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A Round up of the Main Financial Stories of Interest from the Weekend Papers. 15Th June 2020

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A Round up of the Main Financial Stories of Interest from the Weekend Papers. 15Th June 2020 @CantorIreland Cantor Fitzgerald Ireland A round up of the main financial stories of interest from the weekend papers. 15th June 2020 Pages 2 - 5: Press Summary Page 6: Links to Our research publications and market insights https://cantorfitzgerald.ie/ Cantor Fitzgerald Ireland Ltd (Cantor) is regulated by the Central Bank of Ireland. Cantor Fitzgerald Ireland Ltd is a member firm of the Irish Stock Exchange and the London Stock Exchange Weekend Press Summary Saturday 13th June 2020 Sunday 14th June 2020 The Saturday Irish Times Sunday Business Post This week in his Market Beat column, Joe Brennan reviews Climate watchdog to be given legal powers in bid to win Irish Continental Group, who last week announced that they Greens’ support for coalition. Some of the proposals on the table pulled out of a deal with German ship builder FSG to build a 1,800 are: tax cuts off the table for lifetime of new government; an passenger vessel for €165.2 million. This vessel was due for acceleration of the rollout of the national broadband plan and the delivery in late 2020. The company recouped its 20 percent deposit. phasing out of the direct provision system Swiss activist investor Veraison Capital who leads a group of Ian Guider: Hard choices are inevitable as Central Bank homes dissident shareholders in Irish as Swiss listed Aryzta have asked in on loan losses. Heavily exposed to mortgages and loans to the company to hold an EGM at which they are proposing to unseat hard-hit SMEs, Irish banks are under pressure from both regulators chairman Gary McGann and other board members. The company and investors to clear arrears as quickly as possible. Last Monday, has, however, indicated that an EGM would be held in August. the chief executives of the country’s banks found a letter from the Central Bank in their email inboxes. Signed by Ed Sibley, the deputy The current UK quarantine rules are to be challenged by governor, and Derville Rowland, the director general for financial Ryanair, BA and EasyJet. The companies have asked for a conduct, it asked the banks to come up with detailed plans over the judicial review to be heard as soon as possible. next four weeks regarding how they will treat customers whose financial situation does not improve when the payment break period Consumer lending dropped to a new low in April. The 17year ends in September. low of €64 million was a drop from €183 million in March. Leinster at a loss as it lives off hope and cash reserves. The UK economy saw output fall by 20.4 percent in April. This is The last season still hasn’t finished, no one knows what the coming the largest fall since records began in 1997 and follows a 5.8 season will look like, and Mick Dawson (CEO) is staring down the percent contraction in March. barrel of an €8 million hole in his balance sheet. He’s not alone. Willie Ruane, Ian Flanagan, and Jonny Petrie, his counterparts in Connacht, Munster and Ulster respectively, have a similar problem. Overall, the club’s total annual income is around €18 The Saturday Independent million, made up of sponsorship revenue, merchandise sales, IRFU grants, and tickets. The largest part of that is from ticket sales. By its own figures, Leinster sells close to 13,000 season tickets which Aryzta shareholder group angry at board's EGM 'delaying tend to range in price from around €100 to €750. Presuming an tactics'. A group of Aryzta shareholders led by Veraison Capital say average price of around €400, those tickets bring in around €4 they regret "the delaying tactics of the board of directors" in relation million to the Extraordinary General Meeting (EGM), which they requested be held last month. Shops open but many will be simply trying to survive. The country’s main shopping streets have people in them again, US drug firm must wait for €1.64bn tax decision. A High Court though Debenhams, Mothercare and others have succumbed to the judge will give judgment on a later date on an action by drug Covid-19 downturn. company Perrigo against the Revenue Commissioners and the State aimed at overturning a €1.64bn tax assessment. Desmond stumps up $50 million for diamond firm. Mountain Province, the businessman’s struggling diamond mine Stobart Air to cut jobs in Dublin and Cork. Dublin-based Stobart company, is in ‘serious financial difficulty’, directors confirm, due to Air, which operates the Aer Lingus Regional service, is to axe more Covid-19-related market closure. than 100 jobs, the Irish Independent understands - despite saying earlier this week that it intends to relaunch almost all its flight Local unease as Cairn Homes looks to build apartments on schedule by August. creche