PTSB TO SELL 'BAIL-IN-ABLE' BONDS IN SPITE OF MARKET JITTERS OVER BREXIT - Permanent TSB is laying the groundwork for its first sale of bonds where investors could suffer losses if the bank runs into trouble in the future, even after Bank of Ireland surprised the market by pulling a debt sale last week as negative Brexit headlines rattled financial markets.
The bank, led by chief executive Jeremy Masding, has had a bond prospectus approved by the Central Bank, which would enable it to market bonds that can be bailed in, or converted into equity, to comply with new European rules designed to minimise taxpayer rescues in the repeat of the financial crisis more than a decade ago. The contents of the prospectus, approved on Friday, according to the regulator's website, have not yet been published, says the Irish Times. PTSB is the last of the State's three surviving rescued banks to start lining its balance sheet with bail-in-able bonds. AIB and Bank of Ireland have both been active in this area in the past two years. Market sources have said PTSB may come to the market with a deal as soon as the second half of September. They said that the bank may start out with a sale of senior bonds, particularly after larger rival Bank of Ireland was forced to pull a sale of junior bail-in-able bonds last week, after being disappointed by demand for the process.
BEDTIME BROWSING TREND FUELS NIGHT-TIME SHOPPING AT JOHN LEWIS - Bedtime browsing by sleepless Brits in the middle of the night has resulted in a 23% increase in nocturnal spending over the last year alone, according to John Lewis.
The department store chain said that online shopping between midnight and 6am now accounts for around one in 15 purchases that use its credit card. Perhaps unsurprisingly, searches for duvet covers are the most popular item on the John Lewis site in the early hours, while headphones also come into the top 10 buys. But the most common night-time purchase on the credit card is for holidays and flights, says today's Guardian. Mike Jackson, director of financial services at John Lewis & Partners, said: "Shopping is now a 24-hour activity. More customers are shopping on their smartphones and tablet computers and it would appear many are using this technology to shop from the comfort of their own beds." Women are much more likely to spend the early hours shopping than men, according to the data. It found that women account for 66% of purchases made between midnight and 6am, although their average spend was below that of men. Two decades ago, Saturday afternoon was the peak spending time on cards in the UK, but online shopping has revolutionised spending habits. Research by Barclaycard in 2016 found that late evening browsing was changing the shape of shopping, with 10.18pm the most common time to make a purchase.
TIPPERARY FIRM UPS THE FIGHT AGAINST CANCER - An oncology drug which is easier to administer to women suffering from ovarian cancer than those currently available on the market is the first of a number of innovative drugs under development at Shorla Pharma in Clonmel, Co Tipperary.
The two-year-old pharmaceutical startup specialises in developing oncology drugs for rare forms of cancer in women and children, says the Irish Examiner. The company is also working on an oral product for paediatric cancer which will be easier for children to swallow than the hard capsules currently used. Since the setting up of Shorla Pharma in January 2018, the company has raised €2m which has included funding from its founders Sharon Cunningham and Orlaith Ryan as well as from private investment. "Our goal is to create an innovative pipeline of oncology product for unmet needs", said founders Sharon Cunningham and Orlaith Ryan, who plan to launch their first product for ovarian cancer on the US market in 2021 and to develop global sales for a range of specialist oncology products. The two women worked together in Eirgen Pharma in Clonmel for seven years. Ms Ryan was in charge of regulatory affairs and Ms Cunningham was head of finance.
DE LA RUE SHOWS IT'S OFTEN EASIER TO PRINT MONEY THAN TO MAKE IT - There once was a time when life itself seemed to depend on what one wise man called "the frequent flow from hand to hand of cash". But this basic rule no longer applies.
Sweden, for instance, has gone virtually cashless and the Stockholm central bank is thinking along the lines of an e-krona. Threats to cash are everywhere. Facebook recently announced it is planning a low-cost cryptocurrency in partnership with 27 other companies. UK-based De La Rue has been printing banknotes for the British crown as far back as 1860, and in the 1930s began printing notes for other countries. Today the company prints a third of worldwide banknotes and a lot of the time its clients are smaller countries which like to be protected from the security implications of printing their own currencies, says the Irish Independent. A printer like De La Rue ships other risks too; currently it is coping with an £18m (€20m) debt from the Venezuelan central bank. Banknote printing has turned into a commodity business and become difficult and uncertain. Overcapacity remains a problem. While some say the threat of a cashless society is overstated, De La Rue remains stubbornly defiant over the long-term role of cash and has been surprisingly slow to innovate. Printing banknotes still accounts for 80% of De La Rue's revenues and 60% of its profits. The company is hoping to offset the volatile banknote business with technological diversification and plans for most of its profits to come from this source within the next five years. To date it has shown little form.