Media Bites: Sunday Independent - Bank stakes sold off by AIB now worth double
Published 20/04/2015 | 02:30
Bank stakes sold off by AIB during the financial crisis are now worth twice what the State-owned bank got for them.
In November 2011, the bank sold a 22.5pc stake in the US lender M&T bank for around €1.5bn. Today that stake is worth €3.4bn as its share price has risen.
The State-owned bank disposed of a 70pc stake in Polish lender Bank Zachodni WBK for €2.9bn in 2011. Today that stake is worth €6.3bn.
Swiss pension schemes will be bankrupt within 10 years unless Switzerland's government wins public support for a radical overhaul of the retirement system, experts have warned.
The pressure on Switzerland's occupational pension system, which accounts for SFr800bn (€777bn) of assets, has intensified this year due to recently imposed charges on cash accounts and shrinking government bond yields.
Doughty Hanson, the owner of the commercial broadcaster TV3, has formally put the business up for sale with the appointment of the London-based corporate adviser Quayle Munro to handle the process.
It is understood that Liberty Global, the owner of UPC, the country's largest cable company, is a clear front runner for the business.
The Carlyle Group, a global asset management firm based in Washington DC which has shown interest in the TV station, is believed to have dropped out of the bidding.
Sunday Business Post
Up to 20 bidders, including the well-known developer Johnny Ronan, will find out this week if they have been shortlisted by CIE to build what could be Dublin's tallest building.
The semi-state transport company has appointed Ross Shorten of Lisney to select between five and 10 bidders who will be shortlisted to develop a high-rise office block alongside Tara Street Dart Station and George's Quay.
CIE plans to lock in a long-run income stream from the winning developer. It is prepared to grant 300-year ground lease or take 10pc of the annual rental income from the proposed building.
The Sunday Telegraph
Tesco is to pump hundreds of millions of pounds a year into its huge pension scheme in an attempt to plug a black hole. The move will pile further pressure on the stretched finance's of Britain's biggest retailer.
The supermarket chain is expected to inject around £250m (€345m) into its pension scheme every year as it battles to control a growing deficit approaching £5bn.
Tesco is expected to unveil the pension plan in its annual results on Wednesday. They will show the biggest loss in the company's 96-year history.