Opening Bell: Irish workers can expect pay rises, Tesla's surprise profit, Note 7 fires cool Samsung profits

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Over 70% of companies are planning to award pay rises next year.

But IBEC's latest HR Update also reveals that increases will be modest - about 2% on average.

The employers group says the growth is due to record low inflation and a recovery in economic confidence.

So far in 2016, 64% of Irish companies have awarded pay increases according to IBEC - this compares to 71% who were expected to give pay rises at the beginning of the year.

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Tesla, the ambitious electronic car manufacturer, has surprised investors by posting a $22m profit in its latest quarterly earning report.

The company recorded its only other quarterly profit early in 2013.

It says that the increased returns are due to new product launches, increased store efficiency, and new store openings.

Tesla is set to open its first store in Ireland next year and to roll out supercharging stations across the island.

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Third quarter GDP figures due out later are expected to show the UK has managed to avoid a major economic slowdown following the Brexit vote.

Experts are predicting growth of 0.3% and possibly 0.4% for the three months from July to September.

That compares to 0.7% for the second quarter of the year but is higher than the 0.2% forecast last month by the Bank of England (BoE).

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Samsung's operating profit has plunged by 30% after a difficult quarter which was marred by the disastrous launch of the company's flagship Galaxy Note 7 smartphone.

The product was recalled after units around the world caught fire.

"We are expecting some difficulties until the first quarter of 2017, but we will achieve a business turnaround with the release of our new flagship smartphone," the company commented.

It is set to release new mid-tier smartphones, and a new Galaxy S8 in February.