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Ireland

Irish customs seize 110,000 of classroom craze fidget spinners

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DUBLIN: Customs officials have impounded tens of thousands of fidget spinners amid fears over their safety. The must-have toy has been in very short supply because of a continuing craze among the country’s school children. The fidget spinner was originally designed as a stress relieving toy, to help people living with autism or ADHD to concentrate. But there has been ... Read More »

No new customs points planned for Irish border after Brexit, says Revenue chief

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DUBLIN: Ireland’s tax chief is “almost 100% certain” there will be no new customs posts along the Irish border after Brexit. Niall Cody, chairman of Revenue Commissioners, categorically rejected reports that it was actively looking for locations to establish new checkpoints. The speculation, which he blamed on an early contingency paper from a “medium ranking” official, has led to landowners ... Read More »

Ireland mulls shifting betting tax burden from operator to punter

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DUBLIN: Ireland is mulling changes to its gambling tax regime that could shift some of the burden from operators to punters. Last Friday, Ireland’s Department of Finance announced that it had launched a review of the mid-2015 imposition of new taxes on online bookmakers and exchange betting operators. The review is part of the government’s broader Tax Strategy Group process. ... Read More »

Greencore shares jump as revenues soar by 46% on Peacock Foods acquisition

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DUBLIN: Convenience food group Greencore reported a 46 per cent rise in group revenue in its first half of the year, on the back of its acquisition of US food group Peacock Foods late last year. Revenues at the Dublin headquartered group rose to £1,010.3 million (€1.2bn) in the 26 weeks to March 31st 2017, as earnings (EBITDA) rose by ... Read More »

European banks lead the way in Q1 ratings upgrades

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DUBLIN: Banks led the way in a positive first quarter for European corporate credit ratings, according to S&P Ratings, as the eurozone’s increasingly robust recovery helped to ease pressures on the sector which has been burdened by low interest rates and large numbers of bad loans left over from the financial crisis. S&P upgraded European 14 banks during the first ... Read More »

Allied Irish Banks sale ‘defies belief’, says trade union

A branch of Allied Irish Bank is seen in London August 14, 2009.  REUTERS/Luke MacGregor

DUBLIN: Trade union leaders have branded the Government’s plans for the sale of part of Allied Irish Banks as scandalous and unacceptable. About a quarter of the 99% state-owned bank is to be sold to investors in the coming weeks with the money raised to be used to pay off some of the national debt. Patricia King, general secretary of ... Read More »

Ireland extends tax break for investors in SMEs

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DUBLIN: The Irish Government is to introduce a new exemption from stamp duty on transfers of shares in Irish companies admitted to the Enterprise Securities Market (ESM) of the Irish Stock Exchange (ISE). The ESM is the ISE’s market for growth companies. Finance Minister Michael Noonan said: “The purpose of the measure is to encourage more investors to back Irish ... Read More »

New Bank of Ireland CEO to bring international experience to the role

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DUBLIN: Bank of Ireland yesterday announced that Francesca McDonagh would become its chief executive later this year, replacing Richie Boucher in the role. Ms McDonagh is currently head of Head of Retail Banking and Wealth Management at HSBC in London, and has worked in a number of locations around the world during her career. It is the first time Bank ... Read More »

Ireland anticipates 10-fold rise in customs declarations post-Brexit

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DUBLIN: Ireland anticipates a 10-fold increase in the number of customs declarations made by local companies after Brexit, a senior official at the government agency responsible for customs checks said on Tuesday. With close trading links to Britain and the only land border with the United Kingdom, Irish businesses fear that their neighbour’s departure from the European Union will lead ... Read More »

Export growth from Ireland to UK slumps to 2%

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DUBLIN: Irish exports to the UK endured a significant slowdown during the year Britain voted to leave the European Union , an industry report has found. Export growth slipped to 2% in 2016 after expanding by 12% a year earlier, with the lion’s share of the fall coming from a drop in food exports, according to figures based on Enterprise ... Read More »

