Monday 18 December 2017

Byrne's CityJet return

CityJet founder Pat Byrne is to rejoin the airline's board as chairman.

Mr Byrne founded the airline in 1993 and was chief executive for seven years until it was sold to Air France. He will replace Peter Oncken as chairman but Mr Oncken will remain on the board.

"I am delighted to return CityJet at the most exciting time in its development," Mr Byrne said.

CityJet was sold by Air France-KLM to German firm Intro Aviation last year.

Intro bought Deutsche BA from British Airways for €1 in 2003.

Lee to Ingersoll-Rand

Former CRH chief executive Myles Lee has joined the board of multinational environment quality company Ingersoll Rand.

Mr Lee retired from CRH in 2013 having been with the Irish building materials company since 1982.

"Myles' leadership as former head of the largest public or private company in Ireland provides us with strategic and practical judgment to critical elements of Ingersoll Rand's growth and productivity strategies," Ingersoll Rand chairman and chief executive Michael W. Lambach said.

Baileys' birthday bash

Baileys and Enterprise Ireland have struck a €600k partnership to upgrade the liqueur maker's Dublin factory.

Minister for Agriculture Simon Coveney visited the factory yesterday to mark the brand's 40th birthday.

"The partnership with Enterprise Ireland will ensure that the plant, which already is the largest buyer of milk in Ireland aside from co-ops, can invest further in Ireland's dairy economy bringing further benefits to this important sector," Mr Coveney said.

Around 82 million bottles of Baileys are sold worldwide each year, to 180 countries.

G20 bank bond plans

The world's 30 biggest banks will have to issue more than $500bn (€434bn) in bonds to comply with proposed global rules aimed at shielding taxpayers from the risk of future banking failures, credit rating agency Standard & Poor's said yesterday.

G20 leaders have proposed that 30 so-called globally systemic banks such as Goldman Sachs, HSBC and Societe Generale should hold a buffer of bonds equivalent to between 16pc and 20pc of their risk-weighted assets such as loans, perhaps by 2019.

The proposal was agreed in principle at a G20 summit last November, with a deadline of February 2 for consultation on the detail.

Irish Independent

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