Digicel has abandoned plans to float on the New York stock exchange less than 72 hours before it has due to begin trading.
The Caribbean and Pacific islands telecoms company has cited weak stock market conditions as the main factor behind the decision.
A statement from the company said that there had been “significant support” for the company's IPO from a “high quality group of investors,” but deteriorating market conditions had impacted on the "momentum" surrounding the flotation.
Digicel’s chairman, Irish businessman Dennis O’Brien commented on the decision: "Given our growth outlook, an IPO for Digicel was optional and predicated on achieving fair value for the company.
“Recent volatility in equity markets has seen a number of IPOs listing at a discount to their signalled price range and this was a less attractive route for us.”
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Volkswagen's new boss says vehicles caught up in the company's emissions scandal will be recalled from January.
Millions of diesel cars need alterations, after it emerged they were fitted with software in their engines to cheat pollution tests.
It is thought that up to 80,000 vehicles in Ireland could be affected.
Matthias Mueller has also warned staff of massive cutbacks at the firm, but he has said he will try to protect jobs.
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For the fourth year in a row the International Monetary Fund (IMF) has cut its mid-year forecast for global economic growth, it now expects the world's economy to expand by 3.1% in 2015.
It has also warned that the West's fragile economic recovery could be short lived, and that we may be facing a fresh period of economic stagnation.
This is the financial institution's weakest forecast since the height of the global recession in 2009.
Maurice Obstfeld, the IMF’s economic counsellor added: "Six years after the world economy emerged from its broadest and deepest postwar recession, a return to robust and synchronised global expansion remains elusive."
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The Taoiseach has claimed the Dáil will not collapse before the Banking Inquiry is finished - but failed to explicitly rule out an early election.
Enda Kenny was speaking as the Dáil rubber stamped a request to extend the final deadline for the Banking Inquiry.
The Inquiry now has until the end of January to publish its final report - but the inquiry will collapse if an election is called first.
In the Dail this evening the Taoiseach appeared to suggest the inquiry would be allowed to finish its work without the threat of an election.
“The house is not going to collapse, don’t worry,” he told Fianna Fáil leader Mícheal Martin.
