Journalists

Brewin Dolphin eyes more deals after Investec wealth unit buyout 

UK-based Brewin Dolphin has become one of the country's top three wealth managers after buying Investec's Irish wealth management business for €44m.

Musgrave Group sees online grocery at 8pc of the market 

Online shopping will account for around 8pc of an increased grocery market by 2025, but growth beyond that is likely to be slow, according to the outgoing chief executive of Musgrave Group.

Aer Lingus cleared for extra flights to the US and Canada 

Aer Lingus has been given the go-ahead by its owner IAG to order planes for extra flights to new and existing destinations in the US and Canada, Willie Walsh has revealed.

Musgrave Group CEO Chris Martin announces retirement 

The chief executive of Musgrave Group, Chris Martin, has announced he’ll retire this year. The family controlled wholesaler and retail group will launch an internal and external search to find a successor.

NTMA will pay 1.5pc on 30-year bond debt 

THE National Treasury Management Agency (NTMA) has raised more than half of the debt it had targeted to borrow in 2019 after new fund-raising.

Too many banks a risk, ECB VP warns 

MOVES towards a European banking union could be derailed, while the lending sector risks dangerous fragmentation because banks have pulled back from cross-border deals, European Central Bank vice-president Luis de Guindos has warned.

KBC chief can see M&A potential in insurance 

KBC Bank sees insurance as an area for Irish growth, potentially through acquisition, according to the new head of the group's Irish unit.

'No improvement in Irish banks' earnings this year' 

Irish banks will see no material improvement in earnings over 2019, and the era of profit-boosting write-backs has ended, according to S&P Global Ratings.

Malin-backed Kymab preps IPO 

Kymab Group, a UK-based developer of a treatment for eczema, has kicked off a US stock market flotation in a move that is set to return cash to Irish backer Malin.

On course: Walsh sticks to guidance even after profit drop 

Aer Lingus owner IAG held firm on its full year financial guidance despite a sharp drop in profits for the first three months of the year.

Finance Ireland taps market for €220m 

Finance Ireland, the country's biggest lender after the banks, has launched a rare bond deal backed by €220m of Irish commercial property loans.

Government set to issue 30-year bonds 

The State will this week borrow €3bn for 30 years on the bond market, tapping demand for long-term debt among asset-starved investors.

Eir's Niel raises €2.7bn in towers sell-off 

Eir owner Xavier Niel's phone carriers are raising €2.7bn of cash through the sale of towers to Cellnex Telecom, as they prepare for a wave of investment to boost coverage.

IMF in new trade war alert after Trump spat 

International Monetary Fund (IMF) managing director Christine Lagarde has issued a fresh warning of the risks a threatened trade war poses for the world economy.

Mediahuis lifts its INM stake to 29.91pc 

Belgian-Dutch news publisher Mediahuis has lifted its stake in Independent News & Media (INM) to 29.91pc. It consolidates its status as INM's biggest shareholder regardless of the outcome of the €145.6m takeover offer already in train.

Coffee firm Java Republic's Spain sale 

Spanish coffee company Cafento has bought Irish coffee roaster and distributor Java Republic in a deal reckoned to be worth around €30m.

INM small investors needed to approve sale 

Just over 7,000 shareholders in Independent News & Media (INM), many with tiny stakes, will have a potentially outsized role in blocking or approving a €146m sale of the company, under the deal structure proposed this week.

Spanish company Cafento buys majority share in Irish coffee giant Java Republic 

SPANISH coffee company Cafento has snapped up Irish coffee roaster and distributor Java Republic in a deal reckoned to be worth around €30m.

End of April budget deficit was €3.2bn 

THE State recorded a deficit of €3.19bn in the four months to the end of April 2019, but remains on course to end the year in surplus after last year's first balanced budget in a decade.

State record deficit of €3.1 billion in tax receipts so far this year - but on course for surplus 

The State recorded a deficit of €3.19bn in the four months to the end of April 2019, but remains on course to end the year in surplus.

Media firm continues its rapid expansion 

A takeover of Independent News and Media (INM) - if it goes ahead - will boost revenues by about 20pc to €1bn at Antwerp-headquartered Mediahuis.

