Padraic's Feed
Apr 21, 2015

Irish banking inquiry enters politically-sensitive stage

DUBLIN, April 21 (Reuters) – Irish lawmakers will question
former European Central Bank (ECB) governor Jean-Claude Trichet
and the executives at the helm of Ireland’s banks when they
imploded, as a parliamentary inquiry enters its most
politically-sensitive stage.

While Ireland’s economy is growing faster than any other in
Europe and the government has begun recouping some of the
billions of euros it sunk into its banks, the euro zone’s most
expensive bank rescue is still a sore and hotly debated subject.

Mar 20, 2015

Ireland’s Malin raises up to 330 million euros in IPO

DUBLIN, March 20 (Reuters) – Malin has raised
up to 330 million euros in one of Europe’s biggest life science
IPOs, the Irish company said on Friday, surpassing its target
range of 275 to 325 million euros as it prepares to invest the
cash in smaller, pre-IPO companies.

Malin, set up by a number of executives from former Irish
stock market stalwart Elan, said that 302 million euros will be
raised through the issue of new ordinary shares on its admission
to Ireland’s ESM market on Wednesday.

Mar 19, 2015

Ireland’s Malin raises 330 mln euros in biotech IPO -source

DUBLIN, March 19 (Reuters) – Ireland’s Malin Corp
IPO-MALI.L has raised 330 million euros ($352 million) in one
of Europe’s biggest biotechnology IPOs, a source close to the
life sciences company said on Thursday, surpassing its target
range of 275 million to 325 million euros.

Malin, set up by a number of ex-Elan executives to invest in
privately held assets, said earlier this month that leading
British fund manager Neil Woodford and the Irish state’s new
strategic investment fund had committed to buying around 60
percent of the total estimated placing.

Mar 19, 2015

Cement rival CRH assumes Lafarge, Holcim deal will work

DUBLIN, March 19 (Reuters) – Irish cement firm CRH
is assuming the merger of rivals Lafarge and Holcim
will still happen, its chief said after CRH
shareholders approved an asset purchase that depends on the
deal.

CRH has agreed to buy a number of mostly European assets
from Lafarge and Holcim for 6.5 billion euros ($6.9 billion) so
the French and Swiss firms can get antitrust clearance for their
plan to create the cement industry’s biggest company.

Mar 19, 2015

Asset-buyer CRH assuming Lafarge/Holcim deal will work out

DUBLIN, March 19 (Reuters) – Irish cement firm CRH
is working on the basis that the troubled merger of industry
giants Lafarge and Holcim will happen, its
chief executive said as his shareholders approved asset
purchases that depends on it.

“At this moment in time, we’re working forward on the basis
that the deal will close, the merger will happen,” CRH CEO
Albert Manifold told reporters on the sidelines of a shareholder
meeting on Thursday.

Mar 19, 2015

News Corp expands stake in Australia’s APN media with $104 million deal

SYDNEY/DUBLIN (Reuters) – News Corp increased its stake in Australian media company APN News & Media Ltd, becoming the biggest foreign shareholder in the owner of some of the country’s top rated radio shows with a $104 million share purchase.

Rupert Murdoch’s New York-listed media conglomerate said in a stock market filing on Thursday its Australian unit would increase its stake in APN to 14.99 percent, the maximum shareholding it can hold without requiring regulatory approval.

Mar 12, 2015

Irish economy hits post-crisis high with 5 percent annual growth

DUBLIN (Reuters) – Ireland’s economic growth rate surged to a post-crisis high of 4.8 percent last year, likely the fastest rate in the European Union, as data confirmed a stunning recovery from a devastating 2008 property crash.

After two years of near stagnation, higher exports and consumer spending lifted 2014 gross domestic product growth to almost four times the average 1.3 percent rate posted across the European Union after most countries had published data.

Mar 11, 2015

Ireland’s PTSB to raise 525 mln euros after stress test fail

DUBLIN, March 11 (Reuters) – Irish lender permanent tsb
(PTSB) plans to raise 525 million euros in capital from
private investors to fill a hole identified in European bank
stress tests last year and repay state funds.

The 99.2 percent state-owned bank was the only Irish lender
to fail the stress tests and said at the time it would be able
to cover all but 125 million euros of the 855 million euro
capital hole found by the European Central Bank (ECB).

Mar 9, 2015

RSA’s ‘Irish treasure’ helped support group – former executive

DUBLIN (Reuters) – British insurer RSA (RSA.L: Quote, Profile, Research) viewed surpluses generated by its business in Ireland as “treasure” that could be used to support underperforming parts of the wider group, the former chief executive of the Irish division said on Monday.

RSA’s Irish business was left without a safety net after it was directed to release over 250 million euros (179.5 million pounds) in reserves to support the group’s results between 2007 and 2011, Philip Smith told a constructive dismissal hearing in Dublin.

Mar 9, 2015

RSA Ireland released 250 mln euros in reserves to support group – ex-CEO

DUBLIN, March 9 (Reuters) – The Irish business of insurer
RSA was left without a safety net after it released over
250 million euros ($271 million) in reserves to support the
group’s results, the unit’s former chief executive said.

Philip Smith resigned in November 2013 after RSA said it was
investigating accounting irregularities at the Irish business,
which contributed to a pre-tax loss for the group of 244 million
pounds ($368 million) in that year.