Business World

Friday 24 February 2017

Social networking site in €4.8m loss

INTERNET

A social networking internet business established by technology entrepreneur Peter Conlon racked up a €4.8m loss in 2008, according to accounts just filed. Ammado, which was founded by Mr Conlon in 2005, had a shareholder deficit of nearly €8.9m at the end of 2008 and the firm's auditors said the financial statements indicated the existence of a "material uncertainty" which may cast doubt over the company's ability to continue as a going concern.

ANC wants more state intervention

MINING

SOUTH Africa's ruling African National Congress (ANC) said it wants greater "state intervention" in the country's mining industry and that there's "little divergence" with its youth wing, which is seeking partial nationalisation. The ANC wants to create a state-owned mining company, develop a "new mining strategy" and amend the Mineral and Petroleum Resources Development Act.

Heathrow breaks passenger record

AVIATION

BRITAIN'S biggest airport, Heathrow, had its busiest-ever month in July, it was announced yesterday. The west London airport handled 6.7 million passengers last month -- 3.5pc up on the July 2009 total, airport operator BAA said.

Bank to add $13bn to its book value

BANKING

BANK of America, hit by last month's disclosure of a potential $10bn (€7.62bn) charge tied to new regulations, may add $13bn to its book value when it posts gains from a Chinese bank stake for the first time in October. The shares have been valued at the original cost of $9.2bn because they can't be sold until August 2011, according to the bank.

Saudi Arabia in BlackBerry deal

TELECOMS

SAUDI Arabia has allowed Research In Motion (RIM) to continue BlackBerry messaging services while asking the Canadian company to put in place a system that will let the kingdom monitor user data. The country let a second deadline pass without shutting BlackBerry Messenger. The decision gives RIM and the kingdom's three wireless companies more time to implement a technical fix that will let the service meet local laws, the state-owned Saudi Press Agency said.

Irish Independent

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