Business World

Wednesday 24 May 2017

Companies failing 'due to high rents'

RECESSION

INDUSTRY body Retail Ireland yesterday blamed a near-trebling of retail insolvencies over the first quarter of the year on high rents and commercial rates.

The comments came as fresh analysis from insolvency firm FGS showed 76 retail companies became insolvent in the first three months of 2010 against 28 over the same period a year earlier. Retail Ireland director Torlach Denihan urged landlords and local authorities to save jobs by adopting a different position in the future.

15pc of SMEs log on to Facebook

NEW MEDIA

SOME 15pc of Irish small and medium enterprises (SMEs) have a business Facebook page, while 23pc of senior SME executives are members of a business/professional social media network. The prevalence of social media among Irish businesses was revealed in a new survey from business blog The O2 Ideas Room, which also found that one-in-10 SMEs were on micro-blogging site Twitter.

Nationwide names new division chief

FINANCE

THE Irish branch of Nationwide Building Society has promoted deputy managing director Brendan Synnott to managing director. Mr Synnott's elevation comes after Carl Gandy was promoted from managing director of the Irish division to head of Nationwide's international brands.

Interest rates up on signs of growth

BOND MARKETS

Interest rates rose yesterday in the bond market on fresh signs the US economy is continuing its slow, steady recovery. The yield on the 10-year treasury note rose to its highest level since before the credit crisis erupted in late 2008. The yield is often used as a benchmark for consumer loans. The 10-year note yield rose to 3.99pc from 3.94pc.

US airlines raise prices by 13pc

AVIATION

Delta, American Airlines and other US carriers are charging 13pc more for the peak summer season as rising demand and fewer seats restore industry pricing power, Travelocity.com data shows. The average round-trip fare jumped to $471 (€350) from $415 a year earlier, according to Travelocity.com, an online travel agency based in Southlake, Texas.

Irish Independent

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