Journalists

State collected a record €20.5bn in taxes in the fist half of this year 

The State collected a record €20.5bn in taxes in the first half of the year, but an increase in spending meant an Exchequer deficit of €24m for the six months to the end of May.

UK Government confirms sale of stake in Ulster Bank owner 

The UK Government has confirmed that it has disposed of a 7.7pc stake in Ulster Bank owner Royal Bank of Scotland (RBS).

'Cut child benefit to fund childcare' - Doherty begins to look at households with incomes over €100k 

Social Protection Minister Regina Doherty has indicated she's prepared to examine cutting child benefit for higher earners to pay for childcare for all.

Version 1 seals takeover and eyes further deals 

Irish IT services firm Version 1 has announced a deal to buy London-based Cedar Consulting, and is eyeing further deals in the UK and northern Europe.

INM names O'Hagan to key board role 

Independent News and Media (INM) has appointed two new chairs to sub-committees of the group's board, effective from May 31.

Yew Grove makes history as it trades on stock exchange 

Yew Grove real estate investment trust (REIT) became the first new share to trade on the Irish stock exchange since it became Euronext Dublin, after listing on the Enterprise Securities Market (ESM).

'Debt cost will rise' as ECB signals end of QE 

Irish borrowers are being warned to prepare for an era of higher borrowing costs, as the European Central Bank gave the clearest signal yet that it will wind down its €30bn-a-month quantitative easing programme.

Pandora falls after claim management 'lost its grip' 

Danish jewellery chain Pandora's shares fell as much as 4.6pc in early trading yesterday, extending the latest decline into a second day.

Smurfit - most investors were 'supportive' of anti-bid stance 

Smurfit Kappa sought to lay down a marker that its stand-alone status won't dampen investor returns, by yesterday reaffirming guidance that 2018 earnings will be materially up on last year, after International Paper (IP) abandoned its €9bn takeover pursuit.

Losing just one big multinational would leave Ireland nursing a €276m tax shortfall 

The loss to Ireland of just one of the bigger multinationals would leave the State nursing a €276m tax shortfall, according to the Government's budget watchdog.

UK to sell stake in owner of Ulster Bank 

The British government has launched a sale of 925 million shares in Ulster Bank parent Royal Bank of Scotland (RBS) for around £2.6bn (€2.9bn) as it seeks to return the bank to private hands, the government unit managing its stake said yesterday.

ABP will invest £17m in Scottish meat plant 

Larry Goodman's ABP Food Group is to invest £17m (€19.35m) in a planned redevelopment of its Perth processing plant in Scotland that will create 80 new jobs.

INM appoints two new chairs to sub committees of board 

Independent News and Media (INM) has appointed two new chairs to sub commitees of the group's board, effective from May 31.

Trump's trade war sets US at odds with G7 as business frets over rules 

Blame China, Europe and others who are breaking trade rules, not Donald Trump, White House economic adviser Larry Kudlow said yesterday, as China warned that all commitments so far in talks with the US over trade will be withdrawn if the US imposes tariffs.

CIF urges recognition of returning builders' qualifications 

Builders who emigrated during the recession and have returned to Ireland cannot find work because qualifications earned in jurisdictions such as Australia, Canada, the US, New Zealand and Dubai are not recognised here, the Construction Industry Federation has said.

CRH shares rise as market laps up plan 

Shares in CRH were up more than 4pc yesterday after the country's biggest company indicated it could sell its European construction supplies retail arm, as it looks to boost margins and squeeze more cash out of operations.

Central Bank may slow down credit flow 

The Central Bank may start cranking back banks' ability to lend into the economy, by forcing them to set aside extra capital as a cushion against losses.

EU will hit Republican voters to fight trade war 

The European Union will target consumer, agricultural and steel products made in many key Republican constituencies when it imposes tariffs against US imports in retaliation for punitive duties US President Donald Trump announced yesterday.

Ireland's €20bn cash pile seen as guard against market panic 

The top official charged with ensuring the State has access to funds says a €20bn cash pile already built up gives the country "flexibility and freedom" to dip in and out of markets without being caught out by volatility.

Calls for investigation into business ties between Murdoch MacLennan and Celtic shareholder Dermot Desmond rejected 

The body that runs club soccer in Scotland has rejected a call from the chairman of the Rangers Club for an investigation into possible business ties between Scottish Professional Football League (SPFL) chairman Murdoch MacLennan and Dermot Desmond, who is Celtic’s single biggest shareholder.

Terry Buckley stands down as INM director 

Independent News and Media (INM) has announced that Terry Buckley is stepping down as a director with effect from May 31. He has been a director since 2012.

Terry Buckley stepping down as a director of INM 

Independent News and Media (INM) has announced that Terry Buckley is stepping down as a director with effect from May 31 2018. He has been a director since 2012.

