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Ireland

Ireland trade surplus grows in May

tradesurplus

DUBLIN: Ireland’s foreign trade surplus increased in May, as exports rose and imports fell, figures from the Central Statistics Office showed Monday. The seasonally adjusted trade surplus rose to EUR 4.30 billion in May from EUR 3.14 billion in April. In the corresponding month last year, the surplus was EUR 2.97 billion. Exports climbed 7.0 percent month-over-month in May, while ... Read More »

Ireland Q1 GDP contracts 2.6%

cubagdp

DUBLIN: Ireland’s economy contracted for the first time in four quarters in the first three months of the year and the pace of decline was worse than economists had predicted, while the growth figure for the previous quarter was revised up sharply, preliminary data from the Central Statistics Office showed Friday. Gross domestic product fell a seasonally 2.6 percent sequentially ... Read More »

Irish FinMin explains response to tax evasion

Tax Evasion

DUBLIN: Irish Finance Minister Paschal Donohoe has explained the country’s approach to tax evasion during a hearing of the European Parliament’s PANA Committee, and said Ireland is “a strong supporter of international tax reform efforts.” Donohoe was one of several European finance ministers who appeared before the committee on July 11. He told the committee that: “The issue of aggressive ... Read More »

Bank of Ireland modifies its ‘verified by Visa’ system

BOI

DUBLIN: Bank of Ireland has introduced changes to its “verified by Visa” online security system, which has been the subject of criticism from some customers. Verified by Visa is designed to protect credit or debit cards from unauthorised use online. It enables people to verify they are the actual cardholder in a similar way to keying in a pin number ... Read More »

Irish Gov’t says limited funds for tax cuts

Bangladesh frozen food exporters seek tax cut in upcoming budget

DUBLIN: The Irish Government has said that there is only EUR500m (USD570.6m) available for tax cuts and new spending measures in the 2018 Budget. Finance Minister Paschal Donohoe has published the Government’s Summer Economic Statement. This document forms part of the reformed budgetary process, and is intended to facilitate a discussion of the options available to the Government in advance ... Read More »

Central Bank of Ireland warns against Kennedy Kilbride

cbi

DUBLIN: The Central Bank of Ireland today issued a warning against the UK-based investment firm Kennedy Kilbride as the company has been providing financial services to the country’s residents without regulatory permission, according to an official announcement. The regulator said that it is a criminal offence for an investment firm to operate in Ireland unless it has authorisation from the ... Read More »

Shell to exit Ireland upstream business in $1.23B deal

Shell halts Carmon Creek oil sands project in Canada

DUBLIN: The Netherlands-based Royal Dutch Shell PLC (NYSE: RDS-A, RDS-B), which has a major presence in Houston, has reached a deal to sell its upstream business in Ireland for up to $1.23 billion. A subsidiary of Toronto-based Canada Pension Plan Investment Board will acquire Shell’s 45 percent stake in the Corrib Natural Gas Field venture. The deal is expected to ... Read More »

Bank of Ireland shares close up on first day of trading as valuation unchanged

boi

DUBLIN: Bank of Ireland’s share price closed up 2c to €7.40 yesterday as investors digested the first day of trading under a new organisational structure designed to comply with tougher European banking regulations. While the stock price looked starkly different to Friday’s close of 24.60 cent, the bank said its valuation remains unaltered. Phil O’Sullivan at Investec said the change ... Read More »

Ireland supports international tax reform efforts, Paschal Donohoe tells MEPs

sales tax

DUBLIN: Ireland is a “strong supporter” of international efforts to reform the tax system, Minister for Finance Paschal Donohoe told MEPs on Tuesday. Addressing the European Parliament’s Pana committee on tax avoidance and evasion, he said the State was one of the first to introduce “country by country” reporting to tax authorities under which multinationals must set out their range ... Read More »

Bank of Ireland shares debut at €7.38

BOI

DUBLIN: Stock markets rallied yesterday and the US dollar hit a two-month high against the yen, as robust economic data from the United States and Germany left investors increasingly confident about the strength of the global economy. Attention also turned to Federal Reserve chief Janet Yellen’s semi-annual testimony on monetary policy, and a meeting of Canada’s central bank tomorrow, for ... Read More »

