Tuesday , May 22 2018
Breaking News


Ryanair outlook on ‘pessimistic side of cautious’ as profits hit €1.45bn


Ireland : This is despite reporting a 10pc increase in full year profit after tax to €1.45bn in its financial year 2018. While the airline, which last year saw its traffic grow 9pc to over 130 million passengers, expects passenger numbers to continue to rise in the coming year, Ryanair said that unit costs this year will rise 9pc due ... Read More »

Property prices in March rising faster than previous month


Ireland: Property prices at national level increased by 12.7pc in the year to March, according to the Central Statistics Office. This compares with an increase of 12.5pc in the year to February. In Dublin, residential property prices increased by 12.1pc in the year to March. Residential property prices in the ‘Rest of Ireland’, which excludes Dublin, were 13.4pc higher in ... Read More »

Brexit customs partnership would ease border issue says Karen Bradley


Ireland: A customs partnership after Brexit would make it easier to deal with the Irish border question, the Northern Ireland Secretary has said. British Prime Minister Theresa May’s Brexit “war cabinet” met again today without reaching agreement on which of the two options for customs arrangements on the border – the “customs partnership” and “maximum facilitation” models – it will ... Read More »

Brexit sub-committee to meet again over customs deadlock


Ireland : British Prime Minister Theresa May’s special Brexit sub-committee meets again today, as discussions over how to resolve the deadlock on the customs union continue. Members of two ministerial working groups spent yesterday discussing possible tweaks to the “customs partnership” and “maximum facilitation” plans that have divided the Cabinet. The EU is pressing for “substantive progress” from Britain on ... Read More »

Business confidence is high despite ‘subdued’ growth in Nortern Ireland


Growth in business activity here was more subdued than expected in April with stagnation for the construction sector, according to a major survey today. The Ulster Bank Northern Ireland Purchasing Managers Index (PMI) for April showed a subtle acceleration in private sector business activity growth. And although orders continued to increase for companies here, it was just at a slightly ... Read More »

US diplomat focussed on Aughinish crisis


US : The acting US ambassador to Ireland has said the delicate situation surrounding the future of Aughinish Alumina in Limerick is being “discussed at the highest levels of our two governments”. Charge d’affaires Reece Smyth, US Embassy made a visit to Smarttech security operations centre on Thursday 10th May 2018, pictured with Ronan Murphy, CEO, Smarttech. Pic credit: Larry ... Read More »

Will the Border break the all-Ireland food chain?

A Liebherr Container Crane sitting on the quayside of Fenit Port, Kerry, Ireland awaiting the arrival of its transport ship to take it to its final destination.

Ireland: Whether it’s millions of litres of milk, artisan gin, traditional soda bread or even a favourite chicken dish, Ireland is by far the biggest and most important export market for many of Northern Ireland’s leading food and drink producers. Brexit could turn this market on its head if a hard border or new customs arrangements come into play and ... Read More »

Japan’s Takeda agrees €52bn takeover of Irish-based Shire


Ireland: Takeda Pharma agreed to buy Ireland-headquartered Shire for £45.3 billion (€51.6 billion) on Tuesday after the Japanese company raised the amount of cash in its offer to $30.33 to secure a recommendation. Shire investors will receive $30.33 in cash and either 0.839 new Takeda shares or 1.678 Takeda ADSs for each share, the companies said, valuing the offer at ... Read More »

EU upgrades Irish economy but warns of risks


Ireland: The uncertainty around Ireland’s economic outlook remains “elevated” because of Brexit and possible changes to international tax and trade, the European Commission has warned. Nonetheless, in its spring forecast, the Commission upgraded its growth projection for Ireland to 5.7 per cent for 2018, up from 4.4 per cent previously. This is the second fastest growth in the EU, just ... Read More »

Three-quarters of soft drinks sold in Ireland not liable for sugar tax


DUBLIN: Some 76 per cent of soft drinks sold in Ireland will not be liable for the new sugar tax, which will be introduced here on May 1st. The Irish Beverage Council, a division of lobby group Ibec, said the fact that such a low volume of sales will be taxed under the new regime was down to the industry’s “35-year journey to ... Read More »

