Anglo’s creditors give up, Toyota’s hybrid future and Donnybrook Fair’s big plans

Business Today: the best news, analysis and comment from ‘The Irish Times’ business desk

Its legacy lives on: Anglo Irish Bank creditors give up the ghost. Photograph: Bryan O’Brien

Its legacy lives on: Anglo Irish Bank creditors give up the ghost. Photograph: Bryan O’Brien

 

Anglo Irish Bank, the biggest zombie of the financial crash, dies a little bit more every day, with Joe Brennan reporting this morning on how one of its debt-holders has officially given up on winning back the £300 million (¤337 million) it is owed. Lambay Capital Securities, a special purpose vehicle, held the riskiest debt in the bank, with much of it ending up in the hands of hedge funds.

Also moving on from the economy’s collapse is Nama, the State assets agency, which is funding builders who hope to win permission to build 8,500 new homes in 2018. Barry O’Halloran has the details.

We can expect to see a lot more hybrid cars on Irish roads in coming years, according to the boss of Toyota Ireland Steve Tormey, who told our Motoring Editor Michel McAleer that hybrids could overtake diesels in sales numbers within the next two years.

Also looking to a positive period ahead is Donnybrook Fair, which is planning a big investment in the store where it all began in Dublin 4. Peter Hamilton reports that the high-end grocery group turned back to profitability in its most recent accounting period.

Having come successfully out the other side of a business he was closevely involved in, Bobby Kerr, formerly of Insomnia, features in this week’s Business Interview. Mr Kerr declines to tell Mark Paul exactly how financially beneficial his exit from the coffee chain was, but he does offer some advice, saying it’s always “dangerous” to fall in love with a business.

Caveat

In his weekly Caveat column meanwhile, Mark asks if scrapping commercial rates for shops and plugging the resultant gap with VAT from online sales might be a good way to level the retail playing field.

Retail is also on the mind of John FitzGerald today, as he delves into the practical problems that will be faced after Brexit by retailers who import goods for sale in the Republic that have been made outside the EU but come to us via the UK. In short, it has the potential to get very, very complicated.

Anybody considering trying their lucky with Iseq investments this year should read Joe Brennan’s survey of brokers’ 2018 expectations forthe top (and also the most unloved) stocks on the market.

And finally, in our Work section, Olive Keogh has some advice for those of you who resolved over Christmas to be less of a pushover in the office this year; read her tips on the art of saying no without damaging your career.