Business Irish

Thursday 14 November 2019

n Sunday Independent

Disgraced former Anglo boss David Drumm could be forced to serve jail time anywhere in the US if convicted of perjury, a leading US expert in white collar crime has said.

Drumm could be charged with perjury - which means lying under oath - after a Massachusetts judge found that he had repeatedly lied in US bankruptcy proceedings aimed at escaping his €10.5m debts, most of them owed to IBRC.

Drumm has been living in the US since fleeing Ireland in 2008.

n Sunday Times

The Spanish bottle manufacturer Vidrala is to buy the former Quinn Glass operations in Ireland and the UK, in a deal worth up to €400m.

Vidrala, which is valued at almost €1bn on the Spanish stock exchange, has emerged as the preferred bidder for the business following a three-month sale process.

The deal is likely to be completed this week.

n Sunday Telegraph

Songbird Estates, the majority owner of Canary Wharf, is expected to issue an emphatic rejection of a £2.6bn takeover approach by Qatar's sovereign wealth fund this week, which will see the chances of the Emir's attempt to seize control fading.

It is understood that Songbird's board, which includes representatives from major shareholders Morgan Stanley and Simon Glick, has so far been unanimous in its belief that the takeover offer of 350p-a-share fundamentally undervalues the company.

n Sunday Business Post

Central Banks across Europe have been draining money from the financial system for the last two years, in what amounts to negative quantitative easing, according to the man who coined the term.

The inventor of the concept of quantitative easing, Professor Richard Werner of Southampton University, said that his analysis of central bank asset purchasing data across the Eurozone shows that instead of pumping money into the system, European Central Bank President Mario Draghi and the various central banks have been draining it out.

n Reuters

Japan's government will propose a record budget for the next fiscal year of more than $800bn but cut borrowing for a third year, as Prime Minister Shinzo Abe seeks to maintain growth while curbing the heaviest debt burden in the industrial world.

It is the third annual budget since Abe swept to power in late 2012.

Irish Independent

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