A round-up of today's other business news in brief ...
State Street reports 10% fall in earnings
State Street, one of the largest employers in the Irish fund industry, reported a 10 per cent drop in quarterly profit as earnings from managing and administering customer assets declined.
Together with its hedge administration company, IFS, and the recently acquired Investors Bank & Trust, State Street employs more than 2,000 staff in Ireland.
Boston-based State Street said first-quarter net profit shrank to $476 million (€368 million) from $530 million a year earlier, while earnings per share fell to $1.02 from $1.35.
Operating earnings were $1.04 per share, better than expected but still down 25 per cent from a year earlier.
Bid to evict former staff from factory
A legal bid to evict former workers from the Visteon carparts factory in Belfast was yesterday postponed to allow those occupying the site to take legal advice.
Administrators KPMG went to the High Court to seek an order to force protesters to leave the plant. Staff have occupied the factory since it stopped operating last month. The case was adjourned until Friday.
UK stockbroker to open Cork office
Leeds stockbroker Redmayne-Bentley is opening an Irish office in Cork, with brokers Paul Dee, Pádraig O’Riordan, Pat Sexton and Kevin Kelly representing the firm. The Cork office will be Redmayne-Bentley’s first office outside Britain.
Total Produce buys stake in Dutch firm
Fruit and vegetable distributor Total Produce has purchased a 50 per cent stake in Dutch soft fruit company ASF Holland for an undisclosed fee. Total Produce said ASF Holland will have estimated sales of €25 million this year and will be managed through its soft fruit subsidiary, Redbridge.
Citi shareholders back directors
Citigroup shareholders voted to back chairman Richard Parsons and directors who presided over $28 billion (€21.64 billion) of losses as chief executive Vikram Pandit vowed to repay US government rescue funds, restore the dividend and return to profit. Each board member received at least 70 per cent votes in favour at the shareholder meeting in New York. – (Bloomberg)
IBM’s quarterly revenue falls 11%
Quarterly revenue at IBM fell by a bigger-than- expected 11 per cent as the slowdown in corporate spending hurt even one of the healthiest US technology firms. But higher margins helped profit beat Wall Street estimates, and the company affirmed its full-year earnings outlook. Revenue fell to $21.71 billion (€16.78 billion) from $24.50 billion a year earlier. Net profit for the quarter dropped 1 per cent to $2.3 billion. Profit per share, however, rose to $1.70 from $1.64. – (Reuters)
Quarterly net loss for Boston Scientific
Boston Scientific has posted a quarterly net loss after taking a large charge related to a negative ruling in a stent patent lawsuit.
Excluding one-time items, the medical devices maker, which has a significant presence in Ireland, reported a profit in line with analysts’ expectations as sales of its closely watched drug-coated stents improved.
Boston Scientific reported a first-quarter net loss of $13 million (€10 million) compared with a profit of $322 million a year ago.
Included in the net results were $240 million of charges related to lawsuits. – (Reuters)
