Opening Bell: Intel's job cuts and Ireland, the EU's shrinking appeal, Goldman Sachs considers NAMA bid

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Intel plans to cut 12,000 jobs around the world, that's 11% of the company's global workforce, as it moves away from its traditional business of manufacturing computer chips and focuses on its cloud business.

The company has 4,500 jobs in Ireland and is one of Ireland's largest multinational employers. A spokesperson for its Irish operation says that it is not aware if Irish jobs will be affected.

An Bord Pleanála granted permission for a 40-acre expansion to Intel's Leixlip plant in 2013.

This announcement comes as Intel announced that it has cut its revenue forecast for the year from mid to low single digit growth.

Personal computers still represent 60% of Intel’s sales and 40% of its profits but sales of micro processing chips have been falling steadily - down 11% year on year in the first three months of this year - despite the rise of gaming and convertible laptops, and many of Intel’s Fabrication Plants are operating under capacity.


The European Union's most senior official has admitted it interferes too much in people's lives.

The president of the European Commission, Jean-Claude Juncker, thinks the 28-nation group has lost "parts of its attractiveness" to ordinary citizens.

"It is true we're not very popular when we advocate for Europe. We're no longer respected in our countries when we emphasise the need to give priority to the European Union," Mr Juncker said.

His comments came in response to questions from British MEPs in Strasbourg. They also come at a time when the UK's Brexit debate is heating up, and after The Netherlands voted against a referendum on trading with Ukraine as euro-skeptic forces called for a protest 'No' vote.


Goldman Sachs is considering a bid for two of NAMA's landmark portfolios, according to reports in today's Irish Independent.

Its sources say that CarVal Investors, Cerberus Capital Management and Lone Star Funds are also considering bidding for the loans which have a face value of €4.7bn.

The portfolios, which are known as Project Ruby and Emerald, are likely to be sold for less than that figure.

NAMA's sale will be managed by Cushman and Wakefiel.


Popular supermarket groceries are stealthily being sold in smaller quantities without a reduction in price, a consumer group in the UK has claimed.

Research by Which? suggests some brands of toilet rolls, biscuits, and fruit juices have shrunken considerably - but many shoppers are unaware they are effectively paying more for less.

The weight of a typical pack of McVitie's dark chocolate digestives was recently decreased from 332g to 300g, a reduction of 10%, yet prices in Tesco are 10p higher than they were before.

Meanwhile, Asda left the cost of Tropicana's orange and raspberry juice at £2.48 - even though the carton size had been slashed from a litre to 850ml.

The number of sheets on each roll of Andrex toilet paper has dropped from 240 to 221 - but the price of four rolls has remained around the £2 mark.

Additional reporting by IRN