A round-up of today's other stories in brief
Absolute Capital Management (ACM), the London hedge fund management group headed by Donegal man Seán Ewing, is to list on London's Alternative Investment Market (AIM) today.
The group had funds under management of €700 million as of end December 2005. It has six funds which are listed on the Dublin Stock Exchange and seeks to achieve absolute returns on its funds.
The listing is expected to place a value of about €100 million on the group, and Mr Ewing is to hold a 12.15 per cent stake. The third-party administration for two of ACM's newest funds is now handled by Bank of New York out of Dublin and it is possible more business may be located in Dublin, an ACM spokeswoman said.
Iona warned to fill committee vacancy
US regulators have given Iona Technologies up to 11 months to fill the vacancy left on its audit committee by the passing of its chairman, William Burgess, last month.
The Nasdaq exchange listings qualifications department has written to the Irish company pointing out that it is breaking the audit committee requirements in not filling the vacancy. It has given Iona until its next shareholders' meeting or February 8th, 2007, to fill the position. Iona said yesterday that it expects to comply with this.
KBC profits up by 39% to €2.25bn
KBC, the Belgian financial institution with asset management and banking businesses in the Republic, boosted profits in 2005 by 39 per cent over the previous year to €2.25 billion.
Earnings per share were up 40 per cent at €6.26. The bank said it delivered a return on equity of 18 per cent in 2005, compared with 14 per cent the previous year. Gross income dropped by about 7 per cent to €11.5 billion. KBC is the parent of KBC Asset Management and IIB Bank in the Republic.
EU threatens to fine Microsoft
Microsoft was warned last night its behaviour was leading inexorably towards large fines from the European Commission after the US software giant accused the competition body of colluding with the company's rivals.
Neelie Kroes, European Union competition commissioner, said: "If we pursue the line we are following now, there will be fines and they won't be small fines."
The commission was accused by Microsoft of "secret collaboration" with the group's rivals and violating its rights of defence. The allegations formed part of the group's response to commission charges that Microsoft had failed to comply with Brussels' landmark antitrust ruling of March 2004. The group faces penalties of up to€€2 million a day unless it can show it implemented a key provision of the ruling that Microsoft share more technical information with rivals. - (FT service)
StanChart considers acquisitions
Standard Chartered yesterday said it was considering strategic acquisitions as benign economic conditions in Asia and the Middle East helped the emerging markets bank to report record profits for 2005.
Chief executive Mervyn Davies said the bank had the management depth to absorb further acquisitions following its takeover of Korea First Bank last year.
He added that it would consider buying in countries such as Taiwan and South Africa if the right opportunities were to arise.
However, he also stressed StanChart's organic growth prospects as it seeks to reach more corporate clients and consumers in Asia, Africa and the Middle East.
Mr Davies was speaking as StanChart reported pre-tax profits of $2.68 billion for 2005, an increase of 19 per cent.
