Monday 11 December 2017

In brief: IBM's sky-high $1.2bn

IBM is to invest more than $1.2bn (€884m) to build up to 15 new data centres across five continents to expand its cloud services and reach new clients and markets.

The new cloud centres will be in Washington DC, Mexico City, Dallas, China, Hong Kong, London, Japan, India and Canada, with plans to expand in the Middle East and Africa in 2015.

Q3 DEFICIT FALLS TO 6.8PC

THE deficit in the third quarter of last year was at 6.8pc of the value of the economy, according to the Central Statistics Office (CSO). In the same period of 2012, the deficit was 7.4pc.

Government revenue for the period at €13.8bn was lower than the third quarter of 2012 when revenue was €13.96bn. The CSO said increased revenue from taxes and social contributions was offset by decreases in other revenue.

SHELL IN PROFIT WARNING

Royal Dutch Shell issued a "significant" profit warning yesterday, detailing across-the-board problems and the extent of the challenges facing the oil major's new boss Ben van Beurden who took over two weeks ago.

The warning comes nearly 10 years to the day after Shell, the western world's number three oil company, revealed the so-called reserves accounting scandal, when the group dramatically downgraded its reserves estimates.

US OUTPUT RISES AGAIN

Industrial production in the US rose for a fifth month in December, capping the strongest quarter since 2010 and indicating that manufacturing is helping propel the world's largest economy.

Output at factories, mines and utilities climbed 0.3pc after a revised 1pc increase in November, figures from the Federal Reserve showed.

NY BANK'S INCOME FALLS

Bank of New York Mellon, the world's largest custody bank, said fourth-quarter earnings fell 18pc because of a loss related to an equity investment.

Net income declined to $513m (€378m), or 44 cents per share, from $622m, or 53 cents, a year earlier, the New York-based bank said.

TRADERS SUSPENDED

HSBC and Citigroup suspended four traders amid a global probe into the alleged manipulation of currencies.

The moves bring the total number of traders known to be fired, suspended or put on leave to at least 17 as regulators probe the €3.9 trillion market.

Irish Independent

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