Business in breif: Irish arm of Taro posts €12.3m loss
The Irish arm of Taro Pharmaceuticals, the Israeli drug company that's been locked in legal disputes with Indian-firm Sun Pharma following a failed merger attempt, posted a €12.3m loss for 2008. Sun Pharma has been pursuing a $454m (€315m) hostile takeover of Taro since 2007 and Taro's facility in Roscrea, Co Tipperary, at one stage became a focal point in the battle. The two firms remain at loggerheads over the deal.
Kentz awarded $69m contract
Clonmel-headquartered engineering group Kentz has been awarded a $69m (€48m) contract to develop a coal processing plant in Mozambique. The AIM-listed company will undertake work, including structural elements, electrical and instrumentation installation at the Moatize coal project, which is being developed by Brazil-based Vale. The processing plant will eventually have the capacity to handle 26 million tonnes of coal per annum.
Cork City FC firm faces wind-up
THE company behind embattled Cork City Football Club is facing another wind-up petition from the Revenue Commissioners. A spokesman for the taxman said the petition was being taken because of "new debts due to revenue" by Cork City Investment FC. Collector General Gerry Harahill last moved on the football club in March 2009, prompting it to clear its debts that August. The fresh winding up petition is due to be heard on February 1.
Barclays and RBS hit by US levy
BRITISH banks Barclays and Royal Bank of Scotland (RBS) may pay the most among European banks as a result of US President Barack Obama's tax on financial firms, two analysts said. Barclays and RBS may face annual costs of £594m (€670m) and £383m respectively, Jaap Meijer, a London-based analyst at Evolution Securities, wrote in a note to investors yesterday.
3G in liquidation after rescue fails
Mobile-phone retailer 3G Mobile has gone in to liquidation after rescue plans for the company, which had 27 stores, failed. A few weeks ago, the chain announced the temporary closure of all its stores in Ireland. Some 115 jobs are now threatened. The company blamed inflexible rents operating in a recession for the closure.