Dodd to overhaul financial rules
Senate Banking Committee Chairman Christopher Dodd unveiled a plan to overhaul financial rules and empower the Federal Reserve to break up large firms that pose a "grave threat" to US economic stability.
The Fed would be able to require firms to divest holdings, "but only as a last resort", according to a summary of Dodd's legislation released yesterday by his office.
Tommy Hilfiger sold for €2.2bn
Phillips-Van Heusen agreed to buy clothing maker Tommy Hilfiger from private-equity firm Apax Partners LP for €2.2bn, adding the brand to its Calvin Klein and Izod lines.
Group to promote 'cloud computing'
A new organisation called EuroCloud Ireland has been formed in Ireland to promote so-called 'cloud computing' -- the growing trend whereby users can use applications locally which are based on servers located anywhere in the world.
Hidden Hearing to create 22 new jobs
A TOP hearing healthcare company is to create 22 jobs this year and double its presence in Ireland over the next five years. Hidden Hearing, which provides and fits hearing aids, announced yesterday plans to invest more than €18m in the Irish market and double its branch network from 20 to 40.
Thorntons turns to green energy
ONE of Ireland's largest recycling firms will switch its power supply to green energy, it was announced yesterday. Energia, the independent energy company, has secured a €500,000 contract to provide green power to Thorntons Recycling. Under the terms of the deal, Energia will provide one gigawatt of renewable energy to power Thorntons's eight recycling facilities in Dublin, Meath and Kildare.
Weedle nets $4m funding to expand
AN Ireland-based internet company has secured $4m (€2.9m) funding to expand its operations. Weedle, an online networking website hopes to create an internet platform aimed at facilitating increased demand for skills and employment in the US and around the world.