You are viewing the content for Tuesday 29 May 2012

BUSINESS

Stockbrokers' shortfall undiscovered for five years

The Central Bank investigation into the collapse of Bloxham stockbrokers will focus on how the company managed to conceal a multimillion-euro shortfall in minimum capital requirements for a number of years.

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Consumer spending down 21% since 2007 peak

Consumer spending has fallen by 21% in cash terms since hitting a peak in 2007, the latest data from the Central Statistics Office indicates.

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First Derivatives sees profits rise to £6.9m

Pre-tax profit at capital markets service provider First Derivatives increased by 7% to £6.9m (€8.6m) for the 12 months ending Feb 29.

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Chelsea's Battersea bid 'way off the pace'

Champions League winner Chelsea Football Club will almost certainly fail in its bid to move its stadium to London landmark and Nama-owned Battersea Power Station, a source close to the sale process has revealed.

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Spain insists no foreign rescue needed

Conservative Spanish prime minister Mariano Rajoy insisted yesterday that the country's banking sector would not need an international rescue, as concern over the bailout of nationalised lender Bankia sent its stock price plummeting while Spain's borrowing costs soared.

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Firm's directors could be liable for millions

The directors of Bloxham Stockbrokers could be liable for millions of euro in losses if the Central Bank probe uncovers any further financial irregularities at the company.

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Clients transferred to Davy after closure

Clients of Ireland's oldest stockbroking firm, Bloxham, have become customers of Davy Stockbrokers with immediate effect after the Central bank ordered Bloxham to cease trading.

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Irregularities see Bloxham close after 150 years

A Central Bank probe that uncovered an overstating of earnings and insufficient capital reserves at Bloxham Stockbrokers has brought 150 years of financial trading to an end at Ireland's oldest securities firm.

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Losses fall 86% at Quinn's construction group after restructuring

Losses at the construction group established by Sean Quinn narrowed by 86% last year to €24m.

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European equities up at Greek news

The Iseq index rose 11.85 points yesterday to close at 3,103.72.

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Tesco controls 28% of market

Tesco's dominance of the Irish grocery market has hit new highs with a record 28.4% market share, up from 27.4% a year ago.

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CEOs: 93% happy investing here

The vast majority of chief executives of multinational companies operating here regard the investments by their companies in Ireland as successful, with a third considering increasing their investments here this year.

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Quirke hitting jackpot with arcade business

Businessman Richard Quirke continues to hit the jackpot with his amusement arcade and casino business increasing pre-tax profits last year by 45% to €2.74m.

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Food and property group narrows losses

Losses narrowed sharply at Cork-based property and food group Reox Holdings last year to €2.2m.

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AGRI BUSINESS

Sales of organic food across Europe continue to rise despite austerity

Sales of organic food continued to rise across Europe during 2011, a trend welcomed by the sector in Ireland.

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Origin stock secures 'outperform' rating as revenues rise by 7%

Agri-services group Origin Enterprises has seen its revenues rise 7% for the year to date, having reached the nine-month mark to Apr 30 in its fiscal year.

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