FD Technologies to stop trading on Friday as court sanctions €626m sale
The structure of the deal, by way of a so-called scheme of arrangement, required sanctioning from the court after it was approved by FD Technologies shareholders at the end of June.
FD Technologies said in a statement that it expects dealing on the stock to end on Friday afternoon in Dublin and London. The company is on track to be officially delisted next Tuesday.
The company's remaining business is KX, which analyses large data sets in real time to help companies predict and respond to market conditions across the various business areas.
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FD Technologies' board urged that shareholders support the TA Associates deal, saying that the operation may be hampered by 'uncertain public markets' if it needs to accelerate investment to capture opportunities in artificial intelligence (AI).
The deal with TA Associates, first announced in May, follows a big restructuring at the Dublin-listed company last year.
This led to the group selling its former core First Derivatives division to US software group
EPAM
in a £236.1 million transaction and the spin-off of another business, called
MRP
, into a merger. It subsequently returned £120 million to shareholders in January through a stock buyback deal.
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Irish Times
5 hours ago
- Irish Times
Letters to the Editor, August 7th: On the wisdom of Metrolink, abortion data, and the red fox
Sir, – Dermot Desmond's claim that AI will render MetroLink obsolete ignores the reality that traffic congestion already costs the Dublin economy over €336 million annually, rising to €1.5 billion per year by 2040 (' AI will make Dublin's MetroLink obsolete ,' says Dermot Desmond, August 5th). Congestion isn't typically caused by parked cars, but by vehicles using roads at the same time. Self-driving cars won't solve that problem as they will still take up the same road space as existing vehicles. Meanwhile, Ryanair's Michael O'Leary's fanciful proposal that we should cancel MetroLink in favour of building a new motorway in the Irish Sea would also surely find itself to be expensive and highly congested on whatever day in 2045 or 2050 it would open. What does work is the high-capacity public transport solutions in use all across the world, including in Ireland, such as electrified suburban rail (Dart, Luas, MetroLink), combined with segregated cycling lanes and walking tracks and greenways. READ MORE These are systems that move thousands efficiently, reduce emissions, and make urban spaces more liveable. We have the plans now. Let's get on with implementing them without further delay. – Yours, etc, ROSS Ó CURRÁIN, Drumcondra, Dublin 9. Sir, – What is it about Irish billionaires/multi-millionaires and MetroLink, and with our eagerness to listen to their 'pearls of wisdom'? First Michael O'Leary's rant and now Dermot Desmond, with his outlandish claims that self-driving cars will make public transport redundant. Setting aside the serious safety concerns with autonomous vehicles, especially in urban areas, we would do well to learn from the experience of Uber and other rideshare platforms which made similar claims about congestion reduction. Study after study has shown that they in fact increased congestion in cities where they operated and had almost no impact on car ownership. Any privately operated AI-driven autonomous vehicle service will have the same commercial pressures to increase car dependency. I do, however, share Mr Desmond's optimism about the possibility of significant reductions in car ownership. This will be achieved, not through futuristic technology, but by investing in our public transport and active travel infrastructure which will make cars redundant in our cities. – Yours, etc, CIARÁN FERRIE, Rathmines, Dublin 6. Sir, – I must keep an eye out for Dermot Desmond the next time I'm waiting for the Luas. – Yours, etc, HELEN PEAKIN, Terenure, Dublin 6W. Sir, – Why does The Irish Times continue to publish the opinions of billionaires about public transport projects? When was the last time Denis Desmond took a train? He tells us that self-driving cars will mean there are fewer cars on the road, and thus no need for the Metro. Even a brief moment of introspection will show this to be the opposite of the case. Self-driving cars will likely spend more time on the road as they cruise around looking to pick up passengers, just as taxis do today. Would car manufacturers really be investing in AI if they thought it would result in fewer car sales? AI will likely make Dublin's traffic much worse, not better. It will be the same the world over. China, no laggard on AI, is massively expanding its public transport system in the coming years. Dublin absolutely does need a metro. – Yours, etc, Dr MARK SUGRUE, Donaghmede, Dublin 13. Sir, – I have just read the report about Dermot Desmond and the proposed metro system. The newspaper recently has seen an onslaught of