Insurance premiums for small firms have risen 52 per cent this year, according to a survey by ISME, the small- business lobby group. The details of the survey, carried out in the last week, and methodology followed were not disclosed.
With sustained hikes in insurance costs threatening jobs and undermining competitiveness, the time for Government intervention was long overdue, ISME said.
An independent body should be established to monitor premiums, said Mr Mark Fielding, ISME chief executive. He accused the insurance industry of "mismanagement" and of operating a cartel. He also claimed the wider business community was being held responsible for the sector's inability to keep costs down.
Bank staff vote on industrial action
Staff at a Bank of Ireland subsidiary are to ballot on industrial action because of plans to outsource the service they provide.
The staff at ITSIS, which operates the bank's information technology service, claim they have not been properly consulted about the plans.
Their union, the Irish Bank Officials' Association (IBOA), said yesterday it would ballot its 200 members employed by ITSIS in Cabinteely, Co Dublin.
The union's general secretary, Mr Larry Broderick, said the bank was currently in discussions with IBM and Hewlett Packard to outsource its IT operations, which had "serious implications" for the ITSIS staff.
A spokeswoman for the bank confirmed it was in the stage of "final selection" of a new IT provider, and was in discussions with two parties. She declined to confirm the names of those two companies.
Ulster Weavers to invest €9m
Ulster Weavers is investing €9 million in "efficiency improvements" and a drive to increase exports. The company is also developing its linen and fabric brands.
The northern Irish-based company planned to develop its new brand, Linen Essentials, said Mr Declan Gormley, Ulster Weavers Apparel managing director.
Intel begins Flash production at Fab
Chip-maker Intel began production of Flash memory products at its Fab operations in Leixlip, Co Kildare yesterday.
The 0.13 micron Flash memory technology represents a 200 million investment by the company. Flash chips will be used in products such as mobile phones, MP3 music players and handheld PC notebooks.
Intel Ireland manager Mr Jim O'Hara said the investment would add new capabilities while sustaining jobs at its Irish operations.
King confirms Elan deal off
King Pharmaceuticals has confirmed that it does not plan to proceed with the $850 million (€779 million) acquisition of two drugs, Sonata and Skelaxin, from Elan.
Lawyers for King had indicated on Monday that the company did not intend to close the deal following the revelation that the US Federal Trade Commission was investigating whether Elan unfairly blocked generic competition to Skelaxin.
Elan is suing to force King to close the transaction. A trial date of May 15th has been set by the judge in the Supreme Court of the State of New York.
Shareholders stay with Ardagh
Ardagh's shareholders have decided largely to follow the company's glass-making operations into the private domain following the successful €1.10 management buyout of the company. Investors holding 63 per cent of the shares have applied to take up an offer of shares in the private glassmaker.
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