A round-up of today's other stories in brief
McInerney chief awarded 3.7% pay rise
House builder McInerney Holdings raised its managing director's pay to almost €992,000 in 2005, the company's annual report showed, after profit for the year increased.
Barry O'Connor, who joined the helm of the company 12 years ago, received a 3.7 per cent pay increase last year, up from €956,689 for 2004. His remuneration comprised a basic salary, a performance-related bonus, social insurance, and pension payments.
Enda Cunningham, who became McInerney's finance director in late 2004, earned €494,338. Mr Cunningham didn't join the company's board until July, 2005.
McInerney, which has operations in Ireland, the UK, and Spain, reported in February that pre-tax profit rose 26 per cent to €50 million in 2005, on a revenue gain of 31 per cent. The building company said in the annual report it expects its strategy to deliver further growth in 2006.
"The fundamentals and dynamics affecting both the Irish and UK housing markets offer good potential for the group," Ned Sullivan, chairman of McInerney, said in the report.
Guiomard to be aviation regulator
The economist Cathal Guiomard has been appointed as the new aviation regulator by the Government.
Mr Guiomard has been acting aviation regulator for the last few months following a decision to step down by Bill Prasifka. Mr Prasifka is now the chairman of the Competition Authority.
The principal functions of the Commission for Aviation Regulation are to regulate airport charges levied by Dublin Airport Authority and aviation charges levied by the Irish Aviation Authority.
Horizon's chief gets pay rise
Horizon Technology chief executive Cathal O'Caoimh, saw his pay increase marginally last year, the company's annual report showed.
Mr O'Caoimh's annual salary, including pension contributions and benefits, rose 1.4 per cent to €367,000 in 2005. In the same period, the company's pretax profit increased 5.7 per cent to €6.6 million. Revenue rose 4.6 per cent, to €294.1 million, helped by a 10 per cent gain in turnover at its enterprise solutions division.
Chairman and founder of the company Samir Naji meanwhile saw his annual salary, including pension and benefits, decline by 5 per cent, to €319,000.
Dublin-listed Horizon, which works in systems integration and information technology products, last month warned that industry margins were likely to contract this year and beyond as a result of increased competition.
French banks in pact on Euronext
Five French banks on Thursday announced a shareholder pact covering their combined stakes of about 10 per cent in Euronext, owner of the Paris stock exchange.
Société Générale, BNP Paribas, Dexia, Crédit Agricole and state-owned Caisse des Dépôts et Consignations aim to defend their interests as big users of Euronext in any future merger by the stock exchange operator, which has operations in Amsterdam London, Brussels and Lisbon.
The banks want to avoid any deal that could increase their trading fees. They are worried that Euronext is facing growing pressure from hedge funds to merge with German rival Deutsche Börse ahead of its annual meeting on May 23rd.
Nasdaq's purchase of 15 per cent of the London Stock Exchange, which has held talks with Euronext, increases pressure on the pan-European exchange to seek a deal with Deutsche Börse and appears to have triggered wider talks between a range of global exchanges. - (Financial Times Service)