articles against MetroLink and improvements to the public realm, led by contributors such as Frank McDonald and Michael McDowell. Is there any space to be had for progressives in the newspaper? The arguments currently being used against the metro we have seen before. The Dart would cost too much, nobody would use the Luas. Nobody now would seriously suggest we dismantle either rail system. The same will be true of the MetroLink when it too is built. It is never going to be cheaper to build the metro than now, it is never more needed than it is now. Let's stop the propagation of fantasy arguments and promote a positive vision of MetroLink. – Yours, etc, ADAM LADD, Drimnagh, Dublin 12. Sir, – It is reasonable to expect that southside residents wanting to use the metro to go to the airport will have luggage with them. But how are they to get to the St Stephen's Green station with that luggage? Luas and buses are not able to accommodate luggage, and it is unlikely that a sufficient park and ride could be offered in that area. The metro would therefore be useless for airport access for a huge number of potential travellers. This problem needs a solution before we spend any of the billions proposed. We don't need a white elephant. – Yours, etc, DAVID O'HIGGINS Stillorgan, Co Dublin. Slim chance Sir, – I read with interest how the availability of GLP-1 medications has rung the death knell for the body positivity movement (' Body positivity fell from favour as soon as Ozempic brought thinness back ,' August 4th). Any chance someone will invent an Ozempic to help slim down the size of and curtail the appetite for SUVs on our roads? – Yours, etc, ULTAN Ó BROIN, Blackrock, Co Dublin. Abortion data collection Sir, – It was recently reported that the HSE will be rolling out a pilot scheme in some hospitals to collect more data and information on abortion in Ireland (' More detailed data on abortions to be collected from Irish hospitals ,' August 5th). This is welcome, as Irish data collection for abortion has proven inaccurate and unsatisfactory, in contrast with other jurisdictions. For example, the total number of abortion notifications received by the Department of Health for 2021 was just 4,577. But according to a supplementary memo, the department acknowledged this figure fails to tally with the total number of abortions actually performed. Instead, it estimated, based on the total number of reimbursements for abortion paid to GPs in 2021, that the figure is likely closer to 6,700. In addition to inadequately completed notifications returns, the limited data sought in the forms leaves much to be desired as it only provides the total number of abortions performed by month and county. This excluded collecting data such as age, gravidity, and gestational age. Knowing this information is important to inform the public about the scale and nature of abortion in Ireland, but also to allow researchers and policymakers to identify trends. When the Health (Regulation of Termination of Pregnancy) Act 2018 was being drafted in autumn 2018 after the referendum in the same year, an amendment to the legislation was tabled which would have ensured that such comprehensive data was included in the notifications form. The amendment sought the same data as that collected in the English HSA4 form. But the government of the day rejected this motion outright, instead opting for limited data collection. Had that amendment been taken on board at the time, we would have a far clearer picture of the trends and realities of abortion in Ireland. While it is welcome that the HSE has recognised the importance of comprehensive and accurate data collection, this should have been a key component of abortion policy since the law became operational seven years ago. – Yours, etc, EILÍS MULROY, Pro Life Campaign Dublin 2. Sunny disposition Sir, – Concerning falling birth rates, Breda O'Brien contrasts five European countries where the decline is not so steep (Denmark, France, Germany, Sweden and Britain) with four which are rock bottom (Greece, Italy, Portugal and Spain) ('Let's stop glorifying motherhood and glorify parenthood instead,' August 2nd). Could sunshine have something to do with it? – Yours, etc, SADHBH Ní SEACHNASAIGH, Galway. Gaza and showing compassion Sir, – Fintan O'Toole's latest article on events in Gaza is a lesson in what real journalism can and should achieve. It sits as a reminder to others that there is no such thing as 'silly season' when it comes to informing and educating the public. The homeless remain homeless, the poor remain poor, and the victims of war continue to suffer no matter the season. O'Toole's compassion and erudition is a beacon in a sea of mediocrity and long may he continue in his quest. – Yours, etc, PAUL GRAY, Drumcondra, Dublin 9. Sir, – Una Mullally is right: the passing of the Occupied Territories Bill by the Irish Government could well be a catalyst for a global boycott, divestment, and sanctioning of Israel (' Ireland can be a beacon with the Occupied