Thursday 14 November 2019

Media Bites: Sunday Independent - Bill Gates slashes his stake in Bank of Ireland

Bill Gates
Bill Gates

Billionaire Bill Gates, the world's richest man, has slashed his stake in Bank of Ireland, selling more than three quarters of his shares in the bank. The Bill and Melinda Gates Foundation held over 61.6 million shares, worth €18.5m in Bank of Ireland, according to filings last year. New records show that stake has been cut to just 13.2 million shares, worth around €4.6m.

"Canada's Warren Buffett" Prem Watsa and billionaire Wilbur Ross have also slashed their holdings in the lender in the past year.

Financial Times

Uber has received a boost in its struggle to overcome regulatory barriers after the European Commission said it is considering ways to regulate the ride-sharing service at a European rather than national level.

The commission, which received complaints from Uber after some of its services were banned in France and Germany, said it was planning an in-depth study into the European taxi market.

Sunday Times

The liquidator of Setanta Insurance is seeking a court order in Malta to uncover the identities of a group of Irish brokers who controlled the Malta-registered underwriter, which left unpaid claims estimated at up to €95m after it collapsed last year.

Paul Mercieca, a Maltese accountant who was appointed liquidator in April 2014, said Setanta's controlling shareholders had concealed their identities behind nominee accounts and trustee companies.

Sunday Business Post

The former directors of Irish Nationwide are paying out close to €20m to settle an action being taken against them over the society's €5.4bn collapse. The former INBS directors agreed to pay between €15m and €20m to reach the accord with the special liquidators of IBRC, who are now responsible for the bust lender.

The four directors - Terence Cooney, John S Purcell, David Brophy and Michael P Walsh - are covered by Irish Nationwide's directors' and officers' insurance policy, provided by AIG.

Sunday Telegraph

Neil Utley, the veteran City tycoon, is set to see his stake in Hastings Direct valued in the region of £200m (€272m) as part of the upcoming stock market flotation of the motor insurer. A stock exchange listing will trigger the second sizeable payday for Mr Utley from the business after he made approximately £135m by selling a 50pc stake to a division of Goldman Sachs in 2013.

The Wall Street bank invested around £150m as part of the deal, but just two years on, Hastings Direct could be valued at up to £1bn in a stock market flotation expected after the British general election.

Irish Independent

Also in Business