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Posts Tagged ‘ banking ’

Blame Laying- David Drumm And The Spanish Siesta

siesta

Reading the other day of how an Irish Times article caught David Drumm, (ex-chief executive of Anglo Irish Bank) on the hop in the summer of 2008, this correspondent was reminded of a holiday to the Basque city of San Sebastian some years back, where he too was also caught unaware- by the commercial culture of siesta-time.

Early on, on the holiday, your correspondent was shocked to discover that all shops hung a sign inside their doors in the afternoon reading- ‘Cerrado por 13h-16h meaning ‘Closed from 1pm-4pm’. Continue reading

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The Foreign Exchange Business

forex

The Forex market is a global and open market that is used to trade foreign exchange currencies.  Currency exchange operations in the Forex market take place on a 24 hour basis with the exception of the weekends.

In international business, currency conversion is required on a daily basis.   Global Financial Centres such as London, New York, Hong Kong act as hubs for buyers and sellers to trade in financial instruments.  Typically, the income for such FX trades comes from the largest players in the financial market like  BNY Mellon, Goldman Sachs and Citi.    Traders deal Dollars, Euros, Yen etc. on behalf of investors (the investor profile typically being large institutions). Continue reading

Double Standards: The Tale Of Sean Dunne

DUNNE

Up until a few months back, the only business-trader this correspondent heard of negotiating deals while still bankrupt was Del ‘Boy’ Trotter; when he convinced Sid, the manager of the Nag’s Head, & Denzil, the owner of an artic-truck into a bulk-buying booze-run to Calais (while still insolvent due to bad investments in the Central American markets).

Your correspondent heard of another business-man recently negotiating a deal while still bankrupt, namely the property developer Sean Dunne; who helped convince the seller of 74 Grand Street, Soho, Manhattan to trade it for €3.6 million (while still insolvent due to bad investments in the Irish market).

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Fingleton Faces The Music Once More

File:95 Streetscape, O'Connell Street, Dublin.JPG

Former chief executive of Irish Nationwide building society, Michael Fingleton, is once more facing pressure to pay back a €1 million bonus which he was paid before leaving the building society in 2009.

Over the years, Fingleton has rebuffed criticism and calls to return the bonus, saying that he won’t do so on a matter of principle. Fingleton has claimed that a previous agreement with the then government would have seen him return the sum in exchange for essentially leaving him and his finances alone. Enraged that the government had the temerity to investigate the once powerful INBS chief, he reneged on his public agreement to repay the sum of money.

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News In Brief-Rat Plane Crashes In Dublin As Sports Team Go Off The Ball

Rats Safe After Airport Crash

Rats Safe After Airport Crash

If News in Brief can’t be bothered this week can we blame it on tooth ache like Rory McIlroy? Only joking News in Brief is always on the ball. Unlike the Newstalk sports pundits behind the ’Off The Ball’ team, they’re definitely off: the ball, the side and the airwaves. The group’s departure comes after the lads were not allowed the option of moving from 7pm to 6pm for fears listeners would not be receptive and incurring the wrath of George Hook. Despite the possibility of a swift swop to RTE any transfer deals haven’t been signed as yet and it’s getting closer to extra time (very proud of all those sport references). It’s a shame they left this week, there was some kind of ball game on Tuesday wasn’t there? Continue reading

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