O'FLYNN THINKS PLAN COULD NET NAMA PROFIT - The Irish Times reports that Cork-based property developer Michael O'Flynn has secured full planning permission for a £250m (€320m) scheme in Edinburgh's financial district and he is now hoping to secure backing to proceed with construction in 2012.
The £40m purchase of the four-acre site by Tiger Developments was funded in 2006 by Irish Nationwide and this loan has been transferred to the National Asset Management Agency (NAMA). As such, any development of the project will require the approval of NAMA.
The paper says Mr O'Flynn is believed to be in talks with a number of private equity groups about progressing the scheme and is also hoping to secure bank debt in the UK.
The Cork developer, whose projects have included the Elysian Tower apartment block in Cork, Ireland's tallest building, believes the Haymarket scheme could yield a significant profit for NAMA.
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BMW STARTS IRISH CAR FINANCE ARM - The Irish Independent says German car giant BMW hopes to lend up to €100m to the Irish market next year after securing approval to open a Dublin-based finance operation.
The paper quotes BMW Financial Services Ireland boss Philip Kerry as insisting that the market for car finance was sound in Ireland despite the recession.
'We've been taking applications for about 10 days now and we've already had well over 250 people, most of them excellent credit risks,' said Mr Kerry.
The operation will lend to the 12 BMW and Mini dealerships in Ireland, replacing a six-year arrangement between BMW and Permanent TSB.
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RBS WANTS TO PAY INVESTMENT BANKERS A BONUS - The Guardian says Royal Bank of Scotland wants to pay cash bonuses to its investment bankers for the first time since it was bailed out by the taxpayer in 2008, in a move that risks re-igniting a row over City pay.
As bank bosses prepared for a showdown with business secretary Vince Cable and George Osborne tomorrow, RBS was considering whether it could pay cash bonuses of up to £50,000 to its key staff, who have been banned from getting cash pay-outs. Instead most of them received their bonuses in the bank's debt since the crisis.
Any move would need to be sanctioned by UK Financial Investments, which controls the 84% stake owned by the UK taxpayer, and might face opposition from the business secretary, who insisted the coalition was determined to crack down on 'unacceptable bonuses'. Mr Cable also kept alive the option of fresh taxes on the industry.
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RUSSIAN DIAMOND GIANT EYES FLOTATION - The Financial Times says Alrosa, De Beers' Russian rival, is considering a stock market flotation in 2012 in a move that would open the traditionally closed diamond industry to outside investors.
Alrosa, controlled by Russia's federal and regional governments, has long been the second-largest producer of diamonds behind De Beers.
In 2009 the two companies mined half of the world's diamonds, measured by carat volume. The FT says both are private, limiting opportunities for investors in a commodity that is expected to face a supply crunch in coming years.
The Siberia-based miner is converting itself from a closed to an open joint stock company - or from a ZAO to an OAO in Russian corporate terminology. This will allow outside investors to buy new shares and relax ownership restrictions on the tightly-held miner.
