Davy enters battle for control of rival Goodbody
Seen & Heard: Primark widens plans for US after success of 10-store pilot
Data editing errors blamed after 20 per cent rise in home starts reported as a 13 per cent decline. Photograph: Alan Betson
Stockbroking heavyweight Davy has entered the battle for control of rival Goodbody, the Sunday Times reports. Davy joins Irish Life and a Chinese bank in chasing the 51 per cent Goodbody stake held by Fexco. Goodbody executives own the balance. A €100 million-plus takeover by Davy would prove contentious.
Penneys owner Primark is expanding beyond its initial 10-store trial in the United States, chief executive Paul Marchant tells the Sunday Independent, with plans for stores in Florida and in Chicago after its 10th store opens shortly in New Jersey. Mr Marchant said: “The fact that we are going beyond the 10-store trial we had initially announced now will give you some indication that we are starting to see some really positive progress in the US.”
Minister for Finance Paschal Donohoe is leaning towards a budget based on a no-deal Brexit, with Britain crashing out of the EU on October 31st. A final decision is not expected until later this month but the Sunday Business Post cites “senior sources” saying this “more likely option” for the October 8th Budget 2020 would include a package of supports designed to help business and support jobs . . . but ould take tax cuts off the table.
Officials in housing minister Eoghan Murphy’s department are blaming “data editing errors” after incorrectly reporting there had been a 13 per cent drop in the number of new homes on which construction started in March, April and May, the Sunday Times writes. In fact, there was a 20 per cent rise in new home starts over those months.
The Business Post also reports that Digicel bonds hit a new low last week amid fresh fears about the level of debt at Denis O’Brien’s Caribbean-based telecoms business.
Finally, the Observer reports that Marks & Spencer is likely to fall out of the heavyweight Ftse-100 index for the first time this week. The retailer has been struggling for several years to reinvigorate sales, especially outside the food business. The 135-year business is likely to be replaced on the index by a Russian mining business called Polymetal International.