Monday 23 October 2017

US giant buys Cork firm

GxP Systems, a Cork-based company that helps customers from the science industry achieve regulatory compliance, has been acquired by SRCL, a division of US giant Stericycle, for an undisclosed sum.

"We were looking for a company like GxP Systems to expand our global business into the regulatory compliance sector and we were impressed by the strength and depth of the management team, the technical staff, and excellent reputation in the marketplace," SRCL managing director (Ireland) Kevin McCarthy said.

Food sector confident

four in five Irish food services companies are confident they will grow their business this year, with almost half expecting to hire staff.

The food services sector consists of 'out-of-home' eating in places like restaurants, cafes and pubs. The survey, by Limerick-headquartered Pallas Foods - a supplier to the food services industry - found that customers are now eating out more regularly.

Rating agencies rebound

Revenues and margins at Europe's "Big Three" credit rating agencies are back to pre-financial crisis levels and they are in line for more business, despite new rules aimed at reducing their influence, a regulator said.

Moody's, Standard & Poor's and Fitch came under fire when securitised debt they rated highly turned toxic from 2007. The European Securities and Markets Authority (ESMA), which regulates the 27 rating agencies operating across the EU, said that as the demand for rating securitised debt fell, ratings for high-yield corporate debt filled the gap.

Blackstone to list parks

US private equity firm Blackstone has hired Bank of America Merrill Lynch and Morgan Stanley to act as co-ordinators for an upcoming listing of holiday resort company Center Parcs on London's stock exchange.

Barclays and Deutsche Bank were also chosen to work on the listing, which would value the company at €3.4bn, a source said.

QE will work - ECB

The ECB's asset purchase programme is large enough to ensure Eurozone inflation returns to its target of close to but less than 2pc, ECB governing council member Christian Noyer has said.

"We are convinced that the purchase programme will allow us to reach this objective," Mr Noyer, who is also the governor of the French central bank, told the French parliament yesterday.

Irish Independent

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