Tuesday's business news
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Breakfast Business with Enterprise Ireland on Newstalk. Good morning and welcome to Breakfast Business and thank you to Shane Beattie. It is Tuesday the 21st of October at 6.31. Happy National Apple Day. The fruit, not the expensive phones. Coming up on today's show we'll be talking to the advertising giant Havas and we'll be chatting to Ericsson and 6G telephony on all the markets as usual. You can email us business at newstalk.com but first let's have a look at the main business stories in the newspapers and websites. Martin Claffey in the Irish Examiner reports that Glanbia has completed the sale of Slimfast UK in Ireland to the consumer goods firm Supreme in a deal worth 23 million euro. In September, Glanbia sold the rights of Slimfast in the US and certain other jurisdictions to Heartland Food.
Now it has sold Slimfast UK, Ireland and other jurisdictions to Supreme, an AIM-listed manufacturer. Founded in 1977 in the US, Slimfast is known for its meal replacement shakes, bars, snacks and weight loss plans. Glanbia bought it from KSF Holdings and HNS Intermediate Corporation in 2018 in a deal worth around 300 million. But the Irish company confirmed earlier this year plans to shed its meal replacement brand after years of struggling sales. The FT reports that shares in BNP Paribas tumbled after a US court found the French bank liable for more than $20 million in damages to three Sudanese refugees over its role in providing banking services to the African country's former ruler and enabling human rights abuses.
The bank's shares fell 8% on Monday to their lowest level since April. Lawyers for the three plaintiffs and analysts said that the ruling could open up BNP Paribas to far greater damages, putting it under pressure to settle with thousands of other Sudanese refugees who have joined a related class action. BNP said that any attempt to extrapolate is unnecessarily wrong, as is any speculation regarding a potential settlement. The French bank had already said it would appeal, calling the ruling clearly wrong and that it applied only to the three plaintiffs. The three plaintiffs, who now live in the US, had testified to torture, sexual violence and other abuses. They accused the French bank of helping former President Omar al-Bashir's regime to commit genocide between the late 90s and the 2000s by providing it with banking services.
Fionn Thompson in the Business Post reports that FlexJet, a US-based private jet operator, has confirmed that it's seeking to establish operations in Ireland, including a fleet of aircraft stationed in the country. The Cleveland-based firm is valued at around $4 billion following an $800 million fundraiser. The company has said that it is currently in the process of obtaining the necessary documentation with a view to establishing an Irish base. FlexJet is recently established an air operator certificate in Ireland. As we continue our global...
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