Rusal sees possible 70pc cut in production 

Rusal said output this year may be cut by as much as 70pc in a so-called "negative" or worst-case scenario if US imposed sanctions stay in place after October.

Fears fresh Italian election will be a 'euro referendum' 

Chaos ruled the Italian markets yesterday as the nation plunged deeper into political turmoil, with knock-on effects for other highly-indebted eurozone countries - including Ireland.

Bibby seeks Irish FX licence for EU market post-Brexit 

Specialist SME lender Bibby Financial Services has applied for an Irish licence to operate a foreign exchange (FX) service, with a view to passporting from here into the rest of the European Union.

INM names new senior executive team 

Independent News & Media (INM) has confirmed the appointment of Richard McClean in the newly created senior role of Managing Director of Publishing for Ireland, with responsibility for the media group's commercial and editorial teams.

INM confirms appointment of Richard McClean to Managing Director of Publishing for Ireland 

Independent News & Media (INM) has confirmed the appointment of Richard McClean in the newly created senior role of Managing Director of Publishing for Ireland, with responsibility for the media group’s commercial and editorial teams.

INM shares surge on Goodman stake 

Shares in Independent News & Media closed up 6.3pc and broke the 10 cents each mark for the first time since early March yesterday in the wake of news that Larry Goodman has built up a stake in the country's biggest media group.

O'Leary denies reports Ryanair made Norwegian move 

Ryanair has never made an approach for Norwegian Air and does not intend to, the Irish airline has said - disputing a claim by the chief executive of its rival budget carrier.

Goodman understood to have bought stake in INM 

Businessman Larry Goodman is understood to have bought a stake of just under 3pc in Independent News and Media.

Post-Brexit trade bill could cost us €100m each week 

Barriers to trade as a result of Brexit, like import-export delays and additional red tape, could cost nearly €100m a week, new research from the Central Bank suggests.

Brussels says Ireland helping firms avoid tax with 'aggressive' planning 

The European Commission has claimed that tax multinationals are continuing to use Ireland for "aggressive tax planning" and that funds routed through here as royalty and dividends payments may be being allowed to escape tax altogether, despite rules being tightened up in 2015.

Bibby bets on relationships for long-term growth 

The Strategic Banking Corporation of Ireland (SBCI) has extended €25m to Bibby Financial Services Ireland, that will be available immediately to borrowers.

Britain to sell off €969m block of 'equity release' mortgages 

The UK government is to follow last week's sale of €5bn of Irish mortgages - originally issued by Bank of Scotland Ireland (BoSI) - by auctioning an £850m (€969m) block of mortgages acquired from failed lenders during the financial crisis, according to people familiar with the matter.

Stephen Rae steps down as INM group editor-in-chief 

Independent News and Media group editor-in-chief Stephen Rae is to step down from the position.

SuperValu owner appetite for family restaurant expansion 

Musgrave Group is eyeing the acquisition or creation of a mid-market restaurant chain in Ireland to cement its position as a major player at every level of the food service industry.

US top target for UDG deals after Trump tax shake-up 

Dublin-based UDG has $500m (€424m) available for acquisitions, and said US tax changes mean it is now more likely to buy assets there.

Musgrave eyes 'Ireland 2040' blueprint to boost growth 

Musgrave Group is studying the Government's 'Ireland 2040' infrastructure plans as well as demographic trends as it plots new store and product rollouts. It believes intensive urbanisation in Dublin and Belfast will suit its online grocery business.

Forecast of growth rises to 5pc - but house prices 'need close monitoring' 

Rising rents and house prices in Ireland need close monitoring, Moody's has warned, but there is no sign yet that the economy is overheating.

Pandora seals €23m Irish deal 

Danish jewellery brand Pandora has agreed a deal to take direct ownership of its Irish business from family owned BJ FitzPatrick for €20m.

SuperValu owner sees profits rise to €80m 

Retail and wholesale group Musgrave made a pretax profit of €80m in the year to December 30, on sales of €3.7bn.

Housing costs will deter skilled foreign workers, Moodys warns 

Rising rents and house prices in Ireland need close monitoring, Moodys has warned, but there is no sign yet that the economy is overheating.

Multinationals lead way in productivity 

New data has highlighted the productivity gulf between multinationals and indigenous firms in Ireland. However, with imperfect data, the 'Leprechaun economics' that distorted growth figures in 2015 may have exaggerated the differences.

Chairman says INM can't put a price on cost of investigations 

The chairman of Independent News & Media (INM) has admitted the group doesn't know what the financial cost will be of ongoing probes by the Office of the Director of Corporate Enforcement (ODCE) and Data Protection Commissioner.

Barclays mortgage deal not a sign it's entering Irish market 

Barclays Bank's deal to buy £4bn (€4.5bn) of Irish mortgage is not a signal the bank intends to enter the retail market here, and the loan book will be immediately sold to a consortium of financial institutions, the Irish Independent understands.

