AIB gives firms 10-day deadline
Allied Irish Banks is one of three banks that has begun the foreclosure process on New York's largest apartment complex.
The Irish bank has demanded payment from Tishman Speyer Properties and BlackRock within 10 days, a step toward foreclosing. Tishman Speyer and Blackrock missed a $16.1m (€11.1m) payment on the flats last week. The two companies paid $5.4bn for the 11,200 apartments in 2006.
Leisureplex books profit of €560,000
Tallaght's Leisureplex booked profits of more than €560,000 in the year ended last July, pushing the company's accumulated earnings into the black. Accounts just filed show Leisureplex (Tallaght) Ltd closed its 2008 year with accumulated earnings of almost €172,000, against an accumulated deficit of more than €390,000 a year earlier.
UK output stalls for second month
Official figures show that British manufacturing output stalled in November for a second successive month, dampening hopes for a swift economic recovery in the fourth quarter of 2009. Output was unchanged in November from October, but dropped by 5.4pc compared with November 2008. Manufacturing has dropped on an annual basis for 19 months in a row.
House of Fraser enjoys sales rise
Privately-held retailer House of Fraser said same-store sales climbed 7.1pc over Christmas, with sales on St Stephen's Day 27pc higher on a like-for-like basis. Its Dundrum store in Dublin also experienced strong trading.
EBITDA at Elan reaches $75m
Elan chief executive Kelly Martin reaffirmed that 2009 adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were about $75m. He spoke at a JP Morgan Chase conference in San Francisco yesterday.
California's credit rating cut to A-
California, which is facing a $19.9bn budget deficit, had its credit rating cut yesterday by Standard & Poor's to A-, or the seventh-highest investment grade ranking.