Other business news in brief
US and EU vow to reach world trade deal
Top US and EU trade officials pledged yesterday to try to reach a deal in long-running world trade talks “as soon as possible”, but set no deadline for resolving tough remaining issues.
“Extraordinary times require extraordinary leadership,” US trade representative Ron Kirk and EU trade commissioner Catherine Ashton said in a joint statement, adding the US and the EU must lead by example in the global crisis by resisting protectionism and keeping trade flowing.
The meeting came during Mr Kirk’s first full day on the job, after the Senate voted 92-5 on Wednesday to approve him as US trade representative.
“We agreed on the importance of achieving an ambitious and balanced outcome to the WTO Doha Development Agenda as soon as possible,” they said in the statement that also noted that the current economic turmoil had increased the temptation for countries to turn away from the rules-based trading system. – (Reuters)
Nationwide holds board meeting
Irish Nationwide is holding a scheduled board meeting today as the building society prepares to publish its annual results for 2008 this month.
The building society had an AAA-rating assigned to €1.2 billion worth of securities backed by the lender’s residential mortgages.
The financial ranking was assigned by ratings agency Fitch to mortgage-backed notes linked to a company called Armoin Residential Securities last week.
Complaint on ‘Irish sausages’ upheld
Breeo Foods has had a complaint upheld against it by the Advertising Standards Authority of Ireland (ASAI) for advertising a Galtee Irish Breakfast mail order product that did not contain Irish sausage meat.
The Breeo Foods product invited consumers to treat their friends or family in the US to a Galtee Irish Breakfast, which it said included “the sizzle of Irish sausages”. But when a customer attempted to cancel her order following the pork dioxin scare, she was told that it did not contain Irish meat.
Upholding her complaint, the ASAI ruled that Breeo, which will be bought by Kerry next week, must not refer to “the sizzle of Irish sausages” and it must make the source of its meats clear.
Spain firm alleges fund non-payment
A Spanish company has asked the Commercial Court to order an Irish-registered investment fund to pay out €3.24 million allegedly due to it but not yet paid following the discovery of Bernard Madoff’s multi-billion dollar fraud activities.
Irish-registered fund Optimal Multiadvisors Ireland plc (OMI), is opposing proceedings by Consulnor Gestion SGIIC SA for summary judgment against it over alleged failure to pay out the €3.24 million due in redemption monies.
OMI is a “feeder fund” which invests in shares in a Bahamas-registered master fund, Optimal Multiadvisors Ltd, (OMA).
Claims on property firm investigated
A High Court judge has asked the examiner of a property company to investigate claims that the company, after securing court protection, apparently funded its cash flow with monies obtained on the basis of allegedly false certificates.
Given the “very serious allegations of wrongdoing”, Mr Justice Peter Kelly yesterday directed an investigation of the claims and adjourned a hearing into survival proposals.
The judge directed Kieran Wallace, examiner of G L Property Investments Ltd, Abbeyleix Road, Portlaoise, and a related company, Portlaoise Construction Company Ltd (PCC), to investigate the claims.
