A round-up of today's other stories in brief.
Google shares fall by 8.6% on warning
Google's share price had its biggest fall since its 2004 initial public offering yesterday as analysts warned it could be hit by an economic slowdown eating into online advertising revenues. On Thursday night the internet giant which employs 1,500 in Dublin reported a fourth quarter net profit of $1.21 billion (€816 million), significantly lower than market expectations.
Google lost $48.44, or 8.6 per cent, to $515.86 at 12.58pm New York time in Nasdaq stock market trading after plunging as low as $510. Google also received less money than expected from ad deals with social- networking sites such as News Corp's MySpace.
"You've seen the peak in the pace of growth," said analyst Clayton Moran of Stanford Group Corp in Florida. "They're probably not going to be able to repeat the 60, 70, 80 per cent growth rates that they had in the past." - (Bloomberg)
O'Connor steps down at Airtricity
Dr Eddie O'Connor has left his position as chief executive of Airtricity following a €1.1 billion agreement to sell the company to Scottish & Southern Energy. He will be replaced by Paul Dowling, who is currently chief operating officer at the company.
Mr Dowling has worked with Dr O'Connor for the past 20 years, with the two having been colleagues in Bord na Móna before Dr O'Connor founded Airtricity in 1997. Jim Barry, chairman of Airtricity and chief executive of its 51 per cent shareholder NTR, described Dr O'Connor as a "true visionary".
Permanent TSB commission plan
Mortgage brokers have been called to a meeting in the Green Isle Hotel in Dublin on Wednesday to discuss plans by Permanent TSB to cut commissions paid to brokers from January 2009 and to reduce the clawback of commissions from five to three years on mortgages that are paid off early.
Diarmuid Kelly, chief executive of the Professional Insurance Brokers Association, told members in an e-mail that there had been "a continuous flow of e-mails from members" who were united in their opposition to the proposals. He said: "The manner in which the Irish Life and Permanent Group introduced these proposals without negotiation or even meaningful consultation with broker bodies is an insult to the broking community. "
AWAS reports successful 2007
Dublin-headquartered aircraft leasing company AWAS, said 2007 had been "spectacularly successful" for its business. The firm completed nine transactions during the year involving aircraft valued at $330 million.
It also agreed with Boeing the purchase of 31 new 737 next-generation family aircraft at a value of $2.3 billion, with purchase rights for an additional 19 Boeing aircraft. In October, the firm refinanced a $685.5 million warehouse facility with a syndicate of banks.
Fotonation is sold for $29m
US technology company Fotonation, which has two subsidiaries in the Republic and employs 30 at a Galway research and development centre, has been sold to Nasdaq quoted Tessera Technologies for an initial cash consideration of $29 million, which could rise to $39 million if targets are met. After a management buy-out in 2003 of the firm whose technology is embedded in digital cameras Irish staff will be among the beneficiaries.
Newcourt acquires BHE
Recruitment and security firm Newcourt has bought UK-based student accommodation firm BHE through its subsidiary Ely Property Group for an undisclosed sum.
