The Irish Times - Finance

Iseq edges up slightly but volumes well below average

Sat, 21 Nov 2009 13:00:36 GMT

Iseq:2,875.92 (+8.09) Settlement Date:25th November

What has happened to credit since September 2008?

Sat, 21 Nov 2009 13:00:36 GMT

Central Bank figures let us see which sectors have benefited most from credit in the past year, writes JOHN KELLY

In Short

Sat, 21 Nov 2009 01:26:45 GMT

A round-up of today's business news stories in brief

Cantillon

Sat, 21 Nov 2009 01:26:45 GMT

INSIDE THE WORLD OF BUSINESS:A round-up of business news stories

More people filed their own tax returns this year

Sat, 21 Nov 2009 01:26:45 GMT

THERE HAS been an increase in individuals filing tax returns, despite the economic downturn. A total of 411,167 returns were filed this year, compared to 402,718 for the last tax year – an increase of 2 per cent.

Smart deal to net creditors €1m

Sat, 21 Nov 2009 01:26:45 GMT

DIGIWEB’S PROPOSED takeover of Smart Telecom, which has been in examinership since August 31st, will result in creditors receiving just €1 million for the €14 million they are owed.

US banks face scrutiny amid bubble fear

Sat, 21 Nov 2009 01:26:45 GMT

FEDERAL RESERVE officials are stepping up scrutiny of the biggest US banks to ensure the lenders can withstand a reversal of soaring global-asset prices, according to people with knowledge of the matter.

Bank fees to State directors published

Sat, 21 Nov 2009 01:26:45 GMT

THE LEVEL of fees paid to public interest directors appointed by the Government to the financial institutions covered by the State guarantee were published yesterday.

Film sector boosts economy, study says

Sat, 21 Nov 2009 01:26:45 GMT

ALMOST ONE fifth of tourists who visited Ireland in 2008 cited film as a reason for coming here, resulting in a tourist expenditure of €369 million, according to a new report on the Irish audiovisual industry.

Inquiry into two AIB bankers over ex-Anglo official

Sat, 21 Nov 2009 01:26:45 GMT

THE TWO senior AIB bankers whose business affairs are being investigated by their employer are involved in dealings with the former head of Irish operations at Anglo Irish Bank.

Banks should use profits for loans, not bonuses - ECB

Sat, 21 Nov 2009 01:26:45 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.

Absolute bank guarantee to be extended to 2015

Sat, 21 Nov 2009 01:26:45 GMT

THE EUROPEAN Commission has approved plans to extend the term of the absolute bank guarantee to 2015. However, the scope of the guarantee will be more restrictive than the current protection, which expires next September.

Nationwide retains Goldman Sachs to advise on EBS loan book merger

Sat, 21 Nov 2009 01:26:45 GMT

IRISH NATIONWIDE has retained investment bank Goldman Sachs to advise the building society on the potential merger of the society’s residential loan book with the State’s other customer-owned lender, the Educational Building Society (EBS).

Industrial wages fall after overtime and bonus cuts

Sat, 21 Nov 2009 01:26:45 GMT

CUTBACKS IN bonuses and overtime led to a fall in industrial sector wages in the second quarter of 2009, but average hourly earnings continue to increase year-on-year, according to the latest data from the Central Statistics Office (CSO).

Construction, manufacturing loans fall most - Central Bank

Sat, 21 Nov 2009 01:26:45 GMT

LENDING TO most sectors of the economy remains in decline, with loans to the construction and manufacturing sectors falling the most in the third quarter of the year, according to new figures from the Central Bank.

Toying with the idea of financing a family business

Fri, 20 Nov 2009 16:28:02 GMT

WHILE MOST Irish viewers were glued to RTÉ watching Thierry Henry’s handball rob us of a place in next year’s World Cup finals, British satellite channel More 4 was showingGerry’s Big Decision, a reality TV show featuring troubled Donegal department store group Foy Company.

Salesforce insists it is a force to be reckoned with

Fri, 20 Nov 2009 16:28:02 GMT

Firm squares up to heavyweights Microsoft and SAP, writesIan Campbellin San Francisco

Twitter: the talk of the town

Fri, 20 Nov 2009 16:28:02 GMT

There is much debate over the personal and commercial possibilities of the microblogging phenomenon, writesRichard Gillis

Is that text message really worth a life?

Fri, 20 Nov 2009 16:28:02 GMT

NET RESULTS:Using a mobile while driving can impair judgment even more than driving over limit. So why do we do it? asksKARLIN LILLINGTON

Further asset bubbles appear inevitable

Fri, 20 Nov 2009 16:28:02 GMT

SERIOUS MONEY:Federal Reserve bailouts have contributed to an unhealthy disrespect for risk, writesCHARLIE FELL

It's time to revisit the debt penalty

Fri, 20 Nov 2009 16:28:02 GMT

Urgent reform is needed to drag our Victorian personal debt system into the 21st century, writesCaroline Madden

Cybersecurity threat is stalking the globe

Fri, 20 Nov 2009 16:28:02 GMT

Melissa Hathaway says the US must do more to avoid a creeping technological menace and urges Ireland to take on a dedicated adviser, writesGordon Smith

Tech venture capitalist riding high

Fri, 20 Nov 2009 16:28:02 GMT

Tim Draper is famous for spotting the potential of Hotmail and Skype, and his company now manages more than $6 billion in funds, writesKarlin Lillington

Lull continues on another quiet day for traders

Fri, 20 Nov 2009 16:28:02 GMT

DUBLIN REPORT: Iseq:2,867.83 (-38.53)Settlement date:November 24th

Little Things

Fri, 20 Nov 2009 02:25:33 GMT

REVENUES AND profits at Appleby Westward, the British food distributor owned by the Irish wholesale cash and carry group BWG, led by Leo Crawford (right), fell last year, according to accounts just filed.

A whole new ball game for sports catalogue firm

Fri, 20 Nov 2009 02:25:33 GMT

UNDER THE RADAR - Philip McLaughlin, McSport:IF THE free market is a form of natural selection for the commercial world and the secret of survival is the ability to adapt to change, Philip McLaughlin is managing to stay well ahead of the evolutionary curve.

14 out of 17 projects have commercial backing €12m invested in digital research

Fri, 20 Nov 2009 02:25:33 GMT

GORDON SMITH

'Threat to jobs' if case delayed US unemployment figures stabilise EU clears Avaya's Nortel purchase

Fri, 20 Nov 2009 02:25:33 GMT

US telecom equipment maker Avaya has received EU regulatory clearance for its planned buy of assets owned by bankrupt Canadian peer Nortel Networks. Avaya is buying Nortel’s enterprise business, which builds networks and voicemail systems for companies and government agencies, for about $900 million.

Planet Business

Fri, 20 Nov 2009 02:25:33 GMT

A look back at the week in business.

Eircom's Esot windfall ongoing

Fri, 20 Nov 2009 01:54:12 GMT

WHILE THE rest of the economy stutters along, the tax-free Esot gravy train for current and former workers at Eircom continues on its merry way.

O'Leary not impressed by ex-highflier's appointment

Fri, 20 Nov 2009 01:54:11 GMT

NOEL DEMPSEY’S ears must have been burning yesterday as Ryanair boss Michael O’Leary gave the Department of Transport a lashing at a press conference in relation to passenger charges at Dublin Airport.

Tech Tools

Fri, 20 Nov 2009 01:54:11 GMT

This week's gadgets

Web Log

Fri, 20 Nov 2009 01:54:11 GMT

This week's web roundup

14 out of 17 projects have commercial backing

Fri, 20 Nov 2009 01:54:11 GMT

THE NATIONAL Digital Research Centre invested €12 million to support 17 research projects over the past year, the organisation’s first annual report reveals.

Microsoft risks losing its grip in smartphone revolution

Fri, 20 Nov 2009 01:54:11 GMT

What matters is that there’s a fight in the industry, and a new phase of clever development

Tech Shorts

Fri, 20 Nov 2009 01:54:11 GMT

A roundup of today's other technology news in brief

Technology 'could save HSE millions'

Fri, 20 Nov 2009 01:54:11 GMT

THE HSE could save €79 million a year by introducing electronic patient records and €195 million a year by treating chronic illness in the home, according to a report prepared by a coalition of 17 telecoms and technology firms.

Get known online or fail, firms told

Fri, 20 Nov 2009 01:54:11 GMT

ENSURING YOUR company is engaged with the latest developments in digital and social media may ensure it survives the downturn, a conference in Dublin heard during the week.

Payments firm founder named 'Internet Hero'

Fri, 20 Nov 2009 01:54:11 GMT

INTERNET ENTREPRENEUR Colm Lyon, who founded online payment service Realex Payments, was named last night as 2009 Internet Hero at the Eircom Golden Spiders Awards.

Extending bank guarantee

Fri, 20 Nov 2009 01:54:11 GMT

Q&A:Q IN REPLY to a number of letters recently, you have said that the extension of the bank guarantee to 2013 is in the National Asset Management Agency (Nama) legislation. Now that this legislation has passed all stages, can you confirm that it is still included?

Financing limited until Nama starts - REO

Fri, 20 Nov 2009 01:54:11 GMT

LISTED PROPERTY developer Real Estate Opportunities (REO) said yesterday that bank finance in the Republic will continue to be limited until the State’s rescue agency, Nama, begins its work.

Blow to UK recession hopes as loan levels prove far higher than expected

Fri, 20 Nov 2009 01:54:11 GMT

BRITISH PRIME minister Gordon Brown’s hopes of an end to recession in the UK have received a major blow with news that government borrowing in October was billions higher than had been expected.

Tote Ireland has 2008 losses of €800,000

Fri, 20 Nov 2009 01:54:11 GMT

A FALL in turnover, tightened margins and increased costs left State-owned horseracing pool betting operator, Tote Ireland, with an €800,000 loss last year.

Dutch group cuts value of Irish property by €21m

Fri, 20 Nov 2009 01:54:11 GMT

DUTCH BUILDING and civil engineering giant, Royal BAM, took a €21 million hit on the value of its Irish properties so far this year.

More action needed for recovery, says OECD

Fri, 20 Nov 2009 01:54:10 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, the Organisation for Economic Co-operation and Development (OECD) said yesterday.

Aer Lingus planning to outsource jobs, staff groups claim

Fri, 20 Nov 2009 01:54:10 GMT

GROUPS REPRESENTING Aer Lingus staff have accused the company of planning to outsource jobs, a claim that Aer Lingus denies, insisting that two joint ventures in the UK and US do not represent an outsourcing of jobs.

Greencore announces €20m deal to sell loss-making bottled water division

Fri, 20 Nov 2009 01:54:10 GMT

GREENCORE HAS announced that it is to sell its loss-making bottled water division to British water company Highland Spring in a deal worth almost €20 million (£17.5 million).

Department notified over AIB chief's pay

Fri, 20 Nov 2009 01:54:10 GMT

ALLIED IRISH Banks (AIB) notified the Department of Finance informally late last week about the bank’s intentions on the proposed salary for the new managing director, Colm Doherty.

Datalex third quarter revenues fall 19%

Fri, 20 Nov 2009 01:54:10 GMT

CONTINUED DIFFICULT conditions in the travel industry caused revenue at travel software firm Datalex to fall 19 per cent in the third quarter.

Ryanair to seek review of decision on charges

Fri, 20 Nov 2009 01:54:10 GMT

RYANAIR IS planning to seek a judicial review of Minister for Transport Noel Dempsey’s direction last month to the aviation regulator on airport passenger charges at Dublin Airport.

Kerry expects to raise 2009 earnings to higher forecast

Fri, 20 Nov 2009 01:54:10 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.

Insurance group FBD takes 3.3% stake in INM

Fri, 20 Nov 2009 01:54:10 GMT

INSURANCE GROUP FBD has taken a 3.3 per cent stake in Independent News Media (INM) as part of the debt for equity swap agreed in the restructuring of the media group’s borrowings.

In Short

Fri, 20 Nov 2009 01:54:10 GMT

Other business news in brief

Manager sees no conflict in dealings

Fri, 20 Nov 2009 01:54:10 GMT

A SENIOR AIB manager in Galway has said there is no conflict involved in his being personally active with property companies.

Notions of 'fairness' should not dictate fiscal policy

Fri, 20 Nov 2009 01:54:10 GMT

ECONOMICS:What may appear eminently fair to one group may seem profoundly unfair to another

Exploring new world of opportunity

Fri, 20 Nov 2009 01:54:10 GMT

THE FRIDAY INTERVIEW - Ray Nolan, technology entrepreneur: AT $340 MILLION (about €230 million), Ray Nolan’s baby last week became the single-largest company exit of the past decade in Ireland, surpassing E-Tel, Iona Technologies, StockByte and Sterile Technologies.

Senior AIB manager was a director of several property companies

Fri, 20 Nov 2009 01:54:10 GMT

A senior executive, based at AIB headquarters in Dublin, is a director or former director of a number of companies in the property sector, including one in which he worked alongside a senior AIB manager from Galway

Shares' value may be wiped out, warns Payzone

Fri, 20 Nov 2009 01:54:10 GMT

IRISH LISTED e-payments group Payzone warned yesterday that shareholders could have the value of their holdings wiped out as part of a planned financial restructuring with its lenders.

Esot may have to buy €10.3m shares as part of STT deal

Fri, 20 Nov 2009 01:54:10 GMT

THE EIRCOM employee group Esot, which owns 35 per cent of the company, could have to pay up to €10.3 million to buy additional shares in the business as a condition of the sale of the company to Singapore Technologies Telemedia (STT).

Anglo hires KPMG to cost options including wind-up

Fri, 20 Nov 2009 01:54:10 GMT

STATE-OWNED Anglo Irish Bank has hired consultants from the international headquarters of accountancy firm KPMG in Holland to cost various options facing the bank, including the winding down of the lender over time.

Iseq reverses trend amid lack of market direction

Thu, 19 Nov 2009 01:01:27 GMT

DUBLIN REPORT: Iseq: 2,906.35 (+6.55) Settlement date: November 23rdTHE ISEQ edged up towards the end of yesterday’s session to finish marginally higher, reversing the downward trajectory of recent days. As with other European markets, traders in Dublin noted a lack of direction about the market as investors looked for signs of the state of the macro-economic climate.

Obama warns of second recession

Thu, 19 Nov 2009 01:01:27 GMT

US president Barack Obama warned that the US economy could head into a “double-dip recession” unless steps were taken to rein in mounting public debt.

2,000 ILP staff vote on pay increases

Thu, 19 Nov 2009 01:01:27 GMT

About 2,000 junior and middle-ranking staff at Irish Life & Permanent (IL&P) are voting on pay increases this year and next, as proposed by the Labour Relations Commission (LRC).

KBC Ireland shows that money still talks

Thu, 19 Nov 2009 01:01:27 GMT

CANTILLON:MANAGEMENT AT KBC Bank Ireland are presumably breathing a sigh of relief. The Irish operation failed to tick many boxes in the analysis done by its parent of what should stay and what should go under the restructuring plan approved by Brussels yesterday, but it has avoided the chop due its strong profitability.

Vodafone advert makes Eircom see red

Thu, 19 Nov 2009 01:01:27 GMT

MEDIA & MARKETING:Vodafone’s call to ‘show Eircom the door’ provokes a retaliation, writesSIOBHÁN O'CONNELL

Glanbia expects 2009 earnings to be lower due to weak sentiment

Thu, 19 Nov 2009 01:01:27 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.

KBC rules out selling Irish unit as part of downsizing

Thu, 19 Nov 2009 01:01:27 GMT

BELGIAN BANK KBC has said it will retain and review its Irish bank in a sharp downsizing of the overall banking group as a condition of EU approval for the state rescue of the bank.

Few winners in protracted talks on AIB succession

Thu, 19 Nov 2009 01:01:26 GMT

ANALYSIS:The level of arrogance shown has become synonymous with AIB over the past year, writesSIMON CARSWELL

New chief executive of NTMA named by Minister

Thu, 19 Nov 2009 01:01:26 GMT

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

Doherty choice followed global hunt for bank director, says AIB

Thu, 19 Nov 2009 01:01:26 GMT

ALLIED IRISH Banks (AIB) undertook a “comprehensive search” across the world for a suitable candidate before proposing its own executive Colm Doherty for the role of managing director, the chairman of the bank’s remuneration committee Seán O’Driscoll said yesterday.

Aer Lingus warns of compulsory job cuts

Thu, 19 Nov 2009 01:01:26 GMT

AER LINGUS has warned that it may have to introduce additional job losses – some possibly on a compulsory basis – if there is no agreement reached with trade unions on a controversial €97 million cost-saving plan before the end of the month.

UTV records 12% drop in revenue to end October

Thu, 19 Nov 2009 01:01:26 GMT

UTV MEDIA has blamed a “difficult economic environment” for a 12 per cent slump in total revenue during the first 10 months of 2009.

Bank raises 2009 bad debt forecast to €5.3bn

Thu, 19 Nov 2009 01:01:26 GMT

ALLIED IRISH Banks (AIB) raised its forecast for bad debts for 2009 by €1 billion to €5.3 billion, primarily due to higher losses on development and property-related loans moving to the National Asset Management Agency (Nama).

IL&P down 13.5% as report raises its loan loss forecast

Wed, 18 Nov 2009 13:21:21 GMT

DUBLIN REPORT:Iseq:2,899.81 ( -57.54)Settlement date:November 20th

Stores vie for festive jingle of shoppers' money

Wed, 18 Nov 2009 13:21:21 GMT

LONDON BRIEFING:WITH JUST 36 days to go until Christmas, the battle for festive spending is already well under way on the High Street. Today Debenhams launches a £250 million (€282.6 million) four-day sale, offering discounts of up to 50 per cent, as it attempts to steal business from its rivals. Last week Asda and Tesco announced price cuts on thousands of lines, worth a combined £400 million to customers, writesFIONA WALSH