Posts By: admin

Tesla plans to cut 9pc of workforce, says Musk

Elon Musk’s electric car maker Tesla is cutting about 9pc of its workforce, Mr Musk said yesterday, as it seeks to reduce costs without endangering the critical ramp up of production of its Model 3 sedan. Tweeting pictures of an email he said had been leaked to media, Mr Musk said that the cuts were… Read more »

Malin hits a new all-time low with State down 30pc

Shares in State-backed Malin hit an all-time low yesterday to leave taxpayers nursing a loss of 30pc on the initial investment. Malin’s shares lost 3.45pc in trading yesterday to close at €7, and at one stage plunged below €7 for the first time to hit €6.60. The State’s Ireland Strategic Investment Fund (ISIF) invested €50m… Read more »

Bank of Ireland overhaul bill soars to €1.4bn

Bank of Ireland will pump an extra €500m into an annual “transformation programme” aimed at improving its business systems and overhauling its software platform as the lender attempts to reduce costs and drive efficiencies over the next three years. The additional cash brings the total investment outlay from 2016-2021 to €1.4bn. According to a much… Read more »

Dollar rise as Trump and Kim sign ‘comprehensive’ document at landmark summit

The dollar hovered near 3-week highs on Tuesday and Asian shares gained as US President Donald Trump and North Korean leader Kim Jong Un signed a ‘comprehensive’ deal at a historic summit aimed at the denuclearisation of the Korean peninsula. Trump said the process of denuclearisation would happen “very, very quickly”, adding he had formed… Read more »

ESB plots massive Scottish windfarm

The ESB has unveiled plans for a massive 91 megawatt windfarm in Scotland. The State-owned electricity business has formed a partnership with wind developer Coriolis Energy and the companies are working on a number of projects in that country. Renewables trade publication ‘ReNews’ said the ESB has kicked off a scoping process for the farm,… Read more »

Irish investors tender for IPL stock worth €22m

Irish shareholders in IPL Plastics have tendered for shares worth up to CAD$33.4m (€21.9m) in a buyback ahead of its Canadian listing later this month. The company, formerly known as One51, announced in April that the listing plan would include a share buy-back of up to CAD$50m, which would give investors a clear exit route…. Read more »

Greencore to appoint US chief executive by year end

Greencore, the Dublin-based food group and the world’s largest sandwich maker, is searching for a new chief executive for its US operations as speculation persists about potential takeover interest in the company. Sources said Greencore will announce the appointment before the end of the year. News of the latest shake-up comes amid rumours the group… Read more »