Your Business Week: INM shareholders to consider Mediahuis takeover
Beyond Brexit talk; FedEx, Accenture and Providence Resources to report
INM, publishers of the Irish Independent, is to seek shareholder approval on Wednesday for its much-anticipated takeover by Mediahuis. Photograph: Dara Mac Donaill
Indicators: UK distributive trades (Jun); German business climate, current conditions and expectations (Jun).
Meetings: Beyond Brexit: Where Might We Be Heading? talk with former United Kingdom Independence Party (Ukip) politician Douglas Carswell (Institute of International and European Affairs, North Great George’s Street, Dublin 1).
Indicators: US house price index (Apr), new home sales (May), consumer confidence (Jun).
Meetings: Design Thinking Ireland for Irish companies (Croke Park, Jones Road, Dublin 3); A Day in the Life of the Data Protection Commission event with deputy commissioner Jennifer O’Sullivan (Institute of International and European Affairs, North Great George’s Street, Dublin 1).
Indicators: UK mortgage approvals (May); German consumer confidence (Jul); US mortgage applications and rates (Jun).
Meetings: Independent News & Media scheme meeting and egm (Carlton Dublin Airport Hotel, Old Airport Road, Cloghran, Dublin); European Central Bank non-monetary policy meeting; Anti-Money Laundering Conference (Croke Park, Jones Road, Dublin 3); Ibec KeepWell Clinic hosted by Microsoft Ireland – nutrition and wellbeing in the workplace (Microsoft Place, Leopardstown, Dublin 18).
INM seeks shareholder approval for Mediahuis takeover
Independent News and Media (INM) is to seek shareholder approval on Wednesday for its much-anticipated takeover by Mediahuis.
Although the extraordinary general meeting is likely to see some opposition, or at least concerns, from the floor, it is generally regarded as part of a broader rubberstamping exercise – alongside the High Court and ministerial approval required for all such competition-sensitive takeover bids in the sector.
When the deal finally winds its way through, media eyes will be eagerly on the future of INM, Ireland’s largest newspaper publisher and a potential bellwether for an industry either in decline or deep transition.
Mediahuis, which agreed the takeover for €146.5 million, has said it is committed to accelerating the digitalisation of its brands without compromising print editions. It has also implemented pay walls and digital subscription services within its existing group, a move flagged but not yet undertaken at INM.
Under its stewardship, Mediahuis said, the Irish company will “thrive”. This would obviously be an attractive prospect for its shareholders who, like many in the industry, have seen declining print circulation and advertising revenues.
Earlier this month the Competition and Consumer Protection Commission unconditionally cleared the deal which has been recommended by the board of INM.
State’s slow progress on money laundering laws to be examined
The State’s snail-pace implementation of European money laundering regulations will come into sharp focus on Wednesday when the issue is dissected by law enforcement and financial experts.
Compliance Ireland’s EU AML conference will examine compliance challenges and solutions almost a year after Ireland’s lack of progress in fully transposing the laws was the subject of a referral to the European Court of Justice.
Last July, it emerged that the State will face consequent fines of €1.7 million and additional daily penalties of about €7,200.
European law and its adoption can be a slow-burn process but the issue of money laundering is not – in an era of complex finance and technological support systems, it is perhaps more crucial than ever.
Last year the problem gained prominence when it emerged that Danske Bank channelled €200 billion of suspicious payments through its Estonian branch between 2007 and 2015, a revelation that reverberated through the industry.
Organisers of this week’s conference say it is now “of extreme importance that this European directive be implemented by relevant authorised firms in the Republic of Ireland as a matter of urgency”.
Indicators: Euro zone services, economic and industrial sentiment (Jun), consumer inflation expectations (Jun), business confidence (Jun); German inflation (Jun); US corporate profits (Q1), GDP (Q1), PCE prices (Q1).
Meetings: First Derivatives agm (Canal Quay, Newry, Co Down); European Central Bank general council meeting; Dublin Chamber’s Greece business briefing and opportunities for partnership event (Dublin Chamber, Clare St, Dublin 2).
Results: Providence Resources.
Indicators: Euro zone inflation (Jun); UK consumer confidence (Jun), Nationwide housing prices (Jun), GDP (Q1), business investment (Q1); German import prices (May); US PCE price index (May), personal income and spending (May).