More news in brief
Strong international and investment banking growth fuelled a higher than expected 18 per cent increase in quarterly profit at Citigroup, the largest US bank.
Credit losses soared, but at a rate in line with levels at other banks, amid higher expected losses from US mortgages and credit cards, and an increase in Japanese consumer finance losses.
Net profit rose to $6.23 billion, or $1.24 per share, from $5.27 billion, or $1.05, a year earlier. Revenue jumped 20 per cent to $26.63 billion, while operating expenses were up 16 per cent. - (Reuters)
Isme calls for a 30-day credit Bill
The Irish Small and Medium Enterprises association (Isme) has called on the Government to introduce a mandatory 30-day credit period for all companies, regardless of size, as late payments are "crucifying" small firms.
Such legislation would allow all businesses to predict their cash-flow and would introduce a level playing field for all credit transactions, Isme chief executive Mark Fielding said.
Text marketing companies raided
Raids on a number of mobile phone text marketing companies took place yesterday. The office of the Data Protection Commissioner said the raids followed a large number of complaints.
Commissioner Billy Hawkes said his office was now examining the information gleaned "with a view to prosecuting those companies that have sent or allowed to be sent unsolicited communications to subscribers or that have failed to comply with their obligations to respect the privacy of individuals."
Acquisition completed
Consulting firm Watson Wyatt has completed its acquisition of German actuarial, benefits and human resources consultants firm Heissman. This integration of the two firms will result in Watson Wyatt's existing Irish team of 85 people being increased by a further 30 associates.
Xilinx revenues fall 7%, profit rises
Revenues at electronics supplier Xilinx fell 7 per cent year on year during the first quarter to $445.9 million (€322.4 million).
Despite the fall in sales, profit for the three months to the end of June was up 2 per cent from 12 months ago to $84.3 million.
The company blamed the slide in revenues on a weaker European market and pointed to growth in Asia and increased sales of new products as positive signs.
The company's largest operation outside the US is in Dublin's CityWest business park where it employs over 400 people.
Lundin says it has 85.8% of shares
Lundin Mining, which owns and operates the Galmoy zinc and lead mine in Co Kilkenny, announced yesterday that approximately 85.8 per cent of Rio Narcea shares have been tendered to its takeover bid.
Lundin is offering $5.50 (€3.80) Canadian dollars for each Rio Narcea share.
Marketing man appointed
O2 has appointed Damian Devaney as marketing director. Mr Devaney previously held the position of marketing director at Coca-Cola Ireland. Before that he worked in a number of marketing positions in Eircom and Diageo.
UK economy shows pace
Britain's economy picked up pace in the three months to June, recording a sixth consecutive quarter of above-average growth and boosting expectations that further interest rate rises will be needed to curb inflation. - (Reuters)
