Sunday 18 February 2018

Permanent TSB minority shareholders shake things up at the bank's AGM

Business week in 60 seconds

Jeremy Masding Chief Executive of PTSB
Jeremy Masding Chief Executive of PTSB
Gavin McLoughlin

Gavin McLoughlin

Wednesday saw Permanent TSB chairman Alan Cook plead with shareholders to be quiet at the bank's agm.

Permo's management faced lots of angry heckling on issues from the bank's variable mortgage rates to the extent of its planned €525m capital raise.

Management said there can't be a rate cut because the bank is still making a loss.

Chief Executive Jeremy Masding has met around 100 potential investors and should be able to provide an update on the capital raise within weeks.

Later in the week, the European Commission told the bank to shrink its book of tracker mortgages as a condition of approval for the bank's restructuring plan.

Honohan wants to see tougher laws make reckless bankers accountable

Central Bank governor Patrick Honohan wants a crackdown on reckless bankers.

The Prof told an event in Paris that the law "deserves to be strengthened to take account of egregious recklessness in risk-taking by those who were in charge of failed financial firms".

The UK Financial Conduct Authority recently unveiled a proposal that would see senior bank managers asked to show that they took "such steps as a person in their position would be expected to take" if a firm is guilty of misconduct.

Tax experts warn over IP shelter plan for proposed 'knowledge box'

Business leaders and tax experts warned the Government of potential problems with the vaunted Knowledge Development Box.

The scheme would give companies a tax break on income derived from intellectual property.

But Ibec thinks that the current plan is too narrow to encourage a wide range of sectors to engage in research and development.

The Organisation for Economic Co-operation and Development is developing global rules for this kind of scheme, and Ibec isn't happy.

"Restrictions on the outsourcing of R&D mean that smaller countries with limited skills pools in specialist areas will be disadvantaged by the new regime compared to larger countries," Ibec said.

€26.5bn pharma deal on the table as Mylan move to buy rival Perrigo

US drugmaker Mylan launched a shock offer to buy its Irish-based rival Perrigo for €26.5bn.

The move sent stocks in both companies soaring. The merged company would be a generic-medicine juggernaut.

"This combination would result in meaningful immediate and long-term value creation, and our proposal is designed to deliver that value to shareholders and other stakeholders of both companies," Mylan said.

Perrigo is best known here for buying Elan for almost €6.7bn in 2013. The company is based in Dublin's Treasury Building.

Twitter shares surge as rumours of Google takeover do the rounds

Twitter shares rose by almost 4pc on Wednesday amid reports that it had knocked back a takeover attempt from Google.

Financial website said two firms had approached Twitter with serious intent, naming Google as one.

Both Twitter and Google declined to comment when contacted by the Irish Independent.

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