.96)Settlement date:February 12thUNITED DRUG stood out as the most actively traded stocks on what was a lacklustre day on the Dublin market in terms of volume.

Ryanair to open base in Lithuania

Wed, 10 Feb 2010 00:20:02 GMT

Ryanair is to open its first central European base in Lithuania, basing two aircraft at Kaunas and adding nine new routes. This will bring to 18 the number of routes that it will fly from the airport from May.

Norkom signs deal with investment bank

Wed, 10 Feb 2010 00:20:02 GMT

Norkom Technologies has signed a deal with global investment bank Daiwa Capital Markets Singapore Ltd that will see the bank use Norkom’s sanctions and politically exposed people screening and transaction-monitoring technology.

Praise for Bord Bia marketing event

Wed, 10 Feb 2010 00:20:02 GMT

Both buyers and Irish food and drinks manufacturers have expressed satisfaction at the Bord Bia marketing event that hosted 3,800 business meetings at Croke Park. The event is expected to generate €10 million worth of new business.

Eircom told to cut competitor charges

Wed, 10 Feb 2010 00:20:02 GMT

The telecoms industry has welcomed a direction by ComReg requiring Eircom to reduce the price it charges competitors to place their equipment on its network.

Pensions Board says most plans in deficit

Wed, 10 Feb 2010 00:20:02 GMT

UP TO 80 per cent of defined benefit pension schemes were estimated to be in deficit at the end of 2009 according to the Pensions Board, which published its annual report yesterday.

Government to take more equity stakes in banks, says Honohan

Wed, 10 Feb 2010 00:20:02 GMT

THE NEW governor of the Central Bank, Patrick Honohan, has said that the Government would take additional equity stakes in the Irish banks as part of the recapitalisation process.

Barrett preaches patience in State funding

Wed, 10 Feb 2010 00:20:02 GMT

POLITICIANS AND funding agencies should not measure the value of science and technology research investments by swiftly-produced intellectual property (IP) portfolios, former Intel chairman and chief executive Craig Barrett said yesterday.

Toyota recalls 430,000 Prius cars over brakes

Wed, 10 Feb 2010 00:20:02 GMT

TOYOTA CONFIRMED yesterday that it was recalling almost half a million Prius petrol-electric hybrid cars. The worldwide recall concerns a potential braking problem with the car.

'Sunday Business Post' seeks to cut costs

Wed, 10 Feb 2010 00:20:02 GMT

THESUNDAY Business Postnewspaper, which is owned by Cork-based media group Thomas Crosbie Holdings, has proposed a number of cost-cutting measures to its 70 employees aimed at reducing its overheads.

Nama to name two who will join top team

Wed, 10 Feb 2010 00:20:02 GMT

THE NATIONAL Asset Management Agency (Nama) is to appoint estate agent John Mulcahy and former Ulster Bank executive Ronnie Hanna to key roles on its executive management team.

United Drug chief says outlook 'encouraging'

Wed, 10 Feb 2010 00:20:02 GMT

HEALTH SERVICES provider United Drug expects its profits this year to be in line with 2009 levels. This is in spite of a €2 million hit that the company will sustain as a result of cuts to medicine prices implemented in Ireland earlier this month.

GM seeking €2.7m from EU states for Opel rescue

Wed, 10 Feb 2010 00:20:02 GMT

GENERAL MOTORS presented its rescue plan for its troubled subsidiary Opel yesterday, combining 8,300 job cuts with a request for €2.7 billion in loans and guarantees from European governments.

Core retail sales yet to reach bottom

Wed, 10 Feb 2010 00:20:02 GMT

ANALYSIS:Erratic trends and volatility in the motor sector make long-term prediction hazardous

UK regulator's future up in the air as chief takes flight

Wed, 10 Feb 2010 00:20:02 GMT

LONDON BRIEFING:Hector Sants’ decision to quit throws the already uncertain fate of the FSA further into confusion

Beacon expansion set to boost staff numbers by 35

Wed, 10 Feb 2010 00:20:02 GMT

THE BEACON private hospital group is creating 46 new jobs in an expansion of orthopaedic and oncology services at its Dublin base.

Animation body criticises RTÉ

Wed, 10 Feb 2010 00:20:02 GMT

THE IRISH animation sector has accused RTÉ of failing to support an industry that has secured two nominations for this year’s Academy Awards.

