A round-up of other business news in brief
Cork firm Kedco to build London waste-to-energy plant
Cork firm Kedco has been granted planning permission to build a 12MW gasification plant at a site in Enfield, London, which will turn waste wood into electricity and heat.
Kedco, which is listed on London’s Aim market, said the plant would cost £45 million to develop and it plans to start raising finance for the project in October. Construction will take approximately 18 months.
The waste-to-energy company said it has a 10-year supply contract with a local waste operator and has secured a 20-year lease on the site.
Balderton Capital
In a story in our August 14th edition about Irish e-payments group Payzone, it was stated: “Its major shareholders were Balderton Capital whose partners include Barry Maloney and founder John Nagle.” This may have given the impression that Mr Nagle was a partner with Balderton Capital. Mr Nagle was never a partner with Balderton Capital. Balderton and Mr Nagle were Payzone’s biggest shareholders until a restructuring of the company earlier this year.
US bank profits at three-year high
US lenders posted their biggest quarterly profit in almost three years, even as the number of banks at risk of failure rose to 11 per cent of insured institutions, the Federal Deposit Insurance Corp said.
Industry profits totalled $21.6 billion in the three-month period that ended June 30th, an increase from $18 billion in the first quarter. "The economic recovery that began last year is beginning to be reflected in the rising earnings and improving credit quality," said FDIC chairwoman Sheila Bair. "Given economic uncertainties, we believe all banks should continue to exercise caution and maintain strong reserves."
