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Friday , November 17 2017
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Ireland

Irish corporate taxes under pressure as EU urges reform

IRELAND

  DUBLIN: Ireland’s opposition to a proposed overhaul of EU tax rules has come under further pressure after Brussels accused member states of failing to act on tax avoidance by multinationals and said it wanted to fast-track its reforms. Pierre Moscovici, the European commissioner for economic and financial affairs, blamed the inability of countries to agree on a common set ... Read More »

Northern Ireland business urged to ‘make itself heard’ on Brokenshire budget

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  DUBLIN: Northern Ireland business has been urged to make its voice heard to the Northern Ireland Affairs Committee as it scrutinises a Budget to be passed at Westminster this week. Secretary of State James Brokenshire yesterday published a 2017/18 Budget in the House of Commons after the main parties failed to reach an agreement to restore an Executive. It ... Read More »

Ireland dispute stokes concerns about no deal on Brexit

IRELAND

  DUBLIN: European governments and business should “get prepared” for a no-deal Brexit scenario, the EU’s chief negotiator has said, as talks over Britain’s departure from the bloc become increasingly clouded by disagreements over Northern Ireland. Michel Barnier warned that a British hard exit was “a possibility” that cannot be ignored, with disruption to everything from airlines to the right ... Read More »

Bank of Ireland reduces fixed rate mortgage offering to 3%

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  DUBLIN: Bank of Ireland has reduced its fixed rate mortgage offering, it has been announced. The interest rate for its range of one to five year fixed rate mortgages is now 3%, irrespective of loan to value ratio. The interest rate for the bank’s 10-year fixed product has also been reduced to 3.3% for loans up to 80% of ... Read More »

Ireland’s rapid economic growth to continue: Commission

IRELAND

  DUBLIN: The European Commission has predicted that Ireland’s GDP growth is projected to remain “robust” up to 2019, but that the pace of growth is expected to moderate slightly. In its regular forecasts for the European Union economies, the Commission has pencilled in Irish GDP growth of 4.8% for this year.  Irish economic growth will then slow to 3.9% ... Read More »

Irish banks told to come clean over tax havens

IRELAND

  DUBLIN: Revelations that AIB was involved in assisting clients in avoiding tax through offshore tax havens have been described as “deeply disturbing”. Opposition parties demanded last night that both AIB and Bank of Ireland immediately outline all tax avoidance strategies they have arranged for clients as the fallout from the “Paradise Papers” leak intensified. Michael McGrath, Fianna Fáil’s finance ... Read More »

Apple ‘moved offshore funds to Jersey’ after Ireland tax crackdown

IRELAND

  DUBLIN: Tech giant Apple moved offshore funds to the Channel Islands after a crackdown on tax laws in Ireland, according to reports. The company is alleged to have rearranged its affairs, moving the firm holding most of its untaxed overseas cash to Jersey, after changes were made to controversial Irish tax practices, the BBC and Guardian said.The claims are ... Read More »

Irish Prime Minister opens linesight’s new San Francisco office

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SAN FRANCISCO: Irish Prime Minister, An Taoiseach Leo Varadkar T.D., officially opened Linesight’s new San Francisco headquarters today at the Hobart Building, 582 Market Street. Linesight provides professional services and strategic support to the global construction industry. The company has a track record of more than 40 years of innovation in Europe, the Middle East and Asia Pacific; they entered ... Read More »

Irish unemployment rate falls to 6% in October

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DUBLIN: Ireland’s unemployment rate fell to a fresh low of 6.0 percent in October, the central statistics office said on Wednesday. Unemployment has fallen steadily since the jobless rate peaked at 15.1 percent in 2012, when Ireland was midway through a three-year international bailout. Ireland’s finance department expects the unemployment rate to dip below 6 percent by the end of ... Read More »

Irish manufacturing growth eases in October

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DUBLIN: Growth in Ireland’s manufacturing sector slowed slightly in October due to weaker new orders, but purchasing managers expressed increased confidence about future output, a survey showed on Wednesday. The Investec Purchasing Managers’ index slipped to 54.4 in October from 55.4 in September, holding above the 50 mark separating growth from contraction for the 53rd month in a row. Although ... Read More »

