D Tuesday, February 9, 2010 Business 17 Business Bites NEARLY 40 per cent of engineers think the Irish economy will recover by 2011, a new survey has found. And if the Government tackles infrastructural challenges in areas such as water, roads, broadband and the national grid, it could well bring Irelands recession to an end faster and get growth back on track sooner, John Power, director general of Engineers Ireland, claims. Speaking at the launch of Engineers Week 2010 by An Taoiseach Brian Cowen, Mr Power said that while it was clear the Government was stretched financially, Irelands infrastructure has to be improved to fully prosper when the global economic situation improves. Commenting on the findings of a poll by research firm Ipsos MRBI, which also found nearly 50 per cent of engineering firms surveyed felt they could keep staff levels at the same level this year, Mr Power said: It is encouraging to see such positive sentiment in the engineering industry regarding Irelands future. However, he warned there is still an acute infrastructure deficit in Ireland. Looking at the financial and banking sectors, Mr Power also claimed their failure provides a platform in which Ireland can reshape its economy, focusing on quality and higher standards. Engineers: Recovery reliant on solid base WE SALUTE YOU: Yoga fans Irma, Carmel Mannion and Jude saluted what little sun there was yesterday has they helped announce that Vodafone and Samsung have teamed up for the exclusive launch of Blue Earth, the first eco-friendly mobile phone with a full touch screen. The phone, made from recycled materials and featuring solar panels for recharging, is available this week business@metroherald.ie Business & Finance DOWNDOWN v$v$ vv ISEQISEQ by 18.18 at 2,908.29 $1.3675 0.8761 A CONSORTUM led by Walt Disney is in talks to take a stake in the largest in-bus digitial media and advertising company in China. Internet search giant Google, which threatened to quit China last month after a suspected State-sponsored hacking attack, is among investors in the consortium, according to sources. The group plans to buy a stake of 30 to 40 per cent in Bus Online for more than 70million. The deal is said to be at an advanced stage, but Bus Online, based in Shanghai, declined to comment, as did Google. AN INVESTMENT group has warned its shareholders they are unlikely to see any value from its 28 per cent stake in Dublin retailer Arnotts. In a statement to the Irish Stock Exchange, where Boundary Capital is listed, it said Art Holdings, which owns Arnotts, is in talks with its bankers about restructuring its debt. The level of debt owed by Arnotts means that there is unlikely to be any material value for Boundary Capitals investment in Arnotts, it said. Arnotts has been planning a major expansion of its premises on Henry Street. THE mood among Irish consumers has improved, according to a survey which found consumer sentiment rose to its highest level in two years last month. The overall KBC Ireland/ESRI Consumer Sentiment Index rose to 64.6 in January from 53.3 the previous month the strongest monthly change since December 2004. However KBCs chief economist, Austin Hughes, warned the improvement will be partly reversed in February as the sales end and bills from Christmas arrive. Consumers remain fairly cautious but notably less pessimistic than they were, Mr Hughes added. Launched Engineers Week: Brian Cowen UP TO 175 jobs will be lost at medical device manufacturer Boston Scientifics Galway plant. The firm, which employs 3,000 people in Galway and a further 2,000 at its plants in Cork and Clonmel, said the job losses were in response to current market production needs. The firm said it remained strongly committed to its operations in Ireland, which it said, are recognised as making a significant contribution to the organisations global operations network. 175 medical tech jobs cut 40,000 Allied Irish Banks customers overcharged By Ed CartyABOUT 40,000 customers of Allied Irish Banks (AIB) have been over- charged to the tune of 4million, it was revealed yesterday. The bank discovered it had applied business rates to some personal ac- count holders and vice-versa for sev- eral years. Thousands of customers can expect refunds of on average 100 each after being hit with increased fees and the wrong interest rates. An element of the account classifica- tion process has been found to be vul- nerable in some cases, resulting in ac- counts being mistakenly entered into the wrong category, the bank said. Some personal accounts may have been classified as business and some business accounts as personal. AIB: Overcharging may have taken place over several years The overcharging was identified in November 2008 and the Financial Regulator informed. AIB described the error as incorrect classification and warned it may have occurred over a number of years. In a statement AIB said: Until the full process is complete, it is not pos- sible to quantify exactly how many accounts are affected and what the to- tal refund amount will be. However, currently it is estimated that the number of accounts requiring refund would be 40,000 and the total refund would be 4million plus com- pensatory interest. The Financial Regulator has given AIB until the end of the year to notify all affected customers and issue re- funds by March 2011. The bank said any overcharged cus- tomer will have their account correct- ed and be refunded but AIB will not chase fees that were undercharged and interest which has been underpaid. The Financial Regulator said: AIB has commenced the process of com- municating with customers on a phased basis advising them of the is- sue and setting out what is being done to rectify the matter. The Regulator will also begin a review of how over- charging is dealt with in the future. Meanwhile, AIB group managing director Colm Doherty revealed that former ESB director Bernard Byrne has been appointed new chief finan- cial officer. index.html2.html3.html4.html5.html6.html7.html8.html9.html10.html11.html12.html13.html14.html15.html16.html17.html18.html19.html20.html21.html22.html23.html