A round-up of today's business news in brief
Banks to seek judgment against Lynn
AIB and First Active will today ask the Commercial Court to enter judgment in the sum of more than €12 million against solicitor Michael Lynn. Permanent TSB is also scheduled to make an application.
Mr Lynn's practice has been closed by the Law Society and has apparent liabilities of up to €70 million.
Cases taken by the society and IIB Bank against another solicitor, Thomas Byrne, with a practice in Walkinstown, are also due to be heard today.
Oil hits another record high
Oil hit a new record high of $93.20 (€64.60) and the dollar struck a new low yesterday as investors showed growing certainty that the US Federal Reserve would cut interest rates tomorrow.
The conviction also saw gold approach $800 a troy ounce - its highest level in 28 years - while equities made gains. - (Financial Times service)
Dodds welcomes new EasyJet routes
Northern Ireland Minister for Enterprise, Trade and Investment Nigel Dodds has welcomed the announcement from EasyJet of four new European routes and an additional aircraft to be based at Belfast International Airport.
The routes are to Gdansk, Prague, Venice and Barcelona.
Kellogg profits hit by higher costs
Kellogg, the largest US cereal maker, said record wheat prices and higher marketing spending would hold down profits through next year, after earnings rose 8.5 per cent in the third quarter.
Kellogg shares fell to their lowest level in almost two years in New York trading as chief executive David Mackay said he saw no let-up in higher costs, which may require further price increases. - (Bloomberg)
GM to open Chinese research centre
General Motors (GM) is to build a research centre in China for alternative energy vehicles, the latest sign that China is seen as a vital battleground for a new generation of cars.
The US group, which plans to introduce hybrid cars to the Chinese market next year, said the research facility would be part of a $250 million (€173 million) investment in a new "campus" in Shanghai, which will also include its Asian headquarters. - (Financial Times service)
Northwest reports $244m in profits
Northwest Airlines has reported results for its first full quarter since exiting bankruptcy and has posted a $244 million (€169 million) profit after a year-earlier loss as it boosted fares and spent less on fuel.
Northwest became the last major US carrier to announce improved third-quarter earnings, joining other airlines in increasing prices by cutting capacity. - (Bloomberg)
