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Time runs out for Credit Suisse; Irish gin for Ukraine; and Applegreen in US court

Business Today: the best news, analysis and comment from The Irish Times business desk

Time ran out for Credit Suisse this weekend as regulators brokered a €3 billion deal that will see it acquired by rival UBS. Photograph: Michael Buholzer/Keystone via AP

Dominic Coyle's face
Dominic Coyle
Mon Mar 20 2023 - 06:23

Attention this morning will focus on bank stocks as markets open after a hectic weekend that ultimately saw UBS take over its Swiss banking rival Credit Suisse in a €3 billion deal. We report on the details of a deal that will see shareholders nursing heavy losses and one class of bondholders wiped out altogether. UBS’s Irish chairman Colm Kelleher will oversee the integration of a bank where former Bank of Ireland boss Francesca McDonagh has been chief operating officer as global banking regulators rush to reassure banks and their investors on liquidity.

Elsewhere, The Shed Distillery has secured a listing with Aer Lingus for its Drumshanbo Gunpowder Irish Gin, Ciarán Hancock reports. The Leitrim distillery has also inked a deal in India and plans on entering the Ukraine market next month.

Forecourt retailer Applegreen is facing legal action in the US over alleged failure to engage with trade unions over alleged underpayment of staff at a subsidiary. Ian Curran reports that Applegreen insists the issues predates its acquisition of the business.

Ian also has details of an acquisition by MTM Engineering, which operates in the fast-growing data centre cabling sector, of cabling rival CET Connect.

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A new survey on ESG engagement by Royal London finds that people uk believe Ireland did much last year to push the climate change agenda. And it is particularly sceptical of the financial services sector’s ability to deliver on its promises in the area.

Eoin Burke-Kennedy examines some of the challenges facing the central bankers having to decide the progress of interest rate policy, including the view among many that they have more information and insight than they actually do.

Pilita Clark takes a look at envy and how it can poison the atmosphere in the workplace as she feels the pang of envy at the achievements of younger smart colleagues. They feel envy too, she realises, but cautions that keeping older people at work will help everyone feel less stressed.

In our Opinion piece, former Teagasc assistant director Brendan Kearney says the Government needs to take action to ensure farmers buy-in to the climate change agenda that will change the way they operate into the future.

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