“Insurers accepted some businesses had a ‘strong case’ in private meeting” is the headline on one this week’s top stories. The paper reports that industry group Insurance Ireland accepted in a private meeting, with Minister for Finance Paschal Donohoe, that some businesses had a “strong case” for their Covid-19 claims to be paid out under business interruption policies. The paper also reports that Donohue and his officials described FBD’s position on business interruption insurance as “questionable”.
In another front page story it has emerged that RTE made a €12m bid for a stake in the embattled digital publisher Maximum Media. Aaron Rogan reports that the national broadcaster made an offer of €10m – €12m for a 49% stake in Maximum in 2018. The offer was made before the company’s financial woes were revealed and luckily for RTE, it was not accepted.
Staying with Maximum Media and there is a two-page spread on the inside pages looking at the rise and fall of the company. Aaron Rogan writes that in the last fortnight founder Maximum’s founder Niall McGarry has lost control of the company as it prepares to enter examinership. Meanwhile, Ian Guider rubs salt into the wound writing: “There has been no shortage of suitors for Maximum Media over the years, and McGarry will rue the lost opportunities to cash in on his creation.”
On page three of the paper is the familiar face of controversial Ryanair boss Michael O’Leary. Under the headline “Ryanair customers due €1bn in refunds” Peter Dwyer reports that the airline is on the hook to return up to €1bn to customers after their flights were cancelled due to Covid-19. It comes as Ryanair plans to resume 40% of its flights from July 1.
On the same page Michael Brennan reports that the government is extending the redundancy payment break for companies in a bid to avoid them being forced out of business due to Covid-19. The length of the extension is not known, but according to the piece it could be stretched out for at least two months.
Irish exports of microchips to China tripled last year to €5.4bn, according to a report by Daniel Murray on page six. However, there are fears the business could be in jeopardy after Donald Trump announced a ban on the sale of microchips made by US firms to Chinese tech giant Huawei, regardless of where they are made.
- Artemis Investment has upped its stake in drinks group C&C to more than 12%
- Hedge fund Abbey Capital paid out more than €16m in dividends last year
- Food group Greencore can borrow up to £300m from a UK government Covid-19 fund
- The state-backed Valley Healthcare Fund has secured a €110m debt facility