Monday 22 January 2018

Grafton venture to buy €9.5m firm

Grafton Group's Belgian joint venture, BMC Groep, has agreed to pay €9.5m to buy a two-branch business. The two premises -- owned by Holvoet -- are heavyside builders merchanting businesses and are based in south-west Belgium. Grafton's share in the joint venture will increase to 65.3pc.

Sharp's ambitions blunted by losses

Sharp has admitted there is "material doubt" about its ability to stay in business as it warned of a second year of record losses, deepening the gloom surrounding Japan's once-dominant consumer electronics industry. The century-old company said it expected to end the financial year to March with a net loss of Y450bn (€4.3bn). Last year it lost Y396bn.

Lloyds showing signs of recovery

Part-nationalised Lloyds Bank provided further evidence that it was getting its business back on track, stating bad loan rates were easing. This came despite the fact that it set aside another £1bn (€1.25bn) to pay claims for mis-selling payment protection insurance. The additional provision to compensate customers who bought insurance they did not need raised the bank's estimate of the total cost to £5.3bn.

Pfizer profits hit by generic rivals

Drug giant Pfizer said that its third-quarter profit fell 14pc as sales plunged. Pfizer's third-quarter revenues fell 16pc. This was mainly due to US generic competition to cholesterol fighter Lipitor. Sales of Lipitor, which is still under patent in some countries, dropped 71pc to $749m.

Spin 103.8 to let four presenters go

RADIO station Spin 103.8 is to let go four presenters as part of an internal restructuring. The presenters, who are all freelance employees, worked a total of eight hours a week between them, mostly on late night and weekend programmes.

Kellogg's boosted by Pringles buy

Kellogg's net income edged up in the third-quarter, as the breakfast giant benefited from its acquisition of Pringles chips. The Michigan company bought the brand earlier this year in hopes of becoming a global player in the salty snacks market. The deal made it the world's second biggest salty snack food firm.

Irish Independent

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