Business

Friday 23 February 2018

ICAV bill passes

The bill establishing a new type of corporate structure for investment funds has passed through the Oireachtas.

The structure is called an Irish collective-asset management vehicle (ICAV) and is being established to make it easier to establish and manage investment schemes here.

The aim is "to minimise the administrative complexity and cost of establishing and maintaining collective investment schemes," the Department of Finance said.

Barclays' court win

New York's top state court has reversed a 2013 ruling that had found Barclays Plc liable in a $300m (€263m) dispute with hedge fund Black Diamond Capital over the British bank's refusal to pay back collateral.

The Connecticut-based fund filed a lawsuit against Barclays in 2008, claiming it had defaulted on a $40m (€35m) collateral call made at the height of the financial crisis.

A lower court agreed and ordered Barclays to return $297m (€261m) in collateral.

Yesterday the New York Court of Appeals said it was unclear whether Barclays failed to follow the contract's procedures for disputing a collateral call and sent the case back to a state judge in Manhattan.

Asda investment plan

UK retailer Asda will invest £600m (€814m) in building new stores and refurbishing old ones as the British supermarket operator responds to a fall in fourth-quarter sales.

Sales at stores open more than one year, excluding fuel, fell 2.6pc in the 12 weeks to January 4, Asda said.

Chief executive Andy Clarke said the retail market remained "in one of its most challenging and changeable periods in history".

Russia deficit to rise

Russia's budget deficit will rise to 3.2pc of GDP in 2015 despite more than $20bn (€17.6bn) in spending cuts, the country's RBC Daily newspaper reported yesterday, citing Finance Ministry plans.

The projections underscore the scale of budgetary problems facing Russia as a result of the slump in global oil prices, which has led to a sharp fall in projected tax revenues, and an array of Western sanctions tied to the crisis in Ukraine.

The 2014 deficit came in at 0.5pc of GDP, and the original federal budget for this year, adopted in November, forecast it would rise to just 0.6pc in 2015.

But this is now being revised to reflect the worsening economic climate.

Irish Independent

Promoted Links

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Also in Business