Business News

‘Strong evidence’ Ireland aiding EU banks’ tax-avoidance schemes

28th March 2017

Ireland is one of the countries “leading the race to the bottom” in the facilitation of global tax avoidance, according to a new report from charity group Oxfam. Oxfam said there “is strong evidence” that Ireland is aiding significant corporate-tax-avoidance schemes for European banks. In a report titled ‘Opening the Vaults’, researchers at Oxfam, in […]

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Irish firms in top five UK foreign business owners

28th March 2017

Irish-based companies are among the biggest foreign owners of UK firms, ahead of Japan and well ahead of rising powerhouse China. More than one-in-four of the UK’s most important businesses are foreign owned, according to figures from the UK’s Office for National Statistics (ONS). The data shows as many as 24,145 UK businesses are owned […]

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Price of Dublin semi-D surging again at same rate as in boom years

27th March 2017

The price of an average semi-detached house in parts of Dublin is inflating as fast as in the boom years and the period immediately before the Central Bank introduced its lending restrictions two-and-a-half years ago. Prices in North County and South County Dublin both increased by 5.6pc in the three months since December, while Dublin […]

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Public sector pay ‘outstrips private workers by 40pc’

27th March 2017

Public sector workers get paid 40pc more on average than their private sector counterparts, a report claims. By contrast, in the UK public sector pay is almost on a par with the private sector, with Ireland’s public/private pay gap high by European standards, the paper states. The study by Davy Stockbrokers argues that any future […]

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The UK triggering Article 50 will soon be forgotten – then the hard negotiations start

27th March 2017

On Wednesday, the UK prime minister is scheduled to ­’trigger’ Article 50 of the Treaty on European Union to announce to the 27 other EU member states that the UK intends to leave the union. It will be no surprise. On June 23 last a majority of voters in the UK and Gibraltar voted in […]

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Ireland joins China-led Asian bank in bid to boost links

24th March 2017

Ireland’s application for membership of the China-led Asian Infrastructure Investment Bank (AIIB) has been formally approved. Ireland is one of 13 applicants to the new Beijing-based international financial institution whose membership was approved yesterday. It is the first time the AIIB has welcomed new members since it inception, the multilateral financial institution said. The approved […]

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Banks grab €233bn in free ECB loans as Draghi warns on profits

24th March 2017

Euro-area lenders took €233.5bn in free long-term loans from the European Central Bank as they prepare for the potential end of extraordinary stimulus. The take-up in the last of the ECB’s Targeted Longer-Term Refinancing Operations (TLTROs) – four-year loans at a rate that starts at zero and could go lower – compares with a median […]

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Sterling boost as UK retail sales surge beats predictions

24th March 2017

The pound jumped yesterday after retail sales in the United Kingdom beat expectations, despite rising inflation. It comes just days after it was announced that inflation in the UK crashed through the Bank of England’s 2pc target last month, pushed up by rising food and fuel prices. Data from the Office for National Statistics (ONS) […]

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C&AG will no longer be Nama’s sole auditor as outside firm to be hired

23rd March 2017

The State’s Comptroller and Auditor General (C&AG) will no longer be sole auditor of Nama’s group entities, with the bad bank now drafting in a firm to undertake statutory audit work for the next three years, when the agency expects to be wound up. The C&AG has previously defended its role as Nama’s only auditor […]

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PTSB set to lure suitors with toxic loan book

23rd March 2017

Permanent TSB will finalise a clean-up strategy for its problems loans, including mortgages, by mid-year, the Irish Independent has learned, in a move designed to end investor uncertainty about the mounting regulatory pressures facing the lender. Global distressed-debt funds are circling the troubled residential mortgage portfolio of State-backed Permanent TSB, amid intensifying expectations the recovering […]

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