Business World

Thursday 14 December 2017

In Brief: Beam sued over 'broken contract'

SPIRITS giant Beam, which paid more than €70m last January for John Teeling's Cooley Distillery, has been sued for $100m (€76.8m) by an importer that claims Beam and its Cooley Distillery unit broke a contract to supply it with Michael Collins Irish Whiskey.

The importer, New York-based Sidney Frank Importing, claimed in a suit filed in Manhattan federal court that the defendants cut off its access to the private-label whiskey brand after Beam acquired Cooley last year. Beam has yet to respond to the claim.

€642m boost in NAMA's fortunes

NAMA has boosted its fortunes by €642m to date by convincing developers to reverse deals that transferred property to their wives and other family members, and by securing legal rights over once debt-free assets owned by developers with debts to the agency.

Securing legal rights over such assets increases NAMA's chances of getting paid back when properties are sold off, and boosts its ability to seize assets if loans are not being honoured.

Warning over investment firm

THE Central Bank has issued a warning about a company named Frank Goldenberg Yoshi (Hong Kong), which it said was offering investment services in Ireland without authorisation.

It is against the law to operate as an investment firm here without Central Bank authorisation. The bank also said that customers who dealt with such companies were not eligible for compensation from the Investor Compensation Scheme should issues arise.

Sales of new cars slump by 8pc

NEW car sales were down 8pc in February, according to figures from the Society of the Irish Motor Industry (SIMI). This means sales for the year so far are down 15pc.

SIMI reported a rise in activity in the used car market, however, with sales in Light Commercial Vehicles also up last month.

House prices on the rise in Britain

BRITISH house prices edged up for the second month in a row in February in a sign that the market is picking up in 2013, Nationwide said.

Prices saw a 0.2pc month-on-month increase to reach £162,638 (€187,618) on average, following a 0.5pc rise in January.

Irish Independent

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