Other finance stories in brief
'Dismay'over insider trading
Insider trading on Wall Street is starting to look as troubling as it was in the time of Ivan Boesky in the 1980s, the head of enforcement at the US Securities and Exchange Commission (SEC) has warned.
Linda Chatman Thomsen, the SEC's director of enforcement, said she had been "quite dismayed" at the nature of the commission's recent insider dealing actions. "The tippers and tippees have been in senior positions of trust and confidence," she said. - ( Financial Times service)
Former National Irish Bank chief to be crossexamined
Former National Irish Bank (NIB) chief executive Jim Lacey has agreed to be cross-examined in proceedings in which the Director of Corporate Enforcement wants an order disqualifying him from involvement in any company.
The application arises from the findings of the inspectors report into the tax evasion scandal in the bank in the 1990s.
Mr Lacey had appealed to the Supreme Court against a High Court order directing his cross-examination by lawyers for the director.
However, after the Supreme Court indicated that the issues on cross-examination could be resolved by the sides, there were talks between counsel for Mr Lacey and the director.
As a result, the Supreme Court was told that Mr Lacey was not proceeding with his appeal.
Survey of rates for savers
The Irish Financial Services Regulatory Authority yesterday published its first comparison of regular savings accounts offered by the main banks operating in Ireland.
It shows a variation on interest rates for regular savings accounts from over 3 per cent to 7.35 per cent. Consumer director Mary O'Dea noted that the conditions attached to the accounts also differed widely.
Bank staff warn on shares plan
The Irish Bank Officials Association (IBOA) has warned of possible industrial action at Bank of Ireland in a row over the level of stock to be awarded to staff under the company's gain-share scheme.
The IBOA said yesterday that the dispute was set to escalate after an independent mediator declined to issue a determination on the issue. IBOA general secretary Larry Broderick said that its bank of Ireland executive committee would meet today to consider the situation.
German software firm exits race to acquire Iona Technologies
Germanys Software AG yesterday publicly ruled itself out of the race to acquire loss-making Irish software company Iona Technologies.
Speaking on the fringes of an investment conference in Frankfurt, Software AG's chief financial officer Arnd Zinnhardt said: "We will not buy them. Why should we?"
Mr Zinnhardt claimed the only part of Iona where sales are growing made no profit. Software AG's approach to Iona prompted the current auction process for the Irish business.
Iona's lead adviser - Lehman Brothers - is believed to have drawn up a shortlist of bidders recently, including Red Hat, a US "open source" developer. Informed sources said Iona was likely to select a preferred bidder before the end of this week. Sun Microsystems is also reported to have lodged a bid.
Iona's advisers are believed to have set a floor of $4.50 per share, valuing the Irish company at $160 million. Software AG is thought to have indicated that it would be prepared to pay $4 a share.
