A round-up of today's other financial news
Palm rules out Dublin closure
Electronic devices group Palm has informed workers at its Swords plant in Dublin that it is triggering a consultation process regarding a restructuring of its Irish and British operations.
The Dublin operation works with Palm's smartphone products for the European market. The facility, which opened three years ago, employs about 30 people.
Shares in Palm dropped 7.2 per cent in a rising market yesterday as it forecast a sales slowdown from its Centro smartphone in the face of competition from the Blackberry and iPhone.
A spokesman for Palm said, despite the news, the Swords plant was not closing.
The company reported results yesterday that showed a decline in gross profit margins and a widening net loss.
- (Additional reporting Bloomberg)
Elan drug gets survey boost
Shares in drug group Elan gained 5.7 per cent in Dublin after a survey showed two cases of a deadly brain infection linked to the Tysabri multiple sclerosis treatment probably will not wipe out sales of the drug. Ireland's largest drugmaker rose 41 cent to €7.64, the most in three weeks.
Sanford C Bernstein analysts told investors that sales of Tysabri were "unlikely to substantially decline" after the cases were reported at the end of July.
The analysts based their comments on a physician survey they conducted.
"Use is unlikely to substantially decline and may continue growing at a slower rate," the analysts, including Tim Anderson, wrote in a note to investors today.
"What we do not anticipate, at this stage, is a wholesale drop-off in use of Tysabri." - (Bloomberg)
Delta poised to expand in Europe
Spread-betting firm Delta Index is poised to expand its business in Europe after getting approval from the Irish Financial Regulator.
Delta, which specialises in financial spread-betting and contracts for difference (CFDs) services, is the first Irish business of its kind to be licensed by the regulator under the EU's latest financial instruments directive.
Joint managing director Michael O'Shea said yesterday that the move would open up 26 new markets across Europe to the company.