Bank of Ireland backs open ecosystem for innovation

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DUBLIN: Dave Tighe, head of open enterprise and innovation for Bank of Ireland explains how the bank is nurturing Irish entrepreneurs with partnerships, funds, mentoring and collaborative work spaces. When Bank of Ireland put open banking at the heart of its growth strategy, we knew that co-operation and innovation would be the keys to success. This meant working closely with ... Read More »

Cantor Fitzgerald Ireland sees profit rebound in 2017

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DUBLIN: Stockbroking and wealth management firm Cantor Fitzgerald Ireland has seen a “significant return to profitability” this year after dipping into a loss in 2016. However, the company’s chief executive warns that the industry faces challenges from Brexit and rising regulatory costs. The comments from Cantor Fitzgerald Ireland’s chief executive Ronan Reid come after Cantor Fitzgerald Ireland issued results which ... Read More »

Danske Bank confirms binding contract for mortgage portfolio sale

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DUBLIN: Danske Bank Ireland said on Wednesday it had entered into a binding contract on the sale of a portfolio of performing residential mortgages to an entity financed by Wall Street investment bank Goldman Sachs. It is understood that US investment firm Pimco is also involved with the Goldman Sachs-financed entity, Proteus Funding, on the deal, which involves a €1.8 ... Read More »

Bank of Ireland shares climb 5% on tracker relief

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DUBLIN: For the first time, Bank of Ireland has said it may have to put aside more money to meet the costs of the tracker mortgage scandal, but says any additional amount will be “manageable”. The shares — which, alongside many European banking stocks, got a boost from ECB’s stimulus announcement — surged 5%, as investors interpreted the bank as ... Read More »

Bank of Ireland holds to dividend plans as bad loans drop

BOI

DUBLIN: Bank of Ireland said on Thursday it has set aside more money for a possible return to paying dividends early next year for the first time since the onset of the financial crisis. The development came as the group’s level of bad loans continued to fall and its capital position improved in the three months to the end of ... Read More »

Northern Ireland company director disqualified over £83k debt

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DUBLIN: The Department for the Economy has accepted a disqualification undertaking from the director of a food, beverages and tobacco retail business. The undertaking was received for nine years from Patrick Owen McGrath of Long Island Drive, Newtownards, in respect of his conduct as a director of Carrickglen Retail Ltd. The company operated as a retailer of food, beverages and ... Read More »

Bank of Ireland buys portfolio of 1,000 mortgages

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DUBLIN: Bank of Ireland, the Sunday Times reports, has bought a portfolio of more than 1,000 home mortgages from Shoreline Residential, an affiliate of the American private equity group Lone Star, for an undisclosed amount. The deal represents a further step in the bank’s strategy of growing its loan book by acquiring mortgages after they have been restructured by distressed ... Read More »

Ireland could boost its long term GDP by €15bn says PWC

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DUBLIN: Ireland could boost its long term GDP by 5.4%, or around €15 billion, if the employment rate for workers aged over 55 was equal to best-performing EU country, Sweden. This is according to the PwC Golden Age Index league table which is a weighted average of indicators – including employment, earnings and training – that reflect the labour market ... Read More »

Professional job vacancies up 9% in September

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DUBLIN: The number of professional job vacancies in Ireland increased by 9% in September compared to the same month a year ago, and was up 2% sequentially since August. This is according to the latest Morgan McKinley Ireland Monthly Employment Monitor. The monitor shows that there was a 13% increase in the number of professionals seeking jobs in Ireland in ... Read More »

Irish Business Council launched to promote transatlantic trade

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DUBLIN: Boston College, in conjunction with the Irish trade promotion group Gateway to Europe, launched its Ireland Business Council at an event in Dublin’s Merrion hotel on Wednesday night. The council will promote transatlantic trade, Boston College said. It will bring “influential business leaders from both communities together once a year in Dublin and in Boston to create one deeply ... Read More »