World

Thursday 31 July 2014

Ireland's financial centres score high

Published 01/11/2012|05:00

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Hong Kong, the US and the UK have been named the top three major financial centres by the World Economic Forum.

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Ireland scored well in the institutional environment (11th) and business environment categories (14th), but ranked 53rd out of 60 nations in the financial stability category.

Activity falls off again in the US

Business activity in the US unexpectedly contracted in October for a second month, adding to signs manufacturing has retreated from its central role in the economic recovery.

The prospect that lawmakers will be unable to avert the $607bn (€468bn) in automatic tax increases and spending cuts slated to take effect at the beginning of 2013, combined with a global slowdown, may restrain activity for the rest of the year.

Britvic and AG get merger extension

SOFT-drink makers Britvic and AG Barr said they have been given a second extension by UK's takeover panel to decide on their £1.4bn (€1.6bn) merger. The deadline for the companies to table a firm bid or end talks has been extended to November 28. It was to expire yesterday.

Statements from the two companies said they made "substantial progress" and that the discussions were ongoing and at an advanced stage. AG Barr made a move to merge with larger rival Britvic last month. (Reuters)

CityJet still under review by owner

Air France-KLM is continuing to review its Dublin-based Cityjet subsidiary, it has said.

Releasing solid third-quarter results yesterday, Air France-KLM CFO Phillipe Calavia said Cityjet is still not at a break-even position and recorded a "slightly negative" operating result in the financial year. "We will see if its future will be within the group or not," Mr Calavia said yesterday.

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