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Profits up at Northern Trust’s Irish unit

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Pretax profits at an Irish unit of US bank Northern Trust last year increased 10 per cent to €23.18 million.

Northern Trust Corporation has offices in Limerick and in Dublin and new accounts for Northern Trust Fiduciary Services (Ireland) Ltd show that pretax profits increased after revenues rose by 9 per cent to €125.87 million.

The company recorded an after tax profit of €19.79 million after incurring a corporation tax charge of €3.38 million.

The company last year paid out a dividend of €50 million to immediate parent, Northern Trust (Ireland) Ltd.

In total last year, Northern Trust (Ireland) Ltd received €175 million in dividends from three connected Irish firms that also included a dividend of €75 million from Northern Trust Management Services (Ireland) Ltd and a €50 million dividend from Northern Trust International Fund Administration Services Ltd.

In turn, Northern Trust (Ireland) Ltd paid out a dividend of $188 million (€160 million) in July 2024 to The Northern Trust Scottish Ltd Partnership.

Northern Trust has been in Ireland since 1989 and opened its Dublin office in 2000 and is today one of Ireland’s largest fund administrators and custodians, supporting global investors across a full spectrum of asset classes and strategies.

The company’s first Limerick office opened in 2007 with 19 staff and the company today employs over 1,800 people across its Dublin offices and two sites in Limerick at Hamilton House and City East Plaza where its Limerick operation has grown rapidly in recent years.

The principal activity of Northern Trust Fiduciary Services (Ireland) Ltd is the provision of a fully integrated custody, depositary and trustee services to collective investment schemes.

The directors state that custody, trustee and depositary fee revenue and AUC (Assets Under Contract) increased during the year “primarily driven by positive equity markets and new business generated by both existing clients through new fund launches and new clients”.

The company’s balance sheet shows that at the end of December last, its shareholder funds totalled €132.6 million while its accumulated profits amounted to €107.4 million.

A separate Irish based Northern Trust firm, Northern Trust Management Services Ltd employs the firm’s Irish based staff and underlining the contribution the firm makes to the economy staff costs at Northern Trust Management Services Ltd for 2023 totalled €163.28 million as numbers employed increased from 1,825 to 1,851.

Globally in 2024 Northern Trust’s revenues increased by 22 per cent from $6.8 billion to $8.3 billion and it recorded pretax profits of $2.65 billion.

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Sinclair-owned ABC stations will bring ‘Jimmy Kimmel Live’ back to air Friday

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  • Sinclair said it would return “Jimmy Kimmel Live!” to its ABC affiliate broadcast stations on Friday.
  • The company, which owns and operates nearly 40 ABC stations, has preempted the late night show since its return to the air on Tuesday.
  • Fellow broadcast station owner Nexstar has also preempted Kimmel since Tuesday.
On Tuesday, May 13, 2025 at North Javits in New York City, an incredible roster of all-star talent will tout their connections to storytelling, Disney, and each other while showcasing their latest projects for the upcoming year.
Michael Le Brecht | Disney General Entertainment Content | Getty Images

Sinclair is returning “Jimmy Kimmel Live!” to its ABC affiliate broadcast stations beginning Friday, the company said in a statement.

The announcement comes three days after Disney’s ABC broadcast network returned the late night program to its air after a nearly week-long suspension. Disney had temporarily suspended the late night show following comments Kimmel made about the alleged murder of conservative activist Charlie Kirk and President Donald Trump’s MAGA movement.

“Our objective throughout this process has been to ensure that programming remains accurate and engaging for the widest possible audience. We take seriously our responsibility as local broadcasters to provide programming that serves the interests of our communities, while also honoring our obligations to air national network programming,” Sinclair said in a statement on Friday.

“Over the last week, we have received thoughtful feedback from viewers, advertisers, and community leaders representing a wide range of perspectives,” Sinclair said. “We have also witnessed troubling acts of violence, including the despicable incident of a shooting at an ABC affiliate station in Sacramento. These events underscore why responsible broadcasting matters and why respectful dialogue between differing voices remains so important.”

Broadcast station owner Sinclair, along with fellow station owner Nexstar Media Group, said earlier this week they would continue to preempt Kimmel’s late night show, meaning it would be unavailable on local stations for roughly 20% of the country, while they evaluated the situation and continued discussions with Disney.

Kimmel addressed the situation — and the ongoing preemptions — during his returning show this week.

“We are still on the air in most of the country, except, ironically, from Washington, D.C., where we have been preempted,” Kimmel said during Tuesday’s monologue. “After almost 23 years on the air, we’re suddenly not being broadcast in 20% of the country, which is not a situation we relish.”

Sinclair owns roughly 40 ABC affiliate stations in the U.S., including one in in Washington, D.C. Nexstar owns about 30 in markets including Salt Lake City and New Orleans.

A Nexstar representative didn’t immediately respond to comment. Disney declined to comment.

Sinclair said Friday it had proposed measures to “strengthen accountability, viewer feedback, and community dialogue” at ABC and its affiliates.

“While ABC and Disney have not yet adopted these measures, and Sinclair respects their right to make those decisions under our network affiliate agreements, we believe such measures could strengthen trust and accountability,” it said.

Kimmel’s suspension last week came shortly after Nexstar announced it would not air the program in light of the host’s comments. Sinclair soon after said it would likewise preempt the program.

Those announcements followed comments from Federal Communications Commission Chairman Brendan Carr that suggested ABC affiliate stations could be at risk of losing broadcast station licenses over Kimmel’s remarks, which came during a show monologue.

