Business World

Friday 17 November 2017

CR Investment to restructure loans

CR INVESTMENT Management GmbH, a Berlin-based asset manager, has been hired by financial institutions to restructure €350m of Irish real-estate loans.

The company's first such deals in Ireland will cover loans on 45 properties across the country including retail, office, residential and land, CR Investment said.

Pre-tax profits at Gilead fall 70pc

PRE-TAX profits at the Irish arm of pharma giant, Gilead last year fell 70pc to $16.5m (€12.6m), in spite of sales rising to $2.9bn (€2.2bn).

Gilead is the largest maker of HIV/AIDS drugs globally and pre-tax profits at its main Irish unit, Gilead Science Ltd, fell sharply from $55.1m to $16.5m for the year to December 2011. Gilead employs 230 people in Ireland, and the firm's Cork operation at the IDA Business and Technology Park at Carrigtwohill is the company's main international distribution operation.

Conmen offer taypayers 'refund'

FRAUDSTERS are making phone calls pretending to come from the Department of Finance seeking personal information from taxpayers in connection with a 'refund' of up to €2,000.

The caller tells the recipient that they are due a €2,000 refund, but will need to deposit €250 in lieu of tax due into a bank account to receive the refund. The caller also asks the recipient to submit personal details including date of birth and bank account details. The Department of Finance said yesterday it never contacts members of the public in relation to payments or refunds.

Economy is split in two, study finds

A TWO-SPEED economy split between the exporting and domestic sector is emerging, according to a new report.

The study, by the Institute of Chartered Public Accountants into entrepreneurship, found that while businesses reliant on the domestic economy are stunted, those focused on export markets are prospering.

BoI investor to snap up bargains

US BILLIONAIRE Wilbur Ross said there was no shortage of opportunities to buy European banking assets after investing in a shell company he will use to pick up potential bargains.

Mr Ross, who is the largest private shareholder in Bank of Ireland, said yesterday that he will pay about £8m (€9.9m) to buy up to 37.8pc of NBNK, a shell company that invests in banks but was being wound up.

Irish Independent

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