ESB has published its results for 2014 - and they show a fall in its operating profit of €132m - down to €552m.
The electricity company says that the fall in profits is due to lower electricity wholesale prices because of low gas prices - repair costs from storm damage during the first half of 2014 - and an increase in maintenance costs and repair work on its Moneypoint coal plant in Co Clare.
ESB's chief executive, Pat O'Doherty commented on the results: "In the face of some challenges in 2014, these results reflect a solid performance across the group. ESB continues to deliver value for its customers, its shareholders, and for the Irish economy, while maintaining its financial strength and credit rating."
The company says it invested €960m in capital investment last year, and paid a dividend to the State of €318m – including a special dividend that was demanded by Michael Noonan of €270m.
________________________________________________________________________
Economic Growth is expected to be strong for this year and 2016, according to the latest ESRI forecast.
Ireland's Gross National Product is predicted to grow by 4 percent in each year.
In the Quarterly Economic Commentary, published today, the ESRI researchers also predict that unemployment will fall to 8.4 percent next year.
Associate research Professor at the ESRI Kieran McQuinn, said that's due to strong domestic growth:
________________________________________________________________________
Brazilian Private Equity firm, 3G Capital is reported to be close to a deal to buy Kraft Foods in a deal valued at $40 -50bn – depending on debt.
Kraft is the owner of global food and beverage brands such as Kool-Aid, Philadelphia Cream Cheese, and Planters.
3G may team up with another investor to swallow Kraft as it did when it linked with Warren Buffett to acquire control of Heinz King two years ago. A merger of Heinz and Kraft is also possible.
Kraft’s share price jumped by more than 16 percent in after-hours trading last night.
________________________________________________________________________
The ESRI has warned that it believes that Ireland's new mortgage rules are premature, and that they will hurt Ireland's housing market.
The think tank has also raised concerns over the effect that the minimum deposit requirements will have on the rental market.
It argues that the housing market is still recovering, and that properties are still undervalued. It says that the new rules will lead to house prices staying artificially low - and less houses being built.
________________________________________________________________________
Power City Profits have surged - this is another indicator that Ireland's economy is recovering.
Profits at electric retailer Power City rose by 8 percent in the past year to just over €5m. Increases in spending on consumer electronics generally reflect an increase in disposable income.
The business, which is largely based in the greater Dublin area had accumulated profits of €86m when accounts were last filed.
The company is privately-owned by the McKenna family and paid a dividend of €950,000 in 2014.
________________________________________________________________________
Airline stocks were generally unaffected by yesterday's tragic news from the Alps.
IAG, owner of BA and Iberia was one of the principal gainers on the London Stock market yesterday.
Its share price rose by 3 percent yesterday on the back of a Morgan Stanley Report which predicted that the airline group can double its margins this year.
Aer Lingus stakeholders might want to have a look at the report - it suggests the margin improvement can come principally from increased synergies between the BA and Iberia businesses.
________________________________________________________________________
