COURT ORDER MEANS IRE-TAX JOBS GO - The High Court has ordered the winding up of packaging company Ire-Tex which employs 170 people in Limerick, Kildare and Meath. The company had been trying to find a new investor but that plan fell through earlier this week. Computer company Dell had provided 70% of the firm's business but terminated a long-running contract recently. The jobs will be lost and a liquidator will be appointed.
Also on the employment front, O2 is seeking 100 voluntary redundancies from staff in Dublin. That follows a similar move from rival Vodafone. O2 employs 1,800 in Ireland. The staff will be told the group is seeking to cut its workforce by 5%.
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MEASURES TO BLOCK DIRECT DEBIT LEVIES - The Government plans to ban retailers from levying extra charges on consumers who are paying by credit card or failing to pay by direct debit.
National Consumer Agency chairperson Ann Fitzgerald said the move was a reaction to the 'outrage' caused when cable company NTL levied a charge on people who would not pay bills by direct debit.
She welcomed the move, but expressed concern that retailers would use it as an excuse to raise prices.
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SMURFIT CHIEF SAYS FLOAT BIG SUCCESS - This morning is a big one for the Irish stock market. Paper and packaging group Smurfit is return to the stock exchange after a five-year absence. The shares are priced at €16.50 that means the company is worth €3.4 billion.
The company is now known as Smurfit Kappa after its merger with a Dutch company two years ago.
Chief executive Gary McGann said the share offering was 'a resounding success' and 'substantially oversubscribed'.
He said the company was now a bigger company than when it went private five years and the flotation would give it the opportunity to grow further.
Asked about working with Dr Michael Smurfit, who is retiring as chairman, he said it was 'never boring'. He described Dr Smurfit as a 'legend' and a pioneer, a tough taskmaster but a 'fantastic mentor'.
Mr McGann said the company had ruled out an offering to retail investors as the high level of administration involved tended to slow down the process.
