Heavy losses had been expected from Tesco - but the company's losses are at the outer edge of these expectations – it has registered one of the largest losses in UK corporate history at £6.4bn (€8.9bn).
Group actually recorded trading profits of £1.4bn for the year to the end of February, more or less in line with expectations after well-signalled poor trading performance in the UK and Europe.
The group has plunged deeply into the red with £7bn in once-off charges, principally due to the non-cash write-down in the value of property, stock and other assets.
Tesco announced earlier this year that it was not planning further redundancies amongst its 15,000 employees in Ireland as it seeks to rebuild its business after an extremely turbulent year
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The Strategic Investment Fund, which invests and manages more than €20bn in taxpayers’ funds that used to comprise the National Pension Reserve Fund, says it’s currently reviewing more than 100 investment proposals around the country this year.
More than €13bn of the fund has been invested by the Government to bailout the so-called Pillar Banks, but the remaining €7.4bn discretionary fund, is available for investment subject to two criteria – 1) deliver a commercial investment return and 2) support economic activity/employment in Ireland.
The fund has already invested about €1.5bn and says it could invest another €1bn.
More than 500 entrepreneurs, investors and advisors are due to attend a seminar at the Convention Centre this morning, seeking to convince those who run the Strategic Investment Fund to direct some of public money their way.
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MML Capital Partners Ireland, an equity growth fund backed by Enterprise Ireland has invested up to €12m to take control of Identigen with that firm’s management.
Identigen has developed a high-technology tracing system to track the source of edible products such as meat as it moves through the food chain. Based in Dublin, it employs 60 people and plans to double its workforce as a result of this investment.
MML’s investment, its first in the Republic, will buy out a number of original investors in Identigen, including Paul Coulson’s Yeoman Capital. Grant Thornton advised MML on the deal while Identigen was advised by BDO Corporate Finance.
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Yahoo's first quarter results have failed to meet market expectations - net revenue was €1.04bn, below the forecast €1.06bn.
The company's net income fell from $311.6m, or 29 cents per share to $21.2m, or 2 cents per share - this is a decrease of 93 percent.
A series of acquisitions and product revamps have failed to turn Yahoo's fortunes around. The report shows a $137m rise in traffic acquisition costs - this included a payment to become the default browser on Mozilla's Firefox.
Chief Executive Marissa Mayer says that the company is seeking advice on the "most promising opportunities" for its 35.5 percent stake in Yahoo Japan which it is under pressure from investors to monetise.
Yahoo also plans to offload its 15 percent stake in China's e-commerce juggernaut Alibaba.
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Dublin-based banking executive, John Hourican is to step down from his role as Chief Executive of the Bank of Cyprus.
Mr Hourican took on the job in Cyprus two years ago with the objective of rebuilding the bank following the national debt crisis on the island.
Actions taken included merging with the country’s second largest bank, shutting 70 bank branches and selling off most of the bank’s overseas assets.
He previously stepped down as Chief Executive Royal Bank of Scotland’s Markets and International Banking Division, to demonstrate responsibility for its part in the LIBOR scandal, and will inevitably be linked with the current process to replace David Duffy as AIB Chief Executive.
It is unlikely that he would be considered for the post – he will be in Cyprus until the summer, and is returning to Ireland for family reasons – but he may wish to be considered for other senior banking roles in the UK and Ireland.
