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IAWS profits up 16% despite rising costs
Bakery and convenience food group IAWS reported a 16 per cent
increase in full-year profit yesterday, but warned that higher
commodity prices were making business challenging. p
Property market 'one of riskiest in Europe'
The Irish property market faces a significant increase in risk from a global economic downturn arising from the US subprime mortgage crisis, according to a leading international insurer of credit risk. p
20,000 builders set to lose jobs, says review
About 20,000 building workers face the loss of their jobs over the next two years as construction output dips for the first time since the early 1990s, according to a Government-commissioned review published yesterday. p
Other Stories
Supermac's founder writes off €15m after foray into US market
Galway businessman Pat McDonagh has written off more than €15 million from the books of his fast food empire Supermac's after a disastrous foray into the US market. pRegulator queries brokers on CFD losses
The Financial Regulator has for the second time in a month asked stockbrokers to reveal their exposure to contracts for difference (CFDs), the investment products that carry greater risk in volatile markets. pSWS to invest €500m in natural resources arm
The Cork-based SWS Group is planning a €500 million investment in its natural resources arm in a bid to make it the biggest wind-energy provider in Ireland within five years. pAIB property fund buys Polish shopping centre for €45m
AIB has bought a Polish shopping centre for €45 million. The bank's AIB Polonia Property Fund II - a €800 million fund managed by the bank's capital markets division - has bought the Fashion House Outlet Centre in Piaseczno near Warsaw. pO'Brien brings IN&M stake up to 10.3%
Businessman Denis O'Brien has bought more shares in Independent News & Media (IN&M), bringing his stake in the newspaper group to 10.3 per cent. pManagement group's bid for ICG set to fail
Management group Aella's recommended €24 a share bid for ferry firm Irish Continental Group (ICG) looks set to fail tomorrow following more share buying by rival investors Moonduster and Liam Carroll at levels 5 per cent above the management team's offer price. pDeutsche Bank shares drop after turmoil
Shares in Deutsche Bank dropped yesterday amid concerns the bank would have to make large writedowns in the value of its credit portfolio because of the market turmoil in the third quarter. pD4 to focus on Dunne hotels
Hotelier John Brennan's new hotel management operation D4 Hotels will not seek any business beyond managing the former Jurys Doyle properties that were bought by developer Séan Dunne in Dublin two years ago. pQuinlan pulls out of deal to fund 50% of London office
Quinlan Private, the property investment firm led by financier Derek Quinlan, has pulled out of a deal to fund 50 per cent of an office block in west London. pPublic finances in critical state, says French PM
France's public finances have reached a "critical" state and are unsustainable, François Fillon, the French prime minister, said yesterday as the government took measures to plug a yawning gap in its welfare budget. pDepfa shareholders back €5bn merger
Shareholders of Dublin-based Depfa Bank yesterday agreed to a €5 billion merger with German property investment bank Hypo Real Estate, despite the value of the deal falling by 12 per cent in the past two months. pDollar hits new low against euro
The dollar fell to a fresh record low against the euro yesterday as the prospect of further cuts in US interest rates continued to weigh on the currency. pUS housing woes dent Wolseley's profits
British construction materials group Wolseley reported its first fall in profits in more than a decade yesterday on the back of ongoing weakness in the US housing market. pFinancials main drivers as market falls
Dublin report: The Irish market again outperformed its European counterparts on the downside yesterday, losing more than 1 per cent, to close at 7,785. pIn Short
A round-up of today's other stories in brief p
