Friday 30 September 2016

The week in Business

Published 15/08/2015 | 02:30

Ireland chief operations officer Karen O'Flaherty
Ireland chief operations officer Karen O'Flaherty
A Samsung Electronics Co. Galaxy S6 Edge Plus smartphone, right, and a Galaxy Note 5 smartphone sit on a surface in London, U.K., on Tuesday, July 28, 2015. Samsung unveiled bigger-screen versions of the S6 and Note smartphones featuring its own mobile-pay

A round-up of the major business stories of the week.

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Monday

Irish aircraft leasing giant Avolon is in exclusive talks to sell itself just eight months after listing on the New York Stock Exchange. The talks take the board of Avolon closer to accepting a $32-a-share takeover offer from China's Bohai Leasing that values the stock at $2.64bn (€2.39bn), giving the company an enterprise value - which includes debts - of $7.6bn (€6.8bn).

Grocery giant Musgrave Group has no plans to exit the Spanish market despite a renewed strategic focus on its island of Ireland retail businesses. Losses at SuperValu owner Musgrave Group reduced by €100m last year and the Cork- based business is set to return to profit this year, chief executive Chris Martin said.

Tuesday

China devalues its currency after a run of poor economic data, sparking fears of a global currency war.

Investors back Google's surprise overhaul of its operating structure by sending shares 4.14pc higher to €690.59 each, valuing the tech giant at almost €455bn.

Wednesday

China again surprises global financial markets by devaluing the yuan against the dollar for the second consecutive day, sending stocks around the world lower.

The number of job opportunities for professionals rose 33pc year-on-year in July, according to the latest Morgan McKinley employment monitor. Morgan McKinley Ireland chief operations officer Karen O'Flaherty says the market had outperformed expectations, despite a seasonal holiday slowdown recorded in previous years.

Thursday

Shares in insurance group FBD plunge as much as 7pc on reports the insurer may need up to €100m in fresh capital to meet new EU solvency rules.

Volatility in Chinese markets may have more impact than expected on the Eurozone's fragile economy, and an increase in US rates might also slow its recovery, the European Central Bank says in the minutes of its last meeting.

Samsung unveils its latest bid to get ahead of Apple's iPhone. The Korean company reveals two upgraded - and large - handsets that are intended to reverse Samsung's slide in smartphone market.

Irish Independent

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