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Digicel wins damages, housing market cooling, NTMA weighs bond sale

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Denis O’Brien’s Digicel telecoms group won about $10 million in damages from a rival it had accused of fraud. Photograph: Ken Cedeno/Digital/Corbis via Getty Images

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Peter Flanagan
Tue Jan 3 2023 - 06:25

Digicel has been awarded about $10 million (€9.1 million) in damages in the US, as a result of a court case taken against a rival firm it had accused of fraud. Mark Paul has the details.

Mark also reports on the latest quarterly report from MyHome.ie, which shows the housing market continuing to cool. Still, affordability remains a major issue, with buyers “stretched” by high prices.

The NTMA may launch a syndicated bond sale as soon as next week, continuing its trend of being one of the first European countries to sell debt in the new year.

Profits at the Irish arm of drugmaker Teva fell by two thirds last year, although it increased the number of employees it has in the country. Gordon Deegan reports.

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The manufacturing sector continued to contract in December, as it continues to fell the bite of high inflation and a general economic slowdown. Still, AIB’s latest Manufacturing PMI shows employment grew during the month, albeit slowly.

In his review of the year in banking, Joe Brennan looks at the big issues the sector faced from pay caps to interest rates. Will the main lenders sustain the gains made in 2022?

This time last year Elon Musk was one of the most trusted figures among investors as his Tesla car business continued to soar. Now, after a tumultuous year the stock is down more than two thirds and whether Mr Musk can retain his touch is open to question. Richard Waters looks at how we got here.

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