In Short

The other business news of the day in brief...

Inquiry told year of maternity leave 'too long'

Women are being held back in their careers because they are entitled to too much maternity leave, Nichola Pease, a City of London banker, said yesterday.

Ms Pease told a UK parliamentary “sexism in the City” inquiry that women sometimes saw their careers stall after taking one year’s maternity leave.

“I think we have got too long maternity leave,” said Ms Pease, deputy chairwoman of JO Hambro Capital Management. “A year is too long and sex discrimination cases that run into the tens of millions are ridiculous.”

Ms Pease (48), a mother of three, comes from the banking dynasty that founded Barclays and is married to Crispin Odey, a hedge fund manager. They are sometimes known as the “Posh and Becks of finance”. – Copyright The Financial Times Limited 2009.

Jobless numbers rise fastest in North

The number of people claiming unemployment benefits rose faster in Northern Ireland last month than in any other region of the UK.

Latest figures show the claimant count in the North increased by an additional 1,100 people to reach a high of 53,800 last month. New labour market statistics also show the total number of people out of work has risen at its fastest rate over the last 12 months than at any other time in the past 14 years.

The September increase was the 19th consecutive monthly jump in the number of people claiming benefits.

It is the smallest increase for 15 months in the North but it represented the largest percentage increase in the UK. The latest statistics suggest that by the end of the summer, the total number of people out of work in Northern Ireland had risen to 57,000.

Irish Nationwide's new mortgage site

Irish Nationwide Building Society has launched a three- year fixed mortgage rate of 3.15 per cent to new customers with loans valued at up to 70 per cent of the value of the property.

The society says this is the best three-year fixed rate on the market. AIB offers a 3.19 per cent three-year rate on a loan-to-value ratio of 92 per cent.

"Our research indicates that in today's challenging market conditions, people want the security of knowing what their exact repayments will be on their mortgage for a number of years," said Susan O'Leary, the building society's marketing manager.

EcoSecurities acquisition allowed

The Competition Authority has cleared the proposed acquisition by JP Morgan of Dublin-registered carbon- credit firm EcoSecurities.

JP Morgan had, through its newly created, wholly owned subsidiary Carbon Acquisition Company, been involved in a bidding war for the company.

EcoSecurities sources, develops and trades carbon credits from greenhouse gas emission reduction projects.

Abbott Lodge clears overdraft

Abbott Lodge Ltd, the firm part-owned by Paddy “the plasterer” Reilly, paid rent to its two directors of €154,391 in 2008, according to abridged accounts just filed.

The company, which runs a guest house of the same name on Gardiner Street, Dublin, is owned equally by Mr Reilly and businessman Brian Moloney.

The accounts show the firm had no bank overdraft at the end of the year, compared to an overdraft of €74,401 at the end of 2007.

No profit figure is given.