Sunday 26 February 2017

In brief: Irish losses drag on Britvic's profits

THE Irish market continues to drag on drinks company Britvic, as revenue and volumes fell again during the first half of the year. Britvic chief executive Paul Moody said the first half of the year had been a "challenging one" here, as losses in Ireland pulled down the group's profit by 25pc. Revenue from Ireland fell 5.3pc to £81.9m (€94.4m) while volumes dropped 7pc. The company took a one-off charge of £7.5m on restructuring in Ireland.

Court told 'big ask' to accept Lynch claims

THERE is a "very big ask" for a court to accept claims by businessman Philip Lynch and his family they would have walked away from a land deal had they believed they could be pursued individually for the €25m loan involved, the Commercial Court was told yesterday. The Lynch family's account of circumstances leading to their signing up on February 8, 2007, to a €25m AIB loan with developer Gerry Conlan for the land deal in Waterford was not credible and contained "glaring omissions" and "multiple inconsist-encies", Paul Sreenan, for LK Shields Solicitors, argued in closing submissions.

Warning issued over whole-of-life policies

CONSUMERS who have whole-of-life insurance policies have been warned that they could end up with nothing if they stop paying their premiums. Most people expect a surrender value once they stop paying into the policy, but dire investments returns mean there could be no surrender value, the National Consumer Agency has warned.

Brokers hit out at tax-relief proposal

THOSE on low and middle incomes will be the big losers if tax reliefs on pension investment are reduced, the Professional Insurance Brokers Association (PIBA) said in response to calls by an ESRI academic for tax reliefs to be radically reduced. The PIBA said: "Reductions have taken place. Further cuts would devastate the incentive to contribute to pensions." And the organisation called on the Government not to proceed with its commitment to standardise pension tax relief at 33pc.

Irish Independent

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