Monday 29 May 2017

3 Ireland's market share revised down

TELECOMS

MOBILE operator 3 Ireland's share of the market here, excluding mobile broadband, has been more than halved to just 2.5pc of all subscribers.

This is on foot of a revision that took place after it emerged earlier this year that the operator had been overstating its active pre-pay customer numbers for four years. New data from telecoms operator Comreg published yesterday show that 3 Ireland's share of the mobile market here, including mobile broadband, has been cut from 8.7pc to 5.8pc.

Press strikes called off at last minute

media

STRIKES across a number of regional newspapers have been averted following talks between management and union officials. Staff at newspapers owned by Scottish publishing group Johnston Press were set to strike yesterday after the publisher said it was implementing plans that would see a number of journalists and sub-editors laid off as restructuring and a new production system called ATEX were implemented. Last night the National Union of Journalists postponed a strike at the 'Limerick Leader' and cancelled stoppages at a number of other papers. It is believed Johnston Press has agreed to create new positions at a number of the papers, which would allow the redeployment of staff.

J Crew clothes firm to sell at a premium

BUYOUT

US CLOTHING firm J Crew has confirmed that it will sell itself for about $3bn (€2.25bn) to the private equity firms TPG Capital and Leonard Green & Partners, with the support of the company chairman Millard Drexler. The buyout firms will pay $43.50 a share, a nearly 16pc premium to J Crew's closing price on Monday.

Former SAC traders investigated by FBI

probe

FORMER traders from the major hedge fund SAC Capital have been implicated in a US crackdown on insider trading on Wall Street. Federal Bureau of Investigation agents yesterday searched the offices of Level Global Investors and Diamondback Capital Management while probing illegal trading by hedge funds. Wellington Management, the money manager that oversees $598bn, also got a document request from investigators.

Irish Independent

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