Monday 16 October 2017

BT Ireland gets new man at helm

TELECOMS

BT IRELAND chief executive Chris Clark is leaving his position, it was announced yesterday.

Mr Clark, who has held the position since 2007, will be replaced by Graham Sutherland, the current chief financial officer, in May. Mr Clark will become the managing director of BT Enterprises.

UK contractor in administration

Railways

A LEADING British railway maintenance contractor has gone into administration putting 2,000 jobs at risk. Jarvis was once the biggest construction company in the UK but had fallen foul of the recession and an over-reliance on Network Rail, which reduced its track renewal programme by nearly a third.

JAL ends cargo flights to cut costs

Aviation

JAPANESE carrier JAL is to end dedicated cargo flights in an effort to return to profitability. From November, the airline will move freight exclusively through its passenger flights. The flag carrier filed for bankruptcy protection in the face of a ¥2.3trn (€18.6bn) debt in January.

Labour calls for investment bank

Economy

THE Labour Party has called for a national investment bank to be set up to get credit flowing in the economy again. The plan proposes an initial investment of €2bn from the National Pension Fund, into a new vehicle which the party claims will raise funds to channel into Ireland's small and medium enterprise sector and help finance vital infrastructure.

BAE systems wins navy deal

Defence

GIANT defence contractor BAE systems has won a £127m (€141m) contract to design a new warship for the British royal navy. The contractor was also given the green light to begin building a new class of submarine. The deals are expected to secure the future of around 10,000 jobs in the UK.

Next reports 18pc jump in its profits

Retail

FASHION retailer Next, which has 25 stores here, announced an 18pc jump in yearly profits to £505m (€562m) yesterday. This beat analysts' expectations of a £490m-£500m (€546m-€557m) profit.

Irish Independent

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