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Bank takes control of EMI music label

US Bank Citigroup has seized control of music label EMI in a dramatic debt-for-equity swap that sees it write-off €2.56bn of debt.

Citi will write off 65pc of EMI debt after administrators were appointed to take over the business from private equity firm Terra Firma yesterday. Administrators were appointed after EMI breached covenants on its massive €3.9bn debt pile.

Pfizer closure won't upset Irish operation


PFIZER said there would be no knock-on effects for its Irish operations following a decision to close its research and development centre in the English town of Sandwich, which employs 2,400 people. The Sandwich plant is involved in research and development, while the company's Irish operations, which employ 5,000 people at 11 locations, are involved in manufacture, services and customer support.

Investors get chance to design own plan


STANDARD Life has launched a new bespoke investment option for investors that will allow people with lump sums to design their own investment. Up to 25pc of their investment can be put on deposit earning 5pc for 12 months with Nationwide UK (Ireland). The remainder can be invested in Standard Life's 38 Synergy funds/deposit options or Exchange Traded Funds.

North Africa trouble 'disrupting exports'


DISRUPTION in Egypt has the potential to derail Irish exports in the region, warned CEO of the Irish Exporters' Association John Whelan yesterday. The North African market accounts for €243m of Irish goods exports, and with both Tunisia and Egypt heavily disrupted exporters are concerned about security of payments and delivery.

IMF stress test chief gets €9.4m in stock


LARRY Fink, the head of asset management giant Blackrock, which was brought in by the IMF to stress test the Irish banks' loan books, was awarded nearly $13m (€9.4m) in stock by the company for 2010.

Irish Independent