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Wednesday , March 29 2017
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Ireland

Atos sees revenues increase to €11.7 bln, driven by inorganic expansion

prices increases

DUBLIN: Atos saw revenue hit €11.7 billion in 2016, on recorded growth of 9.7% year-on-year. The firm’s growth was largely driven by inorganic expansion, with organic growth at around 1.8%. The professional services firm plans to continue to expand inorganically in 2017, with a target of 6% assigned to M&A growth and 2% to organic growth. Atos, a digital services ... Read More »

Ireland accused of facilitating tax avoidance by European banks

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DUBLIN: Ireland has been accused of facilitating large-scale corporate tax avoidance by European banks. A report by Oxfam and the Fair Finance Guide said a “disproportionate” amount of profits generated by these institutions were being booked through Ireland. The research found 16 of Europe’s top 20 biggest banks reported profits here in 2015. It said these banks generated €2.3 billion ... Read More »

Bank of Ireland CEO Boucher to Retire After Crisis Comeback

BOI

DUBLIN: Bank of Ireland Plc Chief Executive Officer Richie Boucher, who took over amid the nation’s worst economic crisis in living memory and helped the lender recover from a bailout, intends to step down. Boucher, 58, will remain in charge of Bank of Ireland while the board seeks a new CEO, the Dublin-based company said in a statement Friday. He ... Read More »

Live cattle exports in 2017 up 35% on this time last year

exports

DUBLIN: Live cattle exports in 2017 have increased by 35% on this time last year, according to the Minister for Agriculture, Food and the Marine. An additional 10,689 head of cattle have been exported from Ireland so far this year, compared to the same period in 2016, Minister Creed added. 2017 has been a positive year so far for live ... Read More »

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

A woman wearing a face mask walks past a logo displayed at the Asian Infrastructure Investment Bank (AIIB) headquarters building in Beijing, China, on Thursday, Jan. 5 2017. One year after opening with 57 charter members, the China-led AIIB remains open to the U.S. joining, President Jin Liqun said. Photographer: Qilai Shen/Bloomberg

DUBLIN: 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 applicants include eight non-Asian ... Read More »

Tatfondbank raised $60 mln via obscure Irish company just before collapse

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DUBLIN: A Dublin-based company sold $60 million of bonds on behalf of Tatfondbank in November, claims Bloomberg. A month later, the lender was placed under temporary administration by the Central Bank. At the beginning of March, the regulator announced its decision to revoke the bank’s licence. ”Normally banks aren’t able to issue bonds just days before losing their licenсe,” says ... Read More »

Ikea profits dip despite record revenue

dips

DUBLIN: IKEA last year sold around 2.5 million meatballs at its Dublin store as the firm enjoyed a record year of revenues at its Ballymun outlet. The Swedish furniture giant confirmed that it had three million visitors to its store off Dublin’s M50 in the 12 months to the end of August last year spending a record €152m. The three ... Read More »

Ireland Bank announces new branch manager

ireland bank

DUBLIN: Ireland Bank is happy to announce Florencio Castorena as Branch Manager/Lender for our Inkom and Poleline offices. Florencio was born in Guadalajara, Mexico. He lived in Zacatecas, Mexico until age 7 when his family relocated to Idaho. He graduated from Rigby High School and served a LDS mission in the San Francisco area. Florencio is an active member of ... Read More »

Northern Ireland must accept tax rises or watch our public services being slashed

sales tax

DUBLIN: Last week Chancellor Philip Hammond announced a screeching U-turn, scrapping newly announced plans to increase national insurance contributions for the self-employed. The sight of a Tory minister being so publicly embarrassed is unlikely to trouble too many of us; it could even be called enjoyable. But the climbdown flags up a wider problem within the political debate about taxation ... Read More »

Value of Dublin funding vehicle plunges after missed payment by Russian bank

CBI

DUBLIN: A Dublin funding vehicle used by a collapsed Russian bank at the centre of a fraud investigation has warned debt investors that it has not received an interest payment from Tatfondbank. The value of $60 million (€55.9 million) of bonds sold by the Irish special purpose vehicle, TFB Finance, in November has plummeted to 5.5 cents on the dollar, ... Read More »

