News In Brief

## The department store Arnotts could be sold for as little as 1 euro as part of efforts to restructure its crippling debts. It has emerged that the store's effective new owners - Anglo Irish Bank and Ulster Bank -- agreed earlier this year they could buy out all the shares in the landmark store for a nominal sum, believed to be as little as 1 euro. This would wipe out the shareholding of senior counsel Richard Nesbitt and his family, as well as funding partner Boundary Capital -- led by financier Niall McFadden. The banks are owed 300m euro by the store's owners. The shareholding remains intact for now, sources close to Arnotts said last night. However, this could all change next month pending EU approval for the lenders to take "joint control" of Arnotts. If such a nominal payment is made, the banks would then be free to rebuild the company with a view to selling it on to recoup their debts. - Irish Independent

## Yields on Irish government bonds fell again yesterday, maintaining this week's strongly positive trend. This was the result of improving investor sentiment following last week's stress testing of 91 European banks. If government bond yields stabilise at current levels, or fall further, the cost of future borrowing by the State will be significantly lower than it has been recently. Since Monday, increased demand for Irish Government debt has pushed the yield(effectively, the rate of interest) on the benchmark l0-year bond down sharply. Yesterday it finished below 5 per cent, down from over 5.4 per cent at the start of the week. This is close to the average recorded in the second half of 2009 - a period of relative calm before the eruption of the euro zone sovereign debt crisis in early 2010. - Irish Times

## Four Cork businessmen have had judgment orders totalling more than 236m euros entered against them to date in favour of three banks arising mainly from unpaid property loans. The four are: Michael Conway Senior, Maglin House, Carriganarra, Ballincollig, Co Cork; Michael Conway Junior, Lake View, Faha, Dripsey, Co Cork; Kieran Conway, Burkes Hill, Tivoli, Cork, and Paudie Dennehy, Seaview, Ballinaskulla, Myrtleville, Co Cork. They consented at the Commercial Court this week to summary judgment orders for 135m euro each being entered against them in favour of Ulster Bank. They had previously consented to some 63m euro summary judgment orders against them over facilities provided by Bank of Ireland and to summary judgment orders for some 38.2m euros in favour of Anglo Irish Bank. - Irish Examiner

## In a move that will continue a theme from their sponsorship of referees in the Scottish football leagues and rugby's Magners League, the opticians Specsavers has signed a two-year deal with Ladies Gaelic Football to sponsor their national All-Ireland panel of referees. The sponsorship will provide a new referee jersey design and support kit for the 60-strong panel of national competition referees. - Irish Independent

## Aer Arann plans to suspend its flights from Cork to Dublin and Belfast at the end of next month. The company said the daily flights between the airports will be suspended from Tuesday, August 31, due to a lease expiring on an aircraft servicing the routes.

## SIPTU has called on the four local authorities in Dublin to honour the agreements with the union to develop waste disposal services in the city.

The demand comes after shop stewards met to discuss the planned outsourcing of waste collection by Dun Laoghaire-Rathdown County Council to the private operator Panda. The Labour Relations Commission will host talks on the dispute next week. SIPTU's Paul Smyth said: 'Our members are both angry and concerned that one of the four authorities is attempting to renege on the agreement made two years ago on waste disposal management strategy.' - RTE