A round-up of today's other stories in brief.
Fund manager raises stake in CRH to 5.04%
An activist US fund manager has raised its stake in building materials company CRH to 5.04 per cent.
This is the latest in a string of large-scale foreign investments made by Capital Group Companies (CGC) as the US economy shows signs of softening.
CGC, one of the US's largest mutual fund managers with more than $1 trillion (€702 billion) in funds under management, raised its stake in CRH to 5.04 per cent this week, a holding worth more than €725 million, according to a filing with the US Securities and Exchange Commission.
In recent weeks, CGC has also raised its stake in Finnish phonemaker Nokia to more than 5 per cent and has taken 15 per cent stakes in both Murray & Roberts, a South African heavy engineering company, and Novo Nordisk, a Danish healthcare company.
Like CRH, all of the recent acquisitions earn the majority of their income outside the US and have extensive international operations. CGC declined to comment on the CRH stake.
Northern Rock names chairman
Northern Rock announced yesterday that Bryan Sanderson would take over as the bank's new chairman following Matt Ridley's resignation for his role in the bank's near collapse last month.
Mr Ridley offered to resign in September, but the board asked him to remain until new funding arrangements were in place and until he had represented the bank before the UK's Treasury select committee.
In a statement yesterday, Northern Rock's board said they believed now was the right time for Mr Ridley to resign. Mr Sanderson's appointment is conditional on approval from the UK financial regulator.
Enterprise awards finalists announced
Eight finalists from Kildare, Cork, Cavan, Dublin, Tipperary, Kerry and Meath were yesterday named for the annual National Enterprise Awards, which take place in Dublin Castle on November 6th.
The awards, which recognise the achievements of small businesses, offer a total prize fund of €22,000.
Family business role 'understated'
Family business remains an understated aspect of Ireland's economy, UCC president Prof Michael Murphy said yesterday at the Irish Family Business Conference in Cork.
Delegates also heard from Dr Andrew Keyt of Loyola University, Chicago, who spoke about family businesses in the US, while Liam Nagle of Sisk Group and Robert Meier of Bosch UK discussed the 50-year partnership between their businesses.
Hobbs firm starts due diligence
Brendan Investments, the property fund company launched last month by television personality Eddie Hobbs, has started due diligence examinations of €115 million worth of commercial property investments in Germany.
The company, which is in partnership with German property consultants Aengevelt, said the properties were a mix of office and retail investments in city-centre locations with rental yields in excess of 6 per cent on long-term leases.
Portfolio director Hugh O'Neill said an analysis by Aengevelt suggested that occupancy levels in German cities were increasing and there was an undersupply of modern office space.
Correction: stamp duty clawback
An answer in yesterday's Q&A column in Business This Weekstated that first-time buyers selling their homes within five years would face a clawback on their stamp duty exemption. This is not the case. The clawback relates only to first-time buyers renting out their property within five years of claiming the exemption.