Territories Bill, ' August 4th). As Israeli prime minister Binyamin Netanyahu considers a full takeover of the Gaza Strip and the starvation and killing continues, this legislation should be expedited as a matter of urgency – and it should include services (as recommended by the Oireachtas Joint Committee on Foreign Affairs and Trade). In this context, the Dáil and Seanad should be recalled during the summer recess for an emergency session to pass this legislation – which could coincide with a national day of protest, as suggested by a previous letter writer. Importantly, a national day of protest combined with legislative action in Leinster House on the same day should be accompanied by politicians and the public alike calling on Hamas to release all the hostages, to disarm, and to disband. The time for decisive moral leadership and action is now. – Yours, etc, CHRIS FITZPATRICK, Terenure, Dublin 6. Sir, – I agree with Diarmuid Ó Cinnéide (Letters, August 5th) that the publication of pictures of starving and emaciated children is both gut-churning and traumatising. However, these distressing pictures have dramatically served to increase the public and political outcry as to the urgent need for an end to these horrific conflicts. – Yours, etc. JOSEPH TUMMON, Circular Road, Galway . Looking busy Sir, – Greg Maxwell's letter (August 2nd) on the matter of 'The look of looking busy' and the experience of the late Sam McAughtry reminds me of my own experience many years ago, coincidently again in the Department of Agriculture but here in Dublin. I was assigned early in my civil service career to the minister's office and during the day, made a point of dutifully clearing my desk and ensuring that all files and correspondence were dealt with . On one of these days, the deputy secretary general of the department stopped, looked at my pristine desk, and his advice was: 'Never sit at an empty desk, always have a significant number of files at hand, at least two open, and avoid looking up or interrupting your close scrutiny of all these documents.' I took his advice but I doubt if my career blossomed to the same extent as Sam's. – Yours, etc, MARTIN McDONALD, Terenure, Dublin 12. Speeding motorists Sir, – Travelling to Donegal from Dublin and back again over the weekend I was amazed at the complete disregard by a very large number of my fellow motorists for the speed limit on our roads. Each time I went over the speed limit by two or three kilometres my car emitted a reminder to inform me of my transgression. As I slowed down to the appropriate kilometres per hour I was on each occasion overtaken by several cars travelling at a much greater speed. – Yours, etc, MARY DALY, Rathfarnham, Dublin. Protecting the red fox Sir, – I commend to all, John Fitzgerald's excellent letter 'Protecting the fox', August 5th. Ireland, due to its geography, has a dearth of natural fauna and is fortunate to have foxes, a beautiful and intelligent animal, which has sadly been persecuted in the past. Urban dwellers are now favoured by the presence of these animals, giving children the opportunity to observe nature close up. Foxes also do much to keep rats under control and contrary to ill-informed prejudice do not spread of disease. We should admire and protect our fine red foxes. – Yours, etc, Dr D O'BRIEN, Rathfarnham, Dublin 14. Sir, – While I share John Fitzgerald's opposition to hunting foxes with dogs I do not agree with his assertion that: 'The hound is not a natural enemy of the fox. Both are dogs. Hence, the need to train novice hounds to hunt foxes from an early age.' I have owned dogs of various shapes and sizes for many years and found that they, unfortunately, required no training at all to chase after foxes; in fact it would have required some intensive training to stop them from doing so. While foxes and domestic dogs are from the same family of mammals, their evolutionary paths diverged millions of years ago. – Yours, etc, KATHERINE QUIRKE, Dún Laoghaire, Co Dublin. Supermarkets and food recalls Sir, – It appears that the supermarkets are keeping a low profile in relation to the listeria infection. While I do not have a loyalty card, I, nonetheless handed back my suspect chicken jalfrezi to the customer services desk of my local Tesco and was refunded the ¤4.25 in cash without question. – Yours, etc, TONY CORCORAN, Dublin 14. Front gardens Sir, – Louisa Moss draws attention to the environmental dangers involved in building small homes in back gardens (Letters, August 6th). In recent years many front gardens in suburban areas have been replaced by cobble lock and tarmac, neither of which is permeable, thus leading to direct run-off and local flooding. If houses are built in back gardens there will undoubtedly be an increased demand for car parking in front gardens with the consequent demise of the already threatened hedges, shrubs and small trees which contribute so much to urban biodiversity and help prevent flooded drains. – Yours, etc, LOUIS O'FLAHERTY, Dublin 9.