Anglo not expected to support Black Shore bid

Wed, 10 Feb 2010 00:20:02 GMT

ANGLO IRISH Bank is not expected to support Black Shore Holdings’ bid to get protection from its creditors in the High Court today.

UK and Sweden suggest IMF should help Greece

Wed, 10 Feb 2010 00:20:02 GMT

SHARP DIVISIONS have emerged within Europe over how to deal with Greece’s debt crisis on the eve of a summit that will be dominated by talks over the need to shore up confidence in the euro zone.

Firm to create 100 jobs in Dublin

Wed, 10 Feb 2010 00:20:02 GMT

BUSINESS INFORMATION and risk specialist Dun Bradstreet (DB) will create 100 jobs in the Republic over the next 18 months at a new data processing centre.

Consumer spending predicted to fall further

Wed, 10 Feb 2010 00:20:02 GMT

FURTHER FALLS in consumer spending have been predicted for this year after new figures confirmed that 2009 was a difficult year for retailers.

AIB and BOI end on good note after volatile session

Tue, 09 Feb 2010 01:29:30 GMT

DUBLIN REPORT:Iseq:2,908.29 (+ 18.18)Settlement date:February 11th

Communities unite in grassroots effort to create new jobs

Tue, 09 Feb 2010 01:29:30 GMT

BELFAST BRIEFING:A cross-community initiative in Ballymena has created a business park for local start-ups, writesFRANCESS McDONNELL

In short

Tue, 09 Feb 2010 00:42:54 GMT

A roundup of today's other business news in brief

Management shake-up as ESB executives leave

Tue, 09 Feb 2010 00:42:54 GMT

STATE ENERGY company, the ESB, is facing a number of management changes following the news that two executives are leaving the organisation.

ESB man is AIB chief financial officer

Tue, 09 Feb 2010 00:42:54 GMT

ALLIED IRISH Banks (AIB) has named Bernard Byrne, a senior executive at the ESB, as chief financial officer in the first external appointment to the bank’s executive management team since the onset of the financial crisis.

Retired couple sues Bloxham for €470,450 'lost on bond'

Tue, 09 Feb 2010 00:42:54 GMT

A RETIRED couple who claim they have lost €470,450 because of allegedly negligent advice from Bloxham stockbrokers about an investment bond have brought a legal action against the firm.

Cantillon

Tue, 09 Feb 2010 00:42:54 GMT

Inside The World Of Business

Call for reduction in retail rates

Tue, 09 Feb 2010 00:42:54 GMT

RETAIL IRELAND, the Ibec group which represents the retail sector, has called for a reduction in commercial rates. The group has written to the chair of every local authority, as well as to all city and county managers, requesting that retailers be given a 10 per cent rebate on the commercial rates bill they paid in 2009.

Warning on black economy in construction

Tue, 09 Feb 2010 00:42:54 GMT

A GROWING black economy in the building business could end up costing the exchequer an estimated €250 million a year in lost taxes and social insurance contributions.

Consumer mood at highest level in two years

Tue, 09 Feb 2010 00:42:54 GMT

CONSUMER SENTIMENT unexpectedly rose to its highest level in two years last month, signalling a marked improvement in the mood of Irish consumers.

Spain says euro zone bond is not an issue

Tue, 09 Feb 2010 00:42:54 GMT

SPANISH ECONOMY secretary Jose Manuel Campa said a euro zone bond was not being discussed at the moment and contagion from Greece would have a short term effect on Spain’s sovereign spreads.

Intel to decide next month where to build new factory

Tue, 09 Feb 2010 00:42:54 GMT

INTEL WILL make a decision next month on where to build a factory for its next generation of microprocessors according to the general manager of its operations in Israel.

Taoiseach defends Nama claim on lending

Tue, 09 Feb 2010 00:42:54 GMT

THE TAOISEACH has defended his claim that the National Asset Management Agency (Nama) will increase the supply of credit into the economy despite the International Monetary Fund (IMF) saying it would not lead to any significant increase.

Invest in education and RD - Barrett

Tue, 09 Feb 2010 00:42:54 GMT

IRELAND IS distinctly average, and average is no longer good enough, according to former Intel chairman Craig Barrett.

Euro near eight-month low against US dollar

Tue, 09 Feb 2010 00:42:54 GMT

THE EURO remained near eight-month lows versus the dollar on world currency markets yesterday, as investors continued to fret about debt problems in Greece, Portugal and Spain.

