In Short

A round-up of other business news in brief...

Quilligan steps aside at Anglo

In a statement to the stock exchange yesterday, Anglo Irish Bank, which was nationalised in January, announced that Declan Quilligan was stepping down from his position as the bank’s chief operating officer.

The bank’s new chief executive Mike Aynsley has been appointed as an executive director of the bank. These changes will bring the bank’s structure in line with that of other State-owned entities.

Its board will now comprise the chairman, the non-executive directors and one executive director – the chief executive.

Mr Quilligan will resume his role as head of the bank’s UK business.

TD Waterhouse expands in Ireland

The UK stockbroker TD Waterhouse is to launch an online share trading service in Ireland on Saturday.

The new Irish service will enable customers to trade on 18 international stock exchanges, and to access a range of currencies and fixed-income products.

Last November the company launched a contracts for difference (CFD) and financial spread-betting service here.

Regional efforts 'can help' recovery

An increased emphasis on regional action will speed Ireland’s economic recovery, according to the organiser of a national conference due to take place in Limerick.

The country’s only regional development body, Shannon Development, has assembled an expert panel of speakers, for a one-day conference entitled Dynamic Regions – Future Directions in Regional Development which takes place on November 6th at Thomond Park stadium.

Large shareholder for Eurotunnel

The company that runs the undersea tunnel between England and France is to have a large institutional shareholder for the first time in two decades after two funds managed by Goldman Sachs opted to convert their bonds in Groupe Eurotunnel into shares.

The two funds, together known as Goldman Sachs Infrastructure Partners, would hold about 21.2 per cent of Groupe Eurotunnel immediately after the conversion took place, Eurotunnel said
yesterday. – (Copyright The Financial Times Limited 2009)

ECB to look closer at money data

The European Central Bank (ECB) plans to revamp its system for guiding interest rate policy to take better account of credit and money supply data, as well as threats posed by asset price bubbles.

The plan, which it expects to unveil next year, could see the ECB take a clear stance in the global debate over the factors that central banks take into account when setting official interest rates.

It might, in theory, result in the Frankfurt-based institution acting earlier against financial market distortions. – (Copyright The Financial Times Limited 2009)

BA starts new longhaul flights

British Airways will use planes freed up by the slump in business travel to start flying to longhaul leisure destinations such as Las Vegas, Jamaica, the Maldives, Sharm El-Sheikh on the Red Sea and the Dominican Republic.

Glencar Mining delisted in October

Irish exploration company Glencar Mining's listing on the AIM and IEX junior stock markets will be cancelled on October 5th. This follows the announcement by Gold Fields that its takeover offer for Glencar became unconditional yesterday.