Donal O'Donovan: 'Takeover can bring stability after a decade of convulsions' 

In any country, the sale of its biggest independent media group is a major event. The sale of its biggest private sector publisher to a foreign buyer doubly so.

Mediahuis makes swift move to secure INM takeover 

Belgian-Dutch media group Mediahuis moved with extraordinary speed in securing an undisputed position in the driving seat at Independent News & Media (INM) in a matter of just hours.

INM agrees sale for €146m to Belgian media group 

The board of Independent News and Media has agreed a sale to Belgian newspaper group Mediahuis for €145.6m.

Profits up at Irish-owned Clonbio as use of ethanol looks set to grow 

Pre-tax profits at Irish-owned renewable energy firm ClonBio increased 10pc last year to €39m.

Botox firm to deliver €65m lift for Ireland 

Irish headquartered Botox-maker Allergan is investing €65m in two of its four Irish facilities, adding 63 high-skill jobs.

Eir ramps up debt to fund bigger dividend 

EIR is set to ramp up borrowing by more than planned in order to pay a bigger dividend to shareholders – including French billionaire Xavier Niel.

Debenhams Irish stores not affected by UK closures 

Debenhams has said its Irish stores are not affected by sweeping plans to shut an initial 22 UK of its outlets, in a move that puts about 1,200 jobs at risk.

Premiums set to increase at Irish Life Health 

Irish Life Health premium rates are set to increase from June 1, rising 3.3pc on average by €30 annually.

Govt wants Central Bank in financial sector forum 

New structures to encourage the development of international financial services will include bringing the Central Bank into a new stakeholder engagement group with industry and see overall responsibility for promoting the sector shifting to the Department of Finance.

€2.74m of prize bonds go unclaimed as fund reaches record high of €3.4bn 

Almost a quarter of a million people shared €16.4m in prize bonds winnings last year, as the company that runs the fund marked 30 years in operation.

'Caring, loving father' - and 'an ebullient businessman' 

Businessman and former senator Feargal Quinn has been remembered as a "caring father" and "ebullient businessman" following his death.

Mortgage approvals soar but would-be buyers wait on supply 

NEW figures show the scale of pent-up demand among would-be home buyers with approvals running well ahead of mortgage drawdowns.

Superquinn founder and former senator Feargal Quinn has died aged 82 

Businessman and former senator Feargal Quinn has died following a short illness.

Carbery beefs up dairy pot and bets on diversification to ride out Brexit 

Carbery Group, the West Cork based producer of Dubliner Cheese, has reported increased sales of €423.5m last year.

Chief executive of Irish Institute of Directors Maura Quinn joins board of Rugby Players Ireland 

The chief executive of the Institute of Directors (IoD) in Ireland, Maura Quinn, has joined the executive board of Rugby Players Ireland, the representative association for professional rugby players.

Datalex: What happens next? 

Datalex is understood to have selected a new chief financial officer to take over from Donal Rooney, who resigned in February having only started at the firm last December.

Eir to part-fund €300m dividend with new debt 

Eir's controlling shareholder will not share in any of a €300m dividend partly funded by new debt, the Irish Independent understands.

Blackstone boss says teachers shouldn't pay tax in US shake-up 

The billionaire head of Blackstone says he wants a radical plan to revive America's middle class, including eliminating taxes for teachers, to improve education, lifting the minimum wage and backing technical innovation.

Surge in R&D spend between 2015 and '17 

Almost €2.8bn was spent on research and development (R&D) by businesses in Ireland in each of 2017 and 2018 - up 24pc from two years earlier.

Threat to tax 'cuckoo funds' as FG feels the heat on housing crisis 

The Government will consider taxing so-called 'cuckoo funds' if they continue buying up residential property in blocks, Tánaiste Simon Coveney has conceded.

Aurivo reports 'solid and robust for results in a volatile and challenging year' 

A surge in UK milk prices this year may be an early indication British buyers are actively sourcing within their home market to limit the fallout from a hard Brexit, according to the head of Aurivo, one of the biggest food producers in the west of Ireland.

Brexit-proofing blamed for UK's milk price hikes 

A surge in UK milk prices this year may be an early indication British buyers are actively sourcing within their home market to limit the fallout from a hard Brexit, according to the head of Aurivo, one of the biggest food producers in the west of Ireland.

