Saturday, 7th November 2009

 

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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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

Rich Monitor

Sotheby's 3Q loss widens

Sotheby's third-quarter loss widened as the art auction house posted a worst-than-expected decline in revenue and a tax expense.

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