Business

Thursday 29 September 2016

The week in Business

Published 28/11/2015 | 02:30

Monday

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Two of the country's biggest employers are to merge after drugs giants Pfizer strikes a record-breaking $160bn deal to buy Allergan that will cut its global tax bill by moving its headquarters to Ireland.

Shares in Bank of Ireland rise after it announces a deal to repay debt that will move it closer to resuming dividend payments to shareholders.

Tuesday

Ladbrokes wins shareholders' backing for its planned merger with Gala Coral, despite opposition from Irish financier Dermot Desmond. Over 96pc of votes cast are in favour of the deal.

US presidential hopefuls, including Hillary Clinton and Donald Trump, line up to slam drug giant Pfizer's planned move to become tax resident in Ireland.

Wednesday

Patrick Honohan retires as Central Bank Governor. In his final address, he says the inability to deal with the mortgage arrears problem more quickly is his biggest regret from his time in office.

CPL Resources, the country's largest indigenous recruitment and outsourcing firm, announces the creation of 160 Irish jobs spread across its six offices. Chief executive Anne Heraty is pictured at the announcement with Jobs Minister Richard Bruton.

Thursday

AIB is seeking at least a staggering $872m (€823m) in damages and interest from Citibank in its case against the US institution related to the activities of rogue trader John Rusnak over a decade ago. It had previously been anticipated that State-owned AIB would seek about $500m in damages.

The Irish-based Research and Development (R&D) arm of chip giant Intel made more money from R&D tax credits totalling $5.9m than it did in pre-tax profits from its operations here last year.

Irish Independent

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