Cairn lines up Butterly Business Park sell-off 

Cairn is seeking a buyer for the seven-and-a-half acre Butterly Business Park in Artane, Dublin 5, where the anchor tenants are Lidl, Mr Price, and Maxol/Centra.

Booming economy sees incomes soar to record levels 

Household income is at a record high and continuing to grow sharply, underpinned by jobs and investment, according to a new report.

'End of the old FAI' - threat of prosecution now hangs over directors and John Delaney 

The threat of prosecution hangs over FAI directors and John Delaney amid serious allegations of financial irregularities at the organisation.

Shane Ross reveals entire FAI board to step down, while auditors say 'proper accounting records not kept' 

THE FAI's own auditors have notified authorities of potential failures in the company's accounts - and the sports minister has revealed that the entire board of the football association is to step down.

Donal O'Donovan: 'It got in on the bottom so Green Reit doesn't have to call the top to get out ahead of the market' 

In 2013, veterans Stephen Vernon and Pat Gunne moved heaven and earth in their race to create Ireland's first real estate investment trust (reit).

Ireland records the highest start-up figures in 13 years 

An average of 71 companies were set up every day in Ireland during the first three months of 2019.

Demand surges for office space amid €8.6bn spend 

Two in five offices in Dublin have changed hands in the past six years, according to real estate group Savills.

€800m problem loan sale marks final act for former ACC 

Rabobank has agreed to sell its remaining stock of Irish loans to distressed debt investors Goldman Sachs, CarVal and Cabot for €800m.

LK Bennett: Irish stores saved after being bought by Chinese franchise partner 

LK Bennett, the UK’s “affordable luxury” fashion brand whose fans include Kate Middleton has been bought out of administration by its Chinese franchise partner.

Rabbobank sells remaining ACC Bank loans for €800m 

Rabobank has agreed the sale of its remaining stock of Irish loans to distressed debt investors Goldman Sachs, CarVal and Cabot for €800m.

Irish farms among €3bn ACC loan book sold at steep discount by Rabobank 

Rabobank has agreed the sale of its remaining stock of Irish loans to distressed debt investors Goldman Sachs, CarVal and Cabot for €800m.

Rising wages will drive up costs of rent and childcare 

Irish labour costs have increased four times faster than other prices in the economy and threaten to drive up rents, housing and childcare costs.

AIB open to selling some of its €3bn of bad loans to not-for-profit investors 

AIB says it is open to selling some of the as much its €3bn of bad loans potentially up for disposal to not-for profit investors instead of vulture funds.

ECB to keep interest rates at record low 'at least until end of year' 

The European Central Bank (ECB) said it will keep interest rates at their record low "at least through the end of 2019" at its monthly rate setting announcement yesterday.

No ECB rate rises until 'at least' the end of 2019 - Draghi 

The European Central Bank promised to keep interest rates at their record low "at least through the end of 2019" at its monthly rate-setting announcement yesterday.

Brexit impact on Irish household will be 'severe' - with prices set to increase 

The impact of Brexit on Irish households will be "severe", with families' disposable income set to be hit in all scenarios by increased prices.

Family incomes at risk as Brexit to spark price rises 

The impact of Brexit on Irish households will be "severe", with families' disposable income set to be hit in all scenarios amid increased prices for consumers.

Ashley out as lenders take over at Debenhams 

DEBENHAMS' lenders took control of the business yesterday, wiping out shareholders including SportsDirect owner Mike Ashley.

IMF upgrades Irish growth forecast but warns of risk from potential no-deal Brexit 

IMF lifts Irish growth forecast.

Canadian industrial alcohol producer to create 75 jobs in Laois 

A Canadian producer of industrial alcohol and fuel ethanol has announced plans to establish a new EU manufacturing headquarters in Portlaoise, creating 75 jobs over five years.

Amazon investing in Donegal wind farm in push to rely entirely on renewable energy 

Technology giant Amazon is investing in a wind farm in Co Donegal, as part of a wider push by its Amazon Web Services (AWS) arm to rely entirely on renewable energy.

