Business World

Monday 25 September 2017

TCH 'considers' debt restructure

MEDIA

THOMAS Crosbie Holdings, the media group which owns the Irish Examiner and Sunday Business Post, is said to be considering restructuring its debt. Press reports last night indicated the firm's main bank, AIB, which is slso a major creditor has hired KPMG to review the business while TCH has retained Grant Thornton. AIB will need to agree to any major restructuring of the business. Company CEO Tom Murphy could not be reached for comment. Latest accounts for the company for the year ended January 2, 2011 show it had total sales of €70.8m down from €82.5m a year earlier.

Irish top chart for working on holiday

EMPLOYMENT

IRISH people are the most likely of all Europeans to work while on leave, with 75pc, or three-quarters, of workers saying they put in extra hours on their holiday. The figure is way above the European average of 58pc and tops the table along with the Italians (just under 75pc). The Spanish were next most likely to take the office away with them at 66pc with the French at 51pc and the British rating 45pc along with the Germans.

Sulphur move to hike shipping costs

TRADE

A NEW European directive on low-sulphur fuel will increase shipping costs by 40pc, the Irish Exporters' Association (IEA) claimed yesterday. The European Council, Commission and Parliament have signed an agreement to lower sulphur content in marine fuels. John Whelan, chief of the IEA, said freight costs for exports could increase by as much as 25pc.

'Angry Birds' firm no one-hit wonder

GAMING

THE first non-'Angry Birds' game in more than two years from Rovio Entertainment reached the number-one spot on download charts. It showed that the Finnish start-up was more than a one-hit wonder. Rovio has been valued by analysts at $6bn to $9bn. Rovio's new game, 'Amazing Alex', became the top paid- for app on the US app store. shortly after its launch.

Oil price rise defies slowdown in China

OIL

OIL rose to near $87 a barrel yesterday despite economic growth in China, the world's second-largest crude consumer, slowing in Q2 to a three-year low. Benchmark oil for August delivery was up 83c at $86.91 a barrel in New York after rising 27c to settle at $86.08 yesterday. In London, Brent crude for August delivery was up 90c at $101.97 a barrel. Crude has fallen from $106 in May.

Irish Independent

Also in Business