Davy wins top brokerage honour
INM signs deal to restructure debts
DUBLIN-based stockbrokers Davy has been voted Ireland's top brokerage in a survey by Reuters, while Goodbody economist Dermot O'Leary was voted number one in the individual research category. His colleague, Liam Igoe, came joint second. The pan-European survey is billed as the benchmark for excellence in investment banking and asset management.
Davy also clinched the national top spots in the research and equity sales categories, while Goodbody's Rory Carton came first in the individual equity sales category. Allianz, Merrill Lynch and Citi were all recognised at European level.
Independent News & Media confirmed yesterday that it has signed an agreement with the publisher's bankers on restructuring the company's debts. The publisher of this newspaper said in late April that it had agreed a restructuring plan but flagged at the time that the fine print would be signed in early June.
The plan, which envisages the sale of the company's South African unit, spending cuts, the issue of new shares and the writedown of a significant amount of INM debt, will now be presented to shareholders at a special meeting next Monday. The publisher is also looking to reach a deal on the company's pension scheme as chief executive Vincent Crowley moves forward with a complex plan to return the company's balance sheet to good health.
HEART-PROTECTING PROBIOTIC AWARDED
A new probiotic that helps to protect the heart was recognised at yesterday's Invention of the Year Awards in University College Cork (UCC).
The discovery by Dr Catherine Stanton and her team won in the bioscience category. The strain of bacteria reduces cholesterol by 53pc within 12 weeks of consumption and organisers say it is likely that there will be strong commercial interest in the research. Fault-finding software developed by a team of sustainable energy researchers based at UCC won in the technology category.
UL SECURES FUNDS FOR CRISIS RESEARCH
UNIVERSITY of Limerick (UL) research looking at what can be learned from the global financial crisis has been awarded €650,000 in funding.
The study is led by lecturer Dr Stephen Kinsella of UL's Kemmy Business School, who will collaborate with Nobel Laureate Joseph Stiglitz through the Institute for New Economic Thinking in New York.