Amazon investing in Donegal wind farm as part of bid to rely entirely on renewable energy 

TECHNOLOGY giant Amazon is investing in a wind farm in Co Donegal, as part of a wider push by its AWS arm to rely entirely on renewable energy.

First Trust Bank in Northern Ireland to be rebranded as AIB 

AIB is to rebrand its First Trust Bank in Northern Ireland as AIB. All First Trust Bank operations, products and services will rebrand as AIB on a phased from 2020, the bank said.

Housebuilding boosts 'robust' construction growth 

Construction sector output remained strong in March, and was led by housebuilding for the third month in a row, according to the latest industry figures.

Rents to soar again as 'cuckoo fund' housebuying hits record 

Big corporations spent more than €1.1bn buying a record 2,923 housing units in Ireland last year, blasting through previous records and cementing a radical shift in housing patterns.

Pay tops €10.5m each for housebuilder Glenveagh bosses 

Pay topped €10.5m each for the top bosses at housebuilder Glenveagh Properties in its first full year in business.

Pay tops €10.5m each for housebuilder bosses 

Pay topped €10.5m each for the top bosses at housebuilder Glenveagh Properties, its first full year in business.

BoI says it's lending to first-time buyers and rent funds 

BANK of Ireland said it is happy lending to both home buyers and build-to-rent landlord funds as a mix is needed in the market.

Santander names former AIB executive to run European businesses 

Irish banker Gerry Byrne has been named head of Santander Group’s European banking business, where he’ll oversee operations in its home market of Spain and in Portugal, the UK and Poland and a global consumer finance business.

Rent trap swallows half of working families' incomes 

Households caught in the rent trap are spending as much as half their income on accommodation.

Half-a-million euro fine for firms which fail to list owners 

Gardaí, the Revenue Commissioners, Criminal Assets Bureau and other agencies will have access to detailed information about the owners behind every Irish company by this summer.

Donal O'Donovan: 'The rent is just too damn high - a cry of pain that reveals deep social wounds' 

The rent is too damn high.

Exchequer returns show tax receipts and spending up for first quarter of this year 

Exchequer returns came in ahead of estimates in March, to show a deficit of €966m for the first three months of the year.

AIB sells €1bn of bad loans in huge offload 

THE State-owned AIB has pushed ahead with a €1bn sale of bad loans that controversially includes around 200 family home mortgages as well as thousands of buy-to-lets.

Donal O'Donovan: 'Would-be buyers left stranded in cloud cuckoo land' 

Cuckoos notoriously lay their eggs in other birds' nests, where their hatchling take over by pushing the 'real' occupants over the edge. It's hard to think of a better metaphor for the Irish housing market.

'Cuckoo funds' elbow young buyers out of housing market 

First-time buyers will be deprived of the chance to buy almost 300 apartments at one of the country’s biggest new developments.

INM plots shift to paid online model this year as profits dip to €24m 

Independent News & Media (INM) has announced profits of €24.1m for 2018, ahead of market expectations, with CEO Michael Doorly saying the group is moving to introduce a paid model for some online news potentially from the end of 2019.

Profits ahead of expectation at INM 

Independent News & Media (INM) has announced profits of €24.1m for 2018, ahead of market expectations.

Chairman of Eir shareholder faces fine 

The chairman of Eir's French shareholder Iliad faces a €1m fine after regulators accused him of insider trading shortly before the firm made a surprise takeover bid for T-Mobile US back in 2014.

No mortgage in BoI 'bad loan' pot in 90-day arrears 

None of the loans in a portfolio of Bank of Ireland mortgages classified as non-performing by regulators is more than two months in arrears, and the average loan-to value ratio is over 80pc, the Irish Independent has learned.

Bank of Ireland to bundle up €375m of mortgages linked to buy-to-let investments in bid to cut soured loans 

Bank of Ireland plans to bundle up €375m of mostly restructured mortgages linked to buy-to-let property investments for a so called securitisation in the latest move by a lender to cut its stock of soured loans.

EU plan makes it easier for banks to sell bad loans to vulture funds 

Ireland is seeking to block a European plan to make it easier for banks to sell off their bad loans.

NTMA spent €14.5bn to tear up Anglo debt 

The State has paid a further €500m to buy and tear up a batch of bonds linked to the liquidation of the former Anglo Irish Bank.

