US highway delay leaves CRH on hold: Further developments over the past week on the issue of US highway funding suggest it could be some time before CRH gets any clarity on road spending plans for the next six years in one of its biggest markets.
At the end of last week, the US House of Representatives voted to approve a $275 billion (€227 billion) transportation bill by a majority of 357 to 65. The next stage of the process is for a committee representing both the House and the Senate, which previously approved $318 billion, to reach a compromise between the two positions.
But, last time around, it took a similar committee two months to reach agreement. The current transportation programme, which has already been extended twice, runs out at the end of April. But given the tight frame, made worse by the Easter holidays, it now looks likely to be extended further.
Complicating the situation is the threat of a veto against both bills by the White House, which favours a more modest $256 billion package. It could be some time yet before the outlook becomes clear.
Galen shares fund founder's ambitions
"An MBO by stealth" is how one market observer described Dr Allen McClay's steady rebuilding of the original Galen services business over the past three years.
Dr McClay stepped down as president of the pharmaceutical group he founded in October 2001 in the wake of the company's acquisition of Warner Chilcott and as it turned its focus increasingly toward the US market.
Since then, he has steadily reduced the 21 per cent stake he held upon retirement, relinquishing his shareholding entirely with this week's sale of his remaining 6 per cent stake.
He has used the proceeds of his share sales to buy back Galen's services business at a cost of more than €250 million, as it was offloaded by the company in favour of its pharmaceutical products division and its US operations.
Dr McClay's latest share sale has prompted speculation that he is interested in buying Galen's last remaining UK business unit, its sales and marketing division. Whether that comes to pass remains to be seen.
But it is interesting that the canny Dr McClay, whose vision built Galen into a world-class company and made him a millionaire in the process, is choosing to invest his cash in a very different direction to that taken by Galen.
What he does with the business he has painstakingly reassembled remains to be seen. Could he be laying the foundations for a Galen Mark II?
ATR end hits bookies
Current Account's favourite charity, the bookies, has taken a small hit over the past week. British firms such as William Hill, Ladbrokes and internet-based Blue Square say their turnover has suffered as a result of the demise of At The Races (ATR), the Channel 4/BSkyB-backed, dedicated racing TV channel.
The story is much the same for the Irish bookies.
Boylesports noticed a hit on its internet and telephone channels of 10-12 per cent this week.
Paddy Power wouldn't comment, but one source noted that there was "some impact" that's been partly offset by other sports. Boyle's made the point that ATR's demise could end up attracting more people into their betting shops, which they would like to see as well.
DeLorean dreamcar 2?
In that event, it would only confirm the adage that bookies never lose.
Current Account was thrilled to read this week of the continued exploits of Mr John DeLorean, the bold car manufacturer who was once heralded as the saviour of the North's doom-ridden economy. Of course, that was before his west Belfast car factory collapsed in 1982, after absorbing nearly £80 million sterling (€121 million) of taxpayers' money.
Apparently Mr DeLorean, now back in the US, still harbours dreams of building fabulous sports cars. This is despite being 79 and having passed through the Belfast failure, an arrest for cocaine smuggling and an investigation for embezzlement from his own company.
