Wednesday 20 November 2019

In brief

two of Ireland's best-known companies, CarTrawler and New Ireland Assurance, have joined Enactus Ireland as partners.

Founded in the US in 1975, Enactus is an international, not-for-profit organisation that encourages university students to make a positive difference to their communities while developing the skills to become socially responsible business leaders of the future. Ireland is one of 36 countries operating the Enactus programme.

The move sees CarTrawler CEO Mike McGearty and New Ireland Assurance managing director Sean Casey appointed to the board of Enactus Ireland.

Not-clockwork Apple

The Apple Watch may not come to Switzerland until the end of 2015 due to a patent dispute, according to a report by a Swiss television broadcasting company.

The US tech giant cannot use the image of an apple nor the word "apple" to launch its watch within Switzerland, the home of luxury watches, because of a patent from 1985, RTS reported. The patent is set to finish on December 5.

Trader 'owed $9m'

Barclays must release millions of dollars in deferred pay to former derivatives trader Mayank Chamadia who claimed the bank unfairly withheld compensation after he left the firm.

Financial Industry Regulatory Authority arbitrators awarded Chamadia $3.7m (€3.3m) in compensation that already would have vested, and said there is "no basis" to withhold or reduce payouts yet to vest, according to their ruling. That would release a total of about $9m, said Jonathan Sack, Chamadia's lawyer.

Mr Chamadia was put on leave in 2013 to prepare testimony for investigators of possible interest-rate manipulation in the industry, according to Mr Sack. Chamadia, who wasn't accused of violating the law, resigned in October 2013 to join Balyasny Asset Management. Barclays declined to comment.

US stocks rise

US stocks rose yesterday as expectations the Federal Reserve will push any rate increases further into the year offset concerns over faltering economic growth.

New data showed US employers last month added 126,000 jobs, the lowest in over a year.

Irish Independent

Also in Business