Business World

Monday 22 September 2014

Unite wades in on row

Published 18/03/2014 | 02:30

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TRADE union Unite has denounced a lawsuit taken by Aer Lingus against SIPTU for damages caused by threatened strike action as "judicial war".

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The dispute between SIPTU aviation workers and the airline has turned ugly in recent weeks. After the DAA was granted an injunction barring strike action, Aer Lingus moved to sue SIPTU for millions of euro worth of damages after it was forced to line up back-up crew and other precautionary measures.

Barnier faces grilling

MICHEL Barnier, the EU's financial-services chief, will be quizzed by lawmakers today on the bloc's enforcement of banker bonus curbs, amid warnings that lenders may have too much scope to sidestep the measures.

Mr Barnier must win over legislators in the European Parliament who haven't ruled out brandishing their right to veto draft technical rules published earlier this month for determining which bank staff should be hit by a ban on bonuses greater than twice fixed pay.

US OUTPUT SOARS

US FACTORY production rose in February by the most in six months, indicating manufacturing will help the US economy emerge from a weather-related setback.

The 0.8pc gain exceeded the highest estimate in a Bloomberg survey and followed a revised 0.9pc slump in January, figures from the Federal Reserve in Washington showed yesterday. The pick-up contrasts with the housing industry, where another report showed builder sentiment rose less than forecast in March.

BANKS' VIRUS PROBLEM

BANKS around the world, consumed with meeting more stringent capital regulations, will miss a deadline to upgrade outdated software for ATMs and face additional costs to Microsoft to keep them secure. The US software company first warned that it was planning to end support for Windows XP in 2007, but only one-third of the world's 2.2 million ATMs which use the system will have been upgraded to a new platform, such as Windows 7 by the April deadline, according to NCR.

To ensure the machines are protected against viruses and hackers, many banks have agreed deals with Microsoft to continue supporting their ATMs until they are upgraded. Lenders including Royal Bank of Scotland either have, or are in the process of negotiating, extended support contracts with Microsoft.

Irish Independent

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