A round-up of today's other stories in brief
B of I chief's pay package tops €2.8m
Bank of Ireland's chief executive Brian Goggin received a total package amounting to more than €2.8 million, including a €1.3 million bonus last year.
According to its annual report, Mr Goggin, received a salary of €1 million plus a €1.3 million bonus, other remuneration amounting to €27,000, benefits of €50,000 and pension contributions of €168,000. He will receive a €380,000 additional payment in June arising from a performance bonus from his term at its asset management division.
The bank's finance director, John O'Donovan, received a package of €1.1 million that includes a €450,000 salary, a €405,000 bonus, other remuneration of €13,000, and pension contributions of €216,000.
The bank's governor, Richard Burrows, who was appointed in July 2005, was paid €336,000. Deputy governor, Denis O'Brien, received fees amounting to €124,000. The bank's retired governor, Laurence Crowley was paid €116,000.
Developer plans to build on bar site
Sean McKeon's MKN property group is expected to seek planning permission for an apartment development on the site of the Dollymount House bar at Clontarf Road in Dublin 3, which he has just bought for over €12 million.
John Ryan of CBRichard Ellis handled the sale of the landmark bar, which stands on a site of almost one acre. There was intense competition for the site, both from established Dublin publicans and several property developers.
Tullow shares rise 5% on oil find
Shares in Tullow Oil jumped 5 per cent yesterday after Hardman Resources, its partner in a venture in Uganda, said it had found oil in the country.
Initial results from the Wagara-1 well in Uganda show it has the potential to produce about 1,500 barrels of oil a day. Hardman said yesterday it will continue to test the site for the next 48 hours before moving on to another part of Wagara-1, which will be assessed over the next two weeks. Tullow has a 50 per cent stake in the well.
Bord na Móna gets $150m from sale
Bord na Móna has completed a private placement of $150 million (€119 million) with a number of US financial institutions.
The notes, which are unsecured, are repayable in full in 2013,2016 and 2018, and have been swapped into fixed-interest rate euro.
Michael Barry, Bord na Móna's director of finance and corporate services, said that he was delighted with the response from US investors and said it was heavily over subscribed. The Royal Bank of Scotland was the sole agent handling the transaction and the average euro fixed interest rate on the notes was 4.4 per cent.
Mr Barry said that the financing is key to the implementation of the company's strategy for future development, through business expansion and diversification.
Google sells stake in Chinese website
Google has sold its 2.3 per cent stake in Chinese search engine Baidu.com, clearing the way for the two to compete head-on for China's 111 million internet users.
Google, which purchased the stake before Baidu's initial public offering last summer, sold 749,625 Baidu shares, according to a filing to the US Securities and Exchange Commission.
The sale of the small stake, worth more than $60 million (€48 million) reflects Google's desire to separate its business from rival Baidu, which it trails in China's online search market by a sizable margin. - (Financial Times service)
