D Thursday, March 4, 2010 Business 19 Business Bites IRISH Life and Permanent yesterday reported an operating loss of 196million last year, after a 341m profit in 2008. The group put much of the loss down to its banking division Permanent TSB, which was in the red by 270m after setting aside funds for impaired loans in its mortgage and consumer finance divisions. Chief executive Kevin Murphy described 2009 as a difficult period but said he was confident the groups performance would improve this year, bolstered by increased profitability in the life and pensions businesses. Mr Murphy claimed Irish Life and Permanent was hoping to return to profitability in 2011 with the group well-positioned to take part in any consolidation. The groups life and pensions arms Irish Life and Irish Life Investment Managers recorded a profit of 102m, around 182m less than 2008. Management said the lower figure reflected the weaker market generally for life and pensions trade. At the end of 2009, around 22 per cent of mortgage accounts were in negative equity, with 3.9 per cent in arrears for more than 90 days. Mr Murphy said the bank was working closely with customers in difficulty to come up with manageable payment schedules. Irish Life reveals losses of 196m Lovinit:McDonaldsIrelandchiefJohnAthertonatyesterdaysannouncementofa12millioninjectionintoitsIrishoperationsPicture: Jason Clarke business@metroherald.ie Business & Finance DOWNDOWN DOWNDOWN DOWNDOWN v$v$ ISEQISEQ v$v$ vv vv ISEQISEQ DOWNDOWN DOWNDOWN DOWNDOWN v$v$ ISEQISEQ v$v$ vv vv ISEQISEQ DOWNDOWN DOWNDOWN DOWNDOWN v$v$ ISEQISEQ v$v$ vv vv ISEQISEQ by 7.36 at 2,940.03 $1.3641 0.9057 A LEADING Australian food firm is to create 70 jobs at a new manufacturing plant in Co Louth. Healthcare firm Probiotec is to set up its European headquarters in Dundalk, where it will produce a range of dietary and meal replacement products, branded as Celebrity Slim. Tnaiste Mary Coughlan said the investment reaffirmed Irelands reputation for excellence in the food sector. This investment, and the creation of 70 new jobs, is significant not just for Probiotec but for Dundalk and the border region, she said. The investment is expected to generate sales of more than 30million over the next three years. Health food firm to create 70 new jobs Fast food giant to invest 12m and create 250 jobs BY Joanne Ahern McDONALDS is to beef up its Irish operation with the announcement yesterday of a 12million investment and the opening of four new stores. Some 250 jobs will be created be- fore the end of the year, bringing to 3,850 the number of people McDon- alds employs in Ireland. Recruitment for these jobs will begin in July. Three of the four new restaurants will be in the greater Dublin area, starting with a drive-through in Fin- glas. All are expected to open before the end of the year. More new stores are planned for 2011 and 2012 and the company is also refurbishing a further 13 restau- rants this year and next. Meanwhile, an analysis by Indecon International Economic Consultants for the fast food company shows that McDonalds contributes 198.7m an- nually to the Irish economy, based on analysis of 2008 data. The firm also facilitates 396.4m worth of exports of Irish origin pro- duce to McDonalds internationally. More than 6.5m worth of Irish beef was consumed at its Irish restaurants in 2008, with 80m consumed across THE countrys second largest non-life insurer, FBD, yesterday reported a drop in operating profits of 28.9million from 65.8million in 2008. The group said pretax losses totalled 34.6 million compared to a deficit of 38.6million in 2008. Earnings per share fell to 75 cents from 172 cents a year earlier. Its non-underwriting operating profit was 6.5million, while economic conditions led to a fall in premium income resulting in a lower underwriting operating profit of 22.4million. Floods and freezing weather towards the end of 2009 had led to claims of 13.5million. AN AWARD-winning Ecommerce service is offering every business in Ireland a free online shop. With Bang Ecommerce, any company can start selling their products and services online without having to pay any setup or monthly fee. Instead they are charged a transaction fee of three per cent, capped at 50 per month. More than 50 firms have signed up on www.bang.ie in the first 60 days since it was launched with charity Goal using Bang to sell its Christmas gifts online. Management of stock control, easy product uploading and multiple currency options are some of the features available. RETAIL sales fell by 17.3 per cent in January compared with the preceding month, according to new figures from the Central Statistics Office (CSO). For the year ending January 31 2010, sales volumes were down by 4.8 per cent. Sales in bars were down 9.9 per cent, motor trades down 4.5 per cent, clothing, footwear and textiles fell by 4.2 per cent and pharmaceutical, medical and cosmetic articles were down two per cent. The value of retail sales fell by 8.4 per cent over the 12-month period, and there was also a monthly decrease of 15.6 per cent from December 2009 to January 2010. Kevin Murphy: Chiefexec optimistic despite loss the firms European outlets. McDonalds Ireland chief John Atherton said it shows how embedded the firm has become over the past 33 years and the impact its had on the economy as an employer and exporter. He added: This expansion of our Irish operations and the creation of these jobs highlights the resilience of our business, despite the recession and demonstrates that the core funda- mentals of the McDonalds proposi- tion for the customer are stronger and more relevant than ever. Indecons Dr Pat McCloughan said its report is evidence that as a firm, McDonalds has a significant impact on the... economy, in terms of em- ployment generation, exchequer con- tribution and export growth. ThefirstMcDonaldsinIreland openedonGraftonStreetin1977 itnowhas78storesnationwide IrelandwasthefirstEuropean countrytohaveadrive-through McDonalds,whichopenedin 1985,aswellasbeingthefirst Europeancountrytopilotthe McCafinitiative,whichhassince goneontogainsignificant internationalsuccess. Irishbeefisconsumedat McDonaldsrestaurantsinten Europeancountries,including France,Spain,Finland,Belgium, Portugal,SwedenandtheUK McDonaldsisthelargestbuyer ofbeef,porkandpotatoesand thesecondlargestpurchaserof chickenintheworld.Itsannual chiporderconstitutes7.5percent ofAmericasentirepotatocrop. McDonalds facts index.html2.html3.html4.html5.html6.html7.html8.html9.html10.html11.html12.html13.html14.html15.html16.html17.html18.html19.html20.html21.html22.html23.html24.html25.html26.html27.html