Wednesday 26 July 2017

Grehan brothers challenge receiver

COURTS IPO ACCOUNTANCY US

Two companies of developer brothers Ray and Danny Grehan have begun a High Court action challenging the appointment by the National Assets Management Agency of receivers to the Glenroyal Hotel and leisure centre in Co Kildare.

The proceedings by Glenkerrin Properties Ltd and Glenroyal Leisure Ltd have been taken against NAMA and accountants Paul McCann and Michael McAteer, who were appointed receivers last month.

PetroCeltic agrees new drilling contract

OIL

IRISH explorer PetroCeltic International has agreed another drilling contract with KCA Deutag in Algeria. Petroceltic raised £37m (€42m) last week to expand its current programme on the licence and to help fund development. The second drill rig has been contracted for three wells which means that the drill programme will stretch to at least six wells before the end of 2011.

LinkedIn increases it's share prices

LinkedIn, the largest professional-networking website, increased the price range for its initial public offering, lifting the company's potential valuation to as much as $4.25bn (€2.98bn). The company is offering 7.84m shares at $42 to $45 each, according to a filing with the US Securities and Exchange Commission.

UK probe into 'Big 4' accounting firms

Britain's antitrust regulator opened an investigation into dominance by the "Big Four" accounting firms, saying the industry is distorted by practices that stunt competition and block smaller rivals. The probe by the Office of Fair Trading is broader than the watchdog's earlier proposal to focus on bank loans that force borrowers to use the largest auditors -- KPMG, Deloitte, PricewaterhouseCoopers and Ernst & Young, the watchdog said.

Industrial output for US in April stalled

Industrial production in the US unexpectedly stalled in April and housing starts dropped, posing hurdles to a rebound from the first quarter's economic slowdown. Output at factories, mines and utilities was unchanged after a 0.7pc gain in March, figures from the Federal Reserve showed.

Irish Independent

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