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- An Teanga Bheo
Action by ex-Smart chief 'abuse of process', court told
A LEGAL action by former Smart Telecom chief executive Oisin Fanning over the conduct of the affairs of Smart is an abuse of court process and is designed to disrupt negotiations that will provide very significant benefits to Smart YuRoE Broadband Ltd, it has been claimed. p
Fanning seeks to cancel management buyout of Smart
FORMER SMART Telecom chief executive Oisin Fanning has initiated
legal proceedings to cancel the €1 management buyout of the
company and alleging unlawful and oppressive conduct of the affairs
of the company by businessman Brendan Murtagh and others. p
An Post doubles operating profit to €29m as industrial relations improve
LAST YEAR'S general election boosted An Post's mail volumes by 3 per cent and helped boost its turnover to €876 million from €818 million in 2006. p
Imagine buys wireless provider
TELECOMS GROUP Imagine has acquired wireless broadband provider Irish Broadband in a €47 million deal. p
Other Stories
Postbank joint venture lost €25m last year
POSTBANK, THE joint venture between An Post and Belgian financial services group Fortis, lost €25 million last year, according to the post office group's annual report. pProfits up as Londis announces €15m expansion plan
FOOD WHOLESALER ADM Londis expects to spend up to €15
million before the end of 2008 acquiring new convenience stores for
its symbol chain. pIcon shows all the signs of having a good year
DUBLIN-BASED clinical research group Icon reported a 46 per cent rise in operating income to $21.5 million for the first quarter of 2008. pIndian group to create hundreds of jobs in NI
FIRSTSOURCE, ONE of India's leading outsourcing companies, is expected to unveil a multimillion-pound investment for Derry later this week which is likely to create hundreds of new jobs. pIcelandic group's Greencore stake incurs almost €20m loss
ICELANDIC GROUP Bakkavör incurred a loss of £15.8 million (€19.98 million) on its newly-declared 10.9 per cent stake in convenience food company Greencore in the three months to March, enough to virtually wipe out its profit in the period. pNationwide determined to complete mutual sale - Fingleton
IRISH NATIONWIDE chief executive Michael Fingleton said the
building society was "determined" to complete a trade sale of the
mutual "at the earliest opportunity, not a day longer". pRecord low for consumer confidence
FEARS OVER job losses and rising prices have pushed Irish consumer confidence to a record low. pFed may get new powers to supervise investment strategies of banks and funds
BANKS, HEDGE funds and other financial institutions could find
their investment strategies curtailed by the Federal Reserve to
reduce the risk to the economy from asset bubbles, the US Treasury
said yesterday. pNIB bucks banking trend by doubling pretax profits
NATIONAL IRISH Bank (NIB) doubled pretax profits to €6 million in the first three months of this year, compared to the same period in 2007, as mortgage lending bucked trends, rising 29 per cent - almost three times the market rate. pCredit crunch forces writedowns from Deutsche, HBOS and Allianz
Major players in banking and insurance are still feeling the heat of the financial meltdown pElan chiefs head €75m healthcare venture
A NUMBER of former Elan executives have raised €75 million in venture capital to invest in life sciences projects over the next five years. pMaxwell Motors to quit BMW franchise
MAXWELL MOTORS, the Dublin BMW dealer, is to end its franchise with the premium car brand. pTrinity Biotech profits fall
REVENUES AND pre-tax profits at Trinity Biotech declined in the first quarter of 2008 as sales of its HIV testing kit slowed in Africa and due to the impact of the weakening dollar against the euro. pFBD shares drop after chairman warns on profits
SHARES IN insurance firm FBD Holdings dropped by 8.6 per cent to
€27.88 after the withdrawal of Eureko's approach for the
business and an indication from its chairman, Michael Berkery, that
turbulence in financial markets has had an "impact" on its profits
this year. pFingleton's relentless quest winning him few friends
LONDON BRIEFING: CONSUMER CHAMPION or rogue regulator? Opinion on John Fingleton, the Irishman who heads Britain's Office of Fair Trading, is rapidly becoming polarised as he pursues his relentless quest against anti-competitive behaviour. pTop prices treble Connacht profits to €10m in 2007
SOARING DAIRY prices helped Sligo-based co-op Connacht Gold to treble operating profits to €10 million in 2007, but weaker dairy markets in 2008 mean the performance is unlikely to be sustained. pGreencore and IAWS enjoy healthy gains
Dublin Reoprt: THE IRISH market closed the day in
positive territory despite most other European markets falling for
the first time in five days, as some earnings forecasts
disappointed investors and lower metal prices weighed on mining
shares. p
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