Business

Saturday 3 December 2016

In brief: Weber to be made new UBS chairman

BANKING

Published 02/07/2011 | 05:00

Axel Weber is to be the next chairman of UBS, resolving succession issues at the Swiss banking group and removing any possibility the former Bundesbank president might take an executive role at Deutsche Bank.

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Mr Weber, who will receive a one off "golden hello" of €1.6m along with 200,000 UBS shares, was once tipped as the likely successor to Jean-Claude Trichet at the European Central Bank.

Gaming firm Zynga set for $1bn IPO

GAMING

Gaming giant Zynga, whose European headquarters are in Dublin filed paperwork yesterday for an initial public offering, the latest in a series of hot social media companies to seek capital in the US public markets.

The company, which is behind a series of popular games on Facebook, said it hoped to raise up to $1bn (€689m).

Grafton chief steps down from role

RESIGNATION

Michael Chadwick formally stepped down from his role of executive chairman at building materials firm Grafton yesterday, ending nearly three decades at the helm of the company. Gavin Slark officially took over as chief executive, while Mr Chadwick will remain as non-executive chairman at Grafton, whose businesses include DIY chains Woodies and Atlantic Homecare as well as a string of builders providers in Ireland and the UK.

Worldspreads posts pre-tax loss for year

SPREAD BETTING

Spread betting firm Worldspreads sank into the red during its last financial year, posting a pre-tax loss of €800,000 compared to a €3m pre-tax profit a year earlier. Worldspreads said the swing into negative territory was in a large part precipitated by a significantly increased marketing spend, which rose to €3.22m last year from €580,000 in 2009.

Flybe and Finnair buy Finnish airline

AVIATION

UK regional airline Flybe has formed a venture with Finnair to buy Finland's largest domestic carrier, Finnish Commuter Airlines, for a total of €25m. Flybe said that it will pay €12m in cash for its stake, while Finnair is shelling out €13m. However, Flybe will control 60pc of the new venture, which will be known as Flybe Nordic. Flybe said that its total outlay will be almost €24m, including net cash and loan repayment. Return on investment is expected to exceed 15pc by the second full year, it said.

Irish Independent

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