Saturday 18 January 2020

Bid to halt recap challenges rejected

THE High Court has rejected the Minister for Finance's bid to halt two legal challenges to the Government's recapitalisation of Irish Life & Permanent (IL&P).

Mr Justice Kevin Feeney yesterday dismissed the minister's preliminary application to stop actions by investment fund Horizon Growth, which bought six million shares in IL&P between February and July 2011, and former investment banker Piotr Skoczylas, whose company bought €200,000 of IL&P shares in autumn 2010. "We note the decision and we and the minister will continue to defend the challenge," a spokesman for the Department of Finance said. IL&P declined to comment.

Papua Mining listed on London's AIM

MINING

Papua Mining, a UK company looking for gold and copper deposits in Papua New Guinea, was listed on London's AIM market yesterday. The company is led by Irish geologist and barrister Hugh McCullough who is a former chief executive of Glancar mining which looked for gold in Ireland, Ghana and Mali. The firm also has Glencar geologist Kieran Harrington (49) as technical director.

Brazil slates rich nations' cheap cash

INFLATION

Brazilian President Dilma Rousseff has slammed rich nations for unleashing a "tsunami" of cheap money that threatened to "cannibalise" poorer countries such as her own, forcing them to act to protect struggling local industries. Ms Rousseff's words amounted to some of the highest-profile criticism to date of efforts by the ECB, the Bank of Japan and others to boost their economies through low interest rates and cheap loans.

Saudi denial helps oil prices fall to $107

OIL

Oil prices fell below $107 a barrel yesterday after Saudi Arabia denied an Iranian media report of a Saudi pipeline explosion. Benchmark oil for April delivery was down $2.21 (2pc) to $106.63 on the New York Mercantile Exchange. Crude had jumped to $110.55 yesterday after an unconfirmed Iranian media report of a pipeline explosion in Saudi Arabia. Oil prices have risen from $96 last month amid fears that conflict over Iran's nuclear programme could trigger a disruption in global crude supplies. Signs of an improving US economy have also bolstered investor optimism and crude prices.

Irish Independent

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