Journalists

Donal O’Donovan: Tracker scandal and banking culture will make it a hard sell 

SIGNING off on a bonus bonanza for bankers will be politically toxic for whatever minister is in situ when the review ordered yesterday by Paschal Donohoe comes back with its findings.

Northern Ireland's Dale Farm eyes LacPatrick 

Northern Ireland's Dale Farm says it's interested in rival LacPatrick, which revealed on Wednesday that it was examining "strategic options" understood to include a merger or sale of the business.

INM could face 'incurring material costs' in relation to ODCE and DPC investigations 

Independent News & Media (INM) faces the prospect of “incurring material costs” in relation to investigations by the Office of the Director of Corporate Enforcement (ODCE) and the Data Protection Commissioner investigations, the newly installed chairman Murdoch MacLennan has warned in the foreword to the company’s annual report.

Bankers' bonuses at bailed-out lenders back on the agenda 

The Government is set to establish a review to look at the vexed question of allowing a return of bankers' bonuses at bailed out lenders for the first time since the crash.

LacPatrick in merger talks with three firms - including rivals 

One of the biggest dairy co-ops in the Border region is in talks with as many as three potential merger partners.

Ibec backs EU but warns on tax and labour policies 

Irish business chiefs overwhelmingly see European Union membership as important for the future of the Irish economy in general, a survey by employers group Ibec has found.

IFG shares yo-yo after board makes sweeping changes 

Shares in Dublin-based financial services firm IFG swung wildly yesterday - gaining 2.7pc at one stage before yo-yoing to a 2.4pc fall.

Judge tells Blackrock Clinic parties to resolve 'bitter' court battle 

A High Court judge has urged the parties involved in marathon, bitter and costly litigation over control of Dublin's Blackrock Clinic to give "most serious consideration" to mediation to resolving their differences.

Murphy checks into Burberry 

ONE-TIME Greencore boss turned private equity player Gerry Murphy has been named by British fashion house Burberry to take over as chairman from Sir John Peace after the company's annual shareholder meeting on July 12.

'Insurance industry is not ready for Brexit' 

The European Union should not try to block UK financial firms selling services into the single market, including Ireland, after Brexit, said the deputy governor of the Central Bank.

Surge in labour costs to hit Irish firms 

Irish employers are facing a dramatic surge in labour costs as the economy returns to full employment.

Large wage increases and 99,000 new jobs by 2019 - Central Bank 

Wage increases will accelerate over this year and into 2019, outpacing rising living costs and leaving households better off, according to the latest research from the Central Bank.

Sanctions fears grow as 450 jobs threatened 

Fears are mounting that US sanctions against Russia could threaten the Rusal-owned Aughinish Alumina plant in Limerick and its 450 jobs.

Sanctions rock firm behind vast Aughinish Alumina plant 

The crisis engulfing Aughinish Alumina's Russian owner Rusal deepened yesterday, as the parent company's bonds slumped to record lows, two major customers said they were reviewing their contracts, and the London Metal Exchange distanced itself from the aluminium giant in the latest aftershocks from US sanctions.

Dublin 'to lag Frankfurt' in Brexit battle 

Dublin continues to trail Frankfurt as the destination most likely to claim the lion's share of the post-Brexit spoils, according to a survey of investment professionals.

AIB walks away from HSQ deal 

AIB has walked away from a potential deal to lease space for hundreds of its workers at the Heuston South Quarter (HSQ) office campus in Dublin city centre.

M&A values catapulted higher by cross-border frenzy at home and away 

The value of Irish-linked mergers and acquisitions surged more than five-fold in the first three months of the year, to a massive €20bn.

AIB abandons deal for offices 'over rent' 

AIB is understood to have walked away from a potential deal to lease space for hundreds of its workers at the Heuston South Quarter (HSQ) office campus, close to Dublin city centre.

Carlyle Cardinal has 'doubled its money' with cash-in-transit deal 

Private equity fund Carlyle Cardinal Ireland (CCI) has exited its majority stake in cash-in-transit business General Secure Logistics Services (GSLS) as part of a sale of the business to European fund manager STAR Capital.

ESB takes 'significant first step' into offshore wind in €230m deal 

The ESB has acquired its first stake in a near-operational offshore wind farm, in a deal understood to be worth around £200m (€228m).

