Business Irish

Monday 5 December 2016

Ryanair and AIB in focus as Greek tragedy goes on

Published 23/05/2016 | 02:30

'The market has been looking for what effect, if any, terrorism fears may have on the company and the aviation industry in general since the Paris Attacks last year. After the crash of the EgyptAir flight last week, those worries have only been magnified'. Stock photo: PA Wire
'The market has been looking for what effect, if any, terrorism fears may have on the company and the aviation industry in general since the Paris Attacks last year. After the crash of the EgyptAir flight last week, those worries have only been magnified'. Stock photo: PA Wire

For plenty of people in the Irish business industry, it seems that the summer lull isn't too far away.

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Practically anyone we speak to seems to have one eye on their holidays at this point, but other, wiser executives know the summer lull isn't quite the land of long lunches and splendid isolation that it might have been in years passed.

In any case, we aren't quite at holiday time yet, as this week's corporate calendar shows quite clearly.

This morning, Ryanair will release its full-year results. While most analysts expect the raw numbers to be fine, CEO Michael O'Leary's commentary will be very closely watched.

The market has been looking for what effect, if any, terrorism fears may have on the company and the aviation industry in general since the Paris Attacks last year. After the crash of the EgyptAir flight last week, those worries have only been magnified.

On Tuesday, AIB will hold its annual general meeting and issue a trading statement. The AGM promises the usual theatre of disgruntled shareholders unloading on the company directors. Of long-term importance, though, will be confirmation that the planned IPO of part of the Government's stake in the bank will be delayed until next year.

The previous government had planned to do it after the general election. Now, though, a minority Fine Gael administration has had to row back on that plan.

Property firm Hibernia Reit will update on the state of the real estate market on Tuesday as well.

Internationally, traders will continue to try to read US Federal Reserve chairman Janet Yellen's plans for interest rates when she speaks at Harvard on Friday.

Closer to home, as the referendum on whether Britain should leave the EU moves ever closer, UK first quarter GDP data on Thursday may prove unusually important.

So far there has been little indication on official data that Brexit fears are harming the economy. This GDP data may change.

Perhaps most importantly this week, eurozone finance ministers will assemble in Brussels to deal with the Greek Question yet again.

The "Eurogroup" will almost certainly agree on fresh aid for Greece but may also look at reprofiling the country's debt.

Irish Independent

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