A round-up of today's other business news in brief
US jobless benefit claims hit record high
The number of US workers continuing to claim jobless benefits notched a fresh record in the second week of February, US labour department data has shown, while new claims for aid were the highest since 1982.
The number remaining on the benefits roll after drawing an initial week of assistance rose by 114,000 to 5.112 million in the week to February 14th.
Initial claims for state unemployment insurance benefits rose to a seasonally adjusted 667,000 in the week to February 21st from 631,000 the previous week – the highest since October 1982. – (Reuters)
Two firms to create 75 jobs in Carlow
Two Carlow-based companies announced the creation of 75 jobs yesterday.
Fifty trade-based jobs are to be created at home-repair company HomeFix.ie at its premises in Bagenalstown, Co Carlow.
Network solutions firm Integrated Communications, which opened a new premises in Co Carlow yesterday, is to create 25 jobs.
Accountants’ advice for tax commission
Any new property taxes should be introduced as an alternative to stamp duty and make allowance for stamp duty already paid, according to an accountancy representative body.
In a presentation to the Commission on Taxation, the Consultative Committee of Accountancy Bodies – Ireland also said measures to simplify the tax system should be considered to improve the State’s attractiveness as a site for foreign direct investment.
Plan to ease small firm reporting rules
Financial reporting obligations for small companies may be removed under a proposal from the European Commission.
Internal market and services commissioner Charlie McCreevy said the aim was to remove a regulatory burden that costs small businesses in Europe €6.3 billion a year.
Small companies are defined as those with a net turnover of €1 million or less, or a maximum balance sheet of €500,000.
Less firms emerge from examinership
The number of companies successfully emerging from examinership is falling, according to legal firm William Fry.
Barry Cahir, partner with William Fry, said there were 30 applications for examinership in 2007 and almost all companies emerged successfully from the process. Last year, the number of applications doubled to 62 but just 30 per cent of companies emerged from the process.
Mr Cahir, who was speaking at a corporate restructuring briefing yesterday, said examinership was only an option if the business had a “viable future”.
The appointment of an examiner gives a firm court protection for 70 to 100 days to allow it time to recover.
Dresdner drags Allianz into the red
The extent of problems at Dresdner Bank became clear as it pulled former parent Allianz into a worse-than- expected loss in 2008, its first in six years.
Europe’s biggest insurer sold Dresdner to Commerzbank in a deal completed last month but not before writedowns linked to the sale dragged Allianz to a €2.4 billion net loss.
The losses at Dresdner, which Allianz said amounted to €6.4 billion last year and almost €3 billion in the fourth quarter alone, prompted Commerzbank chief executive Martin Blessing to make a statement.
“We are sure the new Commerzbank will prevail as a growing and strongly profitable bank,” he said, promising to deal quickly with Dresdner’s wayward investment bank, Dresdner Kleinwort.
