Business World

Friday 6 December 2019

Boston Scientific to cut 1,000 jobs

MEDICAL devices firm Boston Scientific said it plans to cut as many as 1,000 jobs this year as the company continues to cut its expenses.

The company, which employs nearly 5,000 people at manufcturing sites in Galway, Cork, Tipperary and Donegal, said no decision has been made on where the cuts would come.

News of the job cuts came even as the company said fourth quarter earnings topped forecasts at $60m (€45m).

Annual revenue at EMC up 9pc

EMC Corporation, the IT, cloud and big data firm that employs more than 3,000 people in Ireland, has reported global final-quarter revenue growth of 8pc over the same period in 2011.

The US technology giant, which employs 50,000 people worldwide, reported full-year revenue last year of $21.7bn (€16.1) – an increase of 9pc year over year. Fourth-quarter revenue was $6bn – a rise of 8pc compared with the year-ago quarter.

EMC generated operating cash flow of $6.3bn and free cash flow of $5bn – increases of 10pc and 14pc year over year, respectively.

Majority to deduct new tax from wage

A SURVEY of 300 clients of tax advisory firm has found that a majority are preparing to have the property tax taken from their wages.

Others intend to pay by credit or debit card, with a minority planning to pay by setting up a direct debit, the survey found.

German buyers more optimistic

A CLOSELY watched survey shows German consumers are more optimistic, buoyed by the current calm in financial markets and expectations the economy will gradually revive over the course of the year.

The GfK institute said its forward-looking indicator rose to 5.8 points, up from a revised 5.7.

Analysts said the indicator was "another small piece of evidence that domestic demand should be an important growth driver in 2013".

EFSF attracts €7bn investment

THE European Financial Stability Facility placed a €5bn, five-year benchmark with a re-offer yield for investors of 1.346pc. Deutsche Bank, HSBC and RBS acted as lead managers for the issue. Orders worth almost €7bn were received from investors.

Irish Independent

Also in Business