A round-up of today's other stories in brief
Readmix warns of drop in profits
Building materials supplier Readymix has warned that a slowdown in the industry would hit the group's operating profits this year.
"As a result of the slowdown in housebuilding activity in the Republic during the first half of 2007, operating profits (before non-recurring items) are expected to be slightly lower compared to 2006 levels," the group said.
"Profits before taxation are expected to be lower primarily due to the extraordinary sale of property during the first half of 2006."
Cadbury ruling likely on Monday
A British court in Birmingham is set to delay sentencing Cadbury Schweppes until Monday in a case concerning a salmonella-related health scare in Britain and Ireland in 2006, according to sources familiar with the situation. Cadbury, which makes Dairy Milk chocolate, has already pleaded guilty after being prosecuted by both Birmingham City Council and a neighbouring council in Herefordshire, and the sentencing of both cases is being brought together.- (Reuters)
GE to sell US subprime unit
General Electric reported a 9.6 per cent rise in second quarter profits yesterday, with strength in the infrastructure and commercial finance businesses offsetting a decline at its healthcare business and a loss in subprime lending.
The group confirmed its guidance for the full year and announced an increase in the size and accelerated the speed of its buy-back programme.
It also confirmed that it was putting WMC Mortgage, its subprime lending business, up for sale. GE reduced its exposure to the struggling sector by selling $3.7 billion of loans in the quarter, leaving approximately $1.5 billion of loans outstanding.
BIAM appoints two executives
Bank of Ireland Asset Management has announced two appointments to its investment team. Pranay Gupta Laharia joins from Deutsche Bank where he was a research analyst specialising in the IT sector. He will head technology and telecoms research at Asset Management.
David Furey has been hired as a senior portfolio manager for fixed income products. The Trinity graduate previously worked for Butterfield Asset Management in Bermuda.
ABN takeover looks closer
Dutch bank ABN-Amro can proceed with its sale of US unit LaSalle, the Dutch Supreme Court has said, boosting the prospect that Britain's Barclays Bank will succeed in its near $90 billion ABN takeover bid.
A takeover of ABN would be the biggest bank deal to date. Barclays has agreed an all-share offer for ABN worth about €64 billion.
A consortium of RBS, Fortis and Santander has trumped that with a mostly cash offer for ABN worth €71 billion, but only if LaSalle remained part of the bank. - (Reuters)
New MD at CB Richard Ellis
Commercial estate agency CB Richard Ellis (CBRE) has appointed Guy Hollis as managing director of its Irish operations in Dublin.
The current managing director, Pat Gunne, will become deputy chairman.
US retail sales fall 0.9% in June
US retail sales posted their biggest drop in nearly two years in June, according to government data published yesterday, indicating that the housing slump and soaring petrol costs are depressing consumer spending.
The commerce department reported a 0.9 per cent decline in June sales. Economists had looked for a 0.1 per cent gain. - (Reuters)
