Tony Delahunt -- apology
IN our edition of May 10, 2011, we published an article headed 'Developers sign up to repayment plan with bad bank' which incorrectly stated that receivers had been appointed to an auctioneering business run by Tony Delahunt. Mr Delahunt continues in practice as a licensed auctioneer and is neither in receivership nor NAMA. We apologise to Mr Delahunt for the error and for any confusion caused.
Petroceltic share move to raise $60m
PETROCELTIC International has completed an equity placing announced on Thursday. A total of 351 million new ordinary shares have been conditionally placed by Merrill Lynch International, J&E Davy and Mirabaud Securities acting as joint bookrunners at a price of 10.5p each, to raise about $60m (€42m) before commissions and expenses. The placing shares equal, in number, around 17pc of the ordinary shares in issue immediately before the placing. The shares will be issued credited as fully paid and will rank pari passu with the existing ordinary shares.
State's stake in AIB will jump to 93.5pc
THE state stake in AIB is set to rise from 92.8pc to 93.5pc after the bailed-out bank announced plans to grant the Government new shares in lieu of a dividend that fell due yesterday. Shareholders face further dilution later in the summer, when the Government pumps in more capital to help AIB meet demands imposed by the latest stress tests. The bank was valued at just under €2.25bn last night, with about €160m of this owned by private investors. Those investors are likely to show their anger at AIB's upcoming AGM in mid-July.
Investors 'should shed pessimism'
JIM O'Neill, chairman of Goldman Sachs Asset Management, said investors should shed their pessimism and stop hoarding cash amid prospects for a global stock rally that could start in China. The view that "the West is in trouble" is wrong when nations including Germany, Sweden, Australia and Canada are performing strongly, Mr O'Neill said in Hong Kong. Investors should "stop worrying so much", added Mr O'Neill, who is known for coining the BRIC acronym for Brazil, Russia, India and China.
Yen, dollar gain on safe-haven demand
THE yen and the dollar advanced against all other most-traded currencies as investors sought safety amid falling stocks and fluctuating commodities. The euro fell after earlier gaining on economic growth data for the region. It headed for a second weekly loss against the dollar as concern persisted that Greece will need to restructure its debt.