A round-up of other business stories in brief...
Panasonic to buy Sanyo in $9bn deal
Panasonic says it will spend up to $9 billion to take control of smaller rival Sanyo Electric, creating Japan's second-largest electronics maker behind Hitachi Ltd
The world's largest plasma TV maker said it would offer 131 yen per Sanyo common share, a 4 per cent discount to yesterday's closing price.
By acquiring Sanyo, the world's top producer of rechargeable batteries and the seventh-largest maker of solar panels, Panasonic will fortify its lineup of "green" energy products. - (Reuters)
Construction down 25% in Q3
Construction output has fallen by nearly 25 per cent in the third quarter amid a 48 per cent fall in residential building, according to figures released yesterday.
CSO statistics reveal output in building and construction dropped by 24.4 per cent during the third quarter compared with the same three months in 2007. The value of production dropped 21.6 per cent in the same period.
According to the CSO, the decline in construction volume largely reflects the decline of nearly 48.7 per cent in residential building work, although this was partly offset by a rise of 4.7 per cent in non-residential building work. Output in civil engineering fell by 2 per cent.
Alastair Hamilton to head Invest NI
A former managing director of BT Northern Ireland has been appointed as the next chief executive of the North's lead economic development agency.
Alastair Hamilton, who is from Northern Ireland, will formally take up the role of chief executive of Invest Northern Ireland on April 1st, 2009. He succeeds Leslie Morrison who has been chief executive of Invest NI since it was established in 2002.
Wages at SMEs rose 5% in year
Average wage rates for employees in Irish small and medium enterprises rose by 5 per cent on average over the last 12 months.
According to a wage survey by the Irish Small and Medium-sized Enterprise (ISME) association, the annual percentage pay increase was twice the European Union average.
Broker charged with insider trading
A Wall Street broker who got tips about pending mergers from his high-flying wife has been charged with insider trading in a scheme that earned millions.
Federal prosecutors in Manhattan and the Securities and Exchange Commission brought the case against ex-Lehman Brothers worker Matthew Devlin, accused of letting clients and friends make a fortune while he was rewarded with gifts and cash.
Devlin used tips from his wife, who worked for a high-profile public relations firm. - (PA)
ECB cuts overnight deposit rate
European Central Bank president Jean-Claude Trichet said financial companies may begin lending more to each other after policymakers made it less attractive to turn to them for support.
The ECB has cut the interest rate it pays banks to deposit money with it overnight and lifted the rate it charges for emergency loans. The shifts were the latest effort by the central bank to jolt risk-averse banks into freeing up credit. - (Bloomberg)
Engineering firm sheds 160 NI jobs
A US-owned engineering group has confirmed plans to shed 160 jobs at its three plants in Northern Ireland. FG Wilson, which is owned by Caterpillar, is one of the North's largest employers with a workforce of around 2,500 people.
The company has grown to become one of the world's leading providers of diesel generating sets. Caterpillar acquired it in 1999.
