Business World

Monday 22 September 2014

Topaz deal with State

Published 03/05/2014 | 02:30

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TOPAZ has said it has signed an agreement to supply fuel charge cards to some public sector bodies. The three-year deal, which can be extended to 2018, was signed with the Office of Government Procurement and is worth about €20m.

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"The agreement is not just good news for Topaz and its 1,600 employees but also for the 4,000 people employed through our dealer network and thousands of employees in other oil companies covered by this agreement," said Topaz's commercial director, Liam Mulcahy.

IFG GETS NEW CEO

FINANCIAL services company IFG Group has found a new chief executive. The Booterstown-based company said Paul McNamara will join it on July 28. Interim chief executive John Cotter will continue in the role until then.

Mr McNamara is managing director of investments and insurance at Barclays and has previously held senior roles at Standard Life, HBOS, Axa, McKinsey's and Bank of Ireland.

PFIZER'S BID REJECTED

US drugmaker Pfizer has raised its offer for AstraZeneca to £63bn (€76.6bn) but the British company promptly rejected the proposal. AstraZeneca's board said it had "no hesitation" in rejecting the proposals.

It said it believed the proposals "substantially undervalue" the company and were not an adequate basis on which to engage with its suitor. Pfizer would much prefer an agreed deal with its rival as hostile takeovers usually take longer, require a higher final price and carry more risks because the bidder cannot access the target's books.

US JOBS ON THE WAY UP

US job growth increased at its fastest pace in more than two years in April and the unemployment rate dived to a five-and-a-half year low of 6.3pc. The figures point to a sharp rebound in economic activity early in the second quarter. Non-farm jobs surged 288,000 last month, the Labour Department said.

That was the largest gain since January 2012 and beat Wall Street's expectations for only a 210,000 increase. The unemployment rate tumbled to its lowest level since September 2008. The Labour Department attributed the decline to a drop in the number of unemployed people re-entering the labour market as well as a fall in new entrants into the labour force. The US economy stalled in the first quarter, weighed down by an unusually cold and disruptive winter.

Irish Independent

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