Morning business news - February 14

Friday 14 February 2014 09.32
Morning business news - February 14
Morning business news - February 14

Cable company UPC Ireland had more than one million subscriptions across its product range by the end of 2013.

Results published by the company show it added 71,000 subscriptions, an increase of 7%, during the year.

Within that it has 338,000 broadband internet users, an increase of 11% year-on-year. It has the same number of digital TV customers, a figure which is almost flat compared to 2012.

UPC Ireland chief executive Magnus Ternsjo said he was very pleased and satisfied with the results.

He said the company had made a significant investment in its infrastructure, while it had also brought new products to the market that appealed to customers.

“The overall market is growing, we’ve seen unparalleled growth in the last five years, year on year,” he said.

Company revenue had also grown in the past year, he said, while it continued to offer customers higher broadband speeds than other operators.

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Posting a web link to a newspaper article which has been made freely available online is not an infringement of copyright.

The European Court of Justice has ruled that even if a person clicking on the link would form the impression that the content is appearing on that site rather than the newspaper's own site it's still not a breach of copyright.

The Luxembourg-based court said this does not apply to content which is behind a paywall or to any attempt to avoid payment by linking to something the copyright owner is charging for on its own site.

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Scottish businessman Duncan Bannatyne, one of the Dragons on BBC's version of Dragon's Den, has made what he says is his final offer to buy out loans from the IBRC.

He borrowed £180m from Anglo Irish bank to fund his Bannatyne Fitness chain of which £115m is outstanding. He has raised new finance and is offering to pay £111.5m to the special liquidator of the IBRC (what remains of the former Anglo and Irish Nationwide).

It's £9m higher than an offer he made in December. Mr Bannatyne tells the Irish Times, however, that the offer will be withdrawn if not accepted by close of business today.

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Exploration company Kenmare Resources has completed a refinancing of its own.

Kenmare had been due to repay $143m in debt used to finance the Moma Titanium Minerals Mine in Mozambique in August next year.

Including interest that figure would be as high as $165m by then. It has restructured that debt, though, with half being divided into nine equal payments between now and 2019 and the remaining 50% due in August 2019. Kenmare said the new terms will better suit cashflow from the mine and are more sustainable for the company.