Opening Bell: Intel workers wait, AIB investor concerns, print pressure in the UK and US

Get up to speed with today's breaking Irish and international business news

Workers at Intel have continued to have one-on-one meetings regarding Irish redundancies.

It is shedding 12,000 staff worldwide - between 350 and 400 job losses are expected at their European headquarters in Kildare.

Most of the Irish redundancies are expected to be voluntary- neither the company or the IDA has commented on the exact number of jobs which will be lost.

The Irish Times understands that Inter will offer workers who are let go redundancy packages which are equivalent to some five weeks per year worked on top of the statutory requirement of two weeks’ pay.

These payouts will be capped at a maximum of two years’ salary.

Intel has 4,500 employees and 700 long-term contract workers in Ireland.


AIB's riskiest class of bonds have been among the worst performing in Europe - investors are concerned about the bank's failure to disclose a regulatory capital target and uncertainty over its progress dealing with troubled loans.

The bank sold €1.25bn of subordinated debt in November, making it the last bailed-out Irish lender to return to the market.

More than 99% of the bank is owned by the State after €21bn was pumped into saving the bank during the financial crisis.

Its AT1 notes have lost 16% of their value since they were first issued and are among the bottom quarter of performing junior bonds in Europe.


Reports overnight suggest that Tribune Publishing, owners of the Chicago Tribune and LA Times has rejected an unsolicited offer for company by fellow publishing group, Gannet, owners of USA Today.

Gannet, which is rapidly expanding its ownership of US regional newspaper titles had offered a cash and debt deal last month valued at more than $800m, a 60% premium to Tribune’s share price at the time

In the UK Trinity Mirror is to terminate publication of New Day just ten weeks after its launch as the first new national newspaper in Britain for 30 years

Sales of 150,000 copies immediately post launch had dwindled to just 40,000 per day in recent weeks leading to the decision by Trinity Mirror to cut its losses.


Luas drivers are expected to serve notice on Monday of up to eight extra strike days for next month.

The Dublin tram service shut for the tenth time yesterday as drivers took to the picket line in the long-running dispute over pay.

Luas operator Transdev stands to lose €100,000 every day the drivers strike and management at the company insist that the 23% pay claim sought by the workers is 'unaffordable.'

Four more days of industrial action are also planned for May 13th, 20th, 26th and 27th.