See Search Box
lower down this column for searches of Finfacts news pages. Where there may be
the odd special character missing from an older page, it's a problem that
developed when Interactive Tools upgraded to a new content management system.
Finfacts is Ireland's leading business information site and
you are in its business news section.
France: French industrial output rose in November at the fastest rate
since January - - a signal that growth in the Eurozone’s second-biggest economy
may have accelerated in the final quarter of 2010.
Output from French factories, mines and utilities increased 2.2% after dipping
0.8% in October, French national statistics office, Insee, said today.
France’s GDP growth fell to 0.3% in the third quarter, which was half the pace
of the second quarter. In the last quarter, business was hit in October by
strikes against President Nicolas Sarkozy’s plan to increase the retirement age
from 60 to 62.
BIAM: State Street Global Advisors (SSgA), the investment management
business of State Street Corporation, announced today that it has
completed its acquisition of Bank of Ireland Asset Management (BIAM), which was
first announced in October 2010, for approximately €57m inclusive of estimated
net assets of the business of €14m.
The acquisition adds new Dublin-based clients and employees, and managed
assets including global fundamental active equities, fixed income, cash, asset
allocation, property and balanced funds. Total BIAM assets under management at
December 31, 2010 were approximately €26bn.
Since its entry into the Irish market in 1996, State Street has grown to be
one of the country’s largest fund administrators and custodians. The company
which employs approximately 2,000 employees in Ireland, has offices Dublin,
Drogheda, Kilkenny and Naas - - including a new Irish HQ on Sir John Rogerson’s
Quay which was officially opened in March 2010.
McInerney: Banks are likely to appoint a receiver to
building group McInerney after the High Court rejected a
Mr Justice Frank Clarke said today that he
would not make his formal order until Friday to give the
company time to study his ruling.
The rescue plan, put forward by examiner Bill O'Riordan
of PricewaterhouseCoopers, involved a new investor paying
€25m in full settlement of the €113m debt owed to three
However, the three Irish banks - - Bank of Ireland, KBC
and Anglo Irish Bank - - opposed the examinership.
Mr Justice Clarke ruled that the plan - - known as a
scheme of arrangement - - as proposed was unfairly
prejudicial to the banks and therefore should be refused.
He said the banks had argued that they could do better if
the companies went in to a form of receivership. The
judge said there were very significant differences between
the expert evidence on behalf of the banks and the expert
evidence on behalf of the company and the examiner.
But he said the banks had put forward a realistic and
credible basis for their assertions, even though those
assertions may be wrong.
The banks had argued that they could get €50m if the
companies went into a form of receivership as opposed to the
€25m being offered to them by the investor.
McInerney Homes now employs just 100 people.
Established in 1909 in Clare by Thomas McInerney,
the company celebrated its 100th year in 2009. McInerney was first quoted on the
Irish stock exchange in 1971.
The yield on Portuguese government debt rose Monday as the country came under pressure to seek financial aid. Gonçalo Pascoal, chief economist at Millennium BCP, has analysis:
fell 69 points or 0.59% Monday to 11,606.
500 dipped 0.49% and the Nasdaq dropped 0.55%.
pan-European Dow Jones Stoxx 600 dipped 0.87% Monday.
Dublin the ISEQ is up 0.05%.
which accounts for about 27% of the Dublin market's capitalisation, gained
1.27%; BoI is down 4.52% and AIB has risen 3.31%.