A round-up of today's other stories in brief
Greenspan critical of reforms
Alan Greenspan, the former Federal Reserve chairman, has attacked the Dodd-Frank financial reforms, warning they could create the “largest regulatory-induced market distortion” in the US since the imposition of wage and price controls in 1971. In an article in today’s Financial Times, Mr Greenspan says the reforms, passed by Congress last year, would be impossible to implement, distortive to markets and a possible threat to US living standards. The legislation was a response to the financial crisis, signalling a “re-regulation” of markets after the deregulation championed by Mr Greenspan in the 1990s. – (Copyright The Financial Times Limited 2011)
BP managers may face charges
Shares in oil major BP fell yesterday on a report the company’s managers could face manslaughter charges following the Gulf of Mexico oil spill, which could lead to much higher fines over the disaster.
US prosecutors are considering whether to pursue manslaughter charges against BP managers for decisions made before the explosion on the rig that killed 11 workers and caused the biggest offshore spill in US history, a report from Bloomberg said. A downgrade from Collins Stewart also weighed on the shares. – (Reuters)
Kentz seeks full London listing
Engineering specialist Kentz is planning to seek a full listing on the London Stock Exchange in a move that is likely to attract new investors to the Irish company, writes Barry O’Halloran.
Kentz, which this week reported that it made $67.5 million (€48 million) in pretax profits last year on the back of a $1 billion turnover, is listed on London’s Alternative Investment Market (AIM), which is designed primarily for small and developing companies.
Yesterday, Kentz announced that it intended to seek a full listing on the London market this year.
ICM buys Belgian lamb processor
Ireland’s largest sheep processing business Irish Country Meats (ICM) has acquired Belgium’s leading lamb processing company, A Lonhienne in Liège, for an undisclosed sum.
A Lonhienne provides direct employment for 45 people, with annual sales of €25 million. Founded by Alphonse Lonhienne in 1979, it has remained in family ownership.
Joe Hyland, managing director of ICM, said the merging of two of Europe’s leading lamb specialist processors was an opportunity to create a platform of excellence in the European lamb sector.
