independent

Wednesday 16 April 2014

Media Bites

Limerick hotelier Tom Moran

SUNDAY INDEPENDENT

TOP ECB and European Commission officials held high-level meetings with the Department of Finance weeks before the bailout was announced in November 2008.

Confirmation of the meetings has led to fresh questions over why the then Fianna Fail-led government continued to deny prior to the bailout that any talks along those lines had been taking place. But the Department of Finance has insisted there were no advance talks on a potential bailout.

SUNDAY BUSINESS POST

The Moran Group, the chain behind the Red Cow Hotel in Dublin, is poised to secure a debt writedown related to its €700m in loans in a deal due to be signed imminently.

Owned by Limerick hotelier Tom Moran and his family, the company operates 10 hotels between Ireland and the UK. The business is profitable but has struggled under the weight of its debts. Much of that debt relates to the group's €570m acquisition of the Bewley's Hotel Group in 2008.

WELT AM SONNTAG

German exports will rise by just over 2pc next year, according to a report by the Federation of German Industries , or BDI, that is due to be released today.

A 1.5pc increase is expected to be recorded for 2013. It would mean that Germany's exports will grow at a slower rate than global trade. The International Monetary Fund expects global trade volume to increase 2.9pc in 2013 and 4.9pc in 2014.

Markus Kerber, the head of the BDI, said the German government must do everything it can to strengthen the country as a location for industrial investment.

SUNDAY TELEGRAPH

Plans by the UK government to split banks between their retail and investment arms could result in the end of free banking and lead to the closure of high street branches, a think-tank has said.

"If the ringfenced banks are restricted in their range of products and services as currently envisaged, and if high net-worth individuals take their business abroad, revenue bases will be eroded," the report claims. It adds that higher costs and lower revenues would mean charges being passed on to individual and SMEs.

Irish Independent

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