New INM chairman admits group does not know financial costs of ongoing, high-profile investigations 

The chairman of Independent News & Media (INM) has admitted the group doesn’t know what the financial cost will be of ongoing probes by the Office of the Director of Corporate Enforcement (ODCE) and the Data Protection Commissioner.

Trading at INM 'in line with expectations' 

Independent News & Media (INM) said its trading performance in the year to date continues “in line with market expectations” in a market update ahead of the group’s annual general meeting in Dublin today.

Prospect of deal to crack US adds €400m to Paddy Power 

Paddy Power Betfair's market valuation surged more than €400m yesterday, after the betting giant confirmed talks to merge its US business with America's FanDuel to capitalise on the expected liberalisation of US betting laws.

Radical coalition talks point to Italy's euro exit 

Italian bonds slumped as populist parties struggling to form a government discussed a potential government debt write-down of €250bn.

EU set to miss June summit deadline for banking union 

The European Union is unlikely to meet a June goal to complete work on its banking union, according to one of the finance chiefs involved in the negotiations.

ISE deal not driven by tax - Euronext 

Euronext funded the €137m takeover of the Irish Stock Exchange by issuing bonds at an interest rate of just 1pc. The Paris-based group's CEO insisted yesterday that buying the Irish rival was not tax driven.

Relief in China after Trump reverses tack on ZTE ban 

Employees of ZTE, China's second-biggest telecoms equipment maker, reportedly cheered a tweet by US President Donald Trump that suggested a resolution is in sight to reverse a devastating US ban on sales to the Chinese company.

Government should not cut income tax in the October Budget, IMF warns 

The Government should not cut income tax in the October Budget, and instead focus on preventing the economy overheating the International Monetary Fund (IMF) has warned.

Brookfield lines up deal for Imagine 

CANADIAN infrastructure fund Brookfield Asset Management is behind a proposed acquisition of Imagine Communications Group, according to the Competition and Consumer Protection Commission (CCPC).

Digicel downplays impact of US move against supplier 

Digicel said it is among operators potentially affected by American-imposed restrictions that ban US firms doing business with China's ZTE Corp, one of the Irish-owned mobile telecoms and communications group's key suppliers.

Sale of 6,500 home loans by Ulster Bank to tempt vultures 

Ulster Bank has put 6,500 Irish mortgages, with a combined €1.6bn of debt, on the market in the latest mass sale of home loans by an Irish bank.

Firm set up by Dublin woman who 'stumbled onto a gap in the market' sold for €930m 

Dubliner Rosaleen Blair's high-end recruitment and outsourcing firm Alexander Mann Solutions has been sold for £820m (€929m) to Canada's Omers Private Equity.

Ulster Bank to sell 6,500 Irish mortgages in arrears 

ULSTER Bank is putting 6,500 Irish mortgages, with combined debts of €1.6bn, on the market in the latest mass sale of home loans by an Irish bank.

New ECB structures to squeeze bank margins 

Borrowing costs are set to rise for AIB, Bank of Ireland and Permanent TSB, Investec analyst Owen Callan has said in a research note.

Vodafone deal raises German hackles as Malone's Liberty clocks up Irish growth 

Vodafone is set to shake up Europe's fragmented media and telecom market with an €18.4bn deal to buy almost a third of John Malone's Liberty Global

'Hundreds of millions' may be lost to Irish firms in Iran 

Major European companies including carmaker PSA, plane manufacturer Airbus and Siemens have said they are keeping a close watch on relations with Iran after President Donald Trump pulled the United States out of a nuclear deal.

Ex-AIB boss bids for Branson bank 

FORMER AIB boss David Duffy has launched a £1.6bn takeover bid for Virgin Money. A deal would consolidate Duffy's CYBG, owner of Clydesdale and Yorkshire Bank, as the main so-called challenger bank in the UK market.

BAML names raft of transfers to Dublin 

Bank of America Merrill Lynch (BAML) has named key staff who will move to Dublin ahead of Brexit, to join the bank's new European global banking and markets operations.

Ulster chief's surprise at negative view of bankers 

Outgoing Ulster Bank boss Gerry Mallon says it's been a "really difficult decision" to leave the role after less than two years in charge.

Takeda's record Shire deal could put it in global top 10 

Japan's Takeda Pharmaceutical has agreed to buy London-listed Shire for £45.3bn (€51.2bn) in the biggest deal yet in a wave of deals sweeping the drugs industry. Shire rejected four previous offers.

TV3's Malone set to exit Germany in €18bn Vodafone deal 

Vodafone is close to buying large parts of TV3 owner John Malone's European cable group Liberty Global in a deal worth around €18bn, in a move that will end years of on and off talks between the two companies.