Irish electronics firm is sold for more than €15m

firm

DUBLIN: A Cork SME that designs and manufactures industrial critical-power electronics used in machine tools, industrial robots, lasers and MRI and x-ray scanners for customers including Siemens, GE and Carl Zeiss, has been sold to a US multinational, Advanced Energy, for €15.5m. Excelsys employs 38 people, mostly based in Little Island, Cork, with a small number of staff in the ... Read More »

Bank of Ireland shares fall by more than 50% following stock consolidation

boi

DUBLIN: Bank of Ireland’s new shares started trading Monday at €7.38 each –compared to the 24.60 cents each where they closed last Friday. The bank has completed a reorganisation that included swapping every 30 old shares for one new share – a process known as a reverse split or stock consolidation. Shareholders still hold their stake on the bank in ... Read More »

Tourists generate £850 mln for the Northern Ireland economy

economy

DUBLIN: More tourists are now visiting Northern Ireland with an extra £86 million pumped into the local economy last year from overnight stays. New government figures show that Belfast is growing its share of the tourism market in the north, with almost a third of visitors choosing Belfast as their destination of choice. In 2016 an estimated 1.5 million tourists ... Read More »

Irish services sector growth rate slips to seven-month low

aus shares slips

DUBLIN: Growth in Ireland’s services sector slipped to a seven-month low in June as new domestic business orders expanded at a slower pace, but the sector continued to expand, a survey showed on Wednesday. The Investec Services Purchasing Managers’ Index (PMI) slipped to 57.6 in June from 59.5 in May, for its lowest reading since November last year. However, it ... Read More »

Irish industry defies British gloom with 23-month high

manufacturing industry

DUBLIN: Irish manufacturing experienced the strongest pace of growth in 23 months in June, defying the effects of a weaker pound and out of step with struggling British factories. UK manufacturing missed out on a demand-driven surge in activity elsewhere in Asia and Europe in June, as weakness in sterling failed to translate into export growth, surveys showed. Factories in ... Read More »

Bank of Ireland shares sale could net €1bn for rainy day fund

boi

DUBLIN: The Government should move promptly to sell off its 14pc Bank of Ireland stake – which would net €1bn at current share prices – and use the proceeds as the cornerstone of a planned “rainy day fund”. The proposal comes from former junior finance minister and Dublin Fine Gael MEP Brian Hayes. He argued that the entire focus on ... Read More »

Bank of Ireland to complete share restructuring next week

ireland bank

DUBLIN: Bank of Ireland’s plans to set up a new parent company and shrink the number of shares in circulation by almost 97 per cent are on track to be completed by the end of next week. Shareholders in the country’s largest bank by assets will receive on unit of ordinary stock in the new holding company, Bank of Ireland ... Read More »

Bank of Ireland gets court approval to set up new holding company

BOI

DUBLIN: Bank of Ireland received High Court approval on Friday for a corporate reorganisation that will result in the creation of a new holding company. This followed shareholder support for the move at an egm on April 28th and will involve Bank of Ireland Group plc becoming the holding company. The bank, which is 14 per cent State owned, has ... Read More »

Ireland hails €3.4bn AIB stake sell-off

AIB

DUBLIN: The Irish government has described the sale of 28.75 per cent of its stake in Allied Irish Banks yesterday as a significant moment for the country’s economy. The initial public offering, which raised €3.4 billion for the Irish exchequer, was among the biggest transactions on the London Stock Exchange over the past 20 years and the biggest of any ... Read More »

Ireland raises €3bn from AIB share sale

profit rises

DUBLIN: Shares in AIB have been priced at €4.40 apiece in a boost to one of Europe’s biggest stock market listings since the financial crisis that has generated a €3 billion payday for the Irish government. Advisers to the Irish lender were able to price the shares close to the top of the indicated range after investors clamoured to take ... Read More »