ANGLO WON'T BACK BLACK SHORE COURT BID - The Irish Times reports that Anglo Irish Bank is not expected to support Black Shore Holdings' bid to get protection from its creditors in the High Court today.
The paper says Black Shore, which owns the Shelbourne Hotel, will ask the court to appoint an examiner today. Such a move will give it up to three months protection from creditors, and breathing space to formulate a rescue plan.
Galway businessman John Sweeney and his wife Treena Sweeney jointly own Black Shore. The company has been in talks with its bankers, including State-owned Anglo Irish, AIB, Bank of Ireland and Bank of Scotland Ireland. Anglo has indicated it does not intend to support Black Shore's petition to be placed in examinership, according to the Irish Times.
The High Court has appointed Michael McAteer of Grant Thornton as interim examiner. It is set to begin hearing evidence today before deciding whether or not to confirm the appointment of an examiner to the company.
Black Shore's interests range from Sweeney Oil service stations to the Shelbourne Hotel. It is being pursued by Esso over guarantees it gave on the debts of its former subsidiary, Fate Park.
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DUBLIN MOVE HALVED INSURER'S TAX BILL - The Irish Independent says Beazley, a specialist insurer which made a pre-tax profit of £100.7m (€114.5m) last year, halved its tax bill by opening a three-man office in Dublin and becoming tax-resident here.
The company said yesterday that its profit had risen by £14m (€16m) as a result of the company's move to Dublin in March 2009. This reduced the company's tax rate for the year to 12%, compared with the British rate of 265 that it had incurred in 2008.
Beazley's tax rate will rise to about 185 this year as one-off benefits are phased out, the company said in a statement to the London Stock Exchange.
The Indo says the company, which insures ships, energy firms and offshore wind farms, is one of several UK and US insurance companies to move their headquarters to Dublin from London or Bermuda, the Caribbean island which is home to most of the world's large reinsurers.
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LAID-OFF BA STAFF TO BE LURED BACK? - The Times reports that British Airways has approached the staff it released last year to entice them back on temporary contracts as strike cover if cabin crew vote for industrial action.
The paper says it has learnt that former staff have been offered six-month contracts worth about £1,000 a month plus £2.40 an hour flying allowance. BA has told these former cabin crew that retraining would take a week and courses start from February 22.
Unite, the union that represents about 13,000 BA cabin crew, is balloting members on possible industrial action in a dispute over changes to working practice and pay cuts.
If staff vote in favour, BA could face strikes next month and over Easter. Unite members voted overwhelmingly to back a 12-day strike over Christmas, but that was blocked after BA sought an injunction from the High Court.
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QUEEN COULD 'SHARPEN MINDS' ON UK ECONOMY - The Guardian says Britain's Queen is being touted as the first line of defence between the country and another financial crisis. The paper says she famously never carries cash but likes to keep abreast of her subjects' economic woes.
The Guardian says a group of economists has written to the Queen urging her to demand monthly briefings from ministers on the pitfalls ahead for the economy.
Responding to the head of state's concern over why no one foresaw the recession, first voiced in a visit to the London School of Economics last summer, the letter suggests she might play her own role in keeping key economic players on their toes in the future.
Signed by LSE professor Tim Besley, a former member of the Bank of England's monetary policy committee, and the eminent historian of government Peter Hennessy, the letter accuses ministers of shying away from crystal-ball gazing and highlights the failure by the Bank of England, Financial Services Authority and Treasury to spot risks ahead. It admits 'there are no simple answers' to dodging further crises. But it does suggest the Queen's involvement might sharpen minds, according to the paper.
