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He said, she said ... Taylor Swift and Spotify row keeps bubbling


PAY RATES: Singer Tayor Swift took on the streamers

PAY RATES: Singer Tayor Swift took on the streamers


PAY RATES: Singer Tayor Swift took on the streamers

It would seem that the unhappy break up between Spotify and Taylor Swift is going to get worse before it gets better. Swift pulled all her songs from Spotify last week, which was seen as a major snub to the global streaming giant.

Swift has previously criticized Spotify's payments system, claiming that artists aren't paid enough.

The company's CEO Daniel Ek hit back earlier this week in an open letter posted online, where he said that he was "very frustrated" when he heard stories of artists complaining of a lack of royalties.

He claimed that payouts "for a top artist like Taylor Swift are on track to exceed $6m a year" Her people said that the figure was likely to be closer to $400,000.

AIB pledges to repay €21bn ...

AIB boss David Duffy generously pledged that, despite having no legal requirement to do so, that the bank would repay the €21bn it owes to the state in bailout costs.

Although welcome, less clear is when this will occur, as the bank chief said that it was "impossible to say" how long the prcoess will take, although he did add that he hoped a full return in a decade would be possible. He also said that the aim is now to have AIB, which is currently 99% state-owned, in a market ready condition in the first quarter of 2015.

... as Ulster hit with record fine

While AIB went some way towards mending its image in the public eye, things have been going from bad to worse for Ulster Bank.

First, its parent company Royal Bank of Scotland was hit with €500m in penalties by US and UK regulators for its part in rigging exchange markets.

Then customers at Ulster Bank were reminded of the insitution's failings as it was saddled with a record €3.5m fine by the Central Bank for its disasterous IT meltdown in 2012 that hit thousands of its clients.

Central Bank loan row rumbles on

The Central Bank must be wishing that they had kept their responsible proposals to themselves. Since news of the new regulations that would see a first time buyer require a deposit of 20pc, it seems as if almost every single person of note in finance has given their view on the scheme.

Ulster Bank chief executive Jim Brown was the latest to decide to weigh in, saying that almost 70pc of the first time buyer mortgages the bank approved this year would have fallen foul of the new rules.

KBC Ireland chief executive Wim Verbraeken agreed, saying that "it might have been better to have a potentially phased approach that could achieve the risk management without excluding buyers."

FBD sees millions wiped on value

In the latest in a string of disasters for FBD, the insurance firm saw its share price drop by over €125m at one point after announcing a second profit warning in five months.

After already taking a €44m hit from the storms that raged across the country in February, the company was forced to cut its final profit forecast by €10m after a string of large claims. Investors were clearly spooked, as FBD's share prices plunged by 24pc on the morning of the announcement.

Sunday Indo Business