A round-up of today's other business news in brief
INM to publish 2008 results on Thursday
Independent News Media says it will publish its 2008 full-year results on Thursday. Publication had been postponed twice as a result of issues relating to its proposed refinancing of a €200 million bond on May 19th.
Weekend reports suggested that INM’s two biggest shareholders, Sir Anthony O’Reilly and Denis O’Brien, were preparing to invest at least €30 million personally as part of a refinancing of the bond.
Quinn Glass ordered to cease production
English local authority Cheshire West and Chester Council has served an enforcement notice on Quinn Glass Ltd, part of the Irish- based Quinn Group, ordering it to cease production at its Elton factory near Chester within nine months.
The move follows an action taken in the English high court by its Irish-owned rival, Ardagh Glass UK, which argued that Quinn Glass did not have full planning permission for the Elton facility. The order also requires demolition of the factory within 18 months.
Equiendo secures 1.5m investment
Equiendo, a Dublin-based start-up technology company, has secured €1.5 million in investment and signed a contract with telecoms group O2 Telefonica. The funding has been provided by Enterprise Ireland and private investors.
Daimler seeks to divest Chrysler share
Chrysler chief executive Bob Nardelli says German carmaker Daimler is working with Cerberus Capital Management to divest Daimler’s 19.9 per cent stake in the struggling US carmaker. – (Reuters)
PwC says economy to shrink by 8.7%
The Irish economy will contract by 8.7 per cent this year and by 2.5 per cent in 2010, according to a new forecast by accounting firm PricewaterhouseCoopers.
The assessment is more negative than the prediction of an 8 per cent contraction made in a Budget-day forecast by Department of Finance earlier this month.
PwC says a recovery is “unlikely” before the second half of next year.
Island Oil Gas reports pretax loss
Irish exploration group Island Oil Gas reported a first-half pretax loss of £2.2 million (€2.4 million) compared to a profit of £168,000 a year earlier. The company had revenue from gas sales of £1.3 million, up 41 per cent on the same period last year, a cash balance of £1.9 million and no bank debt.
