Today's other stories in brief
Douglas Wallace appoints liquidator
Architects Douglas Wallace yesterday announced that Ken Fennell of Kavanagh Fennell had been appointed liquidator of the firm. This follows a period in examinership during which the firm was unable to establish an appropriate scheme of arrangement to meet its obligations.
In a statement, the firm said the decision was “the unfortunate consequence of the firm’s exposure to the wider economic downturn in Ireland and the UK”.
Established in 1982, the firm has worked on high-profile projects across Europe for clients such as Brown Thomas, Harrods, Accor Hotels, Intercontinental Hotels, Bang Olufsen and Quinlan Private.
Société Générale loses on writedowns
Société Générale, France’s third-largest bank, reported an unexpected first-quarter loss on writedowns linked to US bond insurers and higher provisions for risky loans. SocGen fell 9.8 per cent in Paris trading after reporting a net loss of €278 million, missing analysts’ estimates for a €332 million profit.
The French bank, which named chief executive Frédéric Oudea chairman on Wednesday, reported €1.5 billion of markdowns and a doubling in loan-loss provisions amid the worst financial crisis since the second World War.
“The horizon remains uncertain, the cost of risk had a very fast and brutal increase,” Mr Oudea told journalists yesterday in Paris. “In the second and third quarters, we might still have a relatively significant cost of risk.”
SocGen raised €5.5 billion from investors last year to replenish reserves following a record trading loss in January of last year, which the bank blamed on former employee Jerome Kerviel.
Daniel Bouton (59) announced his resignation as chairman last week after complaining of “repeated attacks” following the €4.9 billion trading loss. – (Bloomberg)
Offshore drilling results disappoint
Drilling off the Irish coast for oil and gas turned up disappointing results last year, the industry’s representative body told politicians yesterday.
The Irish Offshore Operators’ Association told TDs and senators that four drilling operations off the Irish coast contributed about €200 million to the economy.
However, results last year were “disappointing”.
The association said that there have been a number of positive developments this year, including a move to develop the original Kinsale gas field for gas storage.
Diageo reports declining revenue
Guinness parent Diageo, the world’s largest distiller, said third-quarter revenue declined on reduced orders from US distributors and maintained its profit forecast.
Sales excluding acquisitions and currency effects fell 7 per cent in the three months to March 31st, the London-based company said today in a statement. The drop compared with a 3 per cent gain in the first half. – (Bloomberg)
