Wednesday 22 November 2017

Business loans for Quinn workers

INSURANCE

STAFF at Quinn Insurance facing redundancy, or being laid off, are to be offered business start-up loans by a credit union and a county enterprise board.

The €2m small-business loan scheme from Blanchardstown and District Credit Union and the Fingal Enterprise Board is being rolled out next Tuesday to start European SME Week.

Profits plunge at Airbus maker

AVIATION

EADS, the parent company of Airbus, has reported a huge drop in its quarterly profits. EADS saw profits fall to €103m, or 39pc down on the same period last year. The figures included a profit of €7m for the Airbus commercial plane making unit, compared to €89m a year earlier. Airbus is struggling to increase production of the mammoth A380, the first of which was delivered in late 2007.

Mystery seller in plunge identified

DOW PROBE

THE mystery seller of futures contracts, which is believed to have helped drive the Dow Jones Industrial Average down nearly 1000 points in under an hour last week, is thought to be Waddell and Reed Financial, a Kansas-based money manager. It is said to have sold a large order of e-mini contracts in 20 minutes. US equity markets briefly had nearly $1trn wiped off in market value.

EMI moves to stop bank takeover

MUSIC

THE owner of music group EMI will inject more money into the business to prevent it being taken over by US bank Citigroup. Financier Guy Hands' private equity fund Terra Firma has sufficient support from investors for the fundraising, which reportedly involves around €123m.

EasyJet founder resigns after row

Airline

THE founder of the low-cost airline, easyJet, has resigned from its board in a row over the airline's strategy. Stelios Haji-Ioannou, whose family own 38pc of the airline, was a representative of his company easyGroup on the board.

Car sales boost US data for April

RETAIL

US retail sales rose more than expected in April, helped by a surprise increase in car sales. Retail sales rose by 0.4pc following an upwardly revised 2.1pc rise in March.

Irish Independent

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