Unexpected profit warning from NAB

Business DigestNational Australia Bank, Australia's largest, has continued its run of bad news with an unexpected profit warning and an admission its margins were under pressure in its home market.

The announcement will do nothing to quell speculation that the bank will consider selling some of its UK and Irish operations in the near future, including National Irish Bank in the Republic and Northern Bank in the North.

NAB shares slumped 7 per cent yesterday, falling through the 30 Australian dollar barrier to A$28.85 (€16.86). - (Financial Times Service)

JJ Rhatigan made 2m pre-tax profit

Construction company JJ Rhatigan & Co Ltd, made a profit before tax of €2 million on a turnover of €74.5 million in the year to end August 2003, according to accounts just filed.

The Galway-based company had accumulated profits of €11.86 million at the year's end. The company is owned by Driftview Enterprises Ltd, which is in turn owned by Mr Padraic Rhatigan and Ms Sandra Rhatigan.

Knock passenger numbers rise

Knock Airport has announced record passenger numbers for the first half of the year. Almost 160,000 people passed through the airport, an increase of 55 per cent on the same period last year.

Tech nominations sought for awards

Deloitte is seeking Ireland's fastest growing technology companies for its fifth annual Technology Fast 50 awards.

The awards, run in conjunction with InterTradeIreland's EquityNetwork, rank the 50 companies with the highest increase in sales between 1999 and 2003. It is open to all Irish-owned and headquartered technology companies, public and private, on both sides of the border, which have been in business for at least five years. Younger businesses - those which have only three years of growth in sales - can enter the Rising Stars competition. The closing date for nominations is August 31st.

Unemployment drops in North

Unemployment in Northern Ireland has fallen to the lowest level on record, with 37,000 out of work, according to figures released yesterday by the Department of Enterprise, Trade and Investment.

The unemployment rate has fallen to 5 per cent from 5.2 per cent previously.

McDonald's posts 27% profit rise

McDonald's says it will post a 27 per cent rise in second-quarter earnings per share, above Wall Street estimates, driven by strong global sales growth.

The world's largest fast-food chain said second-quarter earnings per share were about 47 US cents per share, based on preliminary results. Analysts expect the company to earn 44 cents per share. - (Reuters)

Japanese banks consider merger

MTFG, Japan's third biggest bank, and UFJ, the fourth largest lender, are in preliminary negotiations over a merger that would create the world's biggest bank, with assets of Y190,000 billion (€1,405.18 billion). - (Financial Times Service)

Goodman group files annual return

The annual return for Mr Larry Goodman's company, Irish Food Processors, for the year to end December 2003 has been filed but without an accompanying set of accounts.

The company changed its status from a limited company to an unlimited company during the year. Unlimited companies are not required to published their accounts.