Business Irish

Monday 27 February 2017

Shoe firm Barratts is in administration

RETAILING

SHOE retailer Barratts has gone into administration, placing jobs in Ireland and the UK in jeopardy. Deloitte, the business-advisory firm, said it had been appointed joint administrators over the Barratts Priceless Group. Mandate trade union yesterday expressed its concern and confirmed that it had been in touch with Deloitte.

43pc of stamp duty generated in Dublin

PROPERTY

NEW figures from the Department of Finance confirm that almost half the value in property sales last year took place in Dublin. According to Finance Minister Michael Noonan, €198.6m was collected in stamp duty in 2010, of which 43.4pc or €86.2m was generated in Dublin. The €198m compares to over €3bn collected in stamp duty in 2006 at the height of the property boom. The figures for 2010 show that Cork came second to Dublin, generating 10.5pc or €20.86m.

Law firm sued over alleged negligence

CLAIM

A FIRM of insurance brokers is claiming €17.6m in damages against a firm of solicitors over alleged negligence. The partners and solicitors in Coakley Moloney Solicitors, of South Mall, Cork, deny the claims. Emerald Isle Assurances and Investments Ltd, with registered offices at Togher, Cork, and its two directors, Timothy Maverley and James Morey, allege that the solicitors dealt improperly with a litigation on behalf of the brokerage, which arose from Hibernian Life Ltd's termination of an alleged contract with Emerald Isle.

Fitch downgrades major banks

RATINGS

BANK of America, Goldman Sachs, Citigroup and Barclays were among lenders who had their issuer default grades cut by Fitch Ratings. Credit Suisse Group, Deutsche Bank and BNP Paribas also had issuer-default ratings lowered, according to a statement yesterday from Fitch. The downgrades reflected challenges faced by the sector. "These challenges result from both economic developments and a myriad of regulatory changes," said Fitch. Credit ratings of the world's biggest lenders have come under pressure amid weak economic growth and doubts about Europe's debt crisis.

Irish Independent

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