The other business news of the day in brief...
Bank of America back in the black
Bank of America posted its first quarterly profit since summer 2009 as it generated outsized bond trading revenue and set aside less money to cover bad loans.
The results werent entirely positive – fee income plunged more than 20 percent as mortgage lending slowed, and the banks shares fell. But big trading profits show the Merrill Lynch acquisition is paying off.
The banks lower credit provision signals that borrower defaults may be stabilising as the economy improves. Bank of America said first-quarter net income rose to $2.83 billion (€2 billion) or 28 cents per share, from $2.81 billion, or 44 cents per share, a year earlier.
The bank sold shares in the 2009 fourth quarter to raise funds to repay a government bailout. – (Reuters)
€36,845 profit for Tony Quinn centres
Tony Quinn Health Centres retained a profit of €36,845 in the year to October 2008, according to abridged accounts recently filed at the Companies Office. The retained profits were secured on a gross profit of €2.6 million.
The company has 13 stores in Ireland, according to its website.
Chinese inflation rate slows down
Chinas growth spurt in the first quarter came with a slowdown in inflation, complicating decisions on when and how to further tighten monetary policy.
The economy grew 11.9 per cent from a year earlier but consumer prices rose less than economists expected, climbing 2.4 per cent in March.
Kingspan threatens to lay off 91
Over 90 Kingspan workers face being laid off at the end of the month following the failure of a long-drawn out process to agree savings at one of its Irish plants, writes Barry O’Halloran.
The company yesterday issued protective notice to 91 production and engineering staff at Kingspan Ltd’s insulated panel manufacturing plant at Kingscourt, Cavan. As a result, the workers face being laid off on April 30th.
Siptu refused to co-operate with the implementation of a 10-point survival plan for the plant, which the Labour Court endorsed late last year and recommended to both the company and the workers.The union says the cuts will mean pay cuts of up to 48 per cent.
