Davy bids top €475m, Prepaid faces investigation, and Aer Lingus cuts

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Bidding for Davy has topped €475 million, far outstripping estimates of the stockbroking firm’s value before it was rocked by a bond-deal scandal, according to sources. Photograph: Gareth Chaney/Collins

Bidding for Davy has topped €475 million, far outstripping estimates of the stockbroking firm’s value before it was rocked by a bond-deal scandal, according to sources. Photograph: Gareth Chaney/Collins

 

Bidding for Davy has topped €475 million, far outstripping estimates of the stockbroking and wealth management firm’s value before it was rocked by a bond-deal scandal, according to sources. Joe Brennan has the details.

Shares in Australian fintech EML Payments plunged more than 50 per cent in trading on Wednesday wiping over AUS$800million (€500 million) off its share value after it saidthe Central Bank may take action against its Irish subsidiary Prepaid Financial Services (PFS), Charlie Taylor reports.

Facebook has said it cannot solve internet bullying but that the establishment of an online safety commissioner in Ireland would help bring about “real results” in tackling the problem, writes Mark Hilliard.

The sale by developer Pat Crean’s Marlet Property Group of its Castle residential platform is preparing to move into the second round of bidding following the receipt of numerous offers in excess of the €1 billion. Upon completion, the Castle portfolio will comprise some 2,000 apartments and duplexes distributed across six sites in the capital. Ronald Quinlan has the details.

Closing down a runway at Dublin Airport that is used to deal with problem wind conditions could cost airlines and passengers up to ¤48 million a year, according to an official report, writes Ken Foxe.

In our Bottom Line column, Aer Lingus’s decision to close its crew base in Shannon and to impose other cuts across its operations highlights the urgent need for the Government to outline its plan to restart the air travel sector, writes Ciarán Hancock.

In related news, Covid-linked travel restrictions mean the State is “at risk of falling behind its key economic partners”, former IAG boss Willie Walsh will tell an Oireachtas committee today.

Dingle Distillery in Co Kerry is seeking planning permission for a multimillion-euro upgrade of its premises that will create at least 60 jobs, improve the visitor experience and eventually double capacity. Colin Gleeson has the details.

Friedrich von Bohlen is a major investor in Curevac, a German biopharmaceutical company that has developed a Covid-19 vaccine. In a wide ranging interview with our Berlin correspondent Derek Scally, he explains why he thinks the company has a “great future” and why Government incentives can intensify medical innovation.

The Construction Industry Federation and the Construction Workers Pension Scheme are understood to have secured about €23 million from the sale of the CIF’s headquarters on Canal Road in Dublin 6. Ronald Quinlan has the details.

Also in commercial property, Mike Ashley’s Sports Direct is to open a new “mega-store” at the Corrib Shopping Centre in Galway city centre later this year.

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