IBEC'S 50 ways to enhance recovery
LOBBY group IBEC has revealed what it is calling an "Action Plan for Recovery," featuring 50 ways it says can encourage job growth. The group says current growth in the economy is muted, and urgent action is needed to support business activity.
Among the suggestions are setting up a new State-backed investment bank. Another is to use strategic outsourcing to deliver cost savings. IBEC's '50 Ideas to Drive Growth' sets out ideas from the business community, which it says can make a real difference to Ireland's recovery prospects.
Aer Lingus staff oppose dividends
ORGANISATIONS representing thousands of Aer Lingus' former and serving employees have urged the Commercial Court not to approve a €500m reduction in the group's capital reserves to pay dividends to shareholders when there is a €748m deficit in their pension schemes.
Aer Lingus Group claims it has no "legal" obligation to address the pension funds deficit while Ryanair, a 30pc shareholder in the airline, has threatened legal action if the board moved to reduce the deficit without the approval of shareholders, the court heard.
Bank targets costs as income falls 15pc
BANK of America, which employs more than 1,200 people in Ireland, said it plans to slash costs by $3bn (€2.4bn) annually in commercial lending, investment banking and wealth management.
The second-largest US bank said its loan book shrank from the second quarter last year, its interest income fell 15pc, and each of its divisions, except for mortgage lending, posted lower revenue. (Reuters)
Money manager hit by reduction in fees
BLACKROCK, the world's largest money manager, has seen its second-quarter profit fall 11pc as tumultuous market conditions cut into fee income.
Net income at New York-based BlackRock dropped to $554m (€451m), or $3.08 per share, from $619m, or $3.21 per share, a year earlier.