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First Derivatives buys three UK firms

NEWRY-BASED specialist financial software company First Derivatives has bought three London-based businesses, spending £3.15m (€3.95m) on the niche firms. The company announced the acquisition of Redshift Horizons Ltd, which provides design capability for real-time electronic trading systems; investment management partnership Redshift Horizons LLP; and application and consulting services firm Cowrie Financial.

ESB secures finance for gas power plant

IRISH utility ESB has secured financing for a 880-megawatt gas-fired power plant in Britain, showing financial backers are ready to lend money to build new gas plants despite their months of loss-making. "Carrington Power Limited, owned by ESB, has reached financial close with a syndicate of international banks for a combined cycle gas turbine (CCGT) power plant just outside Manchester, England," the company said in a statement.

Central database of credit a step closer

THE establishment of a central register of people's credit histories moved a step closer yesterday, when the Government published the Credit Reporting Bill 2012. The Bill, which is being brought in as part of the terms of the EU/IMF bailout, will consolidate a person's credit reports into one central database to be controlled by the Central Bank. The Bill will force banks and other credit firms to report data on their customers, in an effort to give lenders better information on individuals before extending credit to them.

Building firms ask for lower wage rate

CONSTRUCTION chiefs have gone to the Labour Court to ask for a reduction in wage rates and new working conditions. The Construction Industry Federation (CIF) wants a cut in the registered employment agreement (REA), stating that while tender prices have fallen by 30pc on average, wages have dropped by 5pc. CIF Director Tim Parlon said: "Everyone knows that the construction sector is suffering badly with the level of activity dropping dramatically since the downturn began. There is simply a very limited pool of work available to construction companies."

Irish Independent