Council 'must avoid political meddling'
THE new Fiscal Responsibility Law must find a mechanism to prevent political meddling in the operation of the Irish Fiscal Advisory Council, two leading academics said in a report published yesterday. "The design of the law, due to be published before the end of 2011, is of critical importance," TCD economists Agustin Benetrix and Philip Lane said in a paper published by the Institute for International Integration Studies. The advisory council is a condition of the IMF/EU bailout and the Programme for Government.
Corporate chief to leave Ulster Bank
ULSTER Bank's chief executive for corporate markets, Robert Gallagher, has advised the board of his intention to leave the lender. Mr Gallagher joined the Corporate Markets Division of the bank from AIB Group in 2005.
Kenmare shares rise after financing boost
KENMARE, the Irish mining company with a titanium mine in Mozambique, said its Moma mines had achieved "technical completion". Shares advanced 5pc in Dublin after analysts hailed the news as a major step in removing debt guarantees which are in place with the mines' financiers. Technical completion is a requirement of the project's financing documents.
Ash cloud dents airport firm's profits
The impact of the volcanic ash cloud contributed to pre-tax profits at the company that operates Ireland West Airport Knock almost halving last year to €293,960. But the returns show that a Department of Transport grant totalling €760,948 helped Connaught Airport Development Company Ltd avoid a pre-tax loss of €466,988. Revenue increased from €10.1m to €10.3m.
Building collapse hits Kemek hard
INDUSTRIAL explosives firm Kemek, which is part owned by CRH, said profits more than halved last year as the company continued to struggle with the collapse of construction here. Turnover slumped 38pc to €15.5m.