A round-up of today's stories in brief.
Alitalia rescue plan launched
Alitalia said it will seek a fresh cash infusion, slash unprofitable flights and cut its reliance on two Italian hubs as part of a long-awaited plan to stem mounting losses and resuscitate the struggling airline.
The rescue plan is a last-ditch attempt by the airline to get back on its feet while it continues hunting for a buyer for the Italian Treasury's 49.9 per cent stake after an auction for its sale stake collapsed in July.
Alitalia said its new chairman had taken over the task of identifying potential buyers for the Treasury's stake and picked Citigroup as its adviser on the sale process. - (Reuters)
Carroll raises ICG stake
Property developer Liam Carroll has increased his stake further in Irish Continental Group (ICG), having purchased another 15,000 shares at €25, ahead of the price being offered by the management buyout team, Aella. Mr Carroll and his wife now hold 19.7 per cent of ICG, according to documents filed with the Irish Stock Exchange yesterday.
EirGrid scheme saves energy
National grid operator EirGrid says that the 305 companies which signed up for its energy efficiency scheme last winter saved a combined total of €1.1 million a month. The scheme financially rewarded companies that reduced their electricity consumption during peak demand hours in winter months. Last year, daily demand was reduced by up to 17 megawatts a day. EirGrid will host a series of workshops nationwide next month giving details of how this year's scheme will operate.
Medical firm settles cases
Medical device maker Boston Scientific said yesterday it has agreed to pay $16.75 million (€12.29 million) to settle investigations into three heart devices it acquired when it bought Guidant.
Under terms of the agreement with attorneys general of 35 US states and the District of Columbia, Boston Scientific said it will admit no liability. - (Reuters)
14.6% profit rise for Vislink
Vislink, the Dublin and London-listed satellite television and communications equipment developer, has reported a 14.6 per cent jump in pre-tax profit to £6.97 million (€10.29 million) for the six months to the end of June.
Revenues fell from £50.8 million a year ago to £46.1 million.
AGI signs drug agreement
Pharmaceutical firm AGI Therapeutics has signed an exclusive option agreement to license intellectual property and know-how linked to a drug platform from Williamsburg Holdings, a private US drug company. The platform relates to levosulpiride, a molecular entity that treats gastrointestinal conditions.
Progress on wave energy
Finavera Renewables, the Irish green energy company listed in Toronto, has completed construction of its Aquabuoy 2.0 wave energy converter, which is being transported to Newport, Oregon for ocean testing next week.
Once deployed the buoy will be monitored to determine its potential for electricity generation.
IN&M buys back shares
Independent News & Media has bought back more shares as part of its buyback programme. The company said it purchased 257,398 shares yesterday, paying between €3.25 and €3.33.
