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The site of the former Irish Glass Bottle plant, Ringsend, Dublin (within red contours). It was purchased in 2006 for €412 million, by a consortium led by developer Bernard McNamara. It is now worth €60 million
The US dollar fell as low as $1.5020 against the euro today -- see bottom of page.
Irish Glass Bottle site
A group of investors, who were clients of Davy stockbrokers in 2006, have begun legal proceedings against property developer Bernard McNamara over an agreement to buy the former Irish Glass Bottle site in Ringsend, South Dublin.
The investors, are taking the action against McNamara's company Donatex and him personally for almost €96m. They were part of a consortium headed by McNamara, financier Derek Quinlan and the State agency, Dublin Docklands Development Authority (DDDA), which paid €412m for the 25-acre former Irish Glass Bottle site in Ringsend in Dublin. The site has been valued in recent months by Lysney's for €60m.
The investors who loaned funds to invest in the site through Davy are suing Donatex and McNamara on foot of personal guarantees given by him. Donatex is already taking legal action against the DDDA, alleging that the authority did not meet its commitments in relation to planning permission on the site.
The Davy investors, via their vehicle Ringsend Properties Ltd. are suing McNamara in respect of an original loan deal which was was for seven years and McNamara is expected to claim that he was not obliged to make repayments before this date. The investors’ claim will also focus on the difficulties in getting planning for the site.
European Central Bank president, Jean-Claude Trichet, said today at a meeting of the Group of 10 central banks at the Bank for International Settlements in Basel, Switzerland, that the world has avoided an "extremely threatening" depression but remaining risks could still damage renewed economic confidence
Trichet said there was a need for "permanent vigilance and alertness."
He said the world was able to end an "economic freefall" between September 2008 and March 2009 thanks to exceptional measures taken by world governments and central bankers.
Trichet said these policies had brought "stabilisation" on a global level and he reiterated that economic growth was "confirmed at a level that is a little better than was previously projected."
At the same time, he warned that it was "no time for complacency."
"We have large numbers of issues that are still there,"including a growing unemployment problem and fiscal imbalances, both of which can erode confidence.
Kraft reconfirms unchanged bid
Kraft Foods Inc., the US maker of Oreo cookies and Ritz crackers, today reconfirmed its initial offer to buy UK company Cadbury Plc for £9.8 billion.
Kraft offered 300 pence in cash and 0.2589 new Kraft share per Cadbury share, the same as a bid made public in early September.
On the basis of last Friday's closing prices, the bid values Cadbury at 717 pence a share, about 6% below the original offer. The bid’s value has fallen from its initial 745-pence level as Kraft shares have fallen.
Cadbury, regarded as an iconic brand in the UK and maker of Dairy Milk chocolate, rejected the bid, saying the offer is now worth less and the initial proposal had already undervalued the company.
With the Dow surpassing the 10k mark and record bonuses expected on the Street this year, is it safe to say the old normal is back? Vince Farrell, of Soleil Securities, and Michael Farr, of Farr, Miller & Washington, discuss:
The Dow Jones Industrial Average rose 152 points, or 1.52%, to 10,175 on Monday -- a 52-week high.
The 2009 closing high was 10092.19 on Oct. 19th.
The Nasdaq is up 1.44% and the S&P has risen 1.57%.
McDonald's same-store sales beat analyst expectations, despite a very slight drop in US sales, reports CNBC's Phil LeBeau. James Pethokoukis, of Reuters, and Steven West, of Stifel Nicolaus, discuss McDonald's and the "trade down" economy.
In Europe, the Dow Jones Stoxx 600 rose 1.9% Monday.
In Dublin, the ISEQ is up 1.50%.
Aer Lingus is up almost 10% today after releasing a trading update
AIB rose almost 6% and CRH is up 2.75%.
E-learning company ThirdForce jumped over 28%.
LearnVantage, an investment vehicle formed by ThirdForce's CEO Brendan O'Sullivan and Chairman Pat McDonagh, made a bnid for the company.
They offered three options: one share in LearnVantage for each Thirdforce share; three LearnVantage shares and €0.12 in cash for every four ThirdForce shares or €0.105 in cash for each ThirdForce share.
ThirdForce said the cash offer valued the company at €27.2m. Last March it received an approach from managers, initially at 8 cent a share.
The company said it intends to cancel its shares on London's AIM and Dublin's IEX markets and to re-register ThirdForce as a private limited company, following the offer.