Business Irish

Saturday 10 December 2016

Elan's Martin gets double 2008 pay

Published 27/02/2010 | 05:00

PHARMA

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Kelly Martin, the chief executive of pharmaceutical company Elan, was paid more than $1.66m last year -- double what he received in 2008, according to the company's annual report. Mr Kelly received an unchanged basic salary of $803,000, and a cash bonus of $800,000. In 2008 he had waived his bonus. CFO Shane Cooke received $1.66m, up from $1.12m. Donal O'Connor, the chairman of government-owned Anglo Irish Bank, received $70,000 in fees last year from Elan where he's a non-executive director.

ESB raises €307m for investments

FUNDING

ESB yesterday raised £275m (€307m) in the UK bond market as it powers ahead with a multi-billion euro investment in its networks system and renewable energy over the next decade. The fundraising brings its total debt to about €3bn, which is about half its current statutory borrowing limit set by the Department of Communications, Energy and Natural Resources. However, outgoing finance director Bernard Byrne said it marks first issuance under a new €3bn debt programme -- known as a euro medium-term note programme.

Doubts on Greek bond take-up

BOND MARKETS

Doubts about the willingness of the financial markets to take up a multi-billion euro bond issue by Greece surfaced yesterday as Germany's top banker met the Greek prime minister in Athens. The meeting between George Papandreou and Joseph Ackermann, Deutsche Bank's chief executive, took place as a clutch of German lenders said they would be unlikely to take up Greek bonds in the near future -- a potential threat to the financially strapped eurozone member that is expected to launch a €5bn cash call next week.

Links will help us 'weather storm'

TRADE

The strong links that developed between Ireland and Britain in the boom years will help the two countries weather the economic storm together, Ireland's British Ambassador Justin King said yesterday. Addressing the Institute of Directors' spring lunch, he said both economies were facing serious challenges including a rush to protectionism. "I'm convinced that the co-operation that has served both our countries so well to date will help us overcome the challenges ahead together," he said.

Irish Independent

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