A roundup of today's other business news in brief
Fyffes chairman’s 1.268m package
The remuneration package of Fyffes chairman David McCann increased to €1.268 million in 2009, from €1.117 million a year earlier, the company’s latest annual report shows.
On top of his basic salary of €681,000, he received a bonus of €225,000, a “short-term incentive plan” payment of €341,000 and €21,000 in further benefits.
On top of this package, Mr McCann received a pension contribution of €181,000.
The total remuneration paid to the company’s executive directors last year was €3.164 million, compared to €3.438 million in 2008.
Jimmy Tolan resigned as chief executive of Fyffes during 2008 and the board decided to split the responsibilities of the role between the remaining executive directors, rather than replacing him.
Dragon Oil pays $2m in remuneration
Irish-listed exploration company Dragon Oil paid remuneration of just over $2 million (€1.47 million) to its directors last year, down from $2.26 million in 2008.
Chief executive Abdul Jaleel Al Khalifa received a $376,000 salary, a $187,000 bonus, share options worth $239,000 and other benefits worth $384,000.
United Drug appoints non-executive director
United Drug has announced the appointment of Chris Brinsmead as a non-executive director.
Mr Brinsmead, who is president of the Association of the British Pharmaceutical Industry until the end of this month, is a former president and chairman of AstraZeneca Pharmaceuticals UK.
Sisk ‘paid Anglo 10’ for debt deal
State-owned Anglo Irish Bank allegedly agreed, for a payment of €10 from building giant Sisk, to pay the liabilities to Sisk of another building company which now stand at some €3.2 million, the Commercial Court heard yesterday.
John Sisk Sons Ltd is now suing Anglo and the company, Fordmount Developments (Savoy) Ltd (FDSL), for that €3.2 million.
In admitting the case to the Commercial Court yesterday, Mr Justice Peter Kelly noted that it was alleged that Anglo Irish Bank had agreed in May 2006 for a fee of €10 from Sisk, to ensure all obligations of Fordmount Developments to Sisk related to construction works for the “Savoy project” in Limerick would be met.
Earlier, Brian O’Moore SC, for Sisk, said there had been efforts to resolve the matter but these had failed.
Maurice Collins SC, for Anglo, said the bank would be fully defending the case.
Bombardier profits down over $87m
Pretax profits at the Northern Ireland division of Bombardier Aerospace plunged by more than $87 million in the year to January 2010.
Short Brothers’ annual report show pretax profits fell from $87,923 million in 2009 to $231,000 in the 12 months to January 2010.
Bombardier also reported a drop in turnover to $805,493 million from $1,044,316 in the previous year.
Short Brothers said the results represented the “lowest return in sales in the last 20 years”.
Chairman Sir George Quigle said the results mirrored the depressed global economic conditions which the Canadian group had fallen victim to in general.
Rusal to restart plant as profits rise
Russia’s UC Rusal, the world’s biggest aluminium producer and owner of Aughinish Alumina, plans to boost output and restart a mothballed plant after reporting a better-than- expected profit for the second half of 2009.
Rusal, in its first annual report since its January flotation, forecast demand and prices for aluminium to be supported by the major developed countries as the global economy revives.
Rusal posted a net profit for the last six months of 2009 of $1.7 billion (€1.25 billion). That compared with a loss of $7.4 billion a year earlier and a consensus forecast of a $1.4 billion profit for the last half of the year. – (Reuters)
