A round-up of other business news in brief
Philips buys coffee machine maker
Royal Philips Electronics has agreed to buy Saeco International Group SpA, an Italian maker of espresso machines controlled by PAI Partners. The transaction is subject to Philips reaching a final agreement with banks with which Saeco has outstanding credit obligations, Philips said.
No financial details were disclosed. - (Bloomberg)
Cork City agrees to Revenue payments
The holding company of Cork City Football Club has agreed to make payments to the Revenue Commissioners after it brought an application to the High Court yesterday to have the company wound up.
Cork City Investment FC Ltd emerged from examinership last October with a scheme of survival under which various creditors, including the Revenue, were to receive a percentage of the money owed. Yesterday the company agreed to pay the dividend and PAYE and PRSI due to Revenue. The case was adjourned to June 15th.
Nokia starts roll out ofappstore
Nokia has begun rolling out its much-anticipated online software and content store, Ovi Store, as it aims to follow the success of Apple's App Store. Nokia said it had started moving Ovi Store to production servers, preparing for the global commercial launch, and the store was opened to users of a few of its phone models in Australia and Singapore yesterday. – (Reuters)
Decision next week on Opel
Germany will decide on a preferred bidder for General Motors unit Opel by the middle of the week, after a final round of talks with suitors Fiat , Magna and RHJ. Chancellor Angela Merkel said pressure to choose was building ahead of a June 1st restructuring deadline set by the US government, which is expected to lead to a Chapter 11 bankruptcy filing. Canadian car parts group Magna emerged as the favourite to win Opel last week. - (Reuters)
Economic growth hits record fall
Economic growth in the world’s major economies fell at a record rate during the first quarter of the year. Gross domestic product (GDP) in the 30 countries that make up the OECD area fell by 2.1 per cent during the three months to the end of March, according to the Organisation for Economic Co-operation and Development. The drop was the largest since OECD records began in 1960, and followed a 2 per cent decline at the end of 2008. – (PA)
