A roundup of today's other stories in brief.
State appoints personnel chief
The Government has appointed a Department of Finance insider to one of the most senior human resources posts in the State. Ciarán Connolly, currently assistant secretary general at the department, will take over as secretary general (public service management and development) in the department from January 1st.
Mr Connolly has also been appointed chairman of the Top Levels Appointments Committee and chairman of the Committee for Performance Awards. Mr Connolly (55) joined the Revenue in 1970 and also worked in the Department of Public Service.
Elan shares fall as Biogen exits
Shares in Elan fell sharply yesterday after its partner in MS drug Tysabri, Biogen Idec, said it was taking itself off the market. Elan closed 9.3 per cent weaker at €15.31 in Dublin on the news, which also drove down shares in Biogen.
A sale would have let Elan change its deal with Biogen, permitting it to buy all rights to Tysabri. Elan reaffirmed its "commitment" to Tysabri.
Insurance brokers merge
Two of Dublin's best-known independent insurance brokers are merging. Tonge Insurances and Lennon Earley Crotty Insurances are joining forces to form LEC Tonge Insurances. Between them, the two firms have been in operation for more than 100 years. The firms say the merger will allow them to drive further expansion.
Global layoffs at phone firm
Palm, the US smartphone maker which Bono's Elevation partner made a $325 million (€222.3 million) investment in this year, has confirmed a round of global layoffs. It employs about 30 people at an R&D centre in Dublin but would not confirm whether there would be job losses here.
'Mail' names managing editor
Paul Drury, executive editor of the Irish Daily Mail and the Irish Mail on Sunday, is becoming managing editor at the newspapers. Mr Drury (50) will take a sabbatical before taking up his new role, which will include responsibilities such as liaising with the Irish Press Council.
O'Reilly raises his IN&M stake
Independent News & Media (IN&M) chief Sir Anthony O'Reilly has spent a total of €2.16 million increasing his stake in the group by 0.12 per cent to 26.12 per cent. Sir Anthony said he had acquired one million IN&M shares at €2.165 each on a day in which its shares closed five cent weaker at €2.15.
The price implied a valuation of €443.33 million on Sir Anthony's IN&M stake. Businessman Denis O'Brien holds some 14.5 per cent of the group.
Novartis to cut 2.5% of its jobs
Novartis, the Swiss drugmaker that employs 600 people in Cork, will eliminate 2,500 jobs during the next two years as product delays and increased competition from generic medicines slow sales. The cuts, equal to 2.5 per cent of its workforce, will bring annual savings of $1.6 billion (€1 billion) by 2010, the company said yesterday. - (Bloomberg)
Northern profits fall by £281m
Northern Rock has taken a £281 million (€391 million) hit to profit from its exposure to the credit crisis, the bank said yesterday, as it named a new chief executive. The lender said Andy Kuipers, a director who stood down from the board last month, would replace Adam Applegarth, who is leaving the company. - (Bloomberg)