Dalata's top three execs earn over €1m each 

Dalata Hotel Group's founder and chief executive Pat McCann's total pay package rose 6.8pc to €1.71m last year, according to the annual report published yesterday.

Household savings in banks outstrip debts 

Irish banks now have €10.2bn more on deposit from households than is loaned out into the economy, equalling the lowest loan-to-deposit ratio on record, according to new data from the Central Bank.

ESB acquires first stake in near operational offshore windfarm 

The ESB has acquired its first a stake in a near operational offshore windfarm.

PCP market grew tenfold in six years 

PCP car finance has exploded more than tenfold to €1.5bn, since 2012, according to data from the Central Bank. Personal Contract Plans (PCPs) now account for as much as 40pc of car finance deals.

Microsoft wins Danish transfer pricing case 

Microsoft has won a court battle on transfer pricing against Danish tax authorities ,according to a release by Denmark's Eastern High Court. The case could have implications for other multinationals operating here and serving markets elsewhere in Europe.

Davy changes INM outlook to 'under review' 

Stockbrokers Davy has changed its outlook for Independent News & Media (INM) shares from "outperform" to "under review".

Insurers are put 'on notice' of INM costs 

Independent News & Media (INM) has "put its insurers on notice" of the potential costs of responding to a move by the Office of the Director of Corporate Enforcement (ODCE) to seek High Court permission to appoint inspectors to investigate the affairs of the company.

Comment: No surprise banks look out only for themselves 

There is an adage that there are two sure-fire ways to lose a friend; one is to borrow, the other to lend. The banks lost their friends a long time ago.

Three firms tapped to look after Apple's €13bn tax pot 

The Government is set to award potentially lucrative contracts to look after the controversial €13bn Apple tax money to a trio of global investment firms.

Government awards contract to look after €13bn Apple tax money to trio of investment firms 

The Government has awarded a potentially lucrative contract to look after the controversial €13bn Apple tax money to a trio of global investment firms.

Ireland's oldest film studio is sold 

The country’s oldest film studio has been acquired by a group led by Joe Devine, a co-founder of Irish investment company Ion Equity.

Ireland's oldest film studio acquired 

The country’s oldest film studio has been acquired by a group led by Joe Devine, a co-founder of Irish investment company Ion Equity.

Comment: 'Computer says no' is not good enough after bailouts 

Good data can help lenders make better decisions, but banks can't allow automation to become a substitute for really knowing a business.

State could sell bank shares to cut debt, says NTMA chief 

Ireland's vulnerability to rising interest rates has been insulated to some extent by bond deals that have pushed repayments on the national debt out into the future, but the true scale of government borrowing remains large, the head of the NTMA has warned.

Finance Ireland close to decision on move to offer Irish mortgages 

Finance Ireland is eyeing a potential move into the mortgage market, with a final decision to be made by the end of April.

Law firms honoured at European awards 

Law firms William Fry and McCann FitzGerald shared the honours at the 'The Lawyer European Awards 2018' in London.

US and OECD warn Brussels against plan for new digital tax 

The OECD says a European Commission plan to impose a tax on technology firms could have "adverse consequences" and the US said the scheme would "inhibit growth and ultimately harm workers and consumers".

Icelandic raiders swoop for seafood processor Oceanpath 

One of Ireland's biggest seafood processors has been bought by Iceland Seafood International (ISI) in a deal worth around €13m.

St Patrick's Day Massacre of 2008: Disaster hits financial markets 

A violent plunge on stock markets on March 17, 2008 marked the beginning of Ireland's lost decade. It started as investors globally dumped shares in fear that more shocks were on the way following the bailout and emergency sale of US investment bank Bear Stearns.

European M&A helps distract from trade war nervousness 

European shares rose yesterday, led by NEX Group as it jumped after a takeover offer, but stocks ended the week with a slight loss as worries about a trade war and geopolitical tensions kept investors on edge.

Zutec first Irish firm to float in Stockholm 

Technology company Zutec has become the first Irish business to list shares on the Nasdaq First North exchange in Stockholm.

Accountants warned over Bitcoin terrorism law risks 

The Association of Chartered Certified Accountants (ACCA) says accountants need to keep up to date on developments in cryptocurrencies like Bitcoin, or risk falling foul of anti-money laundering and terrorism laws.

In-store experience must adapt to combat rise of online shopping 

Physical shops will continue to be the single most important retail channel regardless of digital disruption, but less than half of customers are satisfied by their in-store experience. That's according to a wide-ranging Irish Retail and Consumer report from PwC.