Vital textbook for policymakers warns of folly in ignoring the past

Mon, 08 Feb 2010 16:13:21 GMT

PASCHAL DONOHOEreviews‘This Time is Different, Eight Centuries of Financial Folly’By Carmen M Reinhart and Kenneth S Rogoff, Princeton University Press

Calling a spade a spade will not get lost in translation

Mon, 08 Feb 2010 16:13:21 GMT

Latin mottos are wonderful, but they laid the foundation for questionable practices in management, writesLUCY KELLAWAY

Cleaning up our act with EU help has got us out of PIGS sty for now

Mon, 08 Feb 2010 16:13:21 GMT

BUSINESS OPINION:Our escape from the swine pen merits at least half a pat on the national back, writesJOHN McMANUS

Cancer main reason for life assurance payouts

Mon, 08 Feb 2010 01:00:50 GMT

MALIGNANT CANCER was the main reason for payouts on life assurance policies in 2009, figures from Irish Life reveal.

£4m loss for KFC in Ireland and Scotland

Mon, 08 Feb 2010 01:00:50 GMT

THE BELFAST-BASED group that operates the Kentucky Fried Chicken (KFC) franchise across Ireland and Scotland incurred a pre-tax loss of £4 million (€4.4 million) in 2008, despite an increase in turnover at its restaurants.

Gleeson in two major investments in 2006

Mon, 08 Feb 2010 01:00:50 GMT

THE FORMER chairman of AIB, Dermot Gleeson, was involved in two substantial commercial property investments in 2006, the height of the property boom.

This Week

Mon, 08 Feb 2010 01:00:50 GMT

After last week’s disappointing exchequer returns and live register figures, retail sales and inflation data due out in the coming days will be closely watched.

Livestock company records loss of €1.3m

Mon, 08 Feb 2010 01:00:50 GMT

PURCELL BROS, a holding company for the livestock-exporting Purcell family, recorded an operating loss of €1.3 million in 2008.

'Third force' bank should lend to small businesses - report

Mon, 08 Feb 2010 01:00:50 GMT

A THIRD banking force to provide competition to AIB and Bank of Ireland should specialise in lending to small businesses and should include Bank of Scotland (Ireland), a report by the union Unite is expected to recommend.

Drop in cross-Border retail hits NI economy

Mon, 08 Feb 2010 01:00:50 GMT

ARCTIC WEATHER conditions which prevented shoppers from travelling across the Border to stock up in stores in Northern Ireland delivered a further setback for the North’s fragile economy last month, a new report suggests today.

Andrews urges action on 'rental crisis'

Mon, 08 Feb 2010 01:00:50 GMT

FIANNA FÁIL TD Chris Andrews has called on the Tánaiste and Minister for Enterprise, Trade and Employment Mary Coughlan to intervene in what he described as the “rental crisis” facing retailers.

Equity firm pays €45m for 69% Payzone stake

Mon, 08 Feb 2010 01:00:50 GMT

PAYZONE, THE Irish electronic payments company, has announced that private equity group Duke Capital will invest €45 million in the company in exchange for a 69 per cent shareholding.

Geithner and Darling back idea of global levy on banks

Mon, 08 Feb 2010 01:00:50 GMT

THE WORLD’S most advanced economies have begun to coalesce around the idea of imposing forward-looking levies on banks to help insure the global economy against financial crises, officials said after a Group of Seven (G7) meeting in Canada.

G7 pledges to maintain economic stimulus

Mon, 08 Feb 2010 01:00:50 GMT

FINANCE MINISTERS from the Group of Seven (G7) countries pledged to press ahead with economic stimulus measures at a meeting in Canada at the weekend, despite an intensified focus by investors on the mounting budget deficits in euro-zone countries.

Iseq follows lead in Europe as market declines by 2%

Sat, 06 Feb 2010 00:39:02 GMT

DUBLIN REPORT: Iseq: 2890.11 (-61.19)) Settlement date: February 8thWEAK MARKETS across Europe and the US yesterday were reflected in a 2 per cent decline in the value of the Iseq index of Irish shares. “Any stock that was close to being flat on the day was doing well,” one dealer commented, given the weakness in equities across Europe.