NTMA spends €500m to tear up debt 

The State has paid a further €500m to buy and tear up a batch of bonds linked to the liquidation of the former Anglo Irish Bank.

AIB set to close €1bn distressed loan sale to US giant Cerberus 

AIB is poised to sign off on a controversial €1bn sale of bad loans, including mortgages, to US fund Cerberus, it is understood.

Government helping vulture funds push citizens out of homes - UN 

The United Nations has condemned Ireland for allowing multinational vulture funds to buy up vast swathes of properties and then rent them out at sky-high costs.

Exclusive Project Beech: AIB to sign off on controversial €1bn bad loans sale to Cerberus 

AIB is poised to sign off on a controversial €1bn sale of bad loans including mortgages to US fund Cerberus, Independent.ie understands.

Race now under way to succeed Lane at Central Bank 

Central Bank of Ireland Governor Philip Lane has been confirmed as the latest appointment to the executive board of the ECB in a move that now kicks-off in earnest the race to succeed him at the Central Bank here.

Water: Private investors can generate good returns by helping boost access to clean water 

A pledge, backed by the UN, to provide access to safe and affordable drinking water to everyone globally by 2030 will need $40bn (€35bn) to deliver, and relies on private sector investment, according to Dublin-based KBI Global Investors.

HSE lets firms track people seeking help on sex and health 

People looking up information online about sensitive medical issues including abortion and sexual infections have been tracked by private companies because the HSE includes what's described as a privacy 'Trojan horse' in its own webpages.

Finance Ireland's home run: lender targets mortgages 

Non-bank lender Finance Ireland will begin lending residential mortgages to new homebuyers from today, just over a year after announcing plans to break into the market.

Costs of no deal crash-out by UK 'not priced in' 

Financial markets are underestimating the risk and potential impact of a hard Brexit, even with just 15 days to go before the UK could crash out of the European Union, the deputy governor of the Irish Central Bank has warned.

'I am deeply saddened by Brexit' - Central Bank's Ed Sibley 

Central Bank deputy governor Ed Sibley has the air of a man comfortable in his own skin - and in his own job - as he glides through the serene corridors of the Central Bank's plush new docklands headquarters.

New CEO at KBC Bank Ireland 

KBC BANK has named Peter Roebben as the new CEO of its Irish arm. He is moving from its Brussels head office to replace Wim Verbraeken, who is returning to Belgium.

Aryzta stock rallies on evidence of stabilisation 

Aryzta shares surged to close 10.7pc higher in Dublin yesterday, after results which were seen as evidence of stabilisation in the baked goods giant after a capital raise last year.

Norwegian Air grounds 737 Max 

Norwegian Air, which flies from Dublin, Shannon and Cork airports to the US, has temporarily suspends flights with the Boeing 737 Max, following recommendations by European aviation authorities.

Four out of five top finance roles are still men's jobs - Central Bank 

FOUR out of five people being appointed to senior jobs in regulated financial services firms last year were men, and the figures are even more stark for the most senior jobs.

Sweeney firm given green light for €32m Dublin hotel project 

Well-known Galway-based businessman John Sweeney has secured planning permission to develop a €32m hotel on Dublin's Amiens Street, close to Connolly Station and the IFSC.

Net benefit: EU set to ditch digital tax plans opposed by Ireland 

European Union finance ministers are set to ditch a plan to introduce an EU-wide digital tax next week, but will agree to work on a global reform of the taxation of internet companies, an EU document shows.

Global buyers swoop to buy scalable companies 

Nasdaq-listed Cognizant has acquired Meritsoft, an Irish financial software company that automates processing of taxes, fees, commissions, and cash flow functions between financial institutions in what's been hailed as a successful venture capital exit by backers.

Digicel unit unveils plan to tap lenders for $550m 

Digicel has announced its intention to borrow $550m (€486m) though a private placement of senior secured notes in a move set to up the overall debt level at Denis O'Brien's telecoms group.

Donal O'Donovan: 'Renting is now the norm - but it can be bleak as we get older' 

Renting is becoming the norm in Dublin for families with younger primary school age children, something we haven't seen since at least the early 1970s.