The week in business
A look back at the main business events of the past week.
Internet retail giant Amazon is planning yet another massive data centre in Dublin in a move that could propel its expected total capital expenditure on such projects here to as much as €1bn, the Irish Independent understands.
Earnings at the recently rebranded cable TV provider Virgin Media increase by 5pc to €135m last year in spite of a drop in customer numbers.
Shares in Apple shoot up 3pc after market trading on the back of its announcement that sales increased by almost $10bn in the three months to the end of September. Quarterly revenue rises 22.3pc as sales of iPhones jump 36pc.
Dunnes Stores sees the biggest gains in market share among big retailers in the 12 weeks to October 11, boosted by a “shop and save” campaign. The value of the Irish grocery market has risen by 2.1pc since last year, the best performance since 2010.
The Aga Khan, JP McManus and John Magnier are among the backers of a new company established to redevelop, own and operate the Curragh Racecourse. The €65m project includes plans for a new grandstand and parade ring.
The new owner of Arnotts has pumped more than €100m into the business since competition authorities signed off on a takeover deal in August.
Next Plc – which has stores acrorss the UK and Ireland maintains sales momentum in the third quarter, but that isn’t enough for investors used to the UK retailer’s outperformance of peers.
Botox maker Allergan and Pfizer are in early stage talks to create the world’s largest drugmaker and potentially set up Pfizer to take advantage of Ireland’s 12.5pc tax rate. A combination with Dublin-based Allergan could allow Pfizer to shift its global tax residency to Ireland to become eligible for the 12.5pc corporate tax rate on global earnings.
Gaming technology company Playtech has challenged the Central Bank on its decision to block the UK firm’s $105m acquisition of Dublin-based company AvaTrade and is hopeful of a final decision soon.