Shares in both Paddy Power and Betfair surged yesterday after the two betting firms announced that they plan to merge to create one on the world's biggest betting companies.
Paddy Power stocks climbed by more that 19% in Dublin, with more than three million of its shares changing hands. Betfair shares rose by 20.4% in London.
Newstalk understands that these talks only commenced in recent weeks, and have progressed rapidly - and that the plan was prompted by recent consolidation in the industry, such as the merger of Ladbrokes and Gala Coral.
Negotiations are ongoing, and more news is expected in the coming weeks.
______________________________________________________
Ulster Bank has upgraded its growth forecast for the Irish economy, predicting that GDP will grow by 5.2%, up from a 3.9% growth in its last estimate in April.
The bank also believes that the Irish economy will grow by 4.5% in 2016 - up from an original forecast of 3.6% growth.
It says that the improved outlook is related to a number of factors, including the growth seen in 2014, the strong performance of the Irish economy in the first quarter of this year, and the effects of the weakening of the euro.
______________________________________________________
The European Central Bank is prepared to take further action to stimulate the European economy if it deems that it is necessary to do so.
Executive Board member Peter Praet has warned that the ECB is unlikely to reach its 2% medium-term inflation target.
The bank is already pumping €60bn into the eurozone economy every month through its quantitative easing programme.
"Developments in the world economy and commodity markets have increased the downside risk to achieving the sustainable inflation path towards 2pc; the risk has increased," he said.
"There should be no ambiguity on the willingness and ability of the governing council to act if needed."
______________________________________________________
Intercom, an Irish technology company which makes online customer communication tools has secured investments from a company which manages investments for Mark Zuckerberg, Sheryl Sandberg and Twitter's Jack Dorsey in its latest funding round which has raised €31m.
The company intends to grow its workforce in Dublin from 70 to 140 over the next year, with most of these new jobs being in engineering roles.
Its total funding now amounts to $66m (€58m) and the company is valued at over €200m.
Its co-founder and chief executive Eoghan McCabe says that he believes that Intercom can become a €1bn company, and it intends to seek a public flotation.
______________________________________________________
Digicel, the Caribbean and South-Pacific-based mobile and broadband communications firm, has added Davy Stockbrokers to the advisers it has taken on board ahead of its planned stock market flotation in New York within the next two months.
According to the latest filing with the Securities and Exchange Commission in the US, Digicel will continue distributing a $10m quarterly dividend to its principal shareholder, Denis O’ Brien, following the IPO, which is expected to raise up to $1.5bn - Mr O’Brien is majority shareholder in Newstalk.
The latest filing also incorporates Digicel’s first quarter financial statements for the three months to June.
Revenues fell by almost $10m to $669m while operating profit was $20m lower at $165m, principally due to the strength of the dollar against the currencies of the countries where Digicel operates.
Net losses after tax fell by $21m to $31m due to lower financing costs.
