A roundup of today's other business stories in brief:
Bausch issues notice to 1,500 employees
Bausch & Lomb, which makes contact lenses at a plant in Waterford, has issued protective notice to its 1,500 employees as an industrial relations dispute intensifies.
The company said it issued the notice following a decision by the TEEU to take official industrial action against the company on Sunday, January 21st, in a row over the suspension of an employee on a disciplinary matter.
It said the move was necessary to maintain normal business operations and continued employment for workers at the facility.
However, the TEEU described the issuing of the protective notice as a "flagrant provocation" by management.
It said the company had refused to attend the Labour Relations Commission on the issue and it would mount pickets in support of the suspended worker from 9pm on Sunday.
Citigroup profit increases 3%
US banking giant Citigroup yesterday reported that fourth-quarter operating profit rose 3 per cent, a smaller increase than its major rivals posted but topping forecasts, as revenue grew in all main business lines.
Earnings rose to $5.13 billion, or $1.03 per share, from $4.97 billion, or 98 cents. Profit topped the average analyst forecast by two cents per share.
Net income fell 26 per cent to $5.13 billion, or $1.03 per share, from $6.93 billion, or $1.37 per share. Year- earlier results included a gain from the sale of its asset-management unit.
- (Reuters)
Ascon wins €10m port contract
The Port of Waterford has awarded a €10m contract to Ascon to construct a 190-metre quay extension at Waterford container terminal.
Work on the project to handle growth in container and other traffic will begin in mid-March and is expected to be completed by the end of the year.
Ryanair airport link under scrutiny
The British government is to be questioned about the financial relationship between Ryanair and a publicly-owned airport in Northern Ireland, the European Commission said yesterday.
The Irish Government may also be questioned after City of Derry Airport revealed last month that it handed over at least £1.25 million of public money to the low cost carrier during a five-year secret deal.
The agreement struck in 1999 guaranteed Ryanair £250,000 a year from a consortium of four state-funded authorities on both sides of the Border to promote its Derry to London route. A range of other taxpayer-subsidised benefits included free landing, navigation, air control, security, baggage and passenger charges.
The EC's Directorate General for Energy and Transports said it is writing to the UK's permanent representation in Brussels to "determine the nature of the relationship" between the airport and Ryanair.
- (PA)
IBM earnings up, but shares fall 5%
IBM's quarterly profit rose 11 per cent, but its shares fell more than 5 per cent as the earnings failed to beat some investors' forecasts and computer hardware sales lagged some targets.
The stock had been up 37 per cent from a year low last July, raising expectations for the world's largest tech- nology services company.
IBM's quarterly revenue was boosted by a string of software-firm acquisitions, while it also reported on Thursday $17.8 billion in services contracts.
- (Reuters)
