Avis spends $50m on Payless Rental
US CAR rental company Avis has bought Payless Car Rental for about $50m (€38m) in cash. Payless adds 120 locations in North America, Europe and South America to its network, as well as annual sales of $80m. The company said it expected "significant" cost savings from the transaction.
The company is under pressure from rival Hertz, which last week received approval for its $2.3bn acquisition of Dollar Thrifty Automotive Group.
ABBOTT EXPANDS WITH ACQUISITIONS
ABBOTT, the US drug maker that employs 3,000 in Ireland, has agreed to buy two new companies for $560m (€429m) to expand its eye treatment and blood vessel medicines portfolio.
It will pay $310m for Idev and $250m for OptiMedica, plus $150m for reaching certain sales targets.
SPAIN'S BANKERS ARE HIGHEST PAID
TOP Spanish investment bankers were the highest paid in the EU in 2011 by a long shot. The country's most senior bankers were paid an average of almost €2m in the year, about 45pc more than their British peers, according to the EU banking regulator.
The EU brokered a deal in February to outlaw banker bonuses that are more than twice fixed pay to prevent excessive payouts and curb irresponsible risk-taking.
ACCOUNTANTS PLAN TO STAY IN IRELAND
MORE than 87pc of Ireland's accounting students are currently employed, and four-fifths intend to stay in Ireland once they qualify, according to new data from The Institute of Certified Public Accountants Ireland.
"Considering the gloomy economic and labour market forecasts of recent times, these results are very welcome, and reflect the range of opportunities for accountancy graduates," said CPA Ireland marketing executive Ciara Murphy.
NEW HEADACHE FOR BOEING OVER FIRE
REGULATORS are still seeking the cause of last week's fire on a Boeing 787 parked at London's Heathrow Airport after saying they saw no direct link to battery blazes that grounded the fleet earlier this year.
"I'm not sure it's good news at all," said aviation consultant Robert Mann yesterday. "There's a risk investigators will find a new malfunction that would trigger a comprehensive review of the 787's electrical systems."