Casting minds back to Ireland’s golden age of silver


DUBLIN: These and many other questions will be examined in Dublin on Wednesday when the Irish Georgian Society, the National Museum of Ireland and Maynooth University put a major spotlight on silver. A day-long symposium at the National Museum of Ireland Collins Barracks will see scholars from Ireland, the UK and Europe present the latest research on Irish Georgian silver; ... Read More »

OECD tax report highlights USC tax challenge


DUBLIN: The annual Organisation for Economic Co-operation and Development’s flagship publication on taxes and wages shows the progressive nature of the Irish tax system, and may highlight the difficulties any government could face if it sanctioned radical cuts to the Universal Social Charge. The OECD’s measure of the personal tax rate across 35 countries for a single-earning household with children ... Read More »

Tax Avoidance and Irish Balance of Payments


DUBLIN: Multinational corporations’ efforts to avoid U.S. taxes by shifting profits abroad significantly distort the U.S. balance of payments (BoP). The clearest distortion is an understatement of U.S. services exports and an associated overstatement of income receipts on foreign direct investment (FDI), as U.S.The distortion of Ireland’s national accounts data by multinational activity is a prime example of what the Bank ... Read More »

Ireland consults on local property tax changes


DUBLIN: The Irish Finance Department has launched a public consultation on the Local Property Tax (LPT), as part of a broader review of the tax. The review was launched in January. The aim is to provide Finance Minister Paschal Donohoe with information on any possible measures he might recommend to the Government regarding the revenue yield from the LPT and ... Read More »

Irish farmers set to milk benefits of EU trade deal with Mexico


DUBLIN: A new trade deal between the European Union and Mexico could help Ireland’s agri-food sector diversify as Brexit looms. Under the agreement, reached last Saturday, practically all trade in goods between the EU and Mexico will now be duty-free, including goods in the agricultural sector. The agreement, which will secure considerable volume for milk powder exports, starting with 30,000 ... Read More »

Housebuilding in Ireland still among lowest in Europe


DUBLIN: Despite rapid growth in the number of new homes been built, housebuilding in Ireland remains amongst the lowest in the EU on a per capita basis. The statement comes as confusion reigns as to the actual number of new builds being completed across the country. According to a new report from Goodbody Stockbrokers, based on the number of new ... Read More »

Irish official tax changes derail europe recovery


DUBLIN: Dramatic changes to the international rules governing the taxation of large multinational corporations could undermine Europe’s economic recovery, Ireland Finance Minister Paschal Donohoe recently said. The official, speaking to the Ireland Parliament’s Budget Oversight Committee on Wednesday, did not make it clear what changes he was referring to but issued the comments as the European Union considers potentially dramatic ... Read More »

Ireland’s contribution to EU budget expected to rise to €2.7bn year


DUBLIN: Ireland’s contribution to the EU budget is expected to rise to €2.7 billion this year, the Department of Finance has confirmed. This is 35 per cent higher than the €2 billion paid in 2017 and more than double what the State paid five years ago. The department’s chief economist John McCarthy also warned this figure may rise by an additional €400 ... Read More »

Department pays experts €2.6m on Apple tax case


DUBLIN: Spending by the Government on its legal appeal against the EU, that Apple must repay Ireland at least €13bn in back taxes, resulted in payments by the Department of Finance to consultants topping €2.6m last year. New figures provided by Finance Minister Paschal Donohoe show that solicitors William Fry received the lion’s share of the fees, at €1.6m. The ... Read More »

Ireland hikes GDP forecasts on jobs more statistical distortions


DUBLIN :  Ireland raised its economic growth forecasts for the next four years on Tuesday, predicting gross domestic product would rise 5.6 percent in 2018 as a strong, broad-based recovery continues.  The finance ministry warned, however, that GDP figures would continue to be boosted by statistical distortions that have led the Irish statistics agency to phase in new measures to ... Read More »