Business

Sunday 8 December 2019

£3.5m web deal

Private equity firm Calculus Capital has invested £3.5m in Avvio, which provides website booking software to clients including the Dalata group - Ireland's largest hotels operator.

The funds will help Avvio to speed up its rollout in the UK, increase marketing efforts and develop its technology further.

"The Avvio platform has the potential to transform the revenue and profits of hoteliers worldwidem," Calculus investment director Richard Moore said.

New Dublin air route

Scandinavian airline SAS is to launch a route between Dublin and Gothenburg in Sweden from March 29.

"SAS has been expanding its route network for some time now, with several new destinations and routes, and we are continuing to improve the range of destinations we offer," said SAS executive vice president Eivind Roald. who said SAS had launched 100 routes in the past two years.

Alibaba surges

Alibaba's e-commerce and mobile businesses surged in the third quarter, far outpacing its rivals and glossing over weakening margins and decelerating earnings growth.

Its shares edged as much as 3pc higher to a record high after the Chinese e-commerce company reported a brisk 49pc rise in the gross value of merchandise sold. Revenue rose 53.7pc in the three months ending in September, dwarfing Amazon's 20pc growth over the same period.

Social terror fears

Twitter and Facebook are so important to militant groups that the technology giants should give security services greater access to their networks to allow governments to foil attacks, the head of Britain's eavesdropping agency said.

GCHQ director Robert Hannigan said Twitter, Facebook and WhatsApp were in denial about their unintended role as "the command and control networks of choice for terrorists". Islamic State militants are harnessing the power of the internet to create a militant network with near global reach, Mr Hannigan added.

Cyprus recession 'over'

Cyprus's recession appears to be over, its finance minister said yesterday, after the economy showed an improvement over the past four quarters. "The long recession seems to have run its course," Harris Georgiades said. "There has been stronger than expected resilience of main productive sectors of the economy and confidence has been re-established."

Irish Independent

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