Business World

Wednesday 17 January 2018

Desmond ups stake in INM to 6.36pc

A STATEMENT to the stock exchange last night revealed that billionaire financier Dermot Desmond bought a large tranche of shares in Independent News & Media.

Mr Desmond's investment vehicle IIU Nominees raised its stake in INM to 6.36pc from 5.75pc on Tuesday. IIU now owns 35 million shares in the company, according to yesterday's filing.

Mr Desmond last raised his stake in INM in February when IIU Nominees increased its holding from 4.54pc to 5.75pc. His interest in INM first became public last August when he said in a filing that he owned 3.21pc of the company.

France to lower its retirement age

LABOUR MARKET

FRANCE'S new Socialist government is moving to lower the retirement age from 62 to 60 for certain workers, bucking the trend in developed countries. New president Francois Hollande's government presented a draft decree yesterday reversing the retirement age to 60 for some workers.

Bank guarantees in Dexia rise to €55bn

BANKING

BELGIUM, France and Luxembourg are to raise the volume of state guarantees placed behind the remnants of failed banking group Dexia. Dexia was first bailed out in 2008. The guarantees will go from €45bn to €55bn, the European Commission said yesterday.

Etihad boosts Virgin Australia shares

AVIATION

ABI Dhabi-based airline Etihad has boosted its stake in Virgin Australia to almost 5pc. Etihad also said it's interested in building a bigger stake in Virgin Australia "over time".

Construction dip curbs UK optimism

UK GROWTH

GROWTH in British construction activity hit a three-month low in May as expansion in new orders abated and optimism about the coming year weakened sharply, a survey showed yesterday. The Markit/CIPS Construction Purchasing Managers' Index (PMI) fell to 54.4 from 55.8 in April.

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