England's high court cleared life assurer Equitable Life to proceed with a £3.3 billion sterling (€4.8 billion) negligence claim against nine former directors yesterday, in a ruling that has major implications for boardrooms.
Equitable, which nearly collapsed in 2000 after the courts ordered it to honour costly guaranteed annuity policies, has accused the former non-executive directors of negligence and breach of duty. - (Reuters)
Losses worsen at Sun Microsystems
Sun Microsystems has reported a wider quarterly loss as weak demand for its servers and tough competition caused sales to fall for the 10th consecutive quarter.
The network computer maker, which employs 240 people in Dublin, posted a net loss of $286 million (€246 million), in its first fiscal quarter, compared with a loss of $111 million, a year earlier.
Revenue dropped 7.7 per cent to $2.54 billion from $2.75 billion. Sun also posted negative cash flow from quarterly operations for the first time in more than two years. - (Reuters)
Quarterly profits increase at Xilinx
Xilinx, a designer of programmable micro chips, which employs 400 people in Dublin, has increased its quarterly profit on a 14 per cent gain in sales and said corporate spending on technology had started to pick up. Xilinx said fiscal second-quarter net income rose to $56.4 million (€48.5 million), from $38.7 million, a year earlier. - (Reuters)
Bombardier parent cuts jobs
The Canadian owner of Belfast aerospace company Bombardier Shorts is closing a manufacturing plant in Arizona.
The move comes as Bombardier's Belfast workers threaten to take industrial action this weekend over pay and working conditions. Some 4,000 of the firm's 5,500 workers in the North are involved in the action threat, which follows the failure of talks at the North's Labour Relations Commission.
More than 1,000 jobs have been in danger at Shorts since workers rejected a pay deal earlier this year.
Aminex leads way for Shell in Africa
Aminex's recent move into offshore Tanzania was implicitly approved by global giant Shell yesterday when the Dutch firm said that it would also start prospecting off the Tanzanian coast.
Aminex became one of the first exploration firms to venture into the west African country when it began drilling at a prospect in Nyuni last month.
Barlo shares rise 3% in active trade
Barlo, the manufacturing group whose chief executive, Dr Tony Mullins has begun a management buyout (MBO) bid, closed almost 3 per cent up on the Dublin market last night after more than 500,000 of its shares were sold.
The stock closed at 35 cent, up one cent on its opening price, and touched 36 cent in the course of trading yesterday.
Deutsche court case date set
A court case against Deutsche Bank chief executive Mr Josef Ackermann and five other men involved in controversial remuneration deals at telecoms group Mannesmann will begin on January 21st next year, according to a memo sent to the bank's staff yesterday.
Lawyers expect the trial to last for several months. - (Financial Times Service)
Kerry director sells 50,000 shares
Kerry Group director Mr Michael Griffin has raised €750,000 by selling 50,000 shares in the company. Mr Griffin, who heads Kerry Foods, received €15 per share in the disposal.
