Business

The amount of complaints received by the Financial Services Ombudsman in Ireland reached record highs last month. In his bi-annual review, Bill Prasifka said his office received more complaints in March than they had in any other month since the Ombudsman was put in place. The report prompted Prasfika to call for “much more to be done to restore public confidence to the financial sector”.   In the six months to the end of December 2010, there was a 40pc increase in the amount of complaints about mortgages, while grievances about investment and insurance products remained at record highs. The review shows that a total of 3,599 complaints were received…

Giant supermarket chain Tesco has reported increased sales and profits for its full financial year ended February 2011. Tesco Ireland Although the group does not reveal a specific breakdown of figures for Ireland, it said that some countries that were slow to recover from the global recession, including Hungary, Ireland, and the western United States were now showing signs of improvement. “In Ireland, like-for-like growth in the year was significantly stronger, and although it was broadly stable during the second half, the two-year trend has continued to improve,” the group said in its trading statement. Excluding petrol, like for like sales grew 3.9pc at Tesco’s Irish division. The majority of…

The Central Bank of Ireland has issued a collectors’ item, gold proof €20 coin today, which will be sold for double its value. The coin, one of the smallest in the world, is just 11mm in diameter and features a depiction of a Celtic High Cross. It weighs just 0.5g but will cost collectors €40 to purchase. The design on the miniature coin is the work of renowned Irish artist Thomas Ryan. It pictures the Celtic High Cross in a monastic setting alongside the Irish Round Tower and bears the Irish Harp in “exceptional detail”, said the Central Bank. Ryan has previously designed the 1990 £1 coin, featuring the red…

Following a decision by Alicante Airport to introduce extra fees, Ryanair has said it will cut 31 routes and 2,000 jobs from the Spanish base. The airline said the 80pc cuts will include slashing its aircraft base from 11 to just two, as well as decreasing flight routes from 62 to 31. Ryanair said it will now run less than 200 flights per week, compared to more than 600 previously operated. That will add up to a decrease of 2.5 million passengers per year. The airport’s operators AENA has decided to enforce the use of airbridges, which will add about €2m costs for Ryanair. The airline believes the airbridges are…

Irish-based gold exploration company Conroy Gold and Natural Resources announced good news from its drilling programme in Armagh this morning. At its Clay Lake gold target, the exploration company found that three more of its holes intercepted gold mineralisation, including 11.5m of 1.44g/t gold. It also discovered 53m of stockwork at 0.60 g/t gold, including 10.25m at 1.37 g/t gold. The Clay Lake area has been a massive success for Conroy, yielding the highest gold-in-soil values recorded by the company on its Irish exploration licences. Commenting, Chairman, Professor Richard Conroy said, “I am very pleased with the results which further confirm the potential of the Clay Lake target. Overall, we…

A Dublin-based firm Kooky Dough announced this morning it is to create 10 new jobs following a major deal with Tesco Ireland. The firm, which appeared on RTE’s Dragon’s Den last night, has agreed a €550,000 deal with Tesco. Kooky Dough makes cookie dough mixes for home baking. Under the new arrangement, it will create two new Tesco own-brand lines for the supermarket’s stores in the UK and Ireland. All production will be carried out in Dublin. The Irish company’s co-founders Graham Clarke and Sophie Morris appeared on Dragon’s Den last night, where they turned down an offer from ‘dragon’ Gavin Duffy. Duffy had asked the pair to part with…

Crumlin-based pharma firm Randox Laboratories has announced the creation of 242 new jobs as part of a £16m investment. Growth and Expansion Plans The new jobs will be created in Antrim as the company hopes to expand its growth prospects. Recruitment is already underway for the roles, which will be in sales, marketing and production. Announcing the investment plans, managing director of Randox Laboratories, Dr Peter Fitzgerald, said, “We have set ambitious revenue targets for the next few years which will depend on increasing our sales and marketing activity and penetrating new markets.” Randox Laboratories’ Specialization and Reach Randox produces diagnostic kits to diagnose metabolic diseases and focuses on human health, helping…

Three pharmaceutical companies have provided Kerry with a jobs boost today as 300 new positions are announced. The Irish Times reports today that the jobs will be created as part of phase one of the €4.7bn Global Pharmaceutical Centre of Excellence (GPCE) development in Tralee. The International Prevention Research Institute (iPRI), Global Research Services (GRS) and Optivia Biotechnology will between them create 282 jobs in Tralee over the next fifteen months. Recruitment is due to start for the research and development roles in May. The GPCE sees itself as a campus style facility with a corporate and commercial orientation. The project’s organisers hope that over 4,500 people will be working…

Monaghan-based retailer Jim McConnon has been ordered to pay back €32m he borrowed from Zurich to build a shopping centre in Castleblayney. Justice George Birmingham said he could see no basis for absolving McConnon from liability to repay even though he found it bizarre that Zurich handed over the money at such speed. The judge said McConnon was not a gullible borrower and pointed out that he had already invested €10m in the project before Zurich entered the scene. The bank is now allowed take steps to recover their money. Meanwhile, Bank of Ireland has made an agreement with Brian and Mary O’Donnell, a couple who owe the bank €70m.…

Irish airline Aer Lingus said today that despite 2010 being a difficult year, it turned its business around and made profits of €56.7m, compared to an operating loss of €154.8m in 2009. The airline said that its changed business strategy led to the turnaround, despite economic conditions. Average yields per passenger were up 12pc and operating profit was up to €56.7m. The airline’s transatlantic business returned to profitability and the Greenfield agreement delivered over €41m in savings. However, all was not good news in the company’s full-year results’ statement this morning. Passenger numbers were down 10pc for the year, which Aer Lingus said was due to the negative impact of…