Takeover target Smurfit Kappa closes the week at €36 a share 

A strong jobs report out of the US boosted European shares yesterday after a sluggish start to trading, while US tariffs on steel and aluminium hit steel-makers.

Repossessions desirable from social point of view, says Lane 

The Governor of the Central Bank has insisted that home repossessions must be regarded as a normal and even socially desirable consequence of the lending market.

INM sees audience shift to online subscription model 

Independent News & Media (INM) will move to a subscription model for online content, in a strategic shift that will include a focus on audiences in niche sectors and places, according to chief executive Michael Doorly.

Central Bank to carry out 'behaviour and culture' audits of five main banks 

The Central Bank is undertaking what it called "behaviour and culture" audits of each of the five main mortgage banks and will report the findings to the Minister for Finance in June.

INM outlines ‘significant investment’ plans 

Independent News & Media (INM) has reported a profit before tax of €28.5m for 2017, on sales of €293m.

Aviva hat-trick as profits jump 13pc 

Profits at the Irish arm of Aviva rose 13pc to £86m (€93m) last year - the third year in a row of double digit percentage growth.

York Capital pulls €250m Core Industrial Reit IPO 

US hedge fund York Capital has pulled a planned €250m initial public offering (IPO) of its Core Industrial Reit blaming market conditions.

Eir’s CFO Huib Costermans to leave group in wake of takeover by French billionaire 

Eir’s chief financial officer Huib Costermans will leave the group in June, in the wake of its takeover by French billionaire Xavier Niel.

Profits at Aviva Ireland rise 13pc - in third year in a row of double digit percentage growth 

Profits at the Irish arm of Aviva rose 13pc to €93m last year, the third year in a row of double digit percentage growth.

Veteran media executive named as INM chairman 

Veteran media executive Murdoch MacLennan has been appointed non-executive Chairman of Independent News & Media (INM), after joining the board on March 1.

Media executive Murdoch MacLennan appointed new INM chairman 

MEDIA executive Murdoch MacLennan has been appointed as non-executive chairman of Independent News & Media (INM), after joining the board on March 1.

IBRC inquiry could cost €100m, says former CEO 

Former IBRC chief executive Mike Aynsley has claimed that the Cregan Commission of Inquiry will cost as much as €100m.

Irish workers far less likely to participate in on-the-job training 

Irish workers are significantly less likely to participate in job-related training schemes than the European average - and the figures are even worse for lower-skilled workers here.

Smurfit Kappa approach lifts shares 

A takeover approach for packaging group Smurfit Kappa by US-based International Paper lifted shares in the whole sector on Tuesday, providing a boost to the ISEQ and to London's main FTSE share index.

Former IBRC chief executive claims Cregan Inquiry could cost up to €100m 

The former IBRC chief executive Mike Aynsley has claimed that the Cregan Inquiry will cost as much as €100m.

Irish shadow banking dwarfs more traditional sectors 

Ireland is home to the world's third biggest shadow banking sector, with assets held here worth 13 times the size of the real economy, according to a report by the global Financial Stability Board (FSB).

Week 10: Political strife set to overshadow ECB 

Politics, from elections to trade wars, will overshadow the upcoming European Central Bank (ECB) policy meeting, keeping investors on the edge with markets now seen as prone to volatility after a recent equity rout.

Hurley to head up Aldi in UK and Ireland 

Aldi Ireland veteran Giles Hurley has been named as the retailer's chief executive officer for the UK & Ireland.

ECB wants clearer rules on how banks tot up assets 

The European Central Bank (ECB) has published new guidelines that define how the main Eurozone banks should calculate how much capital and cash they must hold for their own safety.

Maplin and Toys R Us jobs at risk in a black day for retail 

Tough trading conditions on Britain's high streets claimed two high-profile retailers on Wednesday, as Toys R Us UK and electronics chain Maplin collapsed after failing to find buyers.

Ulster Bank closes bank branches as a result of Storm Emma 

Ulster Bank says it has closed its bank branches in Dublin, Kildare, Louth, Wicklow and Meath as well as mobile branches in Limerick, the midlands and in Cavan as a result of the bad weather.

Regulator acts on troubled insurer 

The Central Bank of Ireland has gained High Court approval to appoint Kieran Wallace as provisional administrator to CBL Insurance Europe dac (CBLIE).

