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A Round up of the Main Financial Stories of Interest from the Weekend Papers. 9Th September 2019

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A Round up of the Main Financial Stories of Interest from the Weekend Papers. 9Th September 2019 @CantorIreland Cantor Fitzgerald Ireland A round up of the main financial stories of interest from the weekend papers. 9th September 2019 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 7th of September 2019 Sunday 8th of September 2019 The Saturday Independent The Sunday Business Post They own the night: Press Up's relentless growth Trade wars 'risk a global slump' Press Up says it is breathing new life into previously unused The head of Germany's powerful industry association lashed out at buildings in Dublin city centre, but critics accuse it of squeezing out Brexit and trade protectionism in the US and China in a Dublin smaller independent operators and deadening Dublin nightlife with speech yesterday, saying they risked tipping the world into flashy yet dull restaurants and bars. recession Touchdown: Flutter enters the play in US The hits keep coming, and Datalex shareholders carry the can The rebranded Paddy Power Betfair is hungrily eyeing the huge US It's bad enough that the shares collapsed when the company market, which was off limits until recently, and the new NFL season revealed accounting irregularities earlier this year, but it turns out gives it the chance to fill its boots the company couldn't even actually afford to pay the near $4m dividend the shareholders received last year. Ten questions Datalex must answer Datalex, the aviation industry software developer, stunned investors Trump golf resort plan 'will not harm tiny snail' once again last Friday with revelations that its losses for 2018 hit A €40m development at the Donald Trump-owned Trump Doonbeg $50 million (€45 million) following exceptional charges of $37 golf resort in west Clare will not adversely affect the tiny snail, the million, and that it required a further $5.5 million cash injection from vertigo angustior. its biggest investor Dermot Desmond to see the company through the rest of the year. Banks are 'in denial' over tracker scandal - Makhlouf In the long-awaited 2018 annual report Datalex said a dividend The new governor of the Central Bank of Ireland is worried that the payment from a subsidiary company may have been made tracker mortgage scandal shows Irish bankers have not learned the unlawfully as it did not have sufficient profits to make the distribution lessons of the financial crisis and that they need to rebuild trust. up to the parent. Datalex has said it is now considering whether it could take potential legal action against any former executives of the company. The Irish Times Datalex has been hit by a string of profit warnings this year and Business Week Column offers a review of the week that was in its shares plunged two-thirds in value before they were suspended the House of Commons where Prime Minister lost a working from trading on the stock market as the company failed to publish majority and 3 motions put to the house. Secondly he notes the new the results in line with regulatory requirements. It led to a bailout governor of the Central Bank of Ireland starting in his role and from Desmond and an investigation into its books that uncovered results from Irish Hotel Group, Dalata. serious accounting irregularities. A further cash call will be needed in the near term to secure its future. Joe Brennan reviews the news that Irish software company Datalex is considering legal action against its former directors. Noting the company has agreed funding from Dermot The Last Post: When Davy met Goodbody Desmond to the tune of €5.5 million, the company may have an Irish business rarely does audacious takeover deals. Apart from equity raise to shore up its finances. Ryanair’s tilt at Aer Lingus in 2006, most M&A deals here pivot around the largest player hoovering up smaller marginal players – In Germany, data released last week showed industrial output rarely are they a case of the number one and two in an industry fell in July against expectations. The data sparked fears that coming together. recession in Europe’s biggest economy could become reality in the rhird quarter. The ECB will be closely watched next week to see if the datapoint will prompt action. That’s why the revelation that Davy, the country’s largest stockbroker, might purchase the country’s second largest has Whiskey companies in the news this week Include Teeling triggered something of a psychodrama in both firms, with particular Whiskey who saw pretax profit increase by 56 percent to €1.01 dilemmas created for Goodbody. million in 2018. Elsewhere the founders of West Coek Distillers are buying out the majority