Investors snap up hi-tech companies
Published 15/03/2011 | 05:00
International investors spent €700m buying Irish hi-tech, pharmaceutical and medical devices businesses in 2010, Raglan Capital's Cathal Friel will tell industry players meeting in Dublin this morning.
Entrepreneurs, investment bankers and venture capitalists focused on the sectors are meeting in Dublin to discuss the outlook for Irish hi-tech companies over the next 18 months.
"Irish companies whose customer base is overseas and production is based in Ireland are attracting the most interest," said Cathal Friel.
Dublin-based Raglan Capital advises business owners on the sale or acquisition of companies.
Providence reduces stake in drill project
OIL and gas company Providence Resources said its stake in a drilling project off the west coast of Ireland would fall to 32pc from 56pc as partner Chrysaor increases its stake. Chrysaor will increase its stake in the Spanish Point drilling project, which is due to begin in 2012, from 30pc to 60pc by exercising a pre-agreed option, Providence said in a statement. In return, Chrysaor will drill two appraisal wells and assume management of the drilling programme.
Production rate slows to a crawl
IRISH industrial production rose at the second-slowest pace in Europe last year, new figures showed yesterday. Industrial production here rose 1.4pc in the 12 months to January. Only Italy saw a smaller increase among the 27 nations in the European Union, although Portugal posted a decline of 0.6pc, the EU's statistics office in Luxembourg said. Countries that suffered economic problems similar to Ireland's but adopted different solutions, such as hard-hitting austerity programmes, saw the biggest increases.
Mortgage brokers disqualified by bank
THE Central Bank has disqualified Patricia Clinton and Frank Clinton of Innovative Mortgage Service from managing a financial firm for three-and-a-half years. The company, which has an address in Mullingar, Co Westmeath, breached the Consumer Protection Code and the Consumer Credit Act of 1995. The Central Bank identified 11 breaches during a targeted inspection.