Call to reform local government funding
THE South Dublin Chamber has called on the Government "to move quickly to reform local government funding", following the publication of its Jobs Initiative which "acknowledges that local authority rates are a barrier to creating jobs and building businesses". The report acknowledged these problems for businesses, according to South Dublin Chamber, and they claim that there is need for a full overhaul of the commercial rates sector.
Volkswagen 'closing in on Porsche deal'
VOLKSWAGEN, Europe's largest carmaker, is closing in on a deal to purchase the remaining 50.1pc stake in Porsche's automotive business. Approval from German tax authorities is one of the hurdles to an agreement, which VW and Porsche are still negotiating, sources said. VW may announce the plan within the next two weeks. VW is considering setting up an umbrella company to purchase the stake. (Bloomberg)
Player sales boost Arsenal's profits
PREMIER League football club Arsenal has reported a huge rise in profits to £49.5m (€58m) following the sale of some key players. The profit, for the six months to the end of November, compares with a loss of £6.1m for the same period in 2010. Some £41.6m of the club's profits came from player trading, including the sale of Samir Nasri and Cesc Fabregas. The figures saw Arsenal's cash reserves rise to £115.2m, up from £110.4m.
Billabong rejects A$3-a-share offer
AUSTRALIAN surf wear maker Billabong has rejected a takeover bid from TPG Capital but said it was still negotiating with the investment firm. TPG had offered A$765m (€615m), or A$3 per share, which Billabong said was too low. Billabong has seen its fortunes decline in recent years due to falling global demand. Its net profit fell 72pc to A$16m in the six months to the end of December. A rising Australian dollar has also impacted its overseas sales making Billabong goods more expensive to foreign buyers.