Joint Administrators of Quinn Insurance Suing PwC
Joint administrators of Quinn Insurance suing PwC The joint administrators of Quinn Insurance Ltd are suing the firm’s former auditors PwC for €1bn over alleged negligent auditing. Michael McAteer and Paul McCann of Grant Thornton were appointed joint administrators to Quinn Insurance in March 2010. PwC Ireland has consented today to the application of the joint administrators of Quinn Insurance Ltd (under administration) to admit legal proceedings to the Commercial Court. “These proceedings are unjustified and devoid of merit,” PwC said in a statement. “The affidavit, accompanying the application, contains factual inaccuracies, misrepresentations of the facts and assertions with which we fundamentally disagree. “The circumstances behind the proceedings are complex and technical and involve many interrelated parties, including…
Read MoreAdvertising – The Bellwether Industry
Advertising – the bellwether industry Advertising agencies have replaced construction sites as the bellwether for the domestic economy, writes Amárach Consulting’s, Gerard O’Neill. We used to count the cranes on the skyline to tell us how the economy was doing. Not anymore. Ireland’s domestic economy – especially consumer spending – has been hit hard by the recession, with only glimpses of improvement in a few sectors and regions. There aren’t any cranes, and so we need a better guide to our economic fortunes. The recent IAPI Industry Census 2013 is such a guide. Advertising agencies are now the bellwether for the domestic economy. Their fortunes reflect those of their clients – advertisers…
Read MoreGrafton Group plc completes acquisition of TG Lynes in North London
Grafton Group plc completes acquisition of TG Lynes in North London Grafton Group plc said today that it has completed the acquisition of TG Lynes Ltd, a distributor of mechanical engineering products serving London and the south east region in the UK. The terms of the deal have not been disclosed. The company trades from a purpose built distribution facility in Enfield, North London. The products are used in commercial and public sector buildings, apartments and industrial processes. Grafton Group said the acquisition greatly enhances its coverage of this segment of the merchanting market and is a significant step forward that complements development of the Plumbase Industrial business. Plumbase Industrial…
Read MoreLiberty Mutual preferred bidder for Quinn Insurance
Liberty Mutual has been named the preferred bidder for Quinn Insurance Limited with good news for Irish staff as they are told no job losses are imminent. The administrators for Quinn announced this morning that the proposal of the preferred bidder is that a new insurance company will be established.
Read MoreUPC Ireland agrees to buy TV3 for €80m
Liberty Global subsidiary UPC Ireland has agreed to acquire TV3 for €80m from private equity group Doughty Hanson. UPC Ireland will pay an additional contingent amount of €7m payable based on TV3 hitting certain targets. On completion of the acquisition, TV3 will become part of Liberty Global. TV3 is the number one channel in Ireland after public broadcaster RTÉ1 with an audience share of 12pc. In 2014, the TV3 Group achieved its best set of operating results since 2008. Magnus Ternsjö, CEO of UPC Ireland , said: “The investment we are making today secures the long-term future of TV3. With its wide range of home-grown programming, TV3 holds a unique place in the heart of Irish…
Read MoreTullow CEO, Jacob Fruitfield chair receive alumni award
The executive chairman of the Jacob Fruitfield Food Group Michael Carey and Tullow Oil CEO Aidan Heavey have been named as this year’s UCD Business Alumni of the Year. The award, which is the highest honour UCD School of Business can bestow on a graduate, recognise those of its alumni who have demonstrated proven leadership skills, notable achievement in business and a significant contribution to the community, whether in Ireland or abroad. Commenting on this year’s winners, Professor Tom Begley, Dean of UCD School of Business, said: “We are delighted to honour Michael Carey and Aidan Heavey as our 2010 Alumni of the Year. Not only have they had considerable…
Read MoreDublin and Shannon Airports Win Global Marketing Awards at World Routes 2014
Dublin Airport and Shannon Airport were last night named among five winners of global marketing awards at the World Routes 2014 conference in Chicago. The awards, which are for excellence in marketing by airports, are voted exclusively by airlines worldwide and are divided into just four categories based on airport size. Dublin Airport won the World Routes Award for airports that handle between 20 million and 50 million passengers per year, defeating fellow finalists in the category, Copenhagen, Dusseldorf, Munich and Seattle Tacoma. Shannon Airport, meanwhile, won the category for under 4 million passengers, beating off competition from Bremen, Aksu, Cuneo Levaldigi and Kilimanjaro. Singapore’s Changi Airport Group was the…
Read MoreJPMorgan in Record US $13bn Settlement
JPMorgan Chase is to pay a record US$13bn settlement after admitting that it made “serious misrepresentations” to the public about numerous residential mortgage-backed securities (RMBS) transactions. The US Justice Department said that as part of the settlement, JPMorgan acknowledges that it “regularly represented to RMBS investors that the mortgage loans in various securities complied with underwriting guidelines”. It said that contrary to this, on a number of different occasions, JPMorgan employees knew that the loans in question did not comply with those guidelines and were not otherwise appropriate for securitization, but they allowed the loans to be securitized – and those securities to be sold – without disclosing this information…
Read MoreKBC Home Improvement Research Shows 41pc of Irish Consumers Plan Home Improvements
Updated: Aug. 13, 2019 Looking for KBC Home Improvement Ideas? New research released by KBC Bank Ireland shows that Irish consumers are on a home improvement buzz. There are good reasons for this trend as rates are low and an influx of good workers are available for hire locally and nearby. A total of 41pc of Irish consumers are planning to tackle home improvements over the next 12–18 months. With a further 23pc having just completed home improvement work in the past year. A desire to freshen up the home (63pc) and create more storage space (30pc) are among the main reasons for upcoming home improvements. Almost one-third (32pc) of prospective DIY-ers said they want to…
Read MoreFT and Goldman Sachs Business Book of the Year Longlist Announced
Sixteen books have made it to the longlist for the 2012 Financial Times and Goldman Sachs Business Book of the Year Award from 262 entries. This is the eighth year of the award, which “aims to recognise the business book that provides the most compelling and enjoyable insight into modern business issues”. The Financial Times described the longlist as a “reading list to reflect loss of faith in capitalism”, with the state of the US economic model dominating. The shortlist will be chosen at a judging session in September and the winner, who will receive £30,000, will be announced at an award dinner in New York on 1 November. The…
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