Merrion Hotel back in pre-tax profit
THE five-star hotel US President Barack Obama checked into but never stayed at returned to pre-tax profit last year, according to accounts just filed. The Merrion Hotel in Dublin recorded a pre-tax profit of €34,599 in the 12 months to the end of October last year.
This followed Hotel Merrion Ltd incurring a loss of €568,640 in 2009 and €607,500 in 2008. The abridged figures show that the company's gross profit increased marginally from €5.14m to €5.15m last year. However, the company reported a post-tax loss of €28,535.
The Merrion Hotel is controlled by businessman Lochlann Quinn, Glen Dimplex founder Martin Naughton, and the Hastings Hotel Group, the Northern hotel company controlled by Billy Hastings. The losses from previous years resulted in the company having accumulated losses of €2.43m last year with net liabilities of the same amount.
Currencies drop on economic forecast
The Swiss franc, yen and dollar dropped against most major counterparts as stocks and commodities climbed on speculation the world will avoid a return to recession, reducing the demand for refuge. Currencies of higher-yielding countries gained as US consumer spending rose more than forecast. The franc was the worst performer yesterday, falling to a seven-week low versus the euro amid rising appetite for riskier assets after US Federal Reserve chairman Ben Bernanke said last week the US economy hadn't deteriorated enough to warrant an immediate additional stimulus.
Amazon to sell five million tablets in Q4
Amazon.com may sell as many as five million tablet computers in the fourth quarter of this year, making the largest internet retailer the top competitor to Apple in this fast-growing niche of the consumer PC market. Apple has sold almost 30 million iPads since launching its tablet in April 2010.
Rival products from companies including Samsung, Research in Motion and Motorola Mobility have failed to mount a serious challenge to that early lead. Earlier this month, Hewlett-Packard scrapped its TouchPad and decided to exit the tablet market after its sales languished.