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Norway wealth fund boosts stake in CRH

NORWAY'S sovereign wealth fund has boosted its stake in Irish building materials firm CRH. It has acquired an additional 426,000 shares to bring its total holding to 21.54 million shares in the company. It represents just over 3pc of CRH's outstanding share capital.

Ulster Bank secures €9.8m judgment


ULSTER Bank has secured judgment for more than €9.8m against a couple in Sligo arising from various loans and guarantees. The proceedings were brought in the Commercial Court against Matthew and Helena Clancy, Scarden, Strandhill Road, Sligo, who did not appear in court yesterday and did not oppose judgment.

TNT increases its operating profits


THE Irish arm of the international courier firm TNT Express last year marginally increased operating profits in spite of a drop in revenues. According to accounts just filed by TNT Express (Ireland) Ltd, the company's operating profits increased from €3.98m to €4.1m in the 12 months to the end of December last.

Philips to cut costs after €1.3bn loss


ELECTRONICS giant Philips has revealed a €1.3bn quarterly net loss and has said it will cut costs by €500m. It put the loss down to slower-than-expected economic recovery. A year ago it made a net profit of €262m. Write-downs at its healthcare and lighting divisions came to €1.4bn. It said "results were impacted by near-term operational challenges, weaker markets and a significant impairment charge".

EU backs German bailout of bank


The European Commission gave its blessing yesterday to a massive German government bailout of the banking group Hypo Real Estate -- on condition of a drastic downsizing. The European Union's competition watchdog approved capital injections of €10bn, an asset relief measure of about €20bn and liquidity guarantees amounting to €145bn.

Irish Independent