Business

Saturday 25 November 2017

IMF says Bermuda is our biggest investor

BERMUDA is the biggest source of foreign direct investment in Ireland followed by Luxembourg and the Netherlands, the IMF said yesterday. The fund said Bermuda-based companies pumped €37.4bn into the economy in 2010 or 15pc of all foreign direct investment. Rounding off the top five were the US and Britain. Bermuda features at the top of the list because US companies often use affiliates in Bermuda or the Netherlands to invest here. Investment overseas by companies based in Ireland follows a similar pattern with Bermuda topping the list of countries that get Irish investment followed by Luxembourg, the UK, the Netherlands and the US.

France caps public sector exec salaries

PAY

FRANCE'S finance minister yesterday announced plans to limit executive pay at state-owned companies to €450,000 a year.

The pay cap delivers on a campaign-trail promise by President Francois Hollande and will take effect in 2012 or 2013 depending on the company, Finance Minister Pierre Moscovici said. "Earning €450,000 a year doesn't seem to me a deterrent if we want to have quality men and women at the head of our companies," Mr Moscovici said.

Man United ditches plan for Asian IPO

SHARES

MANCHESTER United has ditched its plans for an Asian listing and is preparing to list in the US, according to sources. After first eyeing a Hong Kong IPO, it had planned to float shares in Singapore in the second half of 2011. One of the sources said United had always planned to position itself as a global media business rather than a sports franchise, suggesting that a US listing would make more sense. (Reuters)

Electric car maker buys bankrupt Saab

MOTORING

BANKRUPT Swedish car maker Saab has been sold to electric car maker National Electric Vehicle Sweden (NEVS). NEVS is a new company registered in Sweden and founded by two firms in Hong Kong and Japan. Terms of the deal were not disclosed. Saab filed for bankruptcy on December 19.

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