A round-up of other business news
Newcourt buys Security Technology
Newcourt Group, the security and recruitment company, has acquired Security Technology Ireland (STI), which installs security systems, for €2 million.
STI will now become part of Newcourt's security division, which is called the Federal Security Group. In the year ended December 31st, STI had turnover in excess of €1 million and pretax profits of approximately €250,000. Philip Hynes, founder and managing director of STI, said he would continue working with STI's clients, but would now have additional resources available to him by being part of the Newcourt Group.
Newcourt for its part said Mr Hynes would play a major role in the company. Newcourt is one of the largest security companies in the State, with several major blue-chip clients. It also has a recruitment division, Sigmar Recruitment.
Merrill Lynch sales jump 28%
Merrill Lynch yesterday became the latest Wall Street bank to report strong results for the first quarter, as revenues jumped 28 per cent to $8 billion (€6.5 billion) and earnings were higher than expected.
High levels of activity in the equity and bond markets, as well as a series of corporate takeovers, are helping Wall Street banks and brokerages report a string of record figures.
Merrill's first-quarter revenues of $8 billion were its highest ever, and came one day after Citigroup, the world's largest financial services group, reported record earnings of $5.6 billion in the first quarter.
Net income during the quarter at Merrill fell 61 per cent to $475 million, or 44 cents a share. - (Financial Times service)
IBM's quarterly profit increases
IBM, the world's biggest computer-services company, yesterday said quarterly profit rose amid lower costs and strong sales of advanced microprocessors for video game machines.
Net income advanced to $1.71 billion, or a better than expected $1.08 per share, from $1.4 billion, or 84 cents per share, a year earlier, IBM said in a statement. Revenue decreased to $20.7 billion from $22.9 billion.
IBM, which derives about half its revenue from information technology consulting and outsourcing, has been boosting profits after it cut about 15,000 services jobs last year and began selling advanced microchips for Sony's PlayStation 3 game console, according to analysts. - (Reuters)
US video game sales fall 8%
US video game sales declined for the seventh straight month in March, falling 8 per cent to $499 million (€404 million), amid a rocky move to new console technology, research firm NPD Group said yesterday.
Sales of titles for Microsoft's next-generation Xbox 360 console, the first new console to be released when it shipped in November, contributed $96 million to the month's total. - (Reuters)
State Street's income rises 29%
State Street, the world's biggest mutual fund servicing business by assets, yesterday saw its net income jump 29 per cent in the first quarter as higher fees helped drive revenue to a record level.
The Boston-based firm, which has a strong presence in the IFSC, has long impressed Wall Street with its ability to increase revenue at above-average rates, but has struggled in recent years with dampening expense growth. - (Financial Times service)