High Court appoints provisional administrator to Irish arm of troubled insurer CBL Insurance Ltd 

The Central Bank of Ireland has gained High Court approval for the appointment of Kieran Wallace as provisional administrator appointed to CBL Insurance Europe dac (CBLIE).

Tax appeals system remains 'unacceptably broken' 

The Irish tax appeals regime is "unacceptably broken" Irish Tax Institute President David Fennell told practitioners last night.

Kingspan could produce 4,500 timber-frame homes a year 

Kingspan's Irish timber-frame construction arm has capacity to produce 4,500 Irish houses a year, and off-site prefabrication is recovering faster than traditional building, CEO Gene Murtagh said.

Bank of Ireland confirms chairman Kane's departure 

Bank of Ireland has announced that Archie Kane will stand down as chairman later this year.

Bank of Ireland announce Archie Kane to stand down as chairman 

Bank of Ireland has announced that Archie Kane will stand down as chairman later this year.

Murphy new CEO at Wilson Hartnell 

Public relations veteran Brian Bell is stepping down as chief executive of Wilson Hartnell, but he'll remain with the business. He is taking on a new role as non-executive chairman of parent group Ogilvy & Mather.

Government withdraws Professor Philip Lane from ECB job contest 

The Irish government has withdrawn Philip Lane from the contest to name a new vice president of the European Central Bank.

Sharon Murphy to take over as Wilson Hartnell CEO as PR veteran Brian Bell steps down 

Public relations veteran Brian Bell is stepping down as chief executive of Wilson Hartnell, but he’ll remain with the business and is taking a new role non-executive chairman of parent group Ogilvy & Mather.

Taxpayers beware - this time it's our money, not Europe's, paying for infrastructure 

The vast bulk of cash that's going to be needed to fund the new roads, hospitals and houses announced yesterday will be raised at home through taxation.

BoI chairman Kane to go as bank readies key dividend 

The chairman of Bank of Ireland, Archie Kane, is understood to have indicated that he plans to stand down after almost six years overseeing the lender.

Shares steady amid rising debt costs 

World shares climbed half a percent yesterday, attempting to brush off fresh rises in global bond yields while equity futures also pointed to a firmer session on Wall Street which suffered its worst week in two years.

State borrowing costs rising 

The Irish Government has borrowed €1.25bn on the bond markets this morning, with the yield or effective interest cost, crossing above the 1pc to borrow for 10 years.

'Green Murphys' to buy bust firm Carillion's UK power business 

Irish-owned civil engineering giant J Murphy & Sons has bought Carillion's UK power framework, the privately held engineering and construction company said yesterday.

No leprechauns behind this pot of gold as the economy surges ahead 

The leprechauns are not to blame this time, the experts insist. That's despite our economy displaying surging growth three times faster than even the rapidly recovering euro area.

Investec reassures staff on takeover reports 

Staff at Investec's Irish arm have been told that any decision to sell the business will be discussed with them prior to any announcement.

Donal O'Donovan: Stock market plunge has inevitable echoes of 2008 financial crash 

The massive plunge on the stock market over the past few days has struck with almost poetic timing as we approach the 10th anniversary of the start of the Irish financial crash.

Investec staff told any decision to sell Irish arm will be discussed with them prior to announcement 

Staff at Investec have been told any decision to sell the Irish business will be discussed with them prior to being announced.

Spike in new finance, construction firms 

The finance and construction sectors saw dramatic increases in the number of new companies formed last year. The numbers may be a signal of recovery in sectors that were among the worst hit after the crash or, potentially, a marked return to boom-era trends.

Brexit, costs drive stockbroker deals 

The Irish stockbroking sector is set for the biggest shake up in more than a decade with Goodbody Stockbrokers and Investec now takeover targets and bidders in the hunt for other assets.

AIB in the running to buy Investec's Irish arm 

Investec is understood to be exploring a sale of its Irish arm with AIB a potential buyer, the Irish Independent has learned.

Businessman vanishes, some 800 charities told funds may be lost 

At least 800 charities are being contacted and told money donated to them through an Irish website may be missing amid a worldwide hunt for any of the €3.8m allegedly misappropriated from a collapsed Dublin technology company.

Investec exploring possible sale of its Irish arm - with AIB a potential buyer 

Investec is understood to be exploring a possible sale of its Irish arm; with AIB a potential buyer, Independent.ie understands.