Cantillon

Sat, 06 Feb 2010 00:39:02 GMT

Inside the world of business

FDA posts safety notice on Tysabri

Sat, 06 Feb 2010 00:39:02 GMT

The US Food and Drug Administration (FDA) has placed a safety notice in relation to Elan’s multiple sclerosis drug Tysabri on its website.

Leaving Eircom

Sat, 06 Feb 2010 00:39:02 GMT

Eircom has informed staff that Cathal Magee, the telecoms company’s managing director of retail, is to leave the company.

JPMorgan Chase CEO's $17m bonus

Sat, 06 Feb 2010 00:39:02 GMT

Jamie Dimon, JPMorgan Chase’s chief executive, will receive an all-stock bonus of about $17 million (€12.4 million) for 2009, a move that underlines the conflict facing Wall Street as public pressure over bank pay levels clashes with industry leaders’ desire to be compensated for a strong year.

40 Petrogas jobs to be outsourced

Sat, 06 Feb 2010 00:39:02 GMT

Petrogas, which operates Applegreen service stations, has moved to allay fears relating to 40 jobs in its finance department, reports.

Lenders must wait year before action

Sat, 06 Feb 2010 00:39:02 GMT

The Financial Regulator has informed all mortgage lenders that from February 17th, they must wait at least 12 months from the time a borrower falls into arrears before they start a legal action.

Piigs label too ham-fisted for Barclays

Sat, 06 Feb 2010 00:39:02 GMT

AT BARCLAYS Capital, Piigs won’t fly. The securities unit of London-based Barclays told analysts yesterday not to use the acronym for Portugal, Italy, Ireland, Greece and Spain in notes to clients. The memo was sent to research staff.

Treasury Holdings-backed Creo may list on Singapore exchange

Sat, 06 Feb 2010 00:39:02 GMT

TREASURY HOLDINGS-backed property investor China Real Estate Opportunities (Creo) is considering taking a listing on Singapore’s stock market.

Topaz picket injunction continued until Monday

Sat, 06 Feb 2010 00:39:02 GMT

THE HIGH Court has continued to Monday an injunction restraining a trade union and employees of a transport firm picketing an oil company’s premises in Cork.

Payzone refinancing deal could see private equity firm take stake

Sat, 06 Feb 2010 00:39:02 GMT

PAYZONE IS close to a refinancing deal that will see a private equity firm take a stake in the business alongside a group of the company’s bankers.

Tullow dismisses deal speculation

Sat, 06 Feb 2010 00:39:02 GMT

IRISH EXPLORER Tullow Oil has moved to quash speculation that it has signed a deal to sell part of its Ugandan asset to Chinese giant Cnooc.

Warning over cloud computing usage

Sat, 06 Feb 2010 00:39:02 GMT

THE DEPARTMENT of Finance has warned Government departments and public sector bodies that they should not purchase cloud computing services without obtaining legal advice.

Cork-based company develops wave energy system with US multinational

Sat, 06 Feb 2010 00:39:02 GMT

US MULTINATIONAL Dresser Rand is joining forces with an Irish company on a project to develop commercial ocean energy systems.

Toyota owners may face court if in car crash

Sat, 06 Feb 2010 00:39:02 GMT

TOYOTA OWNERS with noticeably faulty cars who are aware their car is part of the recall by Toyota could be charged under the Road Traffic Act if involved in a traffic incident, it has emerged.

Carluccio's to reopen as landlord agrees to cut rent

Sat, 06 Feb 2010 00:39:02 GMT

CARLUCCIO’S RESTAURANT in Dublin has negotiated a reduction in rent that will see it reopen for business next week, it was announced last night.

Guilbaud resigns from own restaurant

Sat, 06 Feb 2010 00:39:02 GMT

MICHELIN-STARRED chef Patrick Guilbaud has stepped down as a director of his award-winning restaurant, Restaurant Patrick Guilbaud, according to filings at the Companies Registration Office.

US jobless rate falls to five-month low of 9.7%

Sat, 06 Feb 2010 00:39:02 GMT

THE US unemployment rate fell to a five-month low of 9.7 per cent in January, even as the economy shed 20,000 jobs, according to a government report that contained conflicting signals on the health of the country’s labour market.

Irish Times MD to step down after eight years

Sat, 06 Feb 2010 00:39:02 GMT

THE BOARD of The Irish Times Ltd has announced that Maeve Donovan has decided to retire as managing director after eight years in the role and 32 years in the company. An internal process has begun to select her successor.