Business

Tuesday 23 May 2017

In brief: Digicel targeting Jamaica fibre spend

In an interview with the ‘Jamaica Gleaner’ yesterday, Mr O’Brien said that the company is 'putting another significant wave of investment beyond mobile'
In an interview with the ‘Jamaica Gleaner’ yesterday, Mr O’Brien said that the company is 'putting another significant wave of investment beyond mobile'

Independent.ie Newsdesk and Agencies

Digicel - the telecoms firm owned by Denis O'Brien, pictured - is spending more than $100m (€93m) to roll out fast fibre broadband in Jamaica.

In an interview with the 'Jamaica Gleaner' yesterday, Mr O'Brien said that the company is "putting another significant wave of investment beyond mobile". Jamaica was the first market targeted by Digicel when the company was founded over a decade ago. Last month, Digicel pulled its planned stockmarket flotation in the United States. It said it could revisit the plan as early as next year if market conditions were suitable.

China's exports fall again despite stimulus

China's exports fell for a fourth straight month and imports matched a record stretch of declines, signalling that the mounting drag from slower global growth will push policy makers toward expanding stimulus.

Overseas shipments dropped 6.9pc in October in dollar terms, the customs administration said yesterday, a bigger decline than estimated by all 31 economists in a Bloomberg survey.

Weaker demand for coal, iron and other commodities for China's declining heavy industries helped drag imports down 18.8pc in dollar terms, leaving a record trade surplus of $61.6bn. The report signals that policymakers may need to unleash more fiscal stimulus to support growth even after the People's Bank of China cut the main interest rate six times in the last year to a record low and devalued the currency. (Bloomberg)

Profits at newspaper distributor soar

EM News Distribution, which is one of the largest wholesale distributors of newspapers and magazines in Ireland, generated profits of €988,000 last year, up from €298,000 a year earlier, newly filed accounts for the business show. That was despite its turnover slipping 5pc to €97m, reflecting a migration to online news sites, as well as a challenged consumer economic environment.

The company - a joint venture between UK-based Menzies and Eason - employs about 56 people. In 2012, it started a cost restructuring programme and it remains focused on cost control and productivity improvements. Among its initiatives has been the introduction of semi-automated packing technology, designed to improve the efficiency and accuracy of customer deliveries. "Market conditions will remain very challenging in our sector," said Barry Harvey, head of business at the company.

Irish Independent

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