stake in the business held by UK based Halewood Group for €18 million. It is hard to understate the rivalry between Davy and Goodbody. It is bitter and cultural. Staff rarely move between the two and when Ahead of the Rugby World in Japan, Vodafone has extended its some Davy asset management rainmakers moved to Goodbody a sponsorship of the IRFU for another four years to 2024 in a deal few years ago, it was highlighted because it was so rare. thought to be worth €16miion. CANTOR FITZGERALD IRELAND Page 2 Weekend Press Summary Emerald courts operators for Copper Face Jacks in proposed Irish Stock Exchange racks up €9.7m extra costs after sale to acquisition Emerald Investment Partners has been talking with Euronext. The Irish Stock Exchange has racked up another €9.7m potential operators for its planned acquisition of legendary nightclub in costs arising from its sale to Euronext, a pan-European bourse, Copper Face Jacks. When contacted, the investor group would not bringing the total to almost €24m over two years.The expenses confirm that it had acquired the venue, but several well-known club resulted in losses of €310,000 before tax for 2018 and losses of and pub operators in Dublin have been approached by Emerald to €4.3m the previous year. discuss running it and a sales process is at an advanced stage.The Harcourt Street haunt, a favourite with GAA fans and Dublin’s Cairn plots to bring 400 homes to Newcastle in southwest country-born diaspora, is on the market for in the region of €40 Dublin The quoted housebuilder Cairn Homes has sought million. permission to build more than 400 houses and apartments at Newcastle in southwest Dublin, as it aims to open a new site for development.Cairn owns 70 acres of land in Newcastle and has Varadkar: ‘I’ll warn Johnson of threat to peace’ Leo Varadkar is been engaged in consultation with An Bord Pleanala for some time going to warn Boris Johnson about the threat to “lives and about starting development on the site. The company, headed by livelihoods” posed by the introduction of a hard border when the Michael Stanley, is proposing to build 281 houses and 125 British prime minister visits tomorrow. .It comes amid reports that apartments and duplexes, as well as a creche and a public park. Johnson is determined to ignore the law passed in the British parliament last week, which requires him to seek a Brexit extension beyond the October 31 deadline. .Ahead of the face-to-face meeting McCann buys up Dalata shares Pat McCann, chief executive of in Dublin, Varadkar said he was going to explain to Johnson his quoted hotel group Dalata, spent almost €255,000 buying shares in concerns about the emergence of a hard border as the result of a the group last week after it reported a profit of €42.2m for the first potential no-deal Brexit. half of the year. McCann said Dalata, which runs 43 hotels in Ireland and the UK, was trading “exceptionally well”. The group’s shares have fallen from €7 a year ago to €4.85. Beef protesters to target supermarkets over failure to enter talks Money Expert: Berkshire Hathaway investment is nearest you’ll The Beef Plan Movement is planning to target retail distribution get to a safe bet. Most investors have heard that Berkshire centres next week in a move that could potentially disrupt supply to Hathaway has delivered far better returns for its shareholders than Tesco, Dunnes Stores and SuperValu. The protests are being one could have earned from US equities; in fact almost double the organised by the farmers’ group as supermarkets are not expected returns on an annual compound return basis over a 50-year-plus to be involved in the new round of beef talks. period. On Friday, the Department of Agriculture told Beef Plan that retailers would not be in attendance at the new talks due to start tomorrow. In response, Beef Plan has called for “a number of peaceful protests” at retail distribution centres over the coming days. The Sunday Independent The Sunday Times Sales on track to increase at Primark Penney’s parent Primark is expected to report a 4pc increase in sales in constant currency for Brexit is a danger to credit lines, says broker Willis the year ended 14 September 2019.The performance at the Dublin- TowersWatson. Willis Towers Watson Trade Credit and Surety, the headquartered chain is being driven by increased selling space, largest arranger of trade credit insurance in the Irish market, has which is offset by a 2pc decline in like-for-like sales, according to a warned the government that businesses here are facing a Brexit- pre-close trading update from the group.Like-for-like sales were related trade credit crunch, echoing strains last suffered in the wake mainly held back by Northern Europe, where the group reported a of the sovereign bailout.
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