A round-up of other business stories in brief...
IL&P pays out 25% bonuses to some staff
IRISH LIFE & Permanent, one of the Government- guaranteed banks, has paid 25 per cent of the bonuses due to lower and middle-ranking managers this month in respect of their performances last year.
The company announced last month that it had cancelled 2008 bonus payments for 160 of its most senior executives and managers, and that it would be reducing bonuses due to other staff for last year by 75 per cent. A spokesman for the Irish Life & Permanent confirmed that bonuses are paid to staff in March and that the reduced bonus payments were made this month. He declined to say how much the company would be paying out on the 25 per cent bonuses.
Investigation into credit union loans
THE financial regulator is to investigate reports of alleged irregularities in loans paid to members at Dunamaggin Credit Union in Co Kilkenny. It is understood the area of concern relates to loans made to members following a routine inspection of the books at the branch.
Registrar of credit unions Brendan Logue has assured customers that their savings are protected.
Sony Ericsson expects €390m loss
Sony Ericsson yesterday underlined how 2009 will be a tough year for the world’s leading mobile phone makers by issuing a profit warning for the first quarter. The handset manufacturer shocked investors by saying it was expecting to record a pretax loss of €340-€390 million, for the first three months of the year.
Petroceltic awards Algeria contract
Irish oil and gas exploration company Petroceltic International announced yesterday that it has awarded the contract for wellsite services in Algeria to Sahara Well Construction Services. Petroceltic also confirmed that its drilling programme on the Isarene Block in Algeria will begin in early May.
New Dún Laoghaire Harbour head
Dún Laoghaire Harbour company has appointed Gerry Dunne as its new chief executive. Dunne, who has held managing director and board positions in Ireland and the UK, succeeds Michael Hanahoe, who is retiring.
New broker for exploration firms
Corporate finance firm Smith and Williamson is to replace Blue Oar as the corporate broker and nominated advisor for the AIM-listed exploration companies Connemara Mining and Pan Andean Resources.
Northern Rock kept making risky loans
British mortgage lender Northern Rock continued to write high-risk loans for months after authorities stepped in to give the bank emergency support, a public spending watchdog said yesterday. Northern Rock became the first British bank to fall victim to the financial crisis in September 2007 when the Bank of England gave it an emergency loan after it had problems raising finance in short-term wholesale debt markets. A report by the National Audit Office (NAO), Britains public spending watchdog, said Northern Rock had continued to write controversial loans for up to 125 per cent of a property’s value for months after seeking help from the Bank of England. – (Reuters)
North’s small firms are hardest hit
Small firms in Northern Ireland have been hardest hit across the UK by recession. A Federation of Small Business survey carried out across 200 firms in the North revealed 57 per cent of businesses had experienced a slowdown in trade. This compares to an average of 42 per cent among small firms across the UK.
