In short

A round-up of today's other business news in brief ...

New CRH board member

Building materials group, CRH, has appointed UK Atomic Energy Authority director, John W Kennedy, to its board.

The Irish company said yesterday that it co-opted Mr Kennedy to its board as a non-executive. Mr Kennedy is a chairman of energy services group, Wellstream Holdings, a director of the UK Atomic Energy Authority, chairman of Maxwell Drummond International and has roles in a number of energy-related businesses.

Shanghai complex sold for €10m

Treasury Holdings-backed China Real Estate Opportunities (CREO) has sold its 5 per cent stake in the City Center Five retail complex in Shanghai for €10 million.

The company said yesterday that it sold the interest to an existing shareholder, Sociedade de Turismo e Diversoes de Macau (STDM).

The price represents an 8.6 per cent premium on the property’s value on December 31st, which was the last time it was valued.

House prices "set to fall 40%"

HOUSE PRICES will have declined by about 40 per cent from their peak in February 2007 by the end of next year, according to ratings agency Standard and Poor’s (SP).

In a report on the European housing market it said the Irish economy was suffering from a very deep recession.

While house price falls had improved affordability – with the report saying affordability as measured by the OECD was close to the 2000 level - “what continues to drive the downturn in the Irish market is excess housing supply”.

Australian company moves to Ireland

Listed Australian building materials group James Hardie is set to change its corporate domicile to Ireland for tax purposes. It will seek investor approval on August 21st to switch its domicile from the Netherlands. This follows a decision by the US Internal Revenue Service that the firm did not qualify for benefits under a tax treaty. “While the company ultimately prevailed, the US IRS could reassert its position for subsequent time periods and, accordingly, James Hardie considers it prudent to mitigate the risk of further disputes,” chairman, Michael Hammes said.

80% of Irish firms "have cut staff"

Some 80 per cent of Irish firms have cut staff in the past six months with 73 per cent saying they expect to further reduce employee numbers by the end of the year, according to a survey published today. The global survey by Mercer Human Resource Consulting, was carried out last month.

Despite cutting back on staff, the survey found that one-third of Irish companies intend to continue recruiting key talent and keeping valuable employees.

Correction

A report in yesterday's editions entitled Court rules developers have arguable defenceincluded incorrect addresses for property investors David Courtney and Bernard Doyle. Mr Courtney's address is at Belgrave Square, Rathmines, Dublin and Mr Doyle's is at Waterside, Dargle Road, Bray, Co Wicklow.