ECB seeks 8pc buffer
THE European Central Bank (ECB) will require the eurozone's biggest banks to hold a capital buffer of at least 8pc as it takes charge of financial supervision in the currency bloc. The ECB will ask banks to hold capital equivalent to 7pc of risk-weighted assets, plus a supplemental 1pc for the largest institutions. An ECB spokeswoman declined to comment.
OMAN DEAL FOR ESB
THE ESB has won a new €1.4m contract to supply services in Oman to the country's Electricity Holding Company SAOC (EHC). The contract was secured by ESB International, the global engineering consultancy owned by the semi-state power company. The ESB has been in Oman for 25 years. ESB International has 800 staff and operates in Europe, Africa and Asia.
OFF-LICENCE JOB RIGHTS
THE National Off-Licence Association (NOffLA) has called on members of the Oireachtas Jobs committee to support measures aimed at protecting jobs in the independent off-licence sector. NOffLA said no efforts had been made by the Government to stem the flow of business closures in the sector.
EMC GROWS REVENUE
CLOUD-computing giant EMC, which has operations in Co Cork, reported third-quarter revenue of $5.5bn (€4bn). The US technology company, employing 60,000 people worldwide and whose Centre of Excellence is based in Ovens, Co Cork, said cash flow grew 25pc year-on-year, generating $4.7bn to date. Bob Savage, vice-president and managing director of EMC's Centre of Excellence in Cork, said the company's Irish operation was at the "heart of an unprecedented transformation in global IT".
MANUFACTURING IS 'KEY'
MANUFACTURING in Ireland is key to the export drive that is fuelling Ireland's economic recovery, Taoiseach Enda Kenny told UCD's Engineering Graduates' Association Autumn Debate last night. The event was attended by more than 200 UCD engineering alumni along with four entrepreneurs.
SAC TO SHUT UK OFFICE
SAC CAPITAL Advisors plans to shut down its London office as the $14bn hedge-fund firm scales back in the face of insider-trading allegations in the US. SAC is headquartered in Stamford, Connecticut. The company employs more than 50 people in London.