Thursday 14 December 2017

APN appoints Connolly to board

PAUL Connolly has been appointed to the board of APN News & Media Ltd as a non-executive director. Independent News & Media has a 29.5pc stake in APN. Mr Connolly is chairman of Connolly Capital Ltd, a Dublin-based corporate finance advisory firm focused on the telecom, media and technology sector.

Mr Connolly is also a senior adviser to Credit Suisse and currently serves on the board of Independent News & Media, Communicorp Group and Melita cable. He was previously a director of Esat Telecom and a director of Digicel.

Sales hike boosts UK retail sector

UK retail sales rose more than economists forecast last month on increased demand for winter clothing and school uniforms. Sales including fuel gained 0.6pc from August, when they fell 0.1pc.

Furniture sales rose 3.5pc in September, while food sales slipped 0.2pc. From a year earlier, overall retail sales rose 2.5pc. (Bloomberg)

Philip Morris Q3 profit slides 6.3pc

PHILIP Morris International Inc, the world's largest publicly traded tobacco company, reported third-quarter profit that trailed analysts' estimates after sales tumbled in the European Union.

Net income fell 6.3pc to $2.23bn from $2.38bn a year earlier, the New York-based maker of Marlboro cigarettes said. (Bloomberg)

GSO Capital jobs go in Dublin move

GSO Capital Partners, the credit unit of Blackstone Group, cut five jobs in London as it moves its debt fund management to Dublin after acquiring Harbourmaster Capital Management.

Blackstone bought Dublin-based Harbourmaster in October last year, tripling its European loans under management to €11.5bn. (Bloomberg)

UBS to trim staff by 10pc in Europe

UBS AG is preparing another round of job cuts across its investment bank in Europe as Chief Executive Officer Sergio Ermotti tries to overhaul the firm.

The company is considering cuts in equities and fixed income as it trims its merger advisory staff by about 400, or 10pc of the unit's front-office employees in the region.

(Bloomberg)

Irish Independent

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