Turning off internet to cost Egypt US$90m
The Egyptian government blocked internet services for five days, and it is likely to cost the county up to US$90bn, according to the OECD. In an attempt to curb communication between anti-government activists in Egypt, President Hosni Mubarak turned off internet connections and limited mobile telephone communications. The OECD said today that the blocked services (telecommunication and internet) account for about 3pc to 4pc of GDP or a loss of US$18m per day. The organization warned the long-term impact could be even greater as the country cut off domestic and international high-tech firms who provide services globally. The move will make it much harder to attract foreign companies and assure…
Read MoreRyanair adds 11 routes to Marseille schedule
Budget airline Ryanair has said it will add 11 new routes to its summer Marseille schedule. Increased Operations and Aircraft The extended summer timetable will see two extra aircraft working at the airport in Marseille between April and September. Closure of Marseille Base and Legal Action The airline closed its Marseille base in January but continues to operate routes to and from the city from other bases. It has taken a case in the European Courts against the French decree that forces Ryanair’s Irish crew to pay tax and social insurance in France. Promotional Offer and Passenger Numbers Ryanair released one million €8 seats for travel in late February and March.…
Read MoreMagnet launches web TV service with social media integration
Irish broadband provider, Magnet Networks, has launched a free web-based live TV service with Twitter and Facebook integration. The service offers live streaming of five Irish channels for free, regardless of provider. According to Magnet Networks, anyone with a 1MB broadband connection can log on to magnetwebtv.ie and register to watch RTE1, Network 2, TV3, TG4 and 3e live from any web browser. The service involves no TV licence fees, no cable subscription, no contract, no monthly subscription fee and no software downloads. From the same web page, users also have the option of running their Twitter and Facebook feeds to comment, tweet and watch updates alongside their TV stream. Similar…
Read MoreReceiver appointed to South Dublin Motors, 41 jobs lost
A receiver has been appointed to South Dublin Motors Ltd and the company has ceased trading, resulting in the loss of 41 jobs. The company was one of the largest Ford dealerships in Ireland with showrooms in Tallaght and Rathfarnham. Kieran Wallace of KPMG has been appointed as the receiver to company. The firm’s rental division, which had 1,500 Ford vehicles, has also stopped operations. Armada Fleet Services, a related company to South Dublin Motors, continues to trade as normal and will be unaffected by today’s announcement. The most recent audited accounts to December 31, 2008 reported losses in excess of €1m for the year and no accounts have been…
Read MoreLaptops stolen from Revenue
Ten laptops were stolen from the Revenue Commissioners office on the Navan Road last night. It is understood that three men were involved in the robbery at Ashtown, during which 10 laptops were taken. The Data Protection Commissioner has now launched an investigation as it is unclear what information was stored on the computers. The commissioner, Billy Hawkes, wants to establish if any data stored was of a sensitive nature. The Revenue said all of its laptops, including the stolen ones, are encrypted. However, Hawkes will look to confirm the security measures were sufficient to ensure privacy of personal information. Meanwhile, today is Data Protection Day which aims to let…
Read MoreJohn Lovering to step down at Mitchells & Butlers
UK pub group Mitchells & Butlers has announced that chairman John Lovering is to step down later this year. The company has begun its search for a successor. Lovering will remain as chairman and director until the process is complete. Lovering only took over as chairman last year. However, the group said he has overseen the company strengthen its financial position. He said, “It has been a huge privilege to be chairman of Mitchells & Butlers. The company is now on a much firmer footing than when I joined last year. “Group profits have improved significantly in the last year thanks to our focus of switching from volume to spend…
Read MoreCityJet posts 51.5m losses
Dublin-based airline CityJet posted pre-tax losses of 51.5m for the year to the end of March 2010. The airline said that its passenger numbers increased but revenues still fell 8pc. Average fares dropped 16pc, explaining this phenomenon. In a report to the Companies Office, CityJet said, “The negative result at operating level was due to the continued severe economic environment with sharp decline in business traffic and extreme volatility in oil prices and currencies.” The company aims to return to profit by the end of 2012.
Read MoreCeltic Bookmakers closes 16 outlets; 29 shops saved
The receiver of Celtic Bookmakers is hoping to save 29 of the 47 outlets, which were previously owned by former politician and broadcaster Ivan Yates. Yesterday, 16 of the bookies’ shops were closed. As a result, 56 jobs were lost. Four stores in Dublin were closed, along with others in Kilkenny, Cork, Limerick, Tipperary, Kerry, Sligo, Mayo, Galway and Roscommon. The outlets will reopen for one day next week to pay out on all bets. The remaining 29 are for sale and receive Hughes Blake is seeking expressions of interest. Neil Hughes, the receiver, is selling the fully-fitted and staffed stores as going concerns. About 44 expressions of interest have…
Read MoreCardinal ups bid for EBS to over 600m
As final bids for EBS Building Society are being completed by the two remaining bidders a private equity consortium led by Dublin firm Cardinal and Irish Life & Permanent it has emerged that Cardinal has increased its offer and said its initial cash injection will be over 600m. Previously, the Cardinal consortium had offered to inject €525m in cash into the troubled lender. The National Treasury Management Agency (NTMA) is handling the sale said the two final bids had been received ahead of yesterday’s headline. Currently, EBS is state-controlled following €875m of State funding being used to rescue the lender. However, a further €438m is needed by the…
Read MoreLibDems see support sink further
The latest political poll in the UK has revealed that support for the Liberal Democrat Party is at its lowest in over 10 years. Voters seem to be turning against the LibDems because of its change of position on the university fees issue. The party was formed in 1988 and today’s poll, published in The Independent, shows its worst performance in terms of popularity to date. Only 11pc of people said they would vote for the LibDems in a general election. In last May’s election, the party received 24pc of the electorate’s vote. The Labour party received 40pc of the support from survey participants, with the Conservatives following closely at…
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