Wednesday 22 March 2017

Surrey mansion on new NAMA sale list

PROPERTY

UPDOWN Court, a mansion in Surrey, England, that was backed by Irish Nationwide, is among properties for sale by NAMA in a new list released yesterday. Updown Court was to be the most expensive house in Britain, but its price plummeted when the financial crisis hit.

Judgment due soon in Lynch loan case

COURTS

THE Commercial Court will next month rule on whether businessman Philip Lynch and his family have any liability to Allied Irish Banks for a €25m loan issued to them to buy development lands in Waterford. The case opened last December, evidence ended last May and legal submissions were heard in June after which Mr Justice Michael Peart reserved judgment on the 27-day hearing. He indicated yesterday he expected to give judgment on November 15.

Mineral exports boost for Australia

ECONOMY

AUSTRALIA'S trade surplus surged in August as exports of coal and other minerals increased. Shipments from Australia grew 8pc from the previous month, while imports rose 3pc, the statistical bureau said. That resulted in a trade surplus of A$3.1bn (€2.2bn), the second-largest on record. Meanwhile, the Reserve Bank of Australia left the interest rate unchanged at 4.75pc. The data comes amid concerns that fears of a slowdown may hurt demand for Australia's mineral exports. "Export volumes are really kicking along," said Brian Redican of Macquarie.

New London port to open at end of 2013

TRANSPORT

THE owners of the London Gateway Port say the project is due to open in the last three months of 2013. DP World says the site will initially be able to handle 1.6 million standard shipping containers a year. Over time, the Dubai-headquartered group plans to raise capacity to 3.5 million containers. Construction work began near Thurrock, Essex, in January 2010. When complete, it will be the largest deep-sea port in the UK. DP World says the Thames Estuary development has already created 600 jobs and it plans to increase that number by a further 1,000 over the coming months.

Irish Independent

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