Combilift signs €1m contract during French trade visit

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DUBLIN: Monaghan-based Combilift has signed a €1 million contract with Europe’s largest home improvement retailer Kingfisher during a trade visit to France. The company is one of seven Enterprise Ireland client companies to sign agreements with French firms during the trade mission, led by Minister for Social Protection Leo Varadkar. Under the deal with Kingfisher, Combilift, a manufacturer of multi-directional ... Read More »

Irish food centre stage around the world for St Patrick’s Day

ifc

DUBLIN: Bord Bia is flying all over the world this St Patrick’s Day to promote Irish food. Trade meetings, retail promotions tastings, media events, advertising and social media are just some of the other export building activities Bord Bia is undertaking across cities in over 20 countries. From Michelin star chefs to some of the biggest retailers in Europe, Bord ... Read More »

Ecclesiastical posts drop in GWP for UK and Ireland in 2016

Crashing chart

DUBLIN: Ecclesiastical Insurance has posted a 3.4% drop in gross written premium (GWP) for its UK and Ireland business in the year ended 31 December 2016. Its GWP for 2016 was £220m, compared to £228m in the preceding year. Meanwhile, the provider revealed an increase in underwriting profits for the region to £25.0m in 2016, compared to £11.6m in 2015. ... Read More »

Irish banks not yet ‘stormproofed’, Central Bank says

BOI

DUBLIN: The restoration of the Irish domestic banking system is still only “partially complete” the Central Bank said on Tuesday, as it warned it is not yet convinced the sector is “stormproof”. The regulator also warned against a regulatory “race to the bottom”in terms of attracting post-Brexit financial services business to Dublin. Speaking to the Association of Compliance Officers in ... Read More »

Irish, UK food industry looking for ‘post-Brexit’ free-trade arrangement

Irish, UK food industry looking for ‘post-Brexit’ free-trade arrangement

DUBLIN: The UK and Irish food processing industries are highlighting priorities to make an early agreement on future trade. An open letter by 35 representative bodies in the UK food and drink supply chain has called on the government to make an early agreement on future trade with the Republic of Ireland as the United Kingdom leaves the European Union. ... Read More »

Aryzta’s half yearly earnings sink by 31%

EARNINGS

DUBLIN: Baked foods group Aryzta has announced a sharp drop in earnings in the six months to the end of January as it continued to deal with the reorientation of its North American business and a major investment programme in Europe. The Irish-Swiss company specialises in baked goods including the Cuisine De France brand. It reported revenues of just over ... Read More »

WH Smith sees Irish revenues grow to record levels

revenues

DUBLIN: However, newly-filed accounts for WH Smith Ireland also show a weakening in profits for the 12 months to the end of last August. In the period, the company generated pre-tax profits of €1.1m; down nearly 39% from the €1.8m generated in the previous year. The company attributed the drop in profit to expansion costs, with the number of people ... Read More »

Ireland’s biggest banks keep mum about Apple Pay launch

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DUBLIN: The big question about Apple Pay is not if, but when, the larger Irish banks will get on board. Apple Pay launched in Ireland this week but the biggest banks – AIB and Bank of Ireland – were conspicuous in their absence. If there was one tech launch this year that this writer had been eagerly anticipating, it was ... Read More »

Europe warns Irish banks on non-performing loans

loans

DUBLIN: The resolution of non-performing loans (NPLs) by Irish banks needs to “regain momentum” while plans to give the Central Bank powers to cap mortgage interest rates could prevent lenders from generating “sustainable profits” and deter new entrants to the market, the European Commission has warned. In its latest unpublished post-bailout surveillance report on Ireland, seen by The Irish Times, ... Read More »

Irish League banks £75k sponsorship deal with Danske

CBI

DUBLIN: Irish League football has pocketed another huge cash injection after Danske Bank agreed to extend its partnership with the Northern Ireland Football League. The bank will be title sponsors of the Premiership and the Women’s Premiership for a further three years and the Belfast Telegraph understands the deal is worth in the region of £75,000. It’s a major boost ... Read More »