Business World

Tuesday 16 September 2014

Survival plan for SIAC

Published 21/12/2013 | 02:30

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THE High Court has extended protection for troubled building engineering giant SIAC Construction and eight of its related companies to allow for finalisation of a survival plan.

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Judge Peter Kelly was told the companies' examiner, Michael McAteer, wanted additional time to finalise an investment agreement. The judge set a date of January 30.

INDECON IN AD REVIEW

COMMUNICATIONS Minister Pat Rabbitte yesterday announced the appointment of Indecon (Ireland) to conduct an economic analysis of the advertising market in Ireland.

Mr Rabbitte said: "The review will provide a comprehensive overview of the market, including an analysis of issues around pricing and competition, and will provide for the introduction of a revised system for setting advertising minutage."

UK CONFIDENCE DROPS

UK consumer confidence unexpectedly fell for a third month in December as Britons' outlook on the economy worsened and the climate for purchases of big-ticket items deteriorated.

A consumer sentiment index by market research agency GfK NOP dropped one point from November to -13.

PRADA REVENUE WARNING

Fashion giant Prada said it may fall short of analysts' predictions for fiscal-year revenue after unfavourable currency moves and slowing demand for high-end fashion in Europe and Asia weighed on third-quarter profit.

"Consensus at the moment is challenging," Chief Financial Officer Donatello Galli said.

NIKE'S INCOME RISES

Nike, the world's largest sporting-goods company, posted second-quarter profit that topped analysts' estimates as higher-priced shoes boosted sales.

Net income in the three months through November rose 40pc to $537m (€392m), or 59c a share, from $384m or 42c, a year earlier, the Beaverton, Oregon-based company said.

GERMAN BOND YIELD UP

Germany's 10-year bond yield climbed to the highest level since October as an index of consumer confidence in Europe's largest economy rose to the most in six years, damping demand for the region's safest assets.

The additional yield investors demand to hold 10-year securities instead of two-year notes increased to the most in a month after the Federal Reserve said it would reduce its asset purchases, weakening demand for longer-maturity bonds.

Irish Independent

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