Finance

Equitable Life pleads for full customer compensation

Equitable Life, the British mutual insurer that nearly collapsed a decade ago, has urged the government to fully reimburse policyholders for their losses rather than cap compensation payments as proposed. Compensation should be based on an estimated loss of between £4 and £4.8bn ($7.42bn) and should not be subject to a £400m cap proposed in […]

Irish services expansion slows, confidence rises

The expansion of Ireland’s services sector slowed in August but companies remained confident about future prospects and recorded rising orders from both home and abroad, a survey showed on Friday. The NCB services Purchasing Managers’ Index fell to 52.9 from 55.7 in July, when the sector saw the fastest rate of expansion since late 2007, […]

German president raises pressure on divisive banker

German President Christian Wulff has increased pressure on the Bundesbank to dismiss its contentious board member Thilo Sarrazin, arguing that the central bank needed to limit damage to Germany’s reputation. Sarrazin has divided Germany with criticism of the country’s large Muslim community, and outspoken remarks asserting that Jews have a particular genetic makeup, sparking calls […]

Russia home to wealthiest expats, Eurozone lags

Russia, Saudi Arabia and Bahrain are home to the wealthiest expats, with Eurozone countries falling behind when it comes to paying for foreign expertise, according to a survey of expats. The third annual report commissioned by HSBC Bank International found finances among expats were generally positive with two-thirds, or 66 percent, saying they have more […]

Seadrill sees growth and M&A after Q2 beat

Norway’s Seadrill Ltd, the world’s number two deepwater oil rig group, is ready to throw its weight around now that the Gulf of Mexico oil spill has made life harder for smaller players. “We see the current market volatility as a good opportunity to look for investment opportunities,” the group controlled by shipping tycoon John […]

Independent News revenue rises, advertising improves

Irish publishing group Independent News & Media has posted its first revenue growth in more than two years as recovering advertising pushed first-half sales up eight percent. Pretax profit excluding one-off items rose 39 percent. The Dublin-based group has had to sharpen its focus on titles in Ireland, as well as in South Africa, New […]

Irish debt agency felt compelled to criticise S&P

Ireland’s debt management agency said it felt compelled to criticise Standard & Poor’s rationale for downgrading the country’s long-term rating by one notch to AA-. “Exceptionally, we have taken issue with the rating agency. It’s something we don’t like to do but there comes a point when the analysis is not robust,” John Corrigan, the […]

Aer Lingus back to Q2 profit, to guard independence

Irish airline Aer Lingus swung back to profit in the second quarter despite disruption to European airspace and vowed to defend its independence by cutting costs further into next year. Aer Lingus, which is having to become more efficient in the shadow of former suitor Ryanair, posted a pre-tax profit of 15.4 million euros in […]

Ireland’s Kingspan resumes dividend; profit climbs

Irish building materials group Kingspan beat earnings forecasts and resumed dividend payments this week as firm orders defied fears of a slump back into recession in the UK, US and Europe. Shares in Kingspan, the number one producer of insulation in Britain, Ireland, Canada and Australasia, were the top performer on the local bourse, rising […]

Rio CEO says still seeking BHP iron ore JV approval

Rio Tinto CEO Tom Albanese said the miner would keep seeking regulatory approval for a $116bn joint venture with BHP Billiton after a report that the deal faces collapse. Global miners BHP and Rio expect the iron ore joint venture in Western Australia will fail to get regulatory approval, the Sydney Morning Herald reports. The […]

French milk farmers strike price deal

French dairy farmers have struck a deal with their large customers on increasing the price of milk for the third quarter of the year, defusing tensions in a sector that saw mass protests by producers last year. Under the terms of the deal, the price of milk will rise by about 11 percent compared to […]

Berlin film business booms in face of crisis

Berlin’s film business is booming, with low production costs, generous subsidies and cultural cachet attracting some of the world’s top filmmakers scouring for funds in the wake of the crisis. Internationally acclaimed directors from Quentin Tarantino to Roman Polanski are flocking to film in the German capital, churning out hits like “Inglourious Basterds” and “The […]

Asia, LatAm job market spurs Michael Page profit

Recruiter Michael Page posted a 42 percent rise in first-half pretax profit, boosted by growing demand in Asia and Latin America, defying concerns that a sluggish economic recovery would hit job turnover. Michael Page, which finds jobs for people in financial, accounting and legal services, announced pretax profit up to £61.4m in the six months […]

De La Rue CEO steps down after paper sales warning

The chief executive of the world’s largest non-governmental money printer De La Rue Plc stepped down after the firm warned sales would be hit by quality problems at one of its paper factories. “Mr Hussey’s decision to resign follows the company’s statement … in relation to certain quality and production irregularities at one of its […]

Bank of Ireland to shake off state support slowly

Bank of Ireland plans to move away cautiously from state support by showing it can raise debt outside a government guarantee and gradually repay taxpayers’ funds over several years, it has announced. Ireland’s biggest bank by market value has become the first major Irish bank to replenish its capital from partly private sources, an exercise […]

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