Compiled by CAROLINE MADDEN

Celtic Helicopters to land in liquidation after 30 years

THERE WAS a time when the skies at the Galway Races resembled something from Apocalypse Now, with more than 300 helicopters landing on Ladies’ Day alone.

But now that high-flying developers and tycoons have had to “shed overhead”, the skies have gone quiet.

The only chopper most of us are likely to encounter these days is a certain mild-mannered inspector from the IMF.

All of which makes the imminent demise of Celtic Helicopters unsurprising.

The country’s best-known helicopter firm – controlled by Ciaran Haughey, son of former taoiseach Charlie Haughey – is expected to go into liquidation when it holds a creditors’ meeting tomorrow in Bewley’s Hotel at Dublin Airport.

Celtic Helicopters, which used to be one of the biggest operators at the Galway Races, had built up an accumulated loss of €1.77 million by the end of 2010.

A note to the accounts for that year revealed that the company was dependent on the support of the Irish Banking Resolution Corporation, and other creditors, to continue in business.

The helicopter operator has been no stranger to controversy over the years. When the company was investigated by the Moriarty tribunal, it emerged that a number of prominent businessmen gave significant funding to the company when Charlie Haughey was at the height of his political power.

However, after almost three decades in operation, it looks like Celtic

Helicopters will now finally be grounded once and for all.

Kerry results food for thought

WE SEEM to be pinning a sizeable chunk of our recovery hopes on the agri-food industry – but is the hype warranted?

Kerry Group’s interim results on Thursday should give some insight.

In the first quarter, Kerry’s consumer food division saw better-than-expected volume growth of 0.6 per cent.

However, in a broker note last week, Darren Greenfield, food and beverage analyst at NCB, predicted that Kerry’s consumer foods division will post flat volumes for quarter two as the food retail market has remained depressed in Ireland and the UK.

Indeed, the most recent retail sales figures from the Central Statistics Office showed that June sales of food, beverage and tobacco fell by almost 10 per cent from May, a plunge described by one economist as baffling.

However, on a brighter note, Mr Greenfield said he expected Kerry’s ingredients and flavours arm to have delivered revenue of about €2 billion in the first half of the year.

This would represent year-on-year growth of 11 per cent.

Greenfield also expects Kerry Group to reiterate its full-year guidance of 7 to 10 per cent earnings-per-share growth.

Furthermore, he predicted that Kerry Group may unveil a “less radical than expected” factory closure plan on results day.

While investors would most likely react adversely to this, it would be a relief to those working at its plants.

Credit squeeze clocks up fifth anniversary

HOW TIME flies when you’re having a financial meltdown – this Thursday marks the fifth anniversary of the credit crunch.

August 9th, 2007 was, according to former Northern Rock boss Adam Applegarth, “the day the world changed”.

Certainly it was the day that credit markets froze, sending a devastating domino effect throughout the financial world.

So, several bank nationalisations, a fallen government and a bailout later, how is Ireland faring in terms of cleaning up the mess?

At last count we had the promise of a debt-relief deal by October, and a surprisingly successful return to the bond market.

We also had one jailed businessman, one fugitive, allegations of witch hunts, and a court system groaning with acrimonious cases arising from the crash.

This week should provide a fresh insight into the level of progress being made, with Bank of Ireland due to release interim results on Friday.

Also, from this Friday, Bank of Ireland’s Isle of Man arm will no longer fall under Ireland’s government guarantee scheme.

This follows the bank’s decision to move its UK subsidiary outside the guarantee scheme in March, and is part of the bank’s efforts to cut its funding costs.

It also forms part of the Government’s efforts to regain sovereignty – a steady reduction in liabilities covered by the scheme is a target set by the troika under our bailout programme.