More business news in brief.
China moves to curb inflation
China announced fresh monetary tightening measures yesterday after inflation data showed price rises of 8.5 per cent in April, the second highest monthly figure for 12 years. The People's Bank of China lifted the share of funds that commercial banks must leave on deposit with the central bank by 50 basis points to 16.5 per cent. - (Financial Times service)
Percentage of companies reporting vacancies falls
THE PERCENTAGE of firms reporting vacancies has fallen by nine percentage points in the year to April, according to the latest figures from the monthly Fás/ESRI employment and vacancies survey.
The percentage of firms reporting vacancies in the private sector fell by three percentage points to 7 per cent in April, which is the lowest the economy-wide vacancy rate has been since August 2005.
Reported vacancies in the construction sector increased by two percentage points to 5 per cent.
However, the three-month moving average, which is a figure that smooths out monthly fluctuations, continued to decline, falling by two percentage points to 5 per cent.
CRH silent on Xella bid
CRH would not comment yesterday on reports that it will table the highest bid for German building materials firm Xella, which is up for sale with a potential €2 billion price tag. The reports stated intelligence service Mergermarket noted that CRH could potentially table the highest bid for the German company, which is owned by a privately held conglomerate.
Greenstar plans €20m upgrade
NTR-controlled waste management company Greenstar said yesterday that it is planning to spend €20 million on redeveloping its recycling materials facility in Bray, Co Wicklow.
Greenstar said that the company will have the ability to handle more commercial and industrial waste and more building and demolition waste.
Total Produce in joint venture
Total Produce, the fruit distribution company spun off from Fyffes, has commenced activities in its joint venture with Tata Chemicals in India.
Khet-Se Agriproduce India, the joint venture company, began operations in Punjab for the procurement and distribution of fruits and vegetables. - (Reuters)
Spiderman and friends drive Cryptologic's profit growth
Casino games featuring classic Marvel comic book superheroes such as Spiderman, Ironman and the Fantastic Four have increased sales and profit growth at Irish-based internet gaming software developer Cryptologic.
Cryptologic reported that sales in the first three months of 2008 were $19.3 million, and it delivered net earnings of $609,000, or $0.06 per share. Excluding exceptional items, the company grew revenues by 21 per cent.
The company said that much of this growth came from "new offerings featuring Marvel superheroes Spider-Man and the Fantastic Four and an increased number of licensees".
