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Smurfit shares retreat on cautious outlook
Shares in Smurfit Kappa dropped 4 per cent to €8.85 yesterday after the packaging giant trimmed back its guidance for "continued" growth in earnings this year to forecast "modest" earnings growth if current conditions prevail. p
O'Connor to re-enter renewable energy market
Eddie O'Connor, the Airtricity founder who netted €50 million from the group's sale, is lining up for another tilt at the alternative energy market. p
IBF mortgage figures highlight downturn in property market
The number of residential mortgages issued last year fell by 22.5 per cent compared with 2006, while the value of those loans declined by 15 per cent to €33.8 billion, according to figures published yesterday by the Irish Banking Federation (IBF). p
Other Stories
Elan expects Tysabri drug to achieve blockbuster status
Irish biotech group Elan expects its multiple sclerosis treatment, Tysabri, to achieve blockbuster status by the end of this year. pIrish link to three bidders for Virgin Radio
Three Irish-backed media groups have lodged bids for Virgin Radio, a national station in the UK that has been put up for sale by its publicly-quoted parent, Scottish television company SMG. pInput of experts must be sought - Burton
The Joint Committee on Finance and the Public Service should consult outside expertise from the Smurfit Business School or another academic establishment in its review of Government policy initiatives, Labour Party finance spokeswoman Joan Burton has proposed. p120 to lose jobs in Limerick as SerCom ceases assembly work
Supply chain management specialist SerCom Solutions has announced it is to make 120 workers redundant at its facility in Co Limerick. pUTV buys Tibus for £5m
UTV said yesterday that it had paid £5 million (€6.73 million) to acquire Tibus, an all-Ireland web development company, from Anderson Spratt Group Holdings. pVirgin's £1.25bn Northern bid 'stronger' than rival
Virgin Group's £1.25 billion (€1.68 billion) bid for Northern Rock plc is stronger than a rival proposal from the mortgage lender's management, the UK treasury said yesterday. pSingapore fund set to invest in TPG venture
A Singapore sovereign wealth fund is expected to be the lead investor in a $6 billion (€4.1 billion) fund that TPG, the private equity firm, is raising to invest in troubled financial firms. pGoing getting tougher for global 'Metro' newspaper brand
Media&Marketing: The biggest innovation in the newspaper industry in the last decade has been the expansion of free newspapers. In the internet era, when consumers have come to expect free content online, some Swedish entrepreneurs had the idea of giving away daily tabloids to commuters who were shunning traditional paid-for titles. pSaongroup.com buys dating service
Love was in the air at Denis O'Brien's Saongroup.com yesterday as the web-based recruiter acquired online dating company Maybefriends.com for an undisclosed sum. pUnemployment in North up, but still below UK average
Unemployment rose over the last quarter in Northern Ireland, the latest labour statistics released by the Stormont Executive show. pTop four managers received €5.8m
Smurfit-Kappa's maiden set of annual results since its initial public offering last March revealed that the four top managers in the company received some €5.8 million in cash from private equity shareholders Madison Dearborn, CVC- Cinven in connection with the flotation. p$168bn Bush package to boost consumption
US president George W Bush said yesterday the US economy was going through a rough patch but could absorb shocks such as recession, war and corporate scandals. pBritish inflation makes steep rate fall unlikely
UK interest rates are unlikely to fall as much as markets expect to stem an economic slowdown, the Bank of England signalled yesterday in a hawkish inflation report, warning of "substantial challenges for policy" this year. pInShort
A round-up of today's other stories in brief. p
