McCreevy under guard over Italian bank row - The Irish Independent says that armed guards were deployed to protect the bemused EU's internal commissioner Charlie McCreevy in Italy at the weekend. From the moment he arrived in Milan, Mr McCreevy had four bodyguards with him. It is believed he felt bemused at Italian concerns for his safety. In contrast, there was no security for the competition commissioner, Neelie Kroes, or the economic affairs commissioner, Joaquim Almunia, at the Cernobbio meeting. As finance minister, Mr McCreevy did not have regular Garda protection, nor does he receive similar security in Brussels. The Italian reaction is suspected to stem from Mr McCreevy's criticism of the governor of the Italian Central Bank, Antonio Fazio.
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Irate shareholders demand Press wind-up - There were calls for Irish Press plc to be wound up yesterday from some shareholders following another stormy annual general meeting in Dublin, reports the Irish Times. The chairman of the group, Eamon de Valera, defended his stewardship of the group and said the directors were investigating several investment possibilities. The company has substantial cash holdings and its investments are now worth over €6m. Mr de Valera said the company had studied several different investment targets, but they were not appropriate for the company. 'This has not been in any way a passive search,' he said. He also told the AGM representations were continuing on the issue of the Thoms street directory, which is owned by the company. Because of provisions in the Electoral Act, the company can no longer get access to the electoral register, which means compiling the directory could become impossible.
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SWS group announce 31% profit hike - SWS Group of Bandon has announced a 31% boost to pre-tax profits of €4.2m on a turnover of €23.8m, writes the Irish Examiner. It confirmed also that negotiations for sale of key parts of the business are continuing with IAWS Co-op. Philip Lynch of IAWS Co-op has offered €64m for the energy, waste management and outsourcing elements of the business. Under the terms €42.5m would be paid a year after completion of the takeover and the remainder paid out over three years provided profit targets were met. How many jobs will transfer under the terms of the deal has not been decided and employees in the company are still in the dark about what the future holds for them, according to a well placed source.
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Business chiefs give blunt warning on Doha talks - The Doha round of global trade talks may be 'on the verge of failure', an association of global business leaders warns on Tuesday reports the Financial Times. A blunt statement from six business associations, including the US Business Roundtable, an association of chief executives of leading corporations, says delay in the agricultural talks is holding up progress in goods and services liberalisation, which is economically far more significant. 'Only a few months remain for World Trade Organisation member governments to save the Doha development agenda,' the statement says. 'The great hopes for global economic growth and development promised by this trade round are now at serious risk.' The warning comes as the WTO returns to work after its summer break, with four months remaining before December's ministerial meeting in Hong Kong. Progress in the talks has been slow. Pascal Lamy, the WTO's new director-general, said last week the director-general 'does not have a magic wand' to conjure up a deal.
