Nama auction in question
Nama's largest loan auction, Project Arrow, is under threat, according to the Sunday Times, which claims there are fears a second bidder may not submit a bid for the €7.2 billion loan portfolio.
It reports US fund Apollo Global Management may not bid. Two weeks ago a joint bid between Goldman Sach and CarVal pulled out the bidding. If Apollo exits, just Cereberus Capital Management will be left in the auction.
The deadline for bids is in early October.
The newspaper also reports that one of the five bidders for Nama's Project Jewel, Davidson Kempner, may leave that process.
Investment tax breaks
The Government is to raise the tax breaks individuals receive through investing in companies under the Employment and Investment Incentive Scheme, the Sunday Business Post reports. Under the current scheme companies can raise up to €10 million over the lifetime of the firm.
It reports the Government is considering revising this limit and also lifting the limit on how much individuals can invest in one year while taking advantage of tax relief through the scheme.
Ronan criticises Nama
Both the
Sunday Business Post
and
Sunday Independent
report on written statements from property developer
Johnny Ronan
to the banking inquiry, which they both claim are highly critical of Nama.
The newspapers report that Mr Ronan argues in his evidence that if Nama had supported Treasury Holdings, where he was a partner, and the Battersea development in London, Treasury would ultimately have been able to repay its debts "with time".
Grocery pricing investigation
The Competition and Consumer Protection Commission has launched a formal investigation into pricing in the groceries sector, according to the Sunday Independent. The newspaper reports that while shoppers are benefiting from price cuts, there are concerns about the prices paid to suppliers.
Brewer may switch tax base
Anheuser-Busch InBev is considering an audacious plan to switch its tax base to the UK if the brewer pulls off a mammoth £180 billion takeover of SAB Miller.
The Sunday Telegraph reports that AB InBev, which has its tax base in Belgium, is in discussions with advisers about how to ensure SAB Miller's key shareholders escape an onerous tax bill on future dividend from the combined company.
