A roundup of today's other business news in brief
Big drop in US industrial output
US industrial output posted its biggest slide in three years last month and September might not be much better, according to data released yesterday that raised worries over an economy struggling with the worst bout of financial turmoil in a generation.
US industrial production tumbled a bigger than expected 1.1 per cent in August due to a big drop in auto production and a slide in utilities output that was tied to mild temperatures, a Federal Reserve report showed.
Manufacturing in New York state unexpectedly contracted in September while price pressures tumbled, according to separate data published by the New York Federal Reserve. The survey is one of the earliest monthly guideposts to US factory conditions.
- (Reuters)
PricewaterhouseCoopers to hire 250 graduates in recruitment drive
Professional services firm PricewaterhouseCoopers (PWC) has launched a recruitment drive to hire 250 graduates this autumn. PWC currently employs 2,770 staff on the island of Ireland.
Ronan Murphy, a senior partner with PwC, said the firm was embarking on the recruitment drive despite the challenging business and operating environment it is facing.
"This is so we have the right people in place to work with our clients as we continue to help them manage the changed environment and build sustainable businesses into the future," said Mr Murphy.
Graduates will be hired across all PWC's sectors.
Small firms urged to seek energy savings
Small and medium-sized firms could save €200 million annually on their energy bills by availing of a Sustainable Energy Ireland (SEI) service, the State energy body claimed yesterday. SEI says its free energy assessment service can reduce bills for businesses by as much as 20 per cent.
To date, 500 SMEs have availed of the service and made combined savings of €25 million.
Ulster Bank cuts fixed rates by up to 0.7 of percentage point
ULSTER BANK has become the latest bank to reduce its fixed rates, cutting them by up 0.7 of a percentage point. The bank's three-year fixed rate has been reduced the most, to 5.5 per cent from 6.2 per cent. The two-year fixed rate has been reduced to 5.6 per cent from 6.1 per cent, while the five-year rate has been cut to 5.6 per cent from 6.27 per cent.
Bank of Ireland, EBS building society, AIB and IIB Bank have reduced fixed rates in recent weeks.
DCC buys FindlaterGrants
DCC has purchased wine and spirits distribution business FindlaterGrants from CC Group for an estimated €9.6 million.
Frank Fenn, DCC managing director, said the purchase fee was "equivalent to the net operating assets" of FindlaterGrants, plus a goodwill payment of a total of €1.5 million.
Mr Fenn said DCC continued to seek similar takeover opportunities in the Irish and British wine and spirits markets "as well as growing organically".
Despite a marked slowdown in Irish consumer spending, Mr Fenn said that the wine market "has room to grow" and, current short-term difficulties aside, DCC saw very strong future opportunities in the sector.
The merger of FindlaterGrants with DCC's Irish wine distribution business Woodford Bourne would "generate significant commercial and operating synergies" with overall revenues of approximately €50 million, Mr Fenn said.
