KPMG PERMITS HALTED OVER CONCERNS - The Irish Examiner says the Department of Enterprise has suspended the issuing of work permits to top accountancy firm KPMG over concerns about information provided for permits issued to Indian employees of the company.
The paper says it understands that the department has written to the company in recent days seeking clarification on apparent inconsistencies that came to light during the process.
In February, the work permits of two KPMG accountants in India were queried by officials when they visited the Irish embassy in New Delhi ahead of travelling to Ireland. In addition to suspending any new permits, the department will also review permits issued to the firm in recent months.
The Examiner, quoting sources, says the concerns arose over an apparently substantial discrepancy between the weekly salary stated on the work permit (€900) and the actual amount they would get paid, less than €200.
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MOBILE BATTLE HELPS CARPHONE WAREHOUSE - The Irish Times reports that Increased competition among mobile phone networks helped drive Carphone Warehouse's Irish business into profit last year.
The paper, quoting the latest filed accounts, says Carphone Warehouse Ltd, the Europe-wide group's Irish arm, recorded turnover growth of 40% to €65.2m in the 12 months to April 1 last year.
Carphone Warehouse recorded a profit of €1.62m during the year, compared with a loss of almost €2m in 2005. The company operates a chain of shops selling mobile phones and associated equipment. It is the only retailer that offers deals with all four networks operating in the Republic: 3, Meteor, O2 and Vodafone.
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OCEANICO PORTFOLIO TOPS €2 BILLION - The Irish Independent says Oceanico, one of the largest property developers in Portugal, is aiming for turnover of €250m in 2007 after spending €125m on five top golf courses in the Algarve at Villamoura.
Run by former Campbell Bewley director and shareholder Gerry Fagan and English property developer Simon Burgess, Oceanico plans to build 700 residential units close to the five new courses it purchased yesterday.
The development over the next four years should result in the value of Oceanico's Villamoura project rising to about €600m. The purchase brings Oceanico's total portfolio of homes, bars and hotels to €2 billion.
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PRIVATE EQUITY FIRMS PLAN CODE - The Daily Telegraph reports that British private equity has bowed to pressure and promised to look into how it might increase transparency. The move comes as a leading credit agency warned of a decline in the credit quality of European companies.
The paper says the industry, led by the British Private Equity and Venture Capital Association (BVCA), has asked former Securities and Investment Board chairman Sir David Walker to lead a working group whose aim is to draw up a voluntary code on disclosure and transparency by the autumn.
What the Telegraph calls 'a damning report' from Standard & Poor's, published yesterday, said the share of speculative-grade rated companies in Europe rose to 17.2% in 2006 - up from 5% just 10 years ago.
