Apple released its quarterly results after trading stopped in the US last night, the company revealed that its profits have surged again, increasing by 33 percent. This was mainly due to continued strong iPhone 6 sales.
Net income for the quarter ended on March 31st was $13.6bn, or $2.33 a share. Revenue increased by 27 percent to $58bn.
This was the first period when iPhone sales in China out-paced those in the US with revenue in China surging by 70 percent to $16.8bn during the period. The company also forecast that sales in the current quarter will surpass Apple's previous expectations.
The world’s largest company by market capitalisation said it would boost its share buy-back programme by $70bn. Shares in the company closed 1.8 percent higher last night at $132.65.
The Californian company gave no sales figures for its new Apple Watch, but did say that this quarter is off to "an exciting start."
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Permanent TSB could return to private ownership and repay €2.7bn to the State by mid-2018 - this comes after the bank's successful raising of €525m through the sale of €400m in shares and €125m through a debt instrument.
The stock was priced at €4.50 a share - speaking to the Irish Times, Permanent TSB’s chief executive Jeremy Masding described the market interest in this share offering as "exceptional." He adds that PTSB's re-privatisation will be sped-up by a continued recovery in the Irish economy.
The State still owns 75 percent of the bank which is now valued at over €2bn, and whose shares could be expected to appreciate both when they relist and over the longer term.
That’s why both Michael Noonan and the bank’s management believe we may get our full €4bn bail-out money back over the next three years or so.
Meanwhile Permanent TSB’s 115,000 current small shareholders are being given three weeks to decide whether they want to buy one additional share for every one they hold - these shares now have an implied value of €4.50.
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The Minister for Finance, Michael Noonan will deliver Ireland's first Spring Economic Statement to the Dáil later today.
Drafts of the statement have been published in the media, it is understood to contain between €1.2bn and €1.4bn in spending increases, changes to income tax and the USC - as well as the tax system for the self-employed.
Mr Noonan's address is expected to be used as a political platform to set out Fine Gael's vision for the Irish economy heading into the next General election.
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The controversy surrounding the sale of Siteserv rumbles on - Michael Noonan has appointed retired High Court Judge Mr Justice Iarfhlaith O'Neill "to monitor any actual or perceived conflicts of interests."
Mr Noonan said that due to the concerns surrounding the Siteserv transaction and other IBRC deals he had "directed the Special Liquidators of IBRC to review all transactions which occurred between 21 January 2009, the date of the nationalisation of IBRC, and 7 February 2013, the date of the appointment of the Special Liquidators to IBRC."
Siteserv was sold to a company controlled by businessman Denis O'Brien for €45m in 2012.
