Humira, a new rheumatoid arthritis drug with blockbuster potential, lifted Abbott Laboratories' sales by 9 per cent in its first quarter, although heavier-than-expected costs involved with the product's introduction dampened earnings.
Net income dropped from $854 million (?798 million) to $801 million.
Abbott employs about 1,500 people in Ireland. - (Financial Times Service)
Iona pays chief executive $529,375
Iona Technologies chief executive, Mr Barry Morris, was paid $529,375 (?494,373) last year, a 4.2 per cent rise in a period when the firm's share price slumped from above $20 to below $3.
Mr Morris's total remuneration package was made up of a basic salary worth $394,625 and a bonus worth $134,750, Iona's annual return shows.
Iona founder Dr Chris Horn was paid $119,165 for serving as a non-executive chairman of the board. His total package was worth $179,586.
Meanwhile, Iona's shares slumped to just above $1 last week following a profit warning, which shocked the market.
JetMagic sets up new Cork routes
JetMagic, the Cork-based airline, has unveiled details of flights from Cork to Milan, Rome and Alicante. It has already announced routes to Brussels, Belfast, London City, Nice and Barcelona, to commence on May 24th.
ICI shares rise as chief to step down
The chief executive of British group Imperial Chemical Industries (ICI) is to step down less than three weeks after a profit warning from the company sent its shares plummeting, the firm announced yesterday.
Mr Brendan O'Neill will be replaced by Mr John McAdam (54), chairman and chief executive of ICI Paints and a former manager at Anglo-Dutch giant Unilever.
The price of ICI shares rose in response to the announcement. - (AFP)
Music sales fall 7% as piracy rises
Global music sales fell 7 per cent last year amid rampant illegal internet downloading and compact disc copying, according to industry figures released yesterday.
Officials at the International Federation of the Phonographic Industry, representing 1,500 music companies in 76 countries, said it was stepping up its fight against illegal CD factories. - (Financial Times Service)
Energy regulator warns of shortfall
The Commission for Energy Regulation (CER) has said it wants a new electricity plant operating by November 2005 to deal with an expected shortfall in power supply. Potential bidders must submit expressions of interest to the CER in early May.
Dawnay increases REO stake to 24%
Dawnay Day has increased its stake in Real Estate Opportunities (REO), buying 6.2 million shares on Monday to take its shareholding to 23.97 per cent of the company.