The series of events raised questions about influence by the Trump administration on the media and First Amendment protections.

“Our decision to preempt this program was independent of any government interaction or influence,” Sinclair said Friday. “Free speech provides broadcasters with the right to exercise judgment as to the content on their local stations. While we understand that not everyone will agree with our decisions about programming, it is simply inconsistent to champion free speech while demanding that broadcasters air specific content.”

Earlier this week, Sen. Maria Cantwell, D-Wash., sent a letter to Sinclair pushing to bring “Jimmy Kimmel Live!” back on air. Sinclair owns the Seattle ABC affiliate station.

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FAA to let Boeing sign off on 737 Maxes, 787s after years of restrictions

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  • Boeing can sign off on some of its 737 Max and 787 Dreamliner planes before they’re handed over to customers, the FAA said Friday.
  • The FAA had restricted Boeing in 2019 from issuing airworthiness certificates for its own planes in the wake of two fatal crashes of the company’s bestselling 737 Max aircraft.
  • The change shows Boeing is winning more confidence from its regulator after years of safety and manufacturing crises.
Boeing 737 Max planes sit at the airport in Renton, Washington.
Leslie Josephs | CNBC

Boeing can sign off on some of its 737 Max and 787 Dreamliner planes before they’re handed over to customers, the Federal Aviation Administration said Friday, the latest sign the manufacturer is regaining confidence from its regulator after years of safety crises.

The FAA stopped allowing Boeing to issue its own airworthiness certificates for 737 Max airplanes in 2019 after two fatal crashes. It made a similar decision for Boeing 787s in 2022 because of production defects. 

Since the second Max crash, in March 2019, the FAA solely issued airworthiness certificates, which certify planes as safe to fly, for the Maxes. The FAA said that it and Boeing will issue the certificates on alternating weeks.

“Safety drives everything we do, and the FAA will only allow this step forward because we are confident it can be done safely,” the FAA said in a statement. “This decision follows a thorough review of Boeing’s ongoing production quality and will allow our inspectors to focus additional surveillance in the production process.”

Boeing didn’t immediately comment.

The company has been working for years to move past a series of safety and manufacturing issues. A midair blowout of a door panel from one of its new 737 Max 9s in January 2024 set those plans back further, with the FAA capping production of the Maxes and increasing scrutiny of Boeing, a top U.S. exporter.

“If Boeing requests a production rate increase, onsite FAA safety inspectors will conduct extensive planning and reviews with Boeing to determine if they can safely produce more airplanes,” the FAA said Friday.

Boeing CEO Kelly Ortberg, who took the helm just over a year ago, has said the company is focused on stabilizing its production rate of its Maxes at 38 month, and he has expressed optimism about evaluating an increase beyond that with the FAA.

“I feel pretty confident that we’ll be in a position here pretty soon to sit down with the FAA and go through what we call a capstone review, which is the process we go through to not just go through these [key performance indicators], but to look at our entire supply chain readiness, our continued production readiness and move forward with that,” he said at a Morgan Stanley investor conference earlier this month.

Boeing shares were up about 4% Friday.

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Aer Lingus cabin crew union tells members to reject 4% pay increase

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Aer Lingus cabin crew’s trade union is calling on members to reject the offer of a 4 per cent pay boost from the airline in a vote next week, it has emerged.

About 2,000 flight attendants will begin balloting on Tuesday on the offer of a 3 per cent or €960-a-year increase, whichever is greater, from January 1st next year, followed by 1 per cent or €320, whichever is greater, from July 1st.

However, the Aer Lingus cabin crew branch committee of their trade union, Fórsa, is recommending that they vote against the offer as most members say the deal does not go far enough.

The news comes as trade union Siptu is running 10 different ballots across its members in the airline on pay increases. Willie Noone, Siptu’s divisional organiser, said on Friday that a result from those votes is due on October 9th.

A letter from the Fórsa branch committee to members shows that 90 per cent of those who took part in a poll responded that the offer was not acceptable.

Aer Lingus non-pilot staff to ballot on 4% pay riseOpens in new window ]

Fórsa’s members’ news bulletin reported the branch committee’s recommendation on Friday.

Union official Lisa O’Connell explained that the poll showed clearly that the proposals “did not go far enough” in closing a pay gap that emerged between cabin crew and pilots during the Covid-19 pandemic, when airline workers suffered severe pay cuts.

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According to a letter to members, Fórsa asked the company to bridge this by paying cabin crew two €1,500 tax-free vouchers, but management said it could not do this.

Ms O’Connell pointed out that pandemic pay cuts hit cabin crew hard.

“Many are still trying to recover financially as a result of those Covid-era measures, and our cabin crew members believe the deal falls short of undoing the legacy of those measures,” she said.

Cabin crew suffered a 70 per cent pay cut while pilots’ earnings fell 50 per cent.

Stemming from the pandemic, pilots were due to pay €34 million in total back to the company through pay deals.

However, following weeks of industrial action in June and July 2024, an agreement that increased pilot pay by 17.75 per cent also wrote off that debt.

That deal prompted cabin, ground and craft workers’ unions to seek a 4 per cent pay increase from the company.

However, Aer Lingus sought increased productivity in return. Talks have been taking place for several months.

Mr Noone explained that Siptu, whose members include 1,500 ground crew at the airline, is running 10 separate ballots simultaneously as the company is proposing different measures for different groups across Dublin, Cork and Shannon airports.

He confirmed that voting was continuing. Aer Lingus did not comment.

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