A roundup of the rest of today's business news in brief:
Magners sales up for first time since June
Sales of CC Group plc's Magners cider at British off-licences and supermarkets rose for the first time since June, stockbroker Davy said.
The quantity of Magners sold in the so-called off-trade climbed 9 per cent in October compared with the previous month, Davy said. But sales volumes are 14 per cent lower compared with the same month a year ago.
- (Bloomberg)
Bank of Ireland rating put on watch
Bank of Ireland has had its 'A+' long-term counterparty rating put on watch with "negative implications" by Standard Poor's (SP).
The agency said a revised forecast on loan losses indicates that "the bank may only just remain profitable in the six months to March 31st, 2009.
Construction jobs down 18% in year
The number of people working in construction has fallen by almost a fifth over the 12 months to September, according to figures released by the Central Statistics Office.
The CSO data shows the contraction in the sector accelerated during the summer with the result that employment in the sector had fallen 18.6 per cent by the end of September.
During the 12 months to August, employment in the sector was down 18 per cent. According to the survey of about 1,000 building firms employing five people or more, the number of jobs in construction has declined every month since April last year.
Moves to protect Presbyterian funds
Emergency legislation has been enacted by Stormont Enterprise Minister Arlene Foster to try to protect the assets of people with money in the Presbyterian Mutual Society, which said this week it could no longer make payouts. The society now has the option of voluntary administration.
- (PA)
Hibernian to reduce jobs transfer to India
Insurance company Hibernian has agreed to reduce the number of jobs that it plans to transfer to India over the next three years to 450 from the 580 originally announced in June.
The company said in a statement that it has reached an agreement with the trade union Unite on its restructuring plans after several months of negotiations, and will proceed with its plans to reorganise the company and reduce its costs.
Total plc earnings to fall 6% in 2010
Combined earnings at Irish public companies will fall by 6.1 per cent in 2010, following declines of 32 per cent this year and 24 per cent in 2009, according to a forecast by Davy stockbrokers.
The firm's estimates means that aggregate earnings for the Irish market will decline by 51 per cent from the peak in 2007. "The lack of funding/credit will continue to negatively affect consumer and corporate spending into 2010," said Davy analyst Barry Dixon.
Icon acquires Prevalere Life
Icon, the Dublin-based provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries, has acquired Prevalere Life Sciences, a US-based biotechnology firm.
Icon will pay an initial cash consideration of $35 million (€28 million) for Prevalere, with an additional performance-related payment of $8.2 million a possibility if certain milestones are achieved.
Sunny Ernst 2 puts Aminex on track
Oil and gas exploration company Aminex said trading was in line with expectations as a fall in commodity prices was offset by increased oil and gas production.
Successful drilling at its Sunny Ernst 2 well in Texas fields was generating seven million cubic feet per day, making a significant contribution to revenues, it said. Aminex has a 37.5 per cent stake in the well.
CDSoft acquires ACT in €1.5m deal
CDSoft, an Irish IT services company, has acquired the ACT Group in a deal valued at more than €1.5 million.
Kildare-based CDSoft employs 28 people and has a turnover of €4 million. The enlarged firm will be managed by CDSoft managing director Gerry Kerr.
The ACT Group comprises Computer Systems Services, which offers nationwide IT maintenance and technical support; and Blue Chip Ireland, which is an independent maintainer of IBM mid-range equipment in Ireland.
The group employs 25 people and has an annual turnover of €3 million.
