Banks' property loan sales to pass €20bn
EUROPEAN bank sales of property loans this year may exceed the €20bn sold in 2011 as lenders shrink their balance sheets and scale back credit to real-estate investors, CBRE said. Loan disposals this year will "reach at least the same levels as 2011", said Natale Giostra, CBRE's European head of debt advisory. About €13bn of commercial-property loans are currently for sale, CBRE estimates.
€400,000 put into management firm
VICLARITY (formerly YouComply) has secured an investment of €400,000 through Cork BIC Business Angel Partnership and Enterprise Ireland. ViClarity, based in the Kerry Technology Park, Tralee, and founded in 2008, will use the investment to boost sales and marketing for their products as well as growing their staff over the next two years. The firm is a performance management and compliance company that delivers a "unique" service to track and monitor performance in an organisation.
Man Utd first-half earnings up by 8pc
A rise in commercial and media revenue helped English Premier League champions Manchester United to report growth of almost 8pc in first-half earnings. United said earnings before tax, interest, depreciation and amortisation (EBITDA) increased 7.7pc to £64.2m (€76.5m) in the six months to the end of December. Deals with kit supplier Nike, shirt sponsor Aon Corp and delivery company DHL, which sponsors the club's training kit, contributed to a 16pc rise in commercial revenue to £58.6m.
Wal-Mart's earnings fall after price cuts
WAL-MART, the world's top retailer, said its fiscal fourth-quarter earnings fell by 15pc as it cut prices in the US amid fierce competition. Wal-Mart posted $5.1bn (€3.8bn) in net income for the three months ending January 31, compared with $6.1bn in the year-ago period. Revenue rose 5.9pc in the quarter to $123.2bn, boosted in part by $2.4bn from newly acquired Netto stores in Britain and Massmart in South Africa. But it also took a $1bn hit from unfavourable currency exchange rates. Earnings excluding special items were $1.44 per share, missing the average analyst forecast of $1.46.