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Property developer Sean Dunne has filed for bankruptcy in the US, which Ulster Bank says is the “culmination of extraordinary efforts” by him to “avoid the application of Irish law to an Irish national with respect to Irish debts and Irish assets”. Photograph: Bryan O’Brien Ulster Bank seeks parallel bankruptcy against Dunne Simon Carswell - Washington Correspondent Simon Carswell Washington Correspondent

Bank claims property developer is trying to avoid effect of Irish proceedings

Technology
Microsoft is expected to unveil a new console integrated more closely with TVs and mobile devices early next week. Photographer: Andrew Harrer/Bloomberg New Xbox means more than games to Microsoft

Eagerly awaited console expected to have closer integration with TVs and mobile devices

Health Pharma
Elan retains a royalty interest after selling its ownership of Tysabri to partner Biogen Idec for $3.25 billion. Elan urges shareholders to reject Royalty Pharma offer Dominic Coyle - Deputy Business Editor Dominic Coyle Deputy Business Editor

Company says bid fails to properly value business

Retail & Services
Amazon says it operates a single European business out of Luxembourg, rather than a multinational structure of independent subsidiaries in different countries. Photograph: Paul Faith/PA Wire After Google, Amazon to be grilled on UK tax presence

Internet retailer has paid about $9 million in income tax on more than $23 billion of sales to British clients over past six years,

Manufacturing
The $500-billion-a-year industry, which is a gauge of the global economy, has been hit hard by falling demand from austerity-ravaged Europe and slowing growth in China. Photograph: Reuters Cost cuts help ArcelorMittal defy profit warning fears

Shares jump 7.5% as core profits exceed forecasts

Media & Marketing
‘Pro-Assad’ hackers attack Financial Times

Website and Twitter feed of British newspaper hacked by ‘Syrian Electronic Army’

Agribusiness & Food
From left: Glanbia chairman Liam Herlihy, group managing director John Moloney, Minister for the Environment Phil Hogan and Glanbia Ingredients Ireland chief executive Jim Bergin at the official breaking of ground yesterday for Glanbia’s Belview plant in Co Kilkenny. Photograph: Dylan Vaughan. Work begins on Glanbia’s new €150m facility in Kilkenny

Food ingredient giant targets export market with new plant

Commercial Property
A company of developer Johnny Ronan has won its High Court case aimed at ensuring the annual rent for the Medical Council’s new headquarters in Dublin does not fall below €820,000 Ronan firm wins upwards-only rent review case

Medical Council must pay above market rent for headquarters

Energy & Resources
There may not have been a particularly pressing case for developing a two-way interconnector, but it was arguably short-sighted not to give it more consideration. Photograph: Christopher Furlong/Getty Images Cantillon: One-way interconnector points to scepticism over prospects for Irish gas exploration Barry O'Halloran - Senior Reporter Barry O'Halloran Senior Reporter

It appears little thought was given to the idea that gas might one day flow from the State to Britain

Transport & Tourism
AP Moller-Maersk, whose Maersk Line vessels make up around 15 per cent of world container shipping capacity, however, said its container shipping unit swung back to a $204 million profit in the quarter from a $599 million loss a year earlier. Photograph: Chris Ratcliffe/Bloomberg News Maersk seeks to double shipping rates in fragile market

Freight giant reports 30% fall in first-quarter profit

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Our Columnists

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Ciaran Hancock Ciaran Hancock - Business Affairs Correspondent

Credit unions have nothing to fear from debt scheme

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