Shares up as Aryzta sells off US facilities 

Shares in Aryzta gained as much as 5.9pc yesterday after the troubled Swiss-Irish bakery group said it will sell two US production facilities.

Donohoe will throw Lane's hat in the ring for ECB post 

Finance Minister Paschal Donohoe will nominate Central Bank Governor Philip Lane as a candidate to become vice-president of the European Central Bank (ECB).

Minister to nominate Central Bank Governor Philip Lane as candidate to become vice-president of ECB 

Finance Minister Paschal Donohoe will nominate Central Bank Governor Philip Lane as a candidate to become vice-president of the European Central Bank, government sources have confirmed.

KPMG facing Carillion audit probe by watchdog 

The UK Financial Reporting Council (FRC) opened a probe into KPMG's audits of Carillion, after the builder collapsed under a mountain of debt.

The high life in Davos gives a wealth of experience 

It's a circus, albeit a very posh one. The membership fee of around €500,000 a year means there are few casual visitors to the World Economic Forum at Davos, and an unhealthy preponderance of people for whom the world is by definition doing just fine as it is.

'Stand with Haiti' - Delegates at Davos protest against Donald Trump’s visit 

Some delegates at Davos quietly protested against Donald Trump’s visit, wearing t-shirts into the hall where he made his key note speech.

'America first does not mean America alone' - Donald Trump at Davos 

Donald Trump has told hundreds of world and business leaders in a keynote speech at the World Economic Forum in Davos.

Varadkar meets with Facebook's Sheryl Sandberg as first visit to Davos comes to a close 

Taoiseach Leo Varadkar held meetings with business leaders including Facebook's Sheryl Sandberg this morning as he prepares to wrap up his first visit to the World Economic Forum at Davos.

Taoiseach to make views on repealing Eighth known after special meeting of Cabinet 

The Taoiseach is expected to finally reveal his hand on the contentious abortion referendum after a special Cabinet meeting on Monday.

Decision on abortion referendum expected on Monday, Varadkar says 

Cabinet will decide on Monday whether to proceed with a referendum to remove the Eighth Amendment to the Constitution that restricts abortion in most cases.

'Irish commercial property is a bubble. I actually think we’re overbuilding offices' – O'Brien 

The Dublin office market is “a bubble”, says businessman Denis O’Brien in a warning that comes almost 10 years since the last crash.

Taoiseach does not believe there is a bubble in the Dublin office market - at Davos 

Taoiseach Leo Varadkar has said he doesn't believe there is a bubble in the Dublin office market, but insisted Government won't introduce policies to heat activity further.

Ireland's post-Brexit relationship with UK will require new, specific agreement - Varadkar at Davos 

Ireland wants an EU relationship with the UK after Brexit that will require a new and specific agreement rather than adapting any existing model, the Taoiseach has said.

UK's difficulty is Ireland's FDI opportunity, says Shanahan 

The UK's share of new foreign direct investment appears to be in decline, creating an opportunity for Ireland, according to IDA chief Martin Shanahan.

Lagarde calls for tax hike for older generation to support young people 

European tax systems should be turned around so that older people, who are wealthier, contribute more and the young are better supported, according to IMF managing director Christine Lagarde.

Angela Merkel 'open minded' on Brexit - but worried about data - at Davos 

Chancellor Angela Merkel said she is “very open minded” about the nature of a future relationship with the UK after Brexit, in an address to the World Economic Forum at Davos.

Young people 'putting their dreams on hold' after financial crash - Christine Lagarde at Davos 

European tax systems should be turned around so that older people contribute more and the young are better supported, according IMF managing director Christine Lagarde.

'What’s good for US is good for global economy' - Trump's advance guard at Davos launch strong defence of tax and trade approach 

US President Donald Trump’s advance guard at Davos launched a strong defence of America’s approach to tax and trade, saying what’s good for the US is good for the global economy.

'Opportunity for Ireland' as UK's share of foreign direct investment appears to be shrinking - IDA chief 

The UK's share of foreign direct investment appears to be shrinking, creating an opportunity for Ireland, according to IDA chief Martin Shanahan.

Greater regulation of social media 'inevitable', Davos told 

Greater regulation of social media is "inevitable", the head of the world's biggest technology firm has told political and business leaders in Davos.