Friday, 5th September 2008

 

17 July 2008 - Press Briefing

Ireland's richest man loses €1bn on banking investment

Sean Quinn, Ireland's richest man, has lost an estimated €1bn ($1.6bn) on his 15% stake in Anglo Irish Bank over the past 18 months, according to a report in The Belfast Telegraph.

Quinn built up most of his holding in the first nine months of last year, market sources said, through “contracts for difference”, using his estimated personal wealth of €4.7bn. At the time of the stake building, Anglo's shares were trading at an average of €15 each, but they have since plummeted to just €4 each.

The Fermanagh-born tycoon has now decided to convert the CFDs into actual shares. A 15% stake in IRB was worth an estimated €465m at close of trading on Wednesday night. The entire company is valued at €3.1bn.

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Doing the Continental

Frank Sinatra had it about right: “It's very subtle, the Continental, because it does what you want it to do.” I had spent the morning driving down relatively busy A roads behind a Ferrari 599 but was perfectly happy that I had got the better of the deal. It’s no hardship being cocooned in the plush cockpit of a Bentley Continental GT Speed listening to John Humphrys detailing the latest travails of our benighted government.

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Russia’s richest man increases his property interests

Russian tycoon Oleg Deripaska has raised his stake in the managing company of the emerging business district of Moscow City to 84% after buying out fellow oligarchs Prokhorov and Vladimir Potanin.

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