In brief: Decline in building activity speeds up
NEW figures from the Central Statistics Office (CSO) confirm the decline in construction activity accelerated in the first three months of this year. The CSO said the volume of activity dropped by 11.4pc compared with the previous three months, the biggest quarterly fall in a year. The figures are adjusted to take seasonal factors into account. The biggest fall of 31.5pc was in the civil engineering sector.
Byrne named as AIB executive director
ALLIED Irish Banks has appointed Bernard Byrne as executive director with immediate effect. The 42-year-old joined AIB in May 2010 as chief financial officer. He was appointed director of personal and business banking in May. Mr Byrne began his career as a chartered accountant with PricewaterhouseCoopers in 1988 and joined ESB International as commercial director in 1994. In 1998, he took up the post of finance director with IWP International before moving to ESB in 2004.
RIM's management system criticised
RESEARCH In Motion's (RIM) combined chairman and chief executive structure provides "inadequate independent checks" on the BlackBerry maker's management at a "turbulent" time, proxy advisory firm Glass Lewis said. The San Francisco-based firm, which advises investors how to vote on shareholder issues, made the comments in a report ahead of RIM's annual shareholder meeting on July 12, where a vote will be held on whether to split the roles.
US first-quarter growth revised up
US economic growth in the first quarter was revised up by a tenth of a point to a 1.9pc annual pace, the US government said in its final estimate of output. The Commerce Department's slight upward revision in gross domestic product from the prior estimate of 1.8pc growth was just above analysts' expectations for no change in the figure. But the January-March growth rate confirms a sharp deceleration from a 3.1pc pace in the fourth quarter of 2010.