Journalists

Digicel wins bondholder acceptance for second element of offer to swap debt for longer dated facilities 

Digicel has won overwhelming bondholder acceptance for the second element of its offer to swap debt falling due in 2020 and 2022 for longer dated facilities.

Air route: Our capacity to go around UK is limited, report finds 

Ireland's ability to go around the UK in the event of a hard Brexit by airlifting freight is limited by capacity constraints, as well as the higher cost of air cargo, according to research prepared for Government.

Digicel wins 95pc backing for bond deal 

Digicel secured overwhelming bondholder acceptance for its offer to swap almost $2bn (€1.75bn) of bonds originally due to mature in 2020 for new bonds maturing in 2022.

House prices and congestion 'warning signs' for competitiveness 

Rapid house price inflation and traffic congestion are the warning signs of a loss of competitiveness that were ignored prior to the economic crisis, the National Competitiveness Council (NCC) has warned.

High costs 'leave us vulnerable' just as UK crisis hits 

The impact of Brexit means UK economic growth will be the weakest since the country last faced recession, the British Chambers of Commerce starkly warned.

Kerry tech firms forecast jobs growth this year and next 

COMPANIES in Kerry’s science, technology and engineering sectors expect to add over 180 new jobs this year, with positive indications for similar growth in 2020.

Israeli shares plunge on Perrigo's shock Irish tax assessment 

Drug maker Perrigo's Irish tax bill helped push Israel's main stock index to its biggest decrease in more than seven years yesterday.

Google says EU rules will force it to cut news services 

Google has claimed it will be forced to slash the range of news thrown up by its search engine if European rules to protect copyright owners come into force.

Lender takes extra security measures to protect staff and property 

KBC Ireland has confirmed additional security measures are in place to protect the bank's 1,100 staff and its premises around the country.

Economy is in danger of overheating next year, admits Donohoe 

The economy is in danger of overheating as early as 2019 and "will reach and exceed its sustainable level" in the coming years, according to research prepared for the Department of Finance.

State-backed SME lender BlueBay sells loan book to management 

AN SME lender that was backed to launch here by the State in 2013 has sold its entire loan book and will exit the market.

Overestimating demand may lead to new ghost estates being built, economist warns 

There is a real danger of building new 'ghost estates' as we are overestimating how many new homes are needed in Ireland, a leading economist has warned.

Google completes deal to acquire two office buildings in Dublin Docklands 

GOOGLE has sealed its latest move to increase its massive footprint in the Dublin Docklands with completion of a deal to acquire two office buildings from Kennedy Wilson.

AIB names economist Colin Hunt to take over as CEO 

THE State-controlled AIB has named Dr Colin Hunt - a one-time economic adviser to Brian Cowen - as its next chief executive.

Colin Hunt announced as AIB's next chief executive 

State controlled AIB has named Dr Colin Hunt - a one time economic advisor to Brian Cowen - as its next chief executive.

Russia banks big users of Irish debt vehicles 

Russian banks are among the heaviest users of Irish special-purpose entities (SPE), a class of unregulated structure used to raise funds.

'Combative' fiscal chief who speaks truth to power 

The Finance Minister's carefully cultivated image as Prudent Paschal has taken an unmerciful wallop, from which he'll struggle to recover.

Quarter of Irish bank lending is to UK borrowers, raising fears of Brexit shock 

More than a quarter of lending by the main Irish banks is to borrowers in the UK, leaving the financial system here hugely exposed to a Brexit downturn, the Central Bank has warned.

Ireland's financial system hugely exposed to Brexit downturn 

More than a quarter of lending by the main Irish banks is to borrowers in the UK, leaving the financial system here hugely exposed to a Brexit downturn.

Buyer of PTSB loans to remain secret - and will avoid tax on profit 

The secretive buyers of €1.3bn of mortgages from Permanent TSB will pay no tax on their profits, the chief of the State-owned bank admitted.

Revealed: Secretive buyers of €1.3bn of mortgages from Permanent TSB will pay no tax on profits 

THE secretive buyers of €1.3bn of mortgages from Permanent TSB will pay no tax on their profits, the State owned bank’s chief has admitted.

David Lomas named as Digicel's new group chief financial officer 

Digicel has named David Lomas as group chief financial officer, replacing Ray Leclercq who had announced his intention to leave last August after a year with the business.

