Collier 'didn't leave job over O'Leary'
THE former chief executive of the Dublin Airport Authority, Declan Collier, says he didn't leave his role to get away from Ryanair boss Michael O'Leary. Mr Collier recently started a new job as the head of privately owned London City Airport. "He's a challenging business partner but I didn't come to work at London City because Ryanair wasn't here," Mr Collier said.
ICG bid to cut share premium account
IRISH Continental Group (ICG), owner of Irish Ferries, is seeking court approval for a €46m reduction in its share premium account for purposes including paying a dividend to shareholders. ICG company secretary Thomas Corcoran said in a sworn statement he believed the proposed reduction was in the interests of shareholders, and did not believe it was prejudicial to creditors or that the solvency of the company was in any way affected. After the reduction, there would be €6.3m standing to the credit of the share premium account, he said.
IIF reveals 60pc fall in new business
THE level of new business being written in the life assurance and pensions markets has fallen by around 60pc in the last five years. Figures from the Irish Insurance Federation show the combined new business in the two markets dropped 7pc to €947m last year, and sales are now at "barely" 40pc of the peak in 2007. Non-life insurance premium income fell almost 5pc to less than €2.9bn.
IDB in deal to sell Belgian operation
THE Irish Dairy Board (IDB) has agreed to sell its Belgian continental cheese-packing operation, IDB Belgium, to Holland's FrieslandCampina. Terms were not disclosed. The deal is subject to regulatory approval but is expected to be completed by the end of July. IDB said the sale's proceeds would be invested in "furthering the group's strategic growth plans and in international acquisition prospects". Board chairman Kevin Lane said: "The sale is another significant strategic step for IDB. The divestment will unlock additional capital to develop more focused routes to market for Irish products."