Semi-states 'lobby Government to speed up planning process' 

Major semi-state companies are understood to have begun lobbying Government on how to tighten planning laws in order to speed up construction of key infrastructure projects.

IAG's expanded low-cost Level could target Dublin routes 

Aer Lingus sister airline Level may look to start a low-cost transatlantic service from Ireland, regardless of any tie-ups with Norwegian.

Signs that business is 'holding its breath' 

Business growth is at its lowest in five years and confidence is increasingly strained across the island of Ireland, according to research from InterTrade Ireland.

Walsh could bail on deal as he plays hard ball with Norwegian 

IAG could ditch its stake in low-cost operator Norwegian Air Shuttle if takeover talks don't progress, Willie Walsh told the Irish Independent.

Enva to pay up to €45m in latest acquisition 

Irish waste and environmental services group Enva has announced the acquisition of RILTA Environmental, part of the former One51's old Clearcircle arm.

Nama bad loans avoid new credit register 

The National Asset Management Agency (Nama) has begun reporting details of its borrower loans to the Central Credit Register, after securing special permission to hand over its data significantly later than most lenders.

Watchdog to launch cyberattacks to examine Irish banks' weaknesses 

The Central Bank here is to launch simulated cyberattacks on banks, to stress test the resilience of the sector to sophisticated hacking.

Cantor Fitzgerald finally seals Merrion deal 

US brokerage Cantor Fitzgerald has agreed a takeover deal for Dublin-based stockbroker Merrion Capital.

State finances take hit after record €1bn payment to EU budget 

A record €1bn Irish payment into the European Union budget was a significant factor in a deterioration in the State's financial position last month and will bring home the stakes in difficult talks due to kick off in Brussels.

Top US official hands Aughinish owner sanctions lifeline 

Workers at Aughinish Alumina in Limerick may have been thrown a life-line after a top US official pointed the way to sanctions against the huge plant's Russian parent company being lifted.

Ulster Bank to escape mass RBS branch closures 

Ulster Bank's operations in the Republic will escape a radical cull of its UK parent's branch network in England and Wales.

New CEO for Actavo as Corkery steps down 

Sean Corkery has stepped down as CEO of Actavo, the former Siteserv, with immediate effect, the company has announced.

Sean Corkery steps down as CEO of Actavo with immediate effect 

Sean Corkery has stepped down as chief executive of Actavo, the former Siteserv, with immediate effect, the company has announced.

Now it's seen as cheaper to buy than rent everywhere 

Most people now think buying a home is cheaper than renting, not only in Dublin but across the country, according to research from Bank of Ireland.

Economy will buck the trend and enjoy big growth - Davy 

Davy Stockbrokers has radically hiked its growth expectations for the Irish economy this year, and is predicting a sharp spike in consumer spending as the debt overhang from the crash starts to recede.

Ulster Bank profits slump as the tracker scandal continues to bite 

Ulster Bank says operating costs reduced sharply in the first three months of the year, but profits slumped by around two-thirds to €11m.

Merrion Capital takeover deal to be signed 'imminently' 

A takeover of Dublin-based stockbroker Merrion Capital by the Irish arm of US brokerage Cantor Fitzgerald is imminent, the Irish Independent has learned.

Forestry 'needed to offset agri emissions' 

A failure to increase forestry levels will constrain growth in the dairy and beef sectors, by making environmental emissions targets impossible to reach, the head of Coillte has warned.

Ardagh sales up 13pc as Euro markets rise 

Ardagh Group reported first quarter revenue showing sales up 13pc to $2.22bn (€1.83bn).

Energy firm Amarenco is top bidder in French solar auction 

Irish renewable energy firm Amarenco has emerged as the number one buyer in French tariff auctions for 'Solar Barns'. The company won a total of almost 36MW of capacity either in its own right or in partnership with Total Solar.

US hints Aughanish could escape sanctions 

Shares in Aughanish Alumina's Russian-controlled owner Rusal jumped in Hong Kong yesterday and aluminium prices fell after the US administration softened its position on sanctions against the Russian metals giant.

Paddy Power slumps on regulatory fears 

Paddy Power Betfair was the big mover on the Irish stock exchange yesterday, down 3.77pc on concerns the British government will cap betting on so called fixed odds betting terminals (FOBT) at £2 a turn.

Green light given to takeover of the Irish Examiner by the Irish Times 

The Competition and Consumer Protection Commission (CCPC) has given the green light to the takeover of the Irish Examiner by the Irish Times.

Holder of €140m in State contracts taps shareholders for €800m 

Outsourcing giant Capita, which at one point managed tens of thousands of Irish home and SME loans as well as major State contracts, has been forced to tap shareholders for £700m (€800m) after failing to control costs and an aggressive spate of acquisitions.

Irish insurance bosses fear firms not ready for EU data law 

Irish insurