Industry & Business

Company News

FBD study: 88% of farmers feel connected with their local community

Farmer, Francis Fannon and his neighbours in Kilteevan, Co. Roscommon. Picture by Agtel.
According to a survey of urban and rural neighbourliness by FBD entitled “Rooted in the Community”, 88% of farmers say that they feel a strong sense of connection to their local communities, compared with 75% of people living in urban areas.
The study was conducted […]

Read Full Article

Dalata acquires Clarion Hotel in Sligo

The Clarion Hotel in Sligo has been sold to the Dalata Hotel Group for €13m. The four-star hotel was offered for sale on behalf of Receiver, Aiden Murphy of Crowe Horwath and will continue to be operated by current managers and new owners, Dalata.
Established as a hotel in 2005, the hotel includes 162 very spacious bedrooms […]

Read Full Article

Home Retail confirms Homebase sale to Wesfarmers

Argos owner Home Retail Group, which is being pursued by supermarket Sainsbury’s, has agreed to sell DIY chain Homebase to Australian conglomerate Wesfarmers for £340m.
The Australian supermarkets-to-industrials firm said it plans to rebrand Homebase’s 265 UK stores under the Bunnings fascia, its domestic DIY chain.
Home Retail said it expects to complete the deal, subject to […]

Read Full Article

Renault to recall 15,000 vehicles for emissions tweaks

French company Renault will recall more than 15,000 vehicles to make changes to their engines to bring them into line with emissions standards, Energy Minister Segolene Royal told on Tuesday.
The minister, responsible for the environment and sustainable development, repeated that Renault was not alone in exceeding emissions levels, although she did not name any other carmakers.
“Renault […]

Read Full Article

Pure Telecom caps off great year with 10,000 new customers and €5M revenue boost

Alan McGonnell and Paul Connell, directors, Pure Telecom
Irish telecoms provider Pure Telecom is celebrating its most successful year in business since it started in 2002. Over the past 12 months, the company has gained 10,000 new residential and business customers bringing in additional revenues of €5 million.
Pure is currently filling an additional 30 roles in […]

Read Full Article

Slowing data center revenue growth dims Intel’s profits

Concerns about slowing revenue growth in Intel’s highly profitable data center business overshadowed its strong quarterly profit, sending its shares down about 5.6% in after-market trading.
The company’s chief executive Brian Krzanich has looked to weather a slump in demand for chips used in personal computers by focusing on the business of supplying chips for high-end […]

Read Full Article

UTV shareholders to make €73m after sale to ITV

Shareholders are expected to make €73m following the sale of UTV to ITV, a company statement said. UTV Media has agreed to transfer its television assets for €133m by the end of March. The sale excludes its radio stations, which include UTV Radio GB and UTV Radio Ireland, and its digital media businesses.
A UTV update said: “The […]

Read Full Article

Natalya Coyle appointed as Aramark Wellness Ambassador

Aramark Goes for Gold with Natalya Coyle as Education and Workplace Wellness Ambassador.  John Ohle Photography. 
Aramark, the global provider of award-winning services in food, facilities management and property has announced that Irish Olympic hopeful Natalya Coyle is joining their Right Track Health and Wellness Team this year as the Education and Workplace Wellness Ambassador.
Modern pentathlete, […]

Read Full Article

General Electric cutting up to 6,500 jobs in Europe

General Electric is cutting up to 6,500 jobs in Europe after buying a big chunk of France’s Alstom. The move has raised questions about GE’s pledges to create rather than destroy jobs.
The French government had been concerned that the $17bn US dollar Alstom takeover deal in 2014 would cause job cuts. To ease those concerns, GE […]

Read Full Article

BP to slash thousands more jobs

UK oil and gas company BP has announced plans to cut back 5% of its global workforce in the face of a continued slump in oil prices. BP said it aims to reduce its global oil production, or upstream, headcount by 4,000 to 20,000 as it undergoes a $3.5 billion restructuring programme.
The company said its headcount […]

Read Full Article

Dalian Wanda buys Legendary Entertainment for $3.5bn

Chinese conglomerate Dalian Wanda Group has acquired US film studio Legendary Entertainment for about $3.5 billion.
The deal will turning the group’s chairman into a Hollywood movie mogul as China’s richest man steps up a drive to diversify his business empire overseas. Wanda confirmed the deal at a news conference in Beijing.
Chairman Wang Jianlin said he plans to […]

Read Full Article

Mary Curtis to step down as head of UTV Ireland

The head of UTV Ireland, Mary Curtis has announced she will step-down from her role in February after a difficult first year for the channel.
Mary Curtis joined the operation in the middle of 2014 and assisted with the set-up of the new channel, which launched in January last year.
She will leave the channel in early February, […]

Read Full Article

CEO of Sweden’s Electrolux to step down

Keith McLoughlin, the boss of Swedish home appliances maker Electrolux announced today he will retire a month after the biggest deal in the company’s history was scuppered.  The Board has appointed Jonas Samuelson as new President and CEO of Electrolux as of February 1, 2016.
This $3.3 billion deal would have seen Electrolux  leapfrog Whirlpool as the world’s biggest […]

Read Full Article

Opening of Uber’s Centre of Excellence in Limerick

Michael Noonan, the Minister of Finance, today officially opened Uber’s Centre of Excellence (CoE) in Thomas Street, Limerick. The Centre will become a major hub of Uber’s support organisation across Europe, the Middle East and Africa, driving innovation and service excellence for the community of users in the region.
This is Uber’s first Centre of Excellence […]

Read Full Article

Ryanair to open new base in Belfast International Airport

Irish airline Ryanair is to open a new base at Belfast Belfast International Airport from March with flights to London’s Gatwick Airport.
The airline, with an investment of $100m, will base one plane in Belfast and will start a four times daily service to London Gatwick.
Ryanair said the base will grow to three planes and five […]

Read Full Article

Apple buys artificial intelligence startup Emotient

Apple Inc. has purchased Emotient Inc., a startup that uses artificial-intelligence technology to read people’s emotions by analyzing facial expressions.
The report did not specify the financial terms of the deal.
The tech giant’s plans for Emotient were not immediately clear, the Journal reported, confirming the news with an Apple spokeswoman.
Emotient’s software reads the expressions of individuals […]

Read Full Article

NTMA raises €3bn from sale of new 10-year bond

The National Treasury Management Agency say they have raised €3bn through the sale of a new 10-year benchmark treasury bond.
The NTMA say there was strong interest in the bond from overseas investors, which matures in 2026.
They say they plan to issue a further €6bn to €10bn of long-term bonds in 2016.
NTMA Director of Funding and […]

Read Full Article

Netflix is now available in 190 countries around the globe

Movie streaming giant Netflix is operating its streaming TV service in 190 countries, with the addition of 130 new markets, the company has announced.
“Today you are witnessing the birth of a new global Internet TV network,” said co-founder and chief executive Reed Hastings at the Consumer Electronics Show in Las Vegas.
“With this launch, consumers around the […]

Read Full Article

M&S CEO Marc Bolland to retire in April

Marc Bolland will step down as the CEO of Marks & Spencer in April, bringing an end to six difficult years at the British retailer following yet another poor Christmas trading.
M&S said today that Bolland had informed the board he would go in April and the firm has appointed Steve Rowe, the current head of […]

Read Full Article

Pat Kiely appointed TV3 Managing Director

Virgin Media named the Commercial Director of TV3, Pat Kiely – the new Managing Director of the station.
Mr Kiely has over 20 years experience in the Irish advertising and media business and he will replace David McRedmond.
In 2007, he was appointed Commercial Director of TV3 – he joined the station in 1998 and was part […]

Read Full Article

Smurfit Kappa acquires two Brazilian-based firms for €186m

    Smurfit Kappa acquires two Brazilian-based firms for €186m

Irish packaging giant Smurfit Kappa has announced the acquisition of two Brazilian integrated paper-based packaging businesses in a deal worth €186m.
The two privately-owned businesses, INPA and Paema, combined operate three recycled containerboard mills with a total capacity of 210,000 tonnes, along with four corrugated facilities servicing the Northeast of Brazil, through the Rio and Sao […]

Read Full Article

Diageo sells US, UK wine interests for €507m

    Diageo sells US, UK wine interests for €507m

Irish-listed drinks group Diageo has completed the sale of its major wine interests in the US and the UK to one of the world’s biggest publicly-listed winemakers, Australian vintner Treasury Wine Estates for €507m.
The Guinness-maker, which is based in the UK, announced in October that it had agreed to sell US-based Chateau and Estate Wines and the […]

Read Full Article

Nokia gains control of Alcatel-Lucent

    Nokia gains control of Alcatel-Lucent

Nokia Corp. has secured the authorization from France’s securities watchdog for its 15.6 billion euro takeover offer for Alcatel-Lucent SA, clearing the way for the integration of the two telecom-equipment suppliers.
Nokia said that the French stock market authority has declared the offer successful, with interim results showing that Nokia would hold around 79pc of Alcatel shares.
“The […]

Read Full Article

Lioncourt acquires Dublin language school

  Lioncourt acquires Dublin language school

Irish investment firm Lioncourt has acquired Dublin-based English language school ECM College.
In a statement the company said the deal represents an investment of over €1m and “reflects the potential the group sees in the sector in Ireland once long awaited regulations are introduced in January 2016”.
The acquisition, which will be made through Lioncourt’s investment company The […]

Read Full Article

Abengoa signs accord with creditors for emergency loan

  Abengoa signs accord with creditors for emergency loan

Spanish thermal solar power and electrical engineering firm Abengoa has signed an agreement with its creditor banks for a €106m credit line to help avert what would be Spain’s biggest-ever bankruptcy.
The company will be used for general corporate necessities, Abengoa said in a statement to the stock market regulator.
It is using some shares held in […]

Read Full Article

Petroceltic hires bankers for strategic review

  Petroceltic hires bankers for strategic review

Irish oil producer Petroceltic has hired bankers to conduct a strategic review, including a sale, after tumbling oil prices hurt its business.
The company said it had appointed Bank of America Merrill Lynch and Davy Corporate Finance to begin talks with potential buyers.
Petroceltic also said it would sell its interests in projects in Egypt and Greece, […]

Read Full Article

Toshiba to cut 7,000 jobs in PC and TV units

  Toshiba to cut 7,000 jobs in PC and TV units

Japanese electronics company Toshiba announced it will cut nearly 7,000 consumer electronics jobs after a $1.3 billion accounting scandal.
The moves are part of an overhaul that will streamline the sprawling conglomerate into a company focused on chips and nuclear energy.
Toshiba also said it would sell its television manufacturing plant in Indonesia.
It added that eventual job cuts […]

Read Full Article

Holland & Barrett sets £1bn sales target

  Holland & Barrett sets £1bn sales target

Health food chain Holland & Barrett International is bidding to almost double sales to £1bn (€1.37bn) over the next five years, after it posted a record seventh consecutive year of growth.
The Nuneaton-based business said it plans to hit revenues of £1bn (€1.37bn) by 2020 by rapidly expanding its overseas business, from its current base of […]

Read Full Article

Madison Dearborn and Powerflute in takeover talks

  Madison Dearborn and Powerflute in takeover talks

Finnish company Powerflute, 36% owned by Smurfit, has engaged in takeover talks with Madison Dearborn Partners, which made a preliminary offer.
Finnish packaging firm Powerflute announced it had received a preliminary proposal from US private equity firm Madison Dearborn Partners regarding a possible offer for its entire share capital. Powerflute said it would evaluate the proposal […]

Read Full Article

Sports Direct to review workers’ terms and conditions

  Sports Direct to review workers’ terms and conditions

Sports Direct founder, Mike Ashley is to oversee a review of all agency workers’ terms and conditions at the company.
The move follows criticism of the retail giant’s pay and employment practices, including the use of zero hours contracts, under which staff don’t know how many hours they will work from one week to the next.
Sports Direct […]

Read Full Article

Oracle’s quarterly profit forecast doesn’t meet expectations

  Oracle’s quarterly profit forecast doesn’t meet expectations

Business software maker Oracle Corp  delivered a third-quarter profit forecast this Wednesday that did not quite meet analysts’ expectations, and the company’s shares fell about 1% in extended trading.
Oracle forecast third-quarter profit of about 63-66 cents per share, with revenue flat or up 3% which translates to $9.33 billion-$9.61 billion.
The company’s shift from licensing software to […]

Read Full Article

NAMA predicts a €2 billion surplus once work completed

  NAMA predicts a €2 billion surplus once work completed

The National Asset Management Agency predicts a €2 billion surplus by the time it completes its work, according to management at the organisation.
Appearing before the Joint Oireachtas Committee on Finance, Public Expenditure and Reform, NAMA chairman Frank Daly and chief executive Brendan McDonagh said the agency was on track to make a €1 billion profit this year.
They […]

Read Full Article

Uber and Facebook team up to offer Messenger users taxi trips

  Uber and Facebook team up to offer Messenger users taxi trips

Two digital giants, Uber and Facebook partnered to allow Messenger users to call Uber cars without leaving the Facebook-owned Messenger app.
The social network revealed on Wednesday that it has launched a Transportation option on its messaging service. This will allow people to hail a cab from Uber without them having to download and use the taxi-hailing […]

Read Full Article

EE recalls all of its Power Bars over “fire safety risk”

  EE recalls all of its Power Bars over “fire safety risk”

The digital communications company, EE has issued a recall for all its Power Bar portable chargers because of a fault that can cause overheating and a “fire safety risk”.
The move by the telecoms firm comes just four months after an initial recall of one batch of the portable chargers amid reports they could overheat and […]

Read Full Article

Us property giant to buy Dublin’s One Spencer Dock

  Us property giant to buy Dublin’s One Spencer Dock

Hines, a US property giant is in position to buy One Spencer Dock, Ireland’s largest single office investment on Dublin’s North Wall Quay. The property giant outbid two other investment companies with their offer of €240m.

If the sale does go ahead the new owners of One Spencer Dock will be able to bank on a […]

Read Full Article

Asavie to create 106 jobs for Dublin

  Asavie to create 106 jobs for Dublin

Technology firm Asavie is to create 106 jobs in Dublin over the next 30 months.
The company said it would be looking to fill roles in engineering, sales, product management, marketing and support.
The 106 new roles at its Dublin offices, which will bring its total workforce to 186, will be across engineering, sales, product management, marketing and support.
Jobs Minister […]

Read Full Article

Dalata acquires landmark Tara Towers Hotel for €13.1m

  Dalata acquires landmark Tara Towers Hotel for €13.1m

Ireland’s largest hotels group Dalata has agreed to buy the Tara Towers hotel for €13.155m.
Dalata said it plans to invest up to €4.5 million on renovating the three-star hotel, “in an extensive refurbishment programme to convert the property into a modern four star hotel”. The hotel will be rebranded as a Maldron hotel once renovation work is […]

Read Full Article

Blackrock Clinic treated right by Pure Telecom in €217,000 deal

  Blackrock Clinic treated right by Pure Telecom in €217,000 deal

Pure Telecom has been selected to provide managed communications services for Ireland’s largest private healthcare centre, Blackrock Clinic. In a deal worth €217,000 over three years, Pure Telecom was chosen following a competitive bidding process due to its low costs and access to 24/7 support.
The Irish-owned telecoms company, which is on target to increase its […]

Read Full Article

Sanofi and Boehringer in talks over asset swap

  Sanofi and Boehringer in talks over asset swap

French company Sanofi and German drugmaker Boehringer Ingelheim have entered exclusive negotiations to swap businesses. This move would turn the French company into a major force in consumer healthcare while Boehringer would become the second largest company in animal health.
The proposed transaction would consist of an exchange of Sanofi animal health business with an enterprise value of […]

Read Full Article

Ornua sells majority stake in US business

  Ornua sells majority stake in US business

Dairy company Ornua, formerly the Irish Dairy Board, has sold a majority stake in its US speciality foods distribution business, DPI Foods, to Arbor Investments.
The sale price was not disclosed but it is believed to be in excess of €30 million. Ornua is to retain a minority 20% stake in the company.
It said it will use the […]

Read Full Article

Alibaba to acquire South China Morning Post

  Alibaba to acquire South China Morning Post

Alibaba Group Holding Ltd has signed a deal to buy the South China Morning Post and other media assets of SCMP Group for $266m, a deal that has raised a question over the outlook for its editorial independence.
In a filing to the Hong Kong stock exchange, SCMP Group cited an “uncertain” future for traditional publishing […]

Read Full Article

Jaguar Land Rover to build plant in Slovakia

  Jaguar Land Rover to build plant in Slovakia

Jaguar Land Rover, UK’s largest automotive manufacturing business, has signed an agreement with the government in Slovakia to build a new plant for the luxury car maker in the country.
The British company, which is owned by India’s Tata Motors, is planning a plant near the city of Nitra, about 65 miles west of the capital Bratislava, […]

Read Full Article

Cork-headquartered Trustev sold for more than €40m

  Cork-headquartered Trustev sold for more than €40m

Cork-based fraud prevention company, Trustev, has been sold to US listed company TransUnion for about $44 million (aprox. €40m).
Under the terms of the deal, $21m in cash will be paid at the closing of the transaction and up to an additional $23m will be paid if Trustev reaches specified targets up to 2018.
Trustev, founded by entrepreneur Pat […]

Read Full Article

SSE Airtricity to introduce living wage for all staff

  SSE Airtricity to introduce living wage for all staff

Energy utility SSE will be the first large corporate business in Ireland to become a Living Wage employer – guaranteeing all its employees a Living Wage of at least €11.50 an hour from 1 January 2016.
Almost 750 staff across SSE’s businesses in Ireland will receive at least the Living Wage rate. This rate, set at […]

Read Full Article

IKEA’s full year profit rises by 5.5% to €3.51 billion

  IKEA’s full year profit rises by 5.5% to €3.51 billion

IKEA Group, the world’s biggest furniture retailer, announced that net profit grew 5.5% in its fiscal full-year, mainly on the back of sales growth in existing stores.
The company was also helped by new store openings and strong online sales growth.
Net profit at the Swedish flat-pack self-assembly budget furniture company, which owns most IKEA stores, was […]

Read Full Article

Abbey’s half yearly profits rise 75% to €29.68m

  Abbey’s half yearly profits rise 75% to  €29.68m

The property development group, Abbey, has reported pre-tax profits of €29.68m for the six months to the end of October, up from €16.99m the same time last year.
In the company’s results for the six month period ending October 31, Abbey’s profits grew by €12.69m off the back of strong trading in the UK which led […]

Read Full Article

Aer Lingus boss will get €900,000 worth of IAG share options

  Aer Lingus boss will get €900,000 worth of IAG share options

Stephen Kavanagh, the CEO of Aer Lingus, has been awarded over 110,000 share options at the airline’s new owner, IAG.
The shares are currently worth close to €900,000 (£639,000), but won’t start vesting until the end of 2017 and are not exercisable until the end of 2019.
They will be awarded at no cost to Mr Kavanagh […]

Read Full Article

Dow Chemical and DuPont in merger talks – sources

  Dow Chemical and DuPont in merger talks – sources

Dow Chemical and DuPont are talking merger, creating a chemicals giant with a market value of more than $120 billion that could then break up into different businesses, people familiar with the matter said.
A deal, which would face regulatory approval in several countries, would allow the two U.S. companies to rejig their assets based on […]

Read Full Article

Morgan Stanley to cut 1,200 jobs

  Morgan Stanley to cut 1,200 jobs

The financial firm, Morgan Stanley plans to cut 1,200 jobs, or 2 percent of its global workforce, taking a severance charge of about $150 million.
The charge will cover the cost of cutting 1,200 workers worldwide, including about 470 traders and salespeople in its fixed-income and commodities business, according to a person briefed on the matter. […]

Read Full Article

FBD to spend €5.5m on Castleknock hotel expansion

  FBD to spend €5.5m on Castleknock hotel expansion

FBD Property and Leisure Limited (FBDPLL) has applied for planning permission for a €5.5 million upgrade of Castleknock Hotel and Country Club in Dublin.
If successful, the planned 21,280sq ft expansion will create an additional 46 rooms at the hotel, bringing the total number of bedrooms to 190.
As part of the development plan, the day spa – […]

Read Full Article

David McRedmond exits TV3 as Virgin completes deal

Virgin Media Ireland has completed its acquisition of TV3.
The €87m deal for UPC to take over TV3 was announced back in July, undertaken by UPC’s parent company, Liberty Global. Following the UPC re-brand, Virgin Media has finalised the deal and will now take over the running of Ireland’s largest commercial station.
TV3 was put up for […]

Read Full Article

Facebook defends its €3.4m tax bill as Irish revenues rocket

  Facebook defends its €3.4m tax bill as Irish revenues rocket

Facebook Ireland paid only €3.4 million in corporate tax last year in spite of revenues risen to €4.83 billion from €1.8 billion.
The Dublin-based firm, which serves as Facebook’s international head offices, accounted for 47% of Facebook’s global revenues of $12.46bn (€11.44bn) as the Irish unit’s revenues increased 62.5% over the 12 months.
However, in spite of the […]

Read Full Article

GE calls off sale of appliances business to Electrolux

  GE calls off sale of appliances business to Electrolux

General Electric has walked away from a $3.3 billion agreement reached in September 2014 to sell its appliances business to Sweden’s Electrolux, terminating the deal after months of opposition from US competition regulators.
The proposed acquisition was announced on September 8, 2014. As previously communicated, on July 1, 2015 the US Department of Justice sued Electrolux […]

Read Full Article

Hailo launches cashless payment service HailoPay

  Hailo launches cashless payment service HailoPay

The taxi-booking app, Hailo, has introduced HailoPay, a new service that will allow customers to pay for a non-booked journey via the app with their card.
The new service will allow users to pay for their taxi on their phone by inputting the taxi’s registration number and pay using a card they have set up on […]

Read Full Article

Eir acquires Setanta Sports Ireland

  Eir acquires Setanta Sports Ireland

Telecommunications company Eir has agreed to acquire Setanta Sports Ireland, the international sports broadcaster based in Ireland. The sum of the transaction is undisclosed.
The company, which recently rebranded from Eircom, is to buy the group of channels that also includes the Irish rights to BT Sport.
Eir launched a television package in late 2013 that had 43,000 […]

Read Full Article

Motorola Solutions to buy Airwave for $1.2b

  Motorola Solutions to buy  Airwave for $1.2b

Motorola Solutions announced that it would acquire Airwave for £817.5 million. The Walkie-talkie and radio systems maker expects its net cash payment to be approximately £700 million at closing, based on purchase price adjustments and cash in the business.
In addition, a deferred cash payment of £64 million will be made in November 2018. The agreement is subject to […]

Read Full Article

Audi names new chairman and R&D boss to bounce back from VW emission scandal

  Audi names new chairman and R&D boss to bounce back from VW emission scandal

Audi has appointed a new chairman and a new development chief as Volkswagen’s flagship luxury division struggles to recover from an emissions scandal. The German carmaker has named Volkswagen Chief Executive Matthias Mueller as the new chairman of its supervisory board.
Mueller will replace Martin Winterkorn, who resigned from the helm of the Audi board in November […]

Read Full Article

New Subscriber





Subscribe Here



Advertisements



















National Manufacturing Conference & Exhibition 2018

NIBRT Springboard Success Stories



Upcoming Events

  • No upcoming events
AEC v1.0.4