Tuesday, September 03 08:07:26
About 400,000 Irish shareholders in British telecoms firm Vodafone are set to share in a windfall of $84 billion (E63 billion) following the sale of the group's US business. A shareholder with £5,000 E5,900) in Vodafone shares could earn as much as £2,600 (E3,067) in a combination of Verizon shares and cash, as the UK group will redistribute about 71 per cent of its gains from the deal.
After months of speculation, Vodafone said last night that it had sold its 45 per cent stake in Verizon Wireless for $130 billion back to Verizon. It is the third-largest corporate transaction in history, with Vodafone having also been involved in the largest, its acquisition of Germany's Mannesmann in 1999. The Irish Times
A High Court judge yesterday rejected claims he was biased when considering Bank of Ireland's application to have solicitor Brian O'Donnell and his psychiatrist wife, Mary Patricia, declared bankrupt. Mr Justice Peter Charleton said both his privacy and constitutional rights had been breached after a member of the O'Donnell family said publicly in court that the judge has a Bank of Ireland mortgage.
The disclosure was made after the judge had been told the O'Donnells were seeking to have his decision to adjudicate them bankrupt deemed a mistrial. He dismissed the application and said that seeking to have his ruling set aside simply because he did his family banking with Bank of Ireland was "frankly absurd". The Irish Times
New car registrations were up 20 per cent last month compared to August last year, as the new 132 registration system seemed to continue to lift summer sales. A total of 3,698 new cars were registered last month, bringing the annual total to 68,544 so far this year. That is still down nearly 8 per cent on the same eight-month period last year, however.
The best-selling car for the month was the BMW 5-Series, reflecting the continuing strong performance of the premium brands. While Volkswagen remains the biggest-selling brand so far this year, both Audi and BMW feature in the top 10 in terms of volume sales. Other strong performers include Korean brand Hyundai, up 15 per cent in sales this year. The Irish Times
Discount grocer Aldi is to open a new regional distribution centre creating 160 jobs. The facility in Mitchelstown, Co Cork will have capacity to service 100 shops and was developed as part of the company's plans to open new outlets across the country.
It will primarily supply stores in Cork, Kerry, Limerick, Tipperary, Waterford, Clare, Mayo, Galway, Kilkenny and Wexford. Giles Hurley, managing director for Aldi's Mitchelstown region, said: "It is a crucial step that will help Aldi deliver on our current store expansion programme, which involves opening another 20 new stores in Ireland, so we can bring our value-for-money groceries to even more towns and cities across the country." The Irish Independent
Irish shoppers splashed out an extra E30m on groceries, including E2m more on sausages, during a scorching summer where barbecues and picnics were the order of the day. But new figures from research group Kantar Worldpanel show that in the 12 weeks to August 18, which included the hot spell in June and July's heatwave, frozen burgers continued to get the thumbs down from consumers, with sales still falling in the wake of the horsemeat scandal. More opted for fresh burgers instead. The Irish Independent