Business

Thursday 17 August 2017

Anglo to give over Quinn loan material

ANGLO Irish Bank has been ordered to give a former head of lending any documents relating to "special conditions" attached to loans to businessman Sean Quinn.

Thomas Browne, of Ferney Hill, Brighton Road, Foxrock, Co Dublin, sought the documents for his defence to the bank's claim for €50m judgment orders against him over unpaid loans.

Yesterday, Mr Justice George Birmingham granted an order requiring the bank to produce some of the material sought.

Building society launches new bond

DEPOSITS

BRITISH building society Leeds has launched a six-month bond paying 3.6pc, which it said was the highest rate in the market.

The minimum investment is €10,000 and no withdrawals are permitted during the six-month period.

Leeds Building Society, which has had an office in Ireland since 2008, said deposits were guaranteed by the UK guarantee scheme.

Calls for move to rebate-type system

FUEL TAX

One of the country's leading logistics groups, TPN, has called on the Government to eliminate dye from diesel that's designed to distinguish between cheaper fuel for the agricultural sector and more expensive diesel for other uses.

It claims a rebate-type system would eliminate fuel laundering activity.

Elan invests $10m in university deal

PHARMA

Irish drug company Elan has confirmed that it's to invest $10m (€7.5m) to establish a research collaboration with the University of Cambridge.

The 10-year partnership aims to develop drug compounds for use in the treatment of neurological disorders, including Alzheimer's and Parkinson's.

Elan hopes its investment will boost the availability of drug compounds that can be further developed.

Citigroup $285m deal struck down

courts

A federal judge has struck down a $285m settlement that Citigroup reached with the Securities and Exchange Commission, saying he couldn't tell whether the deal was fair and criticising regulators for shielding the public from the details of what the firm did wrong.

Irish Independent

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