In short

Today's other stories in brief

Lifeline buys UK ambulance group in 1 million deal

Lifeline Ambulance Service has purchased United Kingdom-based Evolved Medical Ambulance Services for €1 million.

Lifeline is based in Leixlip, Co Kildare, and employs more than 10 staff. Last year it had a turnover of €7 million. It provides ambulance services under contract to the Health Service Executive.

Bristol-based Evolved has 138 staff and last year had turnover of £4.5 million (€5 million).

Lifeline managing director David Hall said the company planned further expansion in the UK both through the organic growth of Evolved and further acquisitions.

Mr Hall described the UK private ambulance market as a “highly structured and competitive sector in which we believe there are significant opportunities for growth and expansion”.

FGS appoints chiefs for North and South

Accountancy firm FGS (formerly Farrell Grant Sparks) has appointed managing partners to its practices in the Republic and Northern Ireland, splitting the existing managing partner role.

The firm has appointed Jim Mulqueen, who is based in Dublin, and David Watters in Belfast. Mr Mulqueen succeeds Ian Duffy, who was overall managing partner of the firm, the seventh-largest accountancy firm in the country.

Mr Duffy, who remains a partner with the firm, will develop the corporate restructuring and insolvency division and the FGS unit that focuses on technology in the renewable energy sector.

Nathans merges with Moore Stephens

Cork-based accountancy firm Nathans has joined forces with London-based international practice, Moore Stephens.

Nathans had a fee income of €11 million in 2008 and is one of the top 15 practices in Ireland.

As a result of the merger announced yesterday, the firm will become Moore Stephens Nathan. It said yesterday that the deal is part of a wider growth strategy being pursued by the firm.

Moore Stephens has a 647 offices in 98 countries and earns fees of $2.2 billion a year.

EasyJet switches resources to Europe

Low-cost airline EasyJet plans to switch some resources from Britain to continental Europe, blaming high airport costs and a rise in passenger taxes and saying the move would affect over 250 jobs.

The company said today it planned to cut its flying programme at Londons Luton airport by a fifth and would close its East Midlands base.

It also plans to cut the number of flight crew at Belfast, Bristol, Newcastle and Stansted.

“The rise in APD (airport passenger duty) hits regional airports hardest and increases the pressure to move aircraft to mainland Europe, chief executive Andy Harrison said.

The government seems to think that APD is a free lunch. It isnt; it costs jobs in the UK.

US regulators missed red flags on Madoff

US securities regulators missed numerous red flags that may have led to Bernard Madoffs $65 billion Ponzi scheme and never did a “thorough and competent” investigation despite complaints dating to 1992, a federal watchdog has concluded.

The US Securities and Exchange Commissions inspector general David Kotz said in a blistering report that despite five probes and having caught Madoff in lies and misrepresentations, the SEC didn’t pursue inconsistencies.

“Despite numerous credible and detailed complaints, the SEC never properly examined or investigated Mr Madoffs trading ,” Mr Kotz said.