Business World

Sunday 22 October 2017

State Street gets its $360m back

BANKING group State Street has reported a surge in third-quarter profits after recouping $360m (€275m) that had been caught up in the Lehman Brothers bankruptcy since 2008.

The US group employs more than 2,000 people in Ireland. Its US parent has reported a fall in revenue to $2.35bn (€1.8bn) in the third quarter of the year, compared to $2.43bn (€1.86bn) in the previous three months.

Citigroup's CEO Pandit steps down

VIKRAM Pandit has stepped down as chief executive of Citigroup after steering the bank through the 2008 financial crisis and the choppy years after. Pandit's replacement as chief executive is Michael Corbat, the current CEO of Citigroup's Europe, Middle East and Africa division.

Mr Corbat has worked at Citigroup and its predecessors since he graduated from Harvard in 1983. Mr Pandit will also relinquish his seat on Citi's board of directors.

Cuts 'make UK recession worse'

THE UK government's spending cuts and tax hikes may have hurt economic growth more than had originally been assumed.

The independent Office for Budget Responsibility's assessment is likely to fuel the heated debate about the government's austerity drive. The opposition has blamed the austerity measures for the renewed UK recession.

Coca-Cola fizzes at profit growth

THE Coca-Cola company has said its net income rose 4pc in the third quarter. The world's biggest beverage maker said it had expanded in emerging markets and relied more heavily on sports drinks and teas for growth at home in the US.

The Atlanta-based company, which makes Sprite and Fanta, said global sales volume also rose 4pc during the period.

Kildare business event launched

NORTH Kildare Chamber of commerce has officially launched its 2012 business conference entitled 'Innovation and Enterprise in a Challenging Economy'.

The Chamber has speakers from Enterprise Ireland, the Irish Sports Council, the Irish Exporters' Association, entrepreneur Brody Sweeney, The Gathering 2013 and Ireland's leading exporter, Google, among its high-profile speakers. EirGrid is to sponsor the event.

Irish Independent

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