Wednesday 18 October 2017

Prices at factory gate still falling

FACTORY gate prices fell 2.3pc in September, the Central Statistics Office has said. The figures show that computer, electronic and optical product prices tumbled by 4.1pc, while other products, such as bread and sweets, slid by 3pc.

Basic pharmaceutical products declined 2.9pc. The price of energy products rose by 3.3pc in the 12 months to September, while petroleum fuels increased by 8.4pc. Dairy products advanced 3pc, while grain milling and animal feeds increased by 0.7pc.

Bank fined £4.2m by UK regulator

BANK of Scotland was fined £4.2m (€5.2m) by the UK Financial Services Authority over failures to keep accurate mortgage records between 2004 and 2011.

The bank had mortgage records for 250,000 customers spread across two "unaligned systems", breaching FSA rules for a lender to "organise and control its affairs responsibly," the regulator said.

McDonald's profit hit by US sales

PROFITS at McDonald's fell as sales growth slowed at US stores. Net income dropped to $1.46bn (€1.12bn) from $1.51bn a year earlier.

The company said the stronger dollar hurt international results and that it faced tough competition in the United States.

Central Bank to double its fines

THE Central Bank is doubling fines for those found in breach of the law and the impact of the new 'whistle-blower' protections, a business breakfast has been told.

New legislation will double the existing maximum penalties under the administrative sanction regime from €500,000 to €1m for individuals and from €5m to €10m or 10pc of turnover for firms found in breach of the law. The new rules also introduce whistle-blower protections for those wishing to report any suspected contraventions or breaches to the Central Bank.

Clarification

AN article in Thursday's edition of the Irish Independent titled 'My start-up worth $500m would have stalled back home' referred to Mr Patrick Collison and his company, Stripe.

The headline in quotation marks inaccurately indicated that this was a direct quote from Mr Collison. He has not publicly placed a valuation on his company.

The figure referred to market estimates of the value of his business. We are happy to clarify this matter.

Irish Independent

Also in Business