More business news in brief.
Mazars warns over 'deeper' market crisis
The credit crunch is "far deeper" than previous stock market crises and it could take up to five years for businesses to recover, the head of accountancy firm, Mazars, has warned.
Joe Carr, managing partner of Mazars, said companies should assume the market would not grow for the next two to three years, and that it could take three to five years for businesses to recover "to a slower level of growth". He said that markets were in the middle of a "Category 4 volatile storm" and that it would be "prudent to assume zero growth" in the coming years.
To measure the effect of the global credit crunch on Ireland, Mazars has developed a business environment index, on which it says Ireland has scored 76 out of 100, compared to a score of 60 for the G7 developed nations.
"This relatively positive health check for Ireland does not mean that we can be complacent. The nature of the current global downturn means that Irish business face major challenges if it is to emerge unscathed," he said.
Mr Carr said he was "astonished" at the scale of the credit crunch and speed of the downturn.
He said the crisis was affecting businesses far deeper than had been previously thought.
Merrill Lynch's new Dublin service
Investment BANK Merrill Lynch has launched a new service in Dublin for non-US domiciled mutual funds, which will create 31 jobs.
The service will provide accounting and transfer agent services to support international and money market funds, bank products and managed accounts.
"This new offering creates an important footprint for Merrill Lynch in Ireland," said Michael Ryan, head of the bank's Irish operation which employs 850 people.
Women Mean Business awards
Women In Businessmagazine, in association with O2, yesterday launched the second annual Women Mean Business conference and awards.
Designed to recognise the achievements of Ireland's businesswomen, the five awards will be presented in tandem with the conference on September 29th.
"The event recognises the vital contribution women make to Irish business and society," the managing director of WMB Publishing, Rosemary Delaney, said yesterday. The closing date for entries is July 28th.
Providence boosted by well results
Explorer Providence Resources said yesterday the final well results from its recent operations on AJE Field, offshore Nigeria had exceeded expectations.
The oil and gas exploration company said drilling has been suspended after finding five zones bearing oil or gas which could be a possible future producer. - (Bloomberg)
Anglo chairman exercises options
Anglo Irish Bank chairman Seán FitzPatrick has taken advantage of the latest fall in the bank's share price by spending €450,567 buying 58,500 shares on Monday at a price of €7.70 per share. Shares in Anglo closed down 7.4 per cent at €7.78 yesterday.
Microsoft appointment
Cathriona Hallahan has been appointed as managing director of Microsoft's Europe, Middle East and Africa Operations Centre which employs 600 staff at the Microsoft campus in Sandyford, Co Dublin.
Ms Hallahan has worked for Microsoft for 22 years.
