In brief: Aviation firm profits post 35pc decline
AVIATION : SANTOS-DUMONT, the Irish aviation consultancy business controlled by Tony Lyons, posted a 35pc decline in operating profits to €995,000 in the 12 months to the end of June. Accounts show that a €1m pension contribution was made for directors -- 10 times that made in 2009.
Small firms group elects chairman
THE SMALL Firms Association has elected Ian Martin to succeed Dr Aidan O'Boyle as its chairman. Mr Martin was elected by the National Executive for the period 2011-2012. Mr Martin is managing director of hygiene company Martin Services Ltd. He has been a member of the Small Firms Association for over 20 years.
Maxol phases out E85 motor fuel
OIL company Maxol says it is phasing out the sale of the ethanol-based E85 motor fuel. It says it has made the decision because the duty derogation on the fuel runs out at the end of this year. Maxol will start phasing out the marketing of this fuel from January 1, 2011. The company said that, as a result of the government incentives coming to an end, E85 will become significantly more expensive at the pump than normal unleaded petrol.
Regulators toughen up on bank bonuses
EUROPEAN regulators have confirmed tough restrictions on the bonuses that banks can pay their staff. Only 20-30pc of bonuses can be paid in upfront cash, according to new guidelines announced by the Committee of European Banking Supervisors. The bonus limits will apply to the entire global staff of European banks.
British pound to give sterling performance
STERLING will be the best-performing major currency next year, Barclays has forecast. The prediction came as BarCap, the securities arm of the retail bank, also used its 2011 outlook to predict that stock markets would outperform government bonds. The pound will end next year at $1.82 against the dollar and 78p versus the euro, it was estimated.