ENERGY COMPANY RAISES €7m- The Irish Times reports that OpenHydro, an Irish tidal energy company which has not yet commenced operations, has raised €7 million in private equity funding.
The paper says OpenHydro has appointed Davy as its corporate financial advisors and intends to conduct larger funding rounds in the future. Most of the investors to date have been Irish individuals putting in €250,000, though there have also been some corporate investors.
The company, set up in late 2004, closed a €4.5 million funding round in 2005. It has just closed a further round which was over-subscribed and which raised €2.5 million to support the business into 2007.
The Irish Times says that in the coming fortnight OpenHydro is set to place a six-metre diameter tidal turbine at the groundbreaking European Marine Energy Centre (EMEC) in Orkney, Scotland. The turbine will be connected to the electricity grid.
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BRITAIN AS CORRUPT AS AFRICAN STATES - The Guardian reports that Britain, the US and Switzerland should rank among the world's most corrupt countries, according to a paper delivered to an economics conference at the weekend.
The papers quotes a leading tax expert as saying that the failure of developed countries to clamp down on offshore tax havens is responsible for more hardship than any corrupt acts by third world leaders.
'I would place the United Kingdom high on the list of most corrupt countries,' said John Christensen, formerly an adviser to the Jersey government and now director of the Tax Justice Network, speaking at the Economic Geography Research Group conference.
He said he based this on Britain's role as a tax haven and a defender of the tax haven role of its overseas territories and Crown dependencies, as well as its 'dismal role in undermining the effectiveness' of the European Union's attempts to close tax loopholes.
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EU TAX OFFICIAL SET SIGHTS ON ASIA - The Financial Times reports that Hong Kong and Singapore are to be named as possible targets in the European Union's drive to tax wealthy citizens who have moved hundreds of billions of euros in savings offshore.
The paper says Laszlo Kovacs, EU tax commissioner, wants to bring the booming Asian financial centres into Europe's tax net, amid signs that tax avoiders are looking for more distant shelters for their money.
Officials from the EU's 25 member states will consider the plan to extend the EU savings directive today in Brussels; Mr Kovacs hopes for a mandate from finance ministers by the end of the year to start talks with Hong Kong and Singapore.
The move follows the relative failure of the EU law to tax offshore savings closer to home, after investors in countries such as Switzerland and Luxembourg took advantage of the directive's loopholes. The commission does not have figures for the scale of the problem, but German citizens are thought to have €300bn-€500bn in offshore savings.
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NTR SET TO SELL OFF IRISH BROADBAND FOR €60m - The Irish Independent says that NTR has approached a number of companies with a view to selling off Irish Broadband, its broadband subsidiary.
According to the paper, the privately-traded utility company has put a €60m price tag on its broadband arm and at least three possible purchasers have been approached. Earlier this year, NTR chief executive Jim Barry stated clearly it was no longer a core part of the company.
The paper quotes one industry source as saying that the problem for Irish Broadband is that its technology platform is not compatible with some of the companies who might otherwise consider making an offer.
The subsidiary recorded revenue of €8.2m in the 15 months to March of this year, compared with €2.2m for all of 2004.
