A round-up of today's other stories in brief.
Siptu, Aer Lingus talks break down
Siptu, the largest union at Aer Lingus, has said it will not enter talks on cost cutting at the Labour Relations Commission (LRC) unless Aer Lingus postpones implementation of the cuts.
The National Implementation Body recommended on Monday that both sides should hold three weeks of intensive talks, aimed at averting industrial action, at the LRC and Labour Court if necessary.
However, Aer Lingus is pressing ahead with the cuts in terms and conditions for new staff recruited from the start of this month and for existing staff from the start of next month. Siptu claims this is in breach of existing agreements and following a meeting with Aer Lingus management yesterday has referred this matter to the Labour Court.
Blackstone buys EOP for $38.9bn
Private equity group Blackstone yesterday emerged with a winning $38.9 billion (€29.9 billion) bid in the takeover battle for Equity Office Properties (EOP), the biggest commercial property group in the US.
The deal, which was approved by EOP shareholders after Vornado Realty Trust dropped out of the bidding, ranks as the largest leveraged buyout on record. - (Financial Times service)
Fortress in demand ahead of flotation
Fortress Investment Group, which tomorrow will become the first US hedge fund and private equity group to go public, is generating intense demand for its shares among investors anxious to grab a slice of the flotation, which values the company at about $7.4 billion (€5.7 billion).
A source said demand was "insane and ridiculous", far surpassing expectations. - (Financial Times service)
Fox TV drags on News Corp profits
The poor performance of some Fox TV stations led to a $70 million drop in earnings at News Corp's US TV division in the most recent quarter, results which chairman and chief executive Rupert Murdoch said had "disappointed".
But it had a record quarter for film, with a 57 per cent increase in earnings to $470 million. Group income slipped to $820 million, though last time's $1.08 billion was boosted by the sale of an educational publishing unit. Revenues grew from $6.67 billion to $7.84 billion. - (Financial Times service)
New low-fare flights to Spain
Iberia, Spain's biggest airline, is set to end its full-service daily flights from Dublin to Barcelona at the end of this month.
Instead, the route will be operated by Clickair, a low-fares airline launched last year and 20 per cent owned by Iberia.
Clickair, which took to the air in October, will go head-to-head with Aer Lingus and Ryanair and will operate one flight a day.
Magnet to invest €25m in growth
Broadband, telecoms and cable TV provider Magnet Networks is to invest €25 million to grow its customer base and develop infrastructure. The additional investment comes on top of the €45 million it has invested to date to grow its network.
Small firms 'could save €100m a year'
The small businesses sector could save €100 million a year by making more efficient use of energy, according to Sustainable Energy Ireland chief executive David Taylor, who was speaking at the launch of the group's annual awards yesterday.
