Sunday 22 October 2017

n Sunday Independent

Australian mining firm Iluka Resources is thought to be preparing a new takeover bid for Irish miner Kenmare Resources.

Kenmare's share price jumped last week but any new offer is likely to be significantly below the previous 12p-a-share offer.

In London on Friday, Kenmare shares closed up almost 10pc at 3.31p a head.

n Sunday Times

gOOGLE has paid €13m for an office block that Nama sold for €1.25m in 2012.

Jones Investments, who bought the building - the Dockmill in Dublin's docklands - from the State's bad bank has made more than €10m in profit as a result.

A Nama spokesman said the €1.25m bid was "the highest price that any buyer was prepared to pay at the time".

The building was previously owned by developers Bernard McNamara and Jerry O'Reilly, whose AIB loans were transferred to Nama.

n Sunday Business Post

A new agreement between banks and the Money Advice and Budgeting Service is set to see more debt write-offs for borrowers in arrears.

Ireland's main lenders agreed a new voluntary code for dealing with debt with Mabs late last year.

AIB, Bank of Ireland, KBC Bank Ireland, Permanent TSB and Ulster Bank have all signed up, according to the paper.

Banks have agreed to "deal with all genuine cases at all stages of the process outside of the legal system".

n Sunday Telegraph

Lloyds bank is preparing to pay its first dividend since being bailed out by the British taxpayer in 2008.

The move comes as the UK government prepares to sell off more of its shareholding in the bank.

The Treasury is drip-feeding shares onto the market and plans to take its stake from 25pc to below 20pc in the next five months.

n El Confidencial

Telefonica is planning a share sale worth €4bn-€5bn, according to the Spanish newspaper.

The telecommunications giant has enlisted JP Morgan to help matters proceed, according to financial sources whom the paper didn't name.

El Confidencial said at least €3.4bn of the funding raised is needed to pay for Telefonica's agreed purchase of GVT - a Brazilian unit of Vivendi.

Irish Independent

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