A round-up of today's other business news in brief
ThirdForce confirms approach
Irish-listed e-learning group ThirdForce has confirmed that it has received an approach for the business from its chairman, Pat McDonagh, and its chief executive, Brendan O’Sullivan.
A company called LearnVantage, which is controlled by Mr McDonagh and Mr O’Sullivan, has offered eight cents a share in cash for the business, valuing their offer at €20.3 million.
ThirdForce shareholders will also be offered shares in LearnVantage as an alternative to the cash offer.
ThirdForce closed down 17.6 per cent in Dublin yesterday at seven cents.
Details of the approach was first revealed by The Irish Times last Saturday.
Wages in small firms fall 13%
Average wage rates for employees in Irish small and medium-sized enterprises have fallen by 13 per cent over the past six months, according to a new report.
A survey of 400 firms by the Irish Small and Medium Enterprises Association (Isme) found that half had frozen pay and 41 per cent had cut pay. Isme chief executive Mark Fielding said the survey covered the six months since September, when the downturn began to have a significant impact on small firms.
British mortgage approvals rise
British mortgage approvals were higher than expected in February and mortgage lending grew almost twice as fast as forecast, in a tentative sign housing market activity may be starting to bottom out.
The number of mortgages approved for home purchase rose to 38,000 from 32,000 in January, versus expectations of a more modest increase to 34,000 and the highest figure since May 2008, the Bank of England said. – (Reuters)
Deutsche Bahn chief quits
Embattled Deutsche Bahn chief executive Hartmut Mehdorn quit yesterday, succumbing to mounting pressure over revelations the German state-owned rail operator had spied on staff.
Mr Mehdorn (66) had run Deutsche Bahn for almost 10 years and won plaudits for turning it into a profitable global transport group ready for a market listing, but was criticised for a confrontational approach to unions.
He said he was stepping down to avoid further damage to the company, Germany’s largest with 230,000 employees. – (Reuters)
Barclays shuns toxic asset scheme
Barclays yesterday shunned a British government insurance scheme designed to ringfence toxic assets on banks’ balance sheets.
The bank decided not to take part in the scheme following talks with major investors and after an extreme stress test by City regulators found it did not need to raise fresh capital.
The decision means Barclays remains free of government interference, unlike rivals Lloyd's and Royal Bank of Scotland, which have handed big stakes to the taxpayer in return for insuring assets. – ( Financial Timesservice)
