Today's other stories in brief
Credit Suisse shares fall 11% after it warns it may report loss
Credit Suisse warned yesterday it could report its first quarterly loss in five years, further eroding the bank's credibility with investors still shaken by February's $2.85 billion (€1.84 billion) trading scandal.
The bank's shares dropped more than 11 per cent after it said unprecedented market conditions in March - with wild swings in prices for stock and debt and emergency interventions by major central banks - had introduced new uncertainty and made any profit unlikely for the period.Brady Dougan, the US chief executive of the Swiss-based group, said an investigation revealed "intentional misconduct" by a handful of traders who had since been fired or suspended. Mr Dougan added that control mechanisms at the bank had failed. - (Reuters)
ESB International wins Bahrain deal
ESB International (ESBI) has won a €12 million consultancy deal with a Bahrain state utility.
ESBI, the international contracting arm of the Republic's State-owned electricity supplier, said yesterday it had been hired by the Bahrain Electricity and Water Authority to oversee the upgrading of its power network.
The deal is worth €12 million over three years to ESBI. The Irish firm has had a 30-year relationship with Bahrain.ESBI executive director, Michael McNicholas, said the deal would further strengthen the company's position in Bahrain.
IL&P subsidiary to let 50 staff go
CHL Mortgages, the UK subsidiary of Irish Life & Permanent (IL&P), is to make 50 of its 250 staff redundant.
The company, which operates in the professional buy-to-let market in the UK, said the move reflected its plans to slow mortgage growth in 2008 while focusing on credit quality and margin enhancement.
Davy lowers 2008 GNP growth forecast
Davy stockbrokers said it was adjusting its forecasts for the economy to account for the ongoing tightening of financial conditions on two fronts: credit availability and the strengthening exchange rate.
"For 2008, we now expect that real GNP [ gross national product] will expand by 1.7 per cent compared with our previous forecast of 2 per cent. Looking ahead to 2009, we project growth of 3.4 per cent (from a lower base) versus our previous call of 3.6 per cent."
Credit availability is likely to tighten further over the next year, Davy said.
Senior appointments at UPC Ireland
UPC Ireland, which owns the NTL and Chorus cable television and broadband providers, has appointed Carol Grennan as its new chief financial officer and Gavan Smyth as director of business services with responsibility for delivering telecom and internet products to customers.
