Thursday 27 October 2016

What it says in the papers: business pages

Published 20/04/2016 | 06:58

Here are the main business pages from this morning's papers:

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Irish Independent

* Computer giant Intel has announced it is cutting 12,000 jobs from its global workforce - but has not provided information on how this may affect its 5,200 employees in Ireland.

Intel has said it will cut about 11pc of its workforce as it restructures following a decline in sales of personal computers.

* Rehab is to sell its south Dublin headquarters in a move that will free up one of the highest profile development sites in the city.

The charity is seeking upwards of €12m for its 5.15 acre property in Sandymount in the heart of Dublin 4 close to the sea.

* Sales at Primark rose 5pc to £2.6bn (€3.3bn) in the six months to the end of February, but operating profit slipped 3pc to £313m (€396m) as it shouldered the impact of currency exposures.

And like-for-like sales in the period dipped 1pc, the first such fall in Primark's first-half sales in 12 years.

The Irish Times

* Irish insurance firms are pressing for urgent steps to be taken in order to settle legal questions over any future failings.

Insurance companies here are reeling after two court rulings found the Motor Insurers' Bureau of Ireland should bear the cost of a large amount of outstanding claims against Setanta clients.

* Irish Life managing director of its corporate business David Harney is to succeed Canadian Bill Kyle as chief executive from June 30.

The outgoing Mr Kyle has been chief executive at the firm since Great-West Lifeco acquired Irish Life in mid-2013. During his time Mr Kyle oversaw the merger of Irish Life with Canada Life, a subsidiary of Great-West.

* Malaysian Airlines head Christoph Mueller has resigned from his post and will leave the airline completely in September. Mr Mueller was previously the chief executive of Aer Lingus.

Mr Mueller took over Malaysian Airlines as chief executive last year tasked with turning around the company that lost two in 2014 to tragic incidents.

Irish Examiner

* Pharma giant Merck is to create 70 new jobs at its Cork facility following a €55m investment that will place it at the centre of its global operations.

Merck officially unveiled two new state-of-the-art manufacturing and research and development facilities at its base in Carrigtwohill in Cork.

* The operators of one of the best known five-star hotels in the country, the Aghadoe Heights in Killarney, expect a significant improvement this year in the hotel's performance on last year.

That is according to the chief executive of the country's largest hotel group, Dalata Plc's Pat McCann, who said yesterday: "2015 was a very strong year for the Aghadoe Heights. It was extremely good and we expect significant improvement on that in 2016."

* The communication watchdog (ComReg) is calling for an increase in the amount of fines it can place on companies that breach regulations.

The watchdog said changes to regulatory framework three years ago, which reduced the level of fines it could impose, was a backward step.

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