Business World

Monday 24 July 2017

MacSharry loses bid to stop legal action

COURTS

FORMER EU Commissioner Ray MacSharry has lost an application to prevent an accountant proceeding with claims against him in the Commercial Court concerning a land deal in Co Sligo. Mr Justice Peter Kelly yesterday ruled the MacSharrys -- which included Ray MacSharry snr, his sons, Ray jnr and Senator Marc MacSharry -- had failed to show the claims made against them by accountant Kenneth McMoreland were bound to fail or amounted to an abuse of court process.

Origin chief's wages up 20pc on last year

AGRI

ORIGIN Enterprises chief executive Tom O'Mahony saw his pay package increase by nearly 20pc last year, it was revealed yesterday. According to Origin's annual report, Mr O'Mahony earned €1.164m in the year to July 31, 2011, compared to €984,000 a year earlier. The increase was due mainly to a bonus that increased 25pc to €450,000 and a pension that rose to €147,000 from €57,000.

Olympus falls after FBI probe reports

investigations

OLYMPUS, under fire from shareholders amid questions about $687m (€492m) in payments to advisers, plunged in Tokyo trading after a report that the FBI is probing the maker of optical equipment. Tokyo-based Olympus plunged 11pc, dropping to its lowest since October 1998. The FBI is investigating payments by Olympus to advisers on a 2008 acquisition.

Caterpillar's sales and profits soar

CONSTRUCTION

CATERPILLAR, the world's largest construction and mining-equipment maker, posted third-quarter profit and sales that topped analysts' estimates as demand rose for shovels and drills used to dig up metals. Net income climbed 44pc to $1.14bn (€818m), or $1.71 a share, from $792m, or $1.22, a year earlier, the company said in a statement. Sales increased 41pc to $15.7bn. The shares climbed as much as 5.7pc in New York. Caterpillar said full-year profit will be $6.75 a share.

Irish Independent

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