Wednesday 7 December 2016

Gang of four still in race to buy EBS

FINANCE

Published 04/09/2010 | 05:00

ALL four bidders are understood to still be in the race to buy state-controlled EBS, after lodging second-round bids more than a week ago.

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Earlier this week, Irish Life & Permanent told the market it hoped to have "clarity" around its EBS offer by the month's end. The other bidders are understood to be private-equity venture JC Flowers, TV3 owner Doughty Hanson and Cardinal Asset Management.

AIB still hasn't moved on cuts

BANKS

AIB Has yet to hold "meaningful" discussions around staff cuts, the Irish Independent has learned. The bank confirmed plans to cut staff and branches in early August, but union and company sources this weekend confirmed that "initial" talks had taken place, but nothing "substantial" had been discussed.

Growth hits new low since May

ECONOMY

The latest NCB Services Purchasing Managers Index (PMI) showed that business activity is still growing, but at its slowest rate since May, while job cuts are now at their fastest rate in three months. Business activity fell to 52.9 from 55.7 in July. The decline was most marked across the travel and leisure sector, where the index fell to 44.

Offaly firm wins a €4m EU grant

TECHNOLOGY

A COMPANY based in Tullamore, Co Offaly, will benefit from a €4m EU research grant, after receiving top ranking in a list of 61 projects submitted to the European Commission earlier this year. R&R Mechanical has developed a new system called MACCsol, to cool solar power plants, with the Stokes Institute at the University of Limerick.

Goldman shutting trading desk Banking

Goldman Sachs Group is shutting its principal-strategies business, a group that makes bets with the firm's own capital, to comply with new US rules aimed at curbing risk. Wall Street's most profitable investment bank plans to hold off on announcing the wind-down while the 65 to 70 members of the global unit seek new jobs, sources said, speaking anonymously because the internal discussions about the process are confidential. Some traders and support staff may get roles in the firm, while a team in Asia may raise money for a new hedge fund.

Irish Independent

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