Business World

Monday 16 December 2019

In Brief: NAMA to weigh up Tougher scheme

THE examiner of a company operating a chain of fuel stations employing 140 people has told the High Court he is finalising an investment arrangement which he hopes will secure the forecourt and bulk oil businesses.

NAMA, which is owed some €53m by Tougher's Oil Distributors Ltd, told Mr Justice Peter Charleton yesterday it was reserving its position on whether to contest the proposed survival scheme to be put before the company's creditors at meetings later this month. It said it would need to assess the proposals advanced.

Jury retires in €920m fraud case

THE jury in the case of two men accused of orchestrating a €920m fraud against AIB has retired to reach a verdict.

Achilleas Kallakis and Alexander Williams have pleaded not guilty to fraud charges related to 16 property loans taken out between 2003 and 2008.

Wells Fargo ups earnings by 25pc

WELLS Fargo, the biggest US mortgage lender, reported a 25pc rise in fourth-quarter earnings.

It made more loans, set aside less money for potential defaults and enjoyed above average returns from the investments made by its private equity business.

China's inflation at six-month high

CHINA'S inflation spiked to a six-month high in December after a freezing winter pushed up vegetable prices, possibly complicating efforts to sustain a shaky economic recovery.

Consumer prices rose 2.5pc over a year earlier, up from November's 2pc and the fastest rise since June.

Surprise widening of US trade deficit

THE US trade deficit widened unexpectedly in November, after consumer goods imports rose. Commerce Department figures showed that the gap widened by 16pc to $48.7bn (€36.5bn).

Markets were expecting the deficit to shrink. The deficit was the widest recorded since April last year.

Amazon launches CD storage service

ONLINE retailer Amazon has launched a service that stores free digital versions of CDs bought via its store.

AutoRip, which is only available in the US for now, will keep a digital copy of eligible CDs in a customer's cloud storage account.

Irish Independent

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