Business diary


Compiled by Pamela Newenham

'Outstanding' award for Dermot Desmond

Financier Dermot Desmond will be honoured tomorrow for his outstanding contribution to Ireland, at a ceremony in Dublin.

This year celebrates the 25th year of the International Financial Services Centre (IFSC) in Dublin, with Mr Desmond being recognised at the Business Finance awards for his pivotal role as the visionary behind the IFSC.

Established in 1987, the IFSC is host to half of the world’s top 50 banks and to half of the top 20 insurance companies.

Alltech founder Dr Pearse Lyons will receive the Business Person of the Year award, while Duncan Niederauer, chief executive of NYSE Euronext, will be presented with a special recognition award for his outstanding investment and economic contribution to Ireland.

Previous recipients of the Business Person of the Year award include Michael Smurfit, Tony Ryan, Peter Sutherland, Sir Anthony O’Reilly, Denis O’Brien and Danuta Gray. Aer Lingus, First Derivatives, Kerry Group and Openet are among the companies shortlisted to win Company of the Year at the awards, which are expected to attract 600 guests.

List of firms moving their listing gets longer

Irish clinical research company Icon will hold an egm in Dublin today to discuss the company’s listing on the Nasdaq market in New York.

The clinical trials firm is to depart from the Irish Stock Exchange, moving its listing to the Nasdaq.

Icon, which has about 8,000 staff worldwide, expects to terminate its listing in Dublin from January 30th next. January 29th is expected to be the last day of dealings in Icon shares on the Irish Stock Exchange.

February 4th has been cited as the day for the commencement of direct trading of shares on Nasdaq.

The company follows Greencore, United Drug and CRH which have all upped sticks and shifted their primary listings abroad. However, the move is not surprising for Icon, considering just 2 per cent of the company’s shares are traded here.

Icon co-founder Dr Ronan Lambe last week made $111,000 (€85,000) before costs after selling 4,000 shares in the company. He still owns 16,000 Icon shares.