Irish Times
9 hours ago
- Irish Times
Fine Gael significantly outspent Fianna Fáil and Sinn Féin on elections last year
Fine Gael spent significantly more than either Fianna Fáil or Sinn Féin on elections last year, according to party accounts provided to the Standards in Public Office Commission (Sipo). Fine Gael was the biggest spender overall on elections in 2024 and also the highest spender on the general election, according to the consolidated accounts of the parties. The accounts, published by Sipo, show Sinn Féin is the richest of the three big parties, with more income, stronger cash balances and an unmatched reserve of €8.7 million at the end of 2024. Sinn Féin, like the other parties, ran a significant deficit last year, in its case amounting to €1.6 million. However, it still finished the year with €4.6 million in cash, down from €5.3 million at the beginning of the year. READ MORE By contrast, Fianna Fáil had just €470,000 in cash at the end of the year. Fine Gael and Fianna Fáil appear to have funded some of their election expenditure through loans, which the two parties will pay back over the coming years as they prepare for the next election, though Fine Gael is in a significantly better financial position than Fianna Fáil. The days when Fianna Fáil outspent everyone at election time are long gone, the figures suggest. This time, the consolidated spending shows Fine Gael spent €3.22 million on elections last year, substantially ahead of Sinn Féin on €1.7 million and Fianna Fáil on €1.69 million. Fine Gael spent more than €2 million on the general election, more than twice as much as Fianna Fáil, which spent less than €950,000, according to the consolidated accounts of both parties. Despite being outspent, Fianna Fáil won 10 more seats than Fine Gael in the general election. Sinn Féin also beat Fine Gael by one seat. [ Three constituencies that show why Fianna Fáil and Sinn Féin outperformed Fine Gael Opens in new window ] [ Expect the unexpected: What the 2024 local and European elections have taught us Opens in new window ] Sinn Féin and Fine Gael each spent about €600,000 on the European elections, according to the accounts, with Fianna Fáil's figure much lower at about €320,000. Fine Gael also outspent its rivals at the local elections, with the accounts showing expenditure of €512,000. Fianna Fáil reported spending of €289,000, while Sinn Féin's accounts show it spent just €77,000 on the local elections. All three parties received more than €5 million in State funding last year, while the accounts of all three parties show they are also reliant on fundraising among their members. Sinn Féin has the highest income from donations, with €182,000 raised from individual donations and €52,000 from corporate donations. The party's organisation in Northern Ireland is not governed by the strict rules on political donations that are in place in the South. [ Who is the American who left €535,000 to Sinn Féin's US fundraising group in her trust? Opens in new window ] But it is Sinn Féin's cash pile – likely linked to a mysterious bequest from a reclusive Englishman, William Hampton, who left more than €4 million to the party in 2019 – that sets it apart from its rivals. Along with a substantial property portfolio, it means the party can record 'reserves' of some €8.7 million in its accounts. This is the first year Sipo rules have required the parties to produce consolidated accounts that show the financial dealings of all units of the organisations above a certain size. In a statement, Fine Gael cautioned against comparing the election spend of the different parties in the accounts. [ William Hampton: The life and extraordinary times of Sinn Féin's million-euro donor Opens in new window ] 'It would be inaccurate to use the published annual accounts of political parties without context to compare election expenditure by political parties,' the party said in a statement. It said there 'appears to be significant divergence in the approach to Electoral Act compliance by different political parties ... The extent to which election expenditure is funded by the Party HQ, by party subsidiaries that are required to be reported under the Electoral Act, or by party subsidiaries that are not required to be reported under the Electoral Act, varies for each party and candidate. This also has a bearing on the figures reported.'
Irish Times
10 hours ago
- Irish Times
Worker forced to retire at 65 awarded €18,000 by Labour Court
A factory worker who was forced to retire at 65 has been awarded €18,000 by the Labour Court . Liam Murphy had worked as a general operative at Deepak Fasteners in Shannon, Co Clare for 45 years. When he turned 65 in February 2022, he asked to continue working but this was rejected by the company. While Mr Murphy did not appeal that decision at the time, he lodged a claim in July of that year with the Workplace Relations Commission claiming he had been discriminated against on the grounds of age. When the WRC found that his complaint was not well founded, he appealed the decision to the Labour Court. READ MORE Company chief executive Seamus McGiff told the court the company was concerned about the age profile of his workforce and the need to make new hires with specific skills as the loss-making business tried to pivot in a new direction. However, given that there was no mandatory retirement age in Mr Murphy's contract of employment and there had been no issues with his performance, concentration or health and safety concerns, the court found in his favour. It found the company 'did not engage in any meaningful way with the complainant's request' and concluded 'that there was no objective justification' the company could rely on to support its decision to force him to retire simply because he reached the age of 65. Welcoming the decision, Rachel Hartery of trade union Siptu 's Workers Rights Centre, which represented Mr Murphy, said: 'Our member was simply discarded by this employer after 45 years of loyal service, as was evidenced by the complete lack of consideration given to his requests to work on for one year beyond age 65.' Siptu said there appeared to be no urgency in Government to advance legislation introduced earlier this year to allow but not compel workers to remain in their employment until they reach the State pension age.