Call for law change as CHC compensation to take two more years 

Legislation is needed to limit how long investors are left out of pocket when a regulated investment firm fails, according to the Investor Compensation Company (ICC).

Economy on the road to overheating - watchdog 

THE economy is now close to its peak and is facing a number of risks that could cause it to crash, the country's budgetary watchdog has warned.

Donohoe spending plans lack credibility: watchdog 

Finance Minister Paschal Donohoe's long-term spending plans "lack credibility" and "look unrealistic", the head of the country's budgetary watchdog will warn today.

Digital tax kept alive by France and Germany 

Europe's efforts to tax large tech companies were kept on life-support yesterday as France and Germany proposed a final-hour compromise that scales back the broad plan initially envisioned by Paris.

Tax take: Donohoe uses bumper receipts boost to bolster coffers after overspending criticism 

Finance Minister Paschal Donohoe has said he won't use bumper November tax receipts to hike spending as he faces criticism from the State's independent budget watchdog for letting spending run out of control and for failing to reduce the budget deficit.

Central Bank probes investment fund claims 

The Central Bank has begun an analysis to find out whether investors are being ripped off by investment firms claiming to actively manage portfolios that in reality are set up to track the markets.

Digicel makes enhanced offer to bondholders 

Digicel has amended the terms of a request to its bondholders where the company is seeking to swap $3bn (€2.59bn) of outstanding debt for new securities with later maturity dates.

Tax windfall won't boost spending - Paschal Donohoe 

Bumper corporation tax receipts pushed the overall tax–take in November to €631m ahead of target.

Digicel amends terms of request to bondholders in €2.59bn swap deal 

Digicel has amended the terms of a request to its bondholders to swap $3bn (€2.59bn) of outstanding debt for new securities with later maturity dates.

Jailed Conlon under investigation over €3.8m charity cash 

An Irish businessman who is serving a jail sentence in Switzerland after being convicted of embezzlement, remains under investigation here by the Office of the Director of Corporate Enforcement (ODCE).

Death of the town - 'Perfect storm' rips heart out of rural economies 

Small-town Ireland is facing a "perfect storm" which has torn the heart out of life on main street, a stark report warns today.

Thousands of PTSB borrowers will see home loans transferred to Pepper 

Thousands of borrowers will see their mortgage debts shifted from Permanent TSB to be managed by Pepper, despite engaging with the bailed-out bank on their arrears.

PTSB agree complex deal to shift €1.3bn of mortgages from bank into 'securitisation' 

Permanent TSB has agreed a complex deal to shift €1.3bn of mortgages out of the bank and into a so called securitisation, despite the borrowers having previously agreed restructuring deals with the largely State owned bank.

Tech bosses want EU share scheme reform 

Stripe's Patrick Collison has joined with 100 European technology sector leaders to launch a campaign urging governments to make employee stock options more attractive.

Digicel earnings steady 

Digicel is understood to have seen a marginal decline in its leverage to 6.5 times earnings in the second quarter of the financial year.

Digicel extends deadline for bondholders to agree debt deal 

Irish-owned telecommunications group Digicel has extended for a fifth time a deadline it had set for bondholders to accept an offer to swap $3bn (€2.59bn) of outstanding debt for new securities with later maturity dates.

We can build 1,500 homes a year - Center Parcs firm 

The company that supplied 500 holiday lodges for the €233m Center Parcs resort says it has capacity to deliver three times as many rapid-build homes across Ireland next year.

Digicel extends bond offer deadline for a fifth time 

Irish-owned telecommunications group Digicel has extended for a fifth time a deadline it had set for bondholders to accept an offer to swap $3bn (€2.59bn) of outstanding debt for new securities with later maturity dates.

FleishmanHillard profits more than double in 2017 

Mid-size public relations firms will be squeezed out as more clients demand fully integrated media and communications, according to Rhona Blake, managing director at FleishmanHillard and one of the country's best known PR consultants.

Brexit concerns leave businesses downbeat 

Brexit concerns weighed on business sentiment in the run-up to yesterday's Withdrawal Agreement deal in Brussels, and retailers in the Border area are the most downbeat in the country.

