Business World

Friday 23 February 2018

In brief: BoS chasing €88m from developer

BANK of Scotland is pursuing a Kildare-based developer for about €88m over personal loans and guarantees of loans advanced to two property companies. The action against Dominic Fagan, Blackhall, Clane, was transferred to the Commercial Court yesterday by Mr Justice Peter Kelly.

Fagan Group is said to have total liabilities of some €98m. An examiner was appointed by the High Court last July to one of the companies in the group, the Clane Inn Ltd, despite the objections of the bank.

Cyprus must cut costs, says Barroso

EU Commission President Jose Manuel Barroso has urged political leaders in Cyprus to agree on austerity measures needed for a deal to bail out its banks. He said it is "critically important" for the government, opposition parties, trade unions and business leaders to "come to some level of consensus".

Opposition to BAE tie-up is mounting

INVESTOR opposition to the proposed tie-up between Europe's aerospace and defence champions is mounting, with more than 30pc of shareholders in BAE Systems expressing significant concerns about the deal with EADS. Ahead of a takeover deadline tomorrow, some of the biggest investors in the British company backed reservations outlined by Invesco Perpetual, BAE's largest shareholder with a 13pc stake, putting the deal in jeopardy.

HTC sees profits nosedive by 80pc

HTC's third-quarter profits fell by nearly 80pc as the Taiwanese smartphone maker suffered one of its weakest quarters amid rising pressure from market leaders Samsung and Apple. The company's fortunes have been sliding for the past few quarters as Samsung overtook its once-leading position in the market for phones powered by Google's Android operating system, and Apple launched its popular iPhone 5.

Commission seeks tech investment

THE European Commission wants to revive the EU's declining manufacturing sector by asking countries to invest in new technologies such as 3D printing, says a leaked paper seen by Reuters. Key manufacturing industries in Europe have shrunk, and the EU's main regulators want to ensure that new technologies are exploited to cheapen manufacturing costs.

Irish Independent

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