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TDs: Has Shatter got access to secret files?Coalition TDs have demanded to know if Alan Shatter has access to secret files on prominent politicians, journalists and public figures, as the controversy surrounding the justice minister continued to escalate.
Yacht can be yours... for €700k per weekThe sleek white Lauren L yacht has become Cork's latest tourist attraction, and you have to admit, it definitely adds a touch of glamour to the place.
- WORLD
Yahoo’s $1.1bn gamble on Tumblr Yahoo said it is acquiring blogging service Tumblr for $1.1bn (€850m) cash, a bold bet by chief executive Marissa Mayer to revitalise the struggling internet pioneer by co-opting a web property with strong visitor traffic but little revenue.
Hungary meets German pressure with Nazi tauntsTensions between Germany and Hungary have flared over remarks by the countries' leaders, including references to Hitler's occupation of the eastern European country in 1944 and an irritated German government response condemning Hungary's allusion to the Nazi era as "deplorable derailment".
- BUSINESS
Ryanair results help stock soar by €600m The value of Ryanair increased by more than €600m in one day's trading yesterday after the company reported stronger than expected results.
PTSB claims 60% increase in current accounts following fee-free offerPermanent TSB has reported a huge increase in new account openings since it launched its no-fee current account.
- SPORT
Limerick lose out again Limerick's Division 1B defeat by Dublin won't be revisited despite the question of Paul Ryan's eligibility in the game.
Paulie backs O’Gara coaching callPaul O'Connell has backed former Munster team-mate Ronan O'Gara to be a "great" coach after the fly-half announced he was retiring and taking a job on Racing Metro's backroom staff.
- LIFESTYLE
Time on Stewart’s side as album tops UK chartsRod Stewart said he was "over the moon" as he celebrated his 15th No 1 with a champagne toast.
Reunion sparks renewed synths of purposeANDY McCluskey has mellowed.
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Breaking stories
Airline urges State to release stake
Aer Lingus chief executive Christoph Mueller has said he would prefer if the Government released its 25% stake in the former state airline on to the open market.
By Vincent Ryan
Speaking to the Irish Examiner, Mr Mueller said he didn’t have a preferred bidder for the Government’s stake but added: “I would prefer if the Government would place their stake on the open market so that institutional investors could access it.” Mr Mueller said Aer Lingus had already identified institutional investors that were willing to take a stake of up to 10% in the airline should the Government place its holding on the stock exchange.
Mr Mueller considers this to be the most reasonable course of action as he does not believe that Ryanair’s €694m takeover bid will gain European regulatory seal of approval.
In a letter to shareholders, Aer Lingus said: “Ryanair’s 2006 offer was prohibited by the European Commission on competition grounds, and your board believes that the reasons for prohibition are now even stronger than before: the number of routes that Ryanair would monopolise has sharply increased. Your board has received legal advice that the European Commission is likely once more to prohibit the Ryanair offer, and that this is not therefore a credible offer which is capable of completion.”
Mr Mueller said Aer Lingus was gaining in market share and all Ryanair was trying to do was eliminate all the competition that it is facing in the Irish market.
“Ryanair are trying to erase the only competition that they are facing,” he said.
Ryanair has claimed that the Irish market has changed since its last take-over attempt in 2007, which was blocked by the European Commission. In his offer to buy Aer Lingus shares for €1.30, 25c more than what Aer Lingus shares closed at yesterday, CEO Michael O’Leary said a precedent had been set by other European airline mergers.
Mr Mueller disagreed with this and said the establishment of a monopoly on airlines operating routes in Ireland would be bad news for customers.
“We know exactly what is going to happen to prices. Taking the travel propensity of the Irish population — which is the highest in Europe — into account, that would be very, very counterproductive, particularly for the overall economic turnaround we are trying to achieve here,” he said.
In relation to the ongoing issues with the €722m hole in the pension fund Mr Mueller said if it was out of the way Aer Lingus’s share price would be higher.
“The pensions issue is perceived as an vulnerability. If it was out of the way a higher share price could be achieved,” he said.
Mr Mueller also revealed that since the Ryanair bid for the company, he and his board had received letters of support from both large and small shareholders.
“I have received a variety of letter from shareholders, both small and large and they are all supporting us,” he said.