Economy

Seen & heard: More INM revelations and AMCS raises €100m

European mining giants interested in acquiring Aughinish Alumina site in Limerick

INM papers on display at the company’s agm in Dublin last year. Photograph: Dara Mac Donaill / The Irish Times

Sun Apr 29 2018 - 15:21

Independent News and Media (INM) destroyed data related to an investigation by the Office of the Director of Corporate Enforcement (ODCE) according to affidavits filed with the High Court, both The Sunday Times and The Sunday Business Post reported. The affidavits say that 950 back-up tapes were destroyed.

The Sunday Times reported that a Limerick software group, AMCS, has raised more than €100 million in funding, in what it describes as the largest investment deal ever completed by a private Irish technology company. It comes as the company intends to grow its headcount to 650 people amid plans for a new headquarters in Limerick. AMCS provides software to waste and recycling companies around the world.

Mining giants across Europe are interested in acquiring the Aughinish Alumina site in Limerick if it comes up for sale, according to the Sunday Business Post. The site, which has been troubled by potential US sanctions, employs 450 people. Interest would be expected from the likes of Rio Tinto and Glencore.

The Sunday Business Post reported that CRH was reviewing its executive pay. It said the company would review the metrics attached to the awarding of stock under its share option scheme. CRH chief executive Albert Manifold earned more than €8 million last year.

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State broadcaster RTÉ is increasing the price of its television ads for the month of May on the back of higher demand, according to The Sunday Independent. While revenues for the first quarter fell due to the loss of the Six Nations rugby tournament to TV3, April and May are performing better than expected.

The Sunday Independent also reported that waste management group Enva is closing in on a deal to buy its rival, Clearcircle Environmental Ireland. Clearcircle was sold to management by IPL plastics last year, the paper says, although IPL retained a 25 per cent stake.

A number of stores are at risk from a potential merger of UK supermarket giants Asda and Sainsbury's, the Sunday Telegraph reported. The £15 billion (€17 billion) merger could force the sale or closure of hundreds of stores across the UK to win the approval of regulators, the newspaper suggested. It said that if the two were to merge, they would leapfrog Tesco as the UK's biggest supermarket chain. Additionally, any merger could create a high street price war and drive further consolidation in the sector, the Telegraph says.

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