See Search Box
lower down this column for searches of Finfacts news pages. Where there may be
the odd special character missing from an older page, it's a problem that
developed when Interactive Tools upgraded to a new content management system.
Welcome
Finfacts is Ireland's leading business information site and
you are in its business news section.
We
provide access to live business television and business
related videos from: Bloomberg TV; The Wall Street Journal;
CNBC and the Financial Times. Click image:
Markets News Afternoon: Shares trade in tight ranges in Europe and US; Developer Bernard McNamara cannot discharge judgement of €62.5m; Heineken acquires Mexican brewery
By Finfacts Team
Jan 11, 2010 - 2:47:32 PM
Developer Bernard McNamara, today told the Commercial Court that he has no unencumbered assets and cannot discharge a judgement of €62.5m against him.
McNamara is seeking a stay on the judgement against him and on a €98m judgement against his company, Donatex, relating to the acquisition of the Irish Glass Bottle site in Ringsend, South Dublin, in 2006.
Last month, the court ruled that a group of investors who are private clients of stockbroker Davy, who part-funded the acquisition of the site for €412m in 2006 - - were entitled to the judgements.
The site is now valued at €60m.
McNamara said he intends to appeal the court decision to the Supreme Court and is seeking a stay in the meantime. Mr Justice Peter Kelly will give his decision on the stay tomorrow.
Dutch beer giant Heineken said today that it would acquire Mexico's Fomento Economico Mexicano (Femsa) brewery, valued at €5.3 billion, through an all-share transaction.
Commenting on the Transaction, Jean-François van Boxmeer, Chairman and Chief Executive of Heineken, said: “This is a compelling and significant development for Heineken. It transforms our future in the Americas and marks the next stage in Heineken’s strong association with Femsa. Through this deal we become a much stronger, more competitive player in Latin America, one of the world’s most profitable and fastest growing beer markets. The acquisition strengthens considerably our position within the global beer market, expands our portfolio of leading international brands and enhances our leading position in the US import market. I am confident that this transaction will generate considerable future value for stakeholders in both groups.
“I am delighted to welcome our new and talented colleagues into Heineken. We will benefit from their considerable skills, experience and ideas. We also welcome Femsa as a significant shareholder in the Heineken Group. We look forward to their valuable contribution to our future.”
Femsa will hold a 20.0% economic interest in the Heineken Group.
Irish Life & Permanent restructuring
Irish Life & Permanent p.l.c today confirmed that the High Court has sanctioned the scheme of arrangement (the Scheme) pursuant to which Irish Life & Permanent Group Holdings p.l.c (NEW ILP) will become the new holding company of the Irish Life & Permanent group. The Scheme will become effective upon the issue by the Registrar of Companies of a certificate of registration of the Court Order.
It is expected that the Court Order will be filed with the Registrar of Companies shortly after close of business on 15 January 2010 and that the Scheme will become effective on that date (the Effective Date). On this basis, it is expected that the Scheme Record Time, after which no transfers of the Company’s ordinary shares (the OLD ILP Shares) will be registered, will be 5.15 p.m. on 15 January 2010.
It is expected that cancellation of the listing of the OLD ILP Shares on the Irish Official List and the UK Official List will occur, with effect from 6.30am on 18 January 2010 and that the issued ordinary shares of NEW ILP (the New ILP Shares) will be admitted to the Irish Official List and the UK Official List and to trading on the main markets for listed securities of the ISE and LSE by 6.30am on 18 January 2010.
As detailed in the circular sent to the company’s shareholders relating to the Scheme (the Scheme Circular), share certificates in respect of the New ILP Shares due under the Scheme to the holders of the Old ILP Shares who hold such Old ILP Shares in certificated form, will be posted no later than 29 January 2010, and it is expected that holders of Old ILP Shares in a CREST account will have their accounts credited with the New ILP Shares due to them under the Scheme on or about 18 January 2010.
Ireland’s largest insurer completes planned name change to Aviva
Hibernian Aviva, Ireland’s largest insurance group has completed its planned name change to Aviva as part of Aviva plc’s global strategy to grow and transform its business. Aviva’s in Ireland began over 100 years ago with the foundation of the Hibernian Fire & General Insurance Company and today the company has over 1.2 million general insurance, life & pensions and health insurance customers.
Aviva says it is Ireland’s market leader in general insurance, providing motor cover to one in every five motorists on Irish roads and commercial insurance to one in three small and medium businesses. Over 250,000 people have chosen Aviva as their health insurance partner and in the Life & Pensions sector Aviva provides access to the widest choice of funds in the market through partners BlackRock, Merrion Investment Managers and Aviva Investors.
The UK financial services sector saw its second consecutive rise in activity in the fourth quarter, according to research out Monday. Pars Purewal from PwC and Chris Tinker from ICAP discuss the impact of regulation on the sector:
Crospon secures additional €2 million in funding
Crospon, a medical device developer based in Galway has announced the completion of a €2 million round of funding and that the Company’s gastroenterology product, EndoFLIP has received clearance from the US Food and Drugs Administration (FDA).
Irish Consumers cutting out much needed protection policies as a result of financial hardship – Friends First survey reveals.
Almost 70% of Irish consumers have experienced a drop in household income over the past 12 months. 40% of consumers say that mortgage repayments are their biggest financial concern, while 45% fear that they or their partner could be at risk of losing their jobs in the next twelve months, according to research carried out by Friends First.
While three quarters of those surveyed were aware of what income protection is and 69% of those surveyed thought that long term disability would cause them more financial hardship than the death of an income earner, less than 9% of people surveyed had an income protection policy.
78% have car insurance
63% have health insurance
56% have house insurance
43% have life assurance
30% have mortgage protection
18% have critical/serious illness insurance
9% have income protection
10% have none of these
Fyffes
Fruits and property group Fyffes, said today that trading conditions were difficult towards the end of the year due to the adverse impact of the exceptionally cold weather throughout Europe in December. Nevertheless, Fyffes expects its adjusted EBIT* for 2009 to be in the order of €20-€21m, towards the upper end of the target range, and significantly up on the €15.3m result in the previous year. Year end net cash is expected to amount to approximately €37m.
Looking forward to 2010, the group said it will continue to pursue higher selling prices to offset increases in input costs. The exceptional cold spell across Europe is having an adverse impact on current trading in the early weeks of the year. Fyffes is currently targeting an Adjusted EBIT* in the range €17m-€22m in 2010, based on an expectation of achieving the required increases in average selling prices in all markets.
*Adjusted EBIT excludes amortisation charges, the group’s 40% share of the results of Blackrock International Land plc and exceptional items.
Banks are bracing for bonus fury, reports Susanne Craig, a reporter for the Wall Street Journal:
US
The Dow is down 2 points at 10,616 in New York.
The Nasdaq is off 0.52% and the S&P is down 0.09%.
On the New York Mercantile Exchange, oil for February 2010 delivery is trading at $82.60 down 15 cents from Friday's close. In London, Brent crude for February delivery is trading at $80.65 a barrel.
Currencies
The euro is trading at $1.4537 and at £0.8993.
For live currency updates, check the right-hand column of the Finfacts home page.The dollar traded at a record low $1.6038 per euro on July 15, 2008.