Ireland’s trade surplus hits record €5bn as exports surge

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DUBLIN: Ireland’s monthly trade surplus, the value of exports over imports, has breached €5 billion for the first time. The stronger-than-expected performance for March was driven by exports of medical devices and pharmaceutical products, which increased by €720 million or 30 per cent to €3 billion. As a result, the value of exports rose by 10 per cent to €11 ... Read More »

Bank of Ireland donates defibrillator to Kildare Town

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DUBLIN: Bank of Ireland has donated a defibrillator to the Community First Responders (CFR) scheme in Kildare. The donation was made as part of Bank of Ireland’s, “Be at Your Best” programme. At present, local communities around Kildare are forming Community First Responders schemes (CFR’s) which will be linked to the National Ambulance Service. Joanne Pender from CFR Kildare said ... Read More »

IMF sees significant negative Brexit impact on Irish economy

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DUBLIN: The Irish economy faces a significant negative hit from Britain’s decision to leave the European Union as barriers to trade damage traditional sectors, the International Monetary Fund said in a report. Ireland, whose economy has been the best performing in the EU for the last three years, is widely considered the most vulnerable among the bloc’s 27 remaining members ... Read More »

JPMorgan buys office building in Ireland amid Brexit fears

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DUBLIN: JPMorgan Chase has bought an office building in Ireland as it accelerates its contingency planning for moving jobs to the European Union once Britain leaves the trading bloc. The American banking giant has acquired 200 Capital Dock in Dublin, a building with the capacity to house 1,000 people. The bank has said it will move hundreds of London jobs ... Read More »

Ireland has highest taxes on wine, beer in EU, new report shows

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DUBLIN: Ireland has the highest taxes on wine and beer in the EU, a new report shows. Ireland’s beer levy is a whopping 1,000% higher than Germany’s. And apart from Finland, we have the most expensive excise duty on alcohol overall. The report by Dublin City University economist Tony Foley, found that Ireland’s spirits excise is the third highest in ... Read More »

KBC flags profit boost as €160m impairment charges are released

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DUBLIN: KBC Bank Ireland’s profits will be bolstered this year by the release of loan impairment charges of up to €160 million as the economy and property market here continue to recover. In a first-quarter trading update on Thursday, the Irish bank’s Belgian parent group guided that it expected loan impairment releases of between €120 million and €160 million for ... Read More »

Dublin-based fintech firm Corvil sees profits surge

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DUBLIN: Irish real-time data analytics company Corvil reported record revenues last year as profits jumped nearly 60 per cent, newly filed accounts show. The company, whose platform is trusted by financial institutions to monitor 354 trillion transactions with a daily value in excess of $1 trillion, was founded by the late Prof John Lewis and three Trinity College Dublin post-graduate ... Read More »

Bank of Ireland hosts Brexit briefing for Galway SMEs

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DUBLIN: The g Hotel Galway will play host to a Bank of Ireland economic breakfast briefing titled, ‘Managing and Growing Business in a post Brexit Economy.’ The event is part of Bank of Ireland’s 16th National Enterprise Week which will see the Bank host over 40 networking events nationwide from 12-19 May. The briefing is taking place on Thursday 18 ... Read More »

Edelman Ireland shows healthy rise in revenues

Morocco’s auto industry exports likely to rise to $10b by 2020

DUBLIN: The Irish arm of Edelman, the world’s largest public relations firm, with more than 5,000 employees in 65 cities, reported a healthy rise in revenues last year. The company, which is led by Joe Carmody and whose clients include Irish Distillers, LinkedIn, Ryanair, SSE Airtricity and the National Lottery, last month announced a number of appointments on the back ... Read More »

ING executive in frame to replace CEO Boucher at Bank of Ireland

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DUBLIN: The outgoing chief financial officer of Dutch banking giant ING is being considered as a candidate to replace Richie Boucher as the head of Bank of Ireland, the Irish Independent understands. The bank, and Patrick (PG) Flynn, who is based in the Netherlands, declined to comment. While Liam McLaughlin, who leads the bank’s retail operations, remains the favourite internal ... Read More »