Business week in 60 seconds: Ryanair, AIB, Tesco, Apple
Ryanair strikes a fresh deal with Amadeus as profit set to top out
RYANAIR'S high flying performance doesn't seem set to drop anytime soon, as Michael O'Leary announced that he wants the company to set its sights on "intergalactic domination".
The airline boss travelled to Germany to unveil a deal with global distribution firm Amadeus that will see Ryanair's tickets made available for sale through travel agencies across Europe.
There was more good news for Ryanair during the week, as the company announced at its AGM that they expect its full year profit will be towards the upper end of its current guidance of between €620m and €650m.
Investors seemed to be on cloud nine after the news with shares in the firm closing 1.2pc higher following the Thursday meeting.
AIB to sell off 30pc of its shares
THE government could be on course for a major windfall early next year with the sale of as much as 30 pc of AIB.
According to Ciaran Callaghan from Merrion Stockbrockers, between 25pc to 30pc cent of the bailed out bank is likely to be sold through a partial stock market flotation in 2015.
The Department of Finance admitted that a panel to advise on the future sales of the State's share of the bank will be named over the next week.
Taxpayers would be in line to recoup close to €3.5bn from a part privatisation of AIB, which has seen its valuations rise rapidly after a return to profit this year.
Tesco... every little hurts
A WEEK to forget for Tesco as it came to light that that there was a black hole of almost €320m in the company's accounts.
The British retailer's saw its shares plunge by over 13pc when it was discovered that they had overstated their first-half profit by €318m.
Newly-appointed chief executive Dave Lewis mildly described the blunder as a "serious issue" and four senior executives were immediately placed on leave until a probe into the error can be completed.
In bad news on the home front, the retail giant also announced that it was making as as many as 70 of its departmental managers in Ireland redundant, although this is said to be unconnected to its accounting scandal.
Tax rules turned upside down
COMPANIES on both sides of the Atlantic saw almost €10bn wiped off of their shares when the US announced that it was moving to tax inversion.
The practise, which involves firms moving their tax affairs abroad by setting up or buying a foreign company, looks to be in danger after President Obama announced the new rules, which were effective immediately.
Although the action will certainly make inversions more difficult, whether it will be enough to scupper deals that are currently pending or under consideration is not clear.
Apple gets all bendy over iPhone
After a phenomenally sucessful launch, Apple was cringeing after it emerged that the iPhone 6 may be prone to bending.
The new phone, which sold over 10m units during its launch weekend, has seen a flood of complaints with users saying that it is vulnerable to bending and claiming that a software update blocked their calls.
Sunday Indo Business