Saturday 16 December 2017

Business in brief


US sees off Asia to reclaim top spot for most millionaires

North America reclaimed the top spot from Asia with the most millionaires last year, according to a new wealth report.

About 3.7 million people in North America had at least $1m (€750,000) in investable assets in 2012, a jump of 11.5pc according to the 17th annual World Wealth Report.

The number of similarly wealth people in the Asia-Pacific region, which overtook North America a year earlier, increased 9.4pc to 3.68 million, boosted by Singapore and Hong Kong.

Still, the Asia-Pacific region is expected to retake the top spot in "the very near future" and lead growth over the next three years, according to the study.

RBC Wealth executive Barend Janssens said yesterday that the Asian population is benefiting from the region's entrepren-eurship, compared to "the Western world, where a lot is inherited".

The combined wealth of the world's millionaires also leaped to record highs, up 10pc to $46.2tr last year.

The increase was led by the super-rich, those with at least $30m. The report also found the world's affluent remained cautious in 2012, with a focus on preserving rather than growing wealth.

Approval for newspaper plan

The 'Sunday Business Post' will exit examinership after the commercial court approved a €750k survival plan.

Examiner Michael McAteer and the newspaper held seven creditors' meetings to seek support from parties owed €2.5m for the rescue deal. Yesterday's decision means the newspaper now belongs to media executive Paul Cooke.

Creditors of the newspaper ranged from Revenue Commissioners to the former owners Thomas Crosbie Holdings, which will receive no payout.

NAMA stumps up €18m to finish Belfast buildings

The National Asset Management Agency (NAMA) is to provide £15m (€18m) in funding to complete a landmark office development in Belfast that has been on hold since the collapse of the property bubble. The agency's chairman said yesterday that this is part of its ongoing investment programme to enhance the value of its assets in Northern Ireland.

NAMA is financing the completion of two buildings at Lanyon Place, a high-profile office and leisure complex whose buildings include the Waterfront Hall conference and entertainment venue.

Minister Bruton signs performers rights' treaty

ENTERPRISE Minister Richard Bruton has signed the Beijing Treaty for the EU, aiming at protecting the intellectual property of musicians and actors between Europe and China.

The treaty, which was signed at the headquarters of the World Intellectual Property Organisation in Geneva yesterday, is aimed at strengthening the rights of performers Europe and China, and when their work is used, that they are fairly compensated.

As well as signing the treaty for the EU, the minster also signed on behalf of Ireland.

Medal for Fleishman Hillard

PUBLIC relations firm Fleishman Hillard Dublin has won a Cannes Lion PR Award, one of the most prestigious awards for the communications industry in the world. It was awarded a bronze award for creativity, for its P&G Proud Sponsors of Mums campaign during the London Olympics.

Fleishman Hillard Dublin director Gill Madden, creative director Brian Melarkey and client manager Ellen Ryan managed the campaign. The Cannes Lions International Festival of Creativity has been running for 60 years.


Irish Independent

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