space. Cairn Homes is building Marianella, a scheme of 308 houses and apartments, on the site of a former Redemptorist Apartment planning approvals 'outstrip demand'. monastery in Rathgar in Dublin 6. Prices for the remaining units Planners granted permissions to build nearly twice as many start at €795,000. The development has its own cinema screen as apartments as houses in the first three months of the year - but well as a gym with a steam room and sauna. There is also an empty experts say many are unlikely ever to be built. crèche designed to accommodate 73 children. Cairn has angered current residents by applying to turn the crèche space into seven apartments and build a smaller crèche elsewhere on the site for 28 children. CANTOR FITZGERALD IRELAND Page 2 Weekend Press Summary The Sunday Interview: Barry Downes, CEO of Affidea Ireland. Ireland’s Covid-19 death rate higher than many other European Barry Downes began his career as a mechanical engineer working countries. Ireland’s death rate during the Covid-19 pandemic was with CRH Roadstone. After years in Canada with Brookfield Asset considerably higher than other European countries, an analysis by Management, his executive skills saw him headhunted back home the Business Post has found. A detailed data assessment of where he was made chief executive of Affidea Ireland, which runs excess deaths in 18 countries shows that Ireland’s rate per million MRI clinics and primary healthcare centres across Ireland. of population was nine times that of Norway, four times that of Denmark and three times that of Germany during the almost three- Brexit risks must sharpen focus on government formation. month peak of the pandemic. Despite a lack of resolution on many issues, Britain has formally rejected an extension of the transition period Seaspray targets €1bn in assets over five years. Seaspray Private, the new wealth management firm launched last Vincent Boland: Live by the stock market, die by the stock week by former stockbrokers and bankers, is targeting €1 billion of market. Donald Trump is gambling his re-election campaign on the assets under management in the next five years. Danny O’Leary, a Nasdaq, but Thursday’s big sell-off was a strong sign of no former senior executive at Bank of Ireland’s private banking arm, is confidence in Trump from the US stock market heading Seaspray’s push into wealth management. He said the company was seeking to manage the finances of charities, credit Surge in demand for Tesla electric cars. unions and SMEs as well as high net worth individuals and Sales of Tesla’s electric cars surged in Ireland last year, as the professionals. company recorded more than €15 million in turnover. Tesla Motors, led by controversial chief executive Elon Musk, first moved into the Science applied to reopening of Hodson Bay hotels. Irish market in 2017, selling its Model X and Model S cars. During A former microbiologist is using his scientific knowledge to help the its first year of business, the Irish showroom recorded sales of €2.3 Hodson Bay Hotel Group as it prepares to reopen following the million. Newly filed accounts show sales have surged at its Irish Covid-19 lockdown. Garry Walsh, the group‘s commercial director, operation in recent years. Last year, turnover at its Sandyford-based is a food science and microbiology graduate who spent his early showroom was up to €15.7 million, compared to €11.7 million in career managing high-risk food manufacturing for companies such 2018. as Princes and Green Isle Foods. In the bedrooms, a cleaning and hygiene system has been mapped out with Diversey, a hygiene Donohoe rules out indemnity for businesses on virus claims. technology company, and the managers of each hotel. The government has ruled out providing an indemnity to businesses against potential Covid-19 claims, with Minister for Finance Paschal Data centres use same amount of water as large towns. Donohoe describing the proposal as “financially Data centres owned by large multinationals, including Facebook unsustainable”. Some businesses have found themselves in a and Amazon, are using the same amount of water as some of difficult financial position as a result of insurers refusing to pay out Ireland’s largest towns at a time of reduced supply. An analysis of on what the firms consider to be legitimate business interruption planning documents by the Business Post has found that the claims arising from the pandemic and associated public health facilities require tens of millions of litres of water every day to cool measures. down their servers during the warmer summer months. According to details provided by Facebook, its Irish data centre used 395 Picking up from the pandemic. million litres of water in 2019 – roughly the same amount used by TWM has managed to get a number of property deals over the line Kildare town‘s 8,600 inhabitants in any given year.
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