Davy €500m bid, oil companies and state aid complaint, and insolvencies dip

Bank of Ireland is in advanced talks to buy stockbroker Davy for a higher-than-expected figure of more than €500 million, with negotiations now set to focus on on whether a forensic review being carried out at the firm in the wake of a bond-trade scandal has thrown up further issues. Joe Brennan reports.

A group of leading Irish oil retailers and distributors have lodged a complaint with the European Commission, alleging that Government plans to fund a €500m Climate Action Fund breach EU state aid rules. Ciarán Hancock has the details.

The level of Irish corporate insolvencies dropped 38 per cent in the first six months of 2021, new figures show, as ongoing Government supports for businesses during Covid-19 conceal the extent of distress across many businesses. Joe Brennan reports.

A company trading as Home Plus is planning to launch a home reversion product for the first time in the Irish market since the financial crash, where older people can sell a stake in their home in exchange for a lump sum or monthly payment and a lifelong right of residence. Joe Brennan has the details.

Complaint made to EU over State policy on financing climate fund

---

Motor trade struggles to recruit technicians as move to electric accelerates

---

Bank of Ireland nearing deal to acquire Davy, report says

---

The Irish don’t have an obsession with property, the market just doesn’t work

---

The motor trade in Ireland fears that the en-masse switch to electric cars this decade could be undermined by a lack of mechanics to service them, writes Neil Briscoe.

Irish people flocked back to cinemas and outdoor hospitality in June, with spending at the movies up 1,351 per cent compared with May, according to Revolut, the digital payments group. Joe Brennan reports.

Total activity in the Irish services sector rose in June at the fastest rate in more than five years as lockdown restrictions continued to be eased and more parts of the economy reopened, according to AIB. Joe Brennan goes through the data.

In his weekly column, Eoin Burke-Kennedy says Irish people don't have an obsession with property, the housing market here just doesn't work.

With temperatures soaring in North America, FT columnist Pilita Clarksays a new way of working during oppressive heatwave s needs to be found.

In our Opinion piece this week, Paul Sweetman,director of Financial Services Ireland, says the Republic can become a top 20 global financial services hub by 2025 if the Government draws up an ambitious new strategy for the sector.

Stay up to date with all our business news: sign up to our business news alerts.