Financial services provider fined
THE Financial Regulator has fined a Wexford town financial services provider €27,000 for suspected breaches of regulatory requirements. The regulator says that Culleton Insurance Ltd is suspected to have inadvertently applied broker fees to some customer polices which were more than the maximum fees advised and resulted in those customers being overcharged. The firm also failed to have adequate systems and controls to ensure compliance with all the regulator's rules.
Biotrin to create 40 jobs in capital
MEDICAL devices company Biotrin has announced 40 new jobs are to be created in Dublin. The jobs will be in R&D, manufacturing and marketing and are supported through IDA Ireland. Biotrin, a subsidiary of Italian firm Diasorin, develops technologies to run tests on common infectious diseases. This brings the total number of workers in Dublin to 100.
€7m loss for bank in LM collapse
ULSTER Bank lost more than €7m from the collapse of Donal Caulfield's LM Developments, new documents reveal. The bank was owed €10m when it seized the company in November -- a receivers' summary shows the value of LM Developments was estimated at less than €2.4m.
Faxon new CEO in shake-up at EMI
TROUBLED record company EMI has appointed Roger Faxon as chief executive of a new group that will replace the present company model. EMI said it planned to combine EMI Recorded Music and EMI Music Publishing under one global head. Charles Allen, who recently joined as non-executive chairman of EMI Recorded Music, will act as an adviser to EMI and shareholder Terra Firma.
Warning over pay for Tesco bosses
ANOTHER corporate governance lobbying group has recommended that shareholders vote against Tesco directors' remuneration at next month's annual meeting. Pensions Investment and Research Consultants says the retailer paid its full-time directors too much last year and that executives could get even bigger rewards in the future. RiskMetrics and Manifest also warned against Tesco's top pay schemes.