Finance news in brief...
$70m profit at Irish subsidiary of AerCap
Latest accounts for the Irish subsidiary of Dutch aircraft leasing group AerCap show it recorded an after-tax profit of $70 million in 2008.
This was 86.6 per cent below the $524 million profit posted in 2007.
The reduction in profitability was due largely to a reduced level of gain last year from the disposal of assets. In 2007, AerCap Ireland Ltd, which has a base in Shannon, earned $233 million from asset sales compared with $46 million last year. AerCap also took a $144 million charge relating to certain investments.
The company had turnover last year of $54 million, up 20 per cent on 2007.
Further evidence of recovery
Economic indicators published yesterday offer further evidence of global recovery. OECD composite leading indicators (CLIs) for August highlight a recovery in all major economies.
However, it warned the expansion signals should be interpreted with care as CLIs are less precise in differentiating between expansion and recovery than in identifying turning points.
Over a billion views a day on YouTube
On the third anniversary of its acquisition by Google, video site YouTube yesterday revealed that it has “been serving well over a billion views a day” to visitors to the site.
The data revealed in a blog post by co-founder and chief executive Chad Hurley confirms YouTube is by far the most popular site for video on the web.
YouTube was acquired by Google for $1.65 billion (€1.12 billion) in stock in October 2006 but remains unprofitable. This summer Google executives said growth in advertising on the site meant YouTube was on track to become profitable but did not say when this would occur.
Germany changes financial regulator
Germany’s new government will appoint the Bundesbank, the German central bank, as sole regulator for banks and strip Bafin, the financial market watchdog, of its banking remit, officials said.
The decision to abolish Germany’s two-headed bank supervisory system was made by leaders of the Christian Democratic Union – the party of Angela Merkel – and the Free Democrats party. – Copyright The Financial Times Limited 2009
Future of Cork club in doubt
The future of Cork City football club is once again in doubt after former player Gareth Farrelly lodged a winding-up petition against the club in the High Court.
Mr Farrelly, a former Republic of Ireland senior international, claims that Cork City owes him €36,000 awarded by the Rights Commissioner after the club allegedly cancelled his contract when he became ill last year. Mr Farrellys case will be heard in the High Court on Monday.
Cork City avoided financial collapse in August when its owner Tom Coughlan agreed a last minute-deal with the Revenue Commissioners.
