Today in the press

Wednesday 13 February 2013 08.44
A look at some of today's business stories in the newspapers
A look at some of today's business stories in the newspapers

DUNNE MAY FILE FOR BANKRUPTCY IN US - The Irish Times reports that former developer Sean Dunne will consider filing for bankruptcy in the US after Ulster Bank successful initiated proceedings against him in the Irish courts.

Mr Dunne, who now lives in the US, is understood to be contemplating a voluntary application to a Connecticut court to avoid the case against the British-owned bank.

He owes €164 million to Ulster Bank relating to the purchase of the Jurys Hotel site in Ballsbridge, the redevelopment of which was rejected by An Bord Pleanála.

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CENTRAL BANK CHECKS ON THE RISE - The Irish Examiner reports that the Central Bank is cracking down on banks, insurance firms and stockbrokers by increasing the number of site inspections and enforcement procedures it undertakes.

The Central Bank plans to focus a themed review on mortgage arrears, it reports, with inspection teams being sent to banks to assess how they are complying with the related code of conduct.

Following the reviews, it may take enforcement action where breaches to the relevant rules and requirements are identified.

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EU TO DISCUSS PLAN FOR IRISH BAILOUT EXIT - The Irish Independent reports that euro zone finance ministers will discuss Ireland's bailout exit next month.

The EU, IMF and ECB are expected to put a plan in place to support the country as it makes a full return to the bond markets, the newspaper says, despite the country's progress under the troika programme.

The head of the Eurogroup, Jeroen Dijsselbloem, said ministers will "discuss in March how best to support Ireland in exiting the programme and returning to market financing".

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OPPOSITION GROWS TO DELL BUYOUT DEAL - The Financial Times reports that T Rowe Price, the second-largest outside shareholder in Dell, has joined the growing chorus of opposition to the proposed $24.4bn buyout of the PC maker.

Last week Southeastern Asset Management, the largest outside investor, and a number of smaller investors, protested the plan which would see Michael Dell and private equity firm Silver Lake Partners buy the company at a price of $13.65 a share

A regulatory filing by Southeastern has also revealed that the company had engaged DF King & Co, a proxy solicitation firm, specialising in proxy contests and takeover battles, in a sign that it would fight the leveraged buyout.

Keywords: presswatch