Willie Walsh's IAG sets up battle with Branson to take over Flybe 

Aer Lingus owner IAG is lining up a bid for UK regional airline Flybe - a move that puts it head to head with Richard Branson's Virgin Atlantic for control of the business.

Charities lose out as court seizes disgraced Irish businessman's Swiss bank accounts 

Charities who lost €3.8m to an Irish businessman's embezzlement will get nothing from his Swiss accounts, authorities have revealed.

AIB taps Korn Ferry and shortlists four internal picks for CEO job 

Four internal AIB candidates have been interviewed for the bank's chief executive role in the past week, the Irish Independent has learned.

Revenue up, costs down at Communicorp 

Today FM and Newstalk owner Communicorp Media is expecting a restructuring begun in 2017 to deliver cost savings of up to 10pc, building on savings already booked last year.

Donal O'Donovan: 'Rural Ireland will survive, but our biggest city is now eating itself' 

Rural Ireland isn't dying. Across the country, schools that 50 years ago could barely muster classes are full of happy, well-fed children. Clean and modern - often enviably large - houses are scattered increasingly thickly across small towns and rural parishes. They're home to a growing and increasingly prosperous population.

Dublin PR firm paid €1m dividend to shareholders 

Murray Consultants - whose public relations clients include the Referendum Commission, Digicel, Ardagh Group and Tesco Ireland - has reported a 22pc rise in operating profits to €1.4m for the year ended December 31, 2017.

Dilosk closes deal to raise €286m by borrowing against Irish residential mortgages 

Mortgage lender Dilosk has closed a deal to raise €286m on the bond markets by borrowing against a pool of Irish residential mortgages.

Pound rout spells fresh headache for Irish exporters 

Irish exporters are facing mounting pressure as continued Brexit uncertainty and an increasingly unstable UK government battered sterling, with analysts predicting it could plunge further.

Irish shares worst hit as UK political crisis saps confidence Brexit deal is close to agreement 

Irish shares are the worst hit in Europe as a political crisis in Westminster has sapped confidence a Brexit deal is close to being agreed.

Digicel extends bond offer deadline 

Irish-owned telecommunications group Digicel has again extended a deadline it had set for bondholders to accept an offer to swap $3bn (€2.59bn) of outstanding debt for new securities with later maturity dates. The new deadline is on November 30. The other terms and conditions of the proposal remain unchanged.

Digicel extends deadline for bond swap offer until end November 

Irish-owned telecommunications group Digicel has again extended a deadline it had set for bondholders to accept an offer to swap $3bn (€2.59bn) of outstanding debt for new securities with later maturity dates.

Donohoe: Brexit not stalling major investment by firms 

Finance Minister Paschal Donohoe has said uncertainty surrounding Brexit is not delaying major investment decisions by the private sector.

Grant Thornton to hire 400 new employees 

Grant Thornton will hire 400 new people over next two years in Ireland.

Investec will hand savers' deposits back in Brexit play 

Investec Ireland is close to agreeing a post-Brexit structure with the Central Bank here to ensure that it can continue to provide specialist financial services previously authorised via the UK through so-called 'passporting' rules.

Haughey's son to net €10m from One4All sale 

The eldest son of the late Taoiseach Charles J Haughey stands to net €10m from his share in the One4All gift card company following its sale.

Charles Haughey's son shares in €100m sale of One4All gift card firm 

Shareholders - including the eldest son of the late Taoiseach Charles J Haughey - and managers at the One4All gift card company are set to share a massive windfall from the sale of the business.

Half of bad loans now residential mortgages 

Irish banks must shed a further €9bn of bad loans to meet ECB targets, Moody's has warned.

Nama ahead of social housing target as analysts say it will return €4.5bn to State 

Nama says it has exceeded its target to deliver 2,000 social housing units.

NAMA exceeds target to deliver 2,000 social housing units, agency reports 

NAMA says it has exceeded its target to deliver 2,000 social housing units.

'Promoting females is a key reason to give Donnery EU bank role' 

Irish Central Bank deputy governor Sharon Donnery's gender was highlighted as a key reason she should get a top EU bank regulator job, according to the head of the European Parliament Committee that recommended her.

EU digital tax could backfire - Donohoe 

The EU's success as an exporter leaves it vulnerable if tax norms are torn up, which would include creating the digital services tax sought by France and others, Paschal Donohoe has warned.

EU-Japan trade deal a step closer after committee ruling 

PLANS by the European Union and Japan to form the world's largest free trade area cleared a significant hurdle on Monday, when EU lawmakers specialising in trade backed a deal that could enter force next year.

Banks' target to reduce bad loans becomes harder to meet 

Irish banks' ability to reduce their stocks of bad loans threatens to slip further out of reach because the moving target is based on an EU average that is itself falling rapidly, new figures show.

IPL in talks to re-enter Europe through proposed Dutch tie-up 

IPL Plastics, formerly One51, is in talks to merge with Dutch packaging firm Schoeller Allibert Group.

Ireland backs EU bailout fund role in banks 

Paschal Donohoe has backed a call for the euro-area's main sovereign bailout fund to also be available to fund bank rescues, including in EU states that don't use the single currency.

Aer Lingus plans to almost double its transatlantic fleet to 30 aircraft over next five years 

Aer Lingus thinks it can almost double its transatlantic fleet from 17 to 30 aircraft over next five years, as its positioned to be the number one ‘value’ airline linking Europe and North America.

IPL Plastics in merger talks with Dutch packaging firm Schoeller Allibert Group - report 

IPL Plastics, formerly One51, is understood to be in talks to merge with Dutch packaging firm Schoeller Allibert Group.

Donohoe backs call for bailout fund to be available for bank rescues 

Paschal Donohoe has back a call for the Euro area's main bailout fund to be available to fund bank rescues, including in EU states that don't use the single currency.

Global stocks and sterling rally 

Global stocks began the new month buoyantly yesterday after a brutal October while in currency markets the pound rallied on reports that the UK and European Union were close to a post-Brexit deal on financial services.

EY says Irish fee income rose 28pc in year to June 30 

EY said fee income grew 28pc in the Republic in the year to June 30, to reach €316m. Headcount rose 14pc to 2,245.

Ryanair to proceed with base closure 

Ryanair has said it is sticking with plans to shut a base for pilots in the Netherlands, despite a Dutch court ruling that criticised the move.

Hong Kong's aircraft leasing push not a threat - SMBC chief Barrett 

The rise of Hong Kong as an aircraft-leasing base is not a threat to Ireland, according to the head of Dublin-based SMBC Aviation Capital, one of the biggest aircraft lessors in the world.

Ryan's Irelandia launches US route 

Latin America's Viva Air, founded and backed by Declan Ryan's Irelandia Aviation, has launched a route to the US from Colombia.

Organic Supermarket faces liquidation 

A LIQUIDATOR will be nominated to take control of The Organic Supermarket Ltd, the company behind a chain of Dublin retail outlets and a grocery delivery service.

Digicel extends deadline for $3bn bond swap offer 

Irish-owned telecommunications group Digicel has extended until November 16 a deadline for its bondholders to accept an offer to swap $3bn (€2.59bn) of outstanding debt for new securities with later maturity dates.

Westport-owned workwear manufacturer Portwest investing €6.24m to expand its Australian operations 

Westport owned safety clothing and workwear manufacturer Portwest is investing A$10m (€6.24m) to expand its Australian operations.

Departure does not mean the case for scrapping the pay cap is closed 

The salary cap at bailed-out banks makes it harder to hold on to top executives, no doubt. But the case for scrapping it is by no means proven.

Donohoe to make bankers accountable in new year 

Finance Minister Paschal Donohoe will bring in a new law early next year making bank executives, senior management and middle management accountable for decisions - including where actions taken cause harm to customers.

Sports Direct completes deal to buy House of Fraser department store at Dundrum centre 

Britain’s Sports Direct, the sportswear group controlled by retail tycoon Mike Ashley, has completed a deal to buy the House of Fraser department store at Dundrum Town Centre.

Shareholder advisers back Aryzta €800m plan 

Top shareholder advisers have backed Aryzta's planned €800m capital raising, in a major boost to management ahead of a shareholders' meeting next month.

Brussels drops Apple tax delay case 

THE European Commission has confirmed it will not pursue a legal action against Ireland for being too slow collecting the €13bn Apple tax bill.

Big pay day for crisis-era Irish bondholders 

STEEL-nerved investors who bet that Ireland would not default in the worst days of the eurozone crisis got to collect their reward yesterday.

European Commission withdraws legal action against Ireland over €13bn Apple tax bill 

The European Commission has confirmed it will not pursue a legal action against Ireland for being too slow collecting the €13bn Apple tax bill.

Half of female bosses can't get funding, finds new report 

More than half of companies led by women have no external funding at all, compared with 30pc of male-led businesses - and three times as many female business leaders regard access to capital as their biggest challenge.

Kenmare shares fall sharply despite dividend payout news 

IRISH-owned titanium miner Kenmare Resources has announced its first dividend will pay at least 20pc of annual after-tax profits, under a new policy outlined to shareholders.

CareChoice buys third nursing home in a year with €20m deal for The Marlay 

CareChoice will become the biggest nursing home operator in the country after agreeing a deal to buy the 124-bed The Marlay in Rathfarnham, Co Dublin.

Big swings on Greencore's US exit 

London-listed, Ireland-based Greencore shares suffered extreme volatility yesterday, swinging higher immediately after a deal to sell its US arm was announced. The stock then fell as much as 10pc, and closed almost 9pc down on the day.

SMEs warned not to rely on UK partners to cope with Brexit 

Irish firms are being warned that their ability to cope with Brexit could be undermined because of their UK-based suppliers and customers' lack of preparations.

Online media gets tax boost as VAT rate is reduced to 9pc 

The special 9pc VAT rate for newspaper publishers, in place since 2011, was retained in the budget.

Donal O'Donovan: Government has a tin ear for business which doesn't bode well for Brexit 

Budget 2019 has something for everyone - or almost everyone - but employers have been singled out to pick up the tab. Despite the rhetoric about people who get up early in the morning, there's very little to excite the small business owner.

Brexit and economy fears 'hitting SME investment' 

Economic uncertainty, including fears about the effects of a messy Brexit, is causing at least some Irish small- and medium-size enterprises (SMEs) to delay investment, according to research published by the Banking & Payments Federation Ireland (BPFI).

Freezing order served on Peter Conlon over missing charity funds 

A worldwide asset-freezing order has been served on Irish businessman Peter Conlon in relation to the hunt for €3.8m of missing charity funds.

EU allows one Vat rate for print and digital news 

The organisation that represents Ireland's biggest news publishers, NewsBrands Ireland, has welcomed a decision by European Union finance ministers that will allow the same Vat rate to be applied to printed and electronic news products.

FBD pays 5pc for 10-year sub debt 

FBD yesterday tapped the market for a fully-subscribed €50m Tier 2, 10-year subordinated bond, paying interest of 5pc a year.

'Europe now less able to fight off a crisis than a decade ago' 

Europe may now be worse placed to counter the effects of an economic shock than it was 10 years ago - including because countries like Ireland have seen their national debt balloon since 2008.

Corporate news drives Irish movers 

A PROFIT warning from Ryanair sent its shares down 12pc in Dublin, and its London-listed rivals Easyjet and Aer Lingus owner International Airlines Group fell 6.5pc and 1.9pc respectively in response.

Dublin 'top Brexodus destination' 

A poll of firms looking to leave the UK as a result of Brexit found Dublin is the most popular choice for relocation, with 21 firms out of 59 across financial services sectors having committed to relocating staff or operations here.

Buyback of bonds ends prospect of FBD takeover 

FBD will hit the market as early as today to raise a new €50m bond, and is expected to pay interest of around 5pc a year.

Revealed: Bailout bill stands at €8,639 for each of us 

The price of bailing out the banks a decade ago now stands at €41.9bn, according to new figures prepared for the Irish Independent.

Continental contagion fears hit shares in Irish banks 

Irish banks have been caught up as fears about the implications of the Italian situation hit sentiment.

Digicel completes third towers sale and leaseback deal 

Digicel has raised in the region of $90m (€77m) from a sale and leaseback of 451 telecoms towers in Jamaica, the latest in a series of transactions to reduce its overall debt burden.

Head of Central Bank hails slowdown in surging house prices 

The Governor of the Central Bank Philip Lane has welcomed indications that the surge in house prices is showing signs of abating.

Isif backs aircraft lessor Genesis with €50m commitment 

STATE investment vehicle the Ireland Strategic Investment Fund (Isif) has announced a €50m investment in the Dublin-based aircraft lessor Genesis Aircraft Services Limited.