Saturday 23 September 2017

In brief: Intrade progress

Intrade, an online betting website that halted trading earlier this year after uncovering suspected financial irregularities, said it "successfully resolved" issues with representatives of former CEO John Delaney following his death.

"It is recognised that John Delaney worked tirelessly to create a highly regarded international profile for Intrade," the company said. The company's auditors raised concerns in February about payments to Mr Delaney, who died while climbing Mount Everest in May 2011. Financial accounts show $1.39m of payments to Delaney in 2011.

IRISH GLOBAL SUMMIT

More than 400 Irish businesspeople from around the world gathered in London yesterday for the Irish International Business Network's third Global Annual Conference.

Titled 'Moving into Growth', the event brought together leading Irish entrepreneurs and innovators from the USA, Ireland, UK and Europe to create a platform for domestic and international Irish-owned companies to connect and grow their business overseas.

IAG SHARES SOAR

Shares in British Airways owner IAG had soared over 8pc by mid-afternoon yesterday after the company posted a strong set of third quarter results. Operating profit before exceptional items in the period jumped to €690m from €270m.

IAG's Iberia unit – where chief executive Willie Walsh has slashed costs and staff numbers – posted a €74m operating profit compared to just €1m in the third quarter last year.

RICHEMONT EYES SALES

Luxury goods-maker Richemont said its €3.86bn cash pile would help its 20 brands grow as the company ruled out selling any labels, including ailing bagmaker Lancel.

The French maker of Brigitte Bardot purses isn't for sale after its parent company studied strategic options, chief financial officer Gary Saage said. Richemont owns brands such as Montblanc, Cartier and Piaget.

TELECOM ITALIA PLAN

Telecom Italia has unveiled plans to sell its Argentine business, assets including wireless towers in Italy and Brazil, and a mandatory convertible bond to raise about €4bn to help pare debt.

The carrier received a binding offer for its 22.7pc holding in Telecom Argentina and its board voted in favour of the disposal, Telecom Italia CEO Marco Patuano said. Investment firm Fintech is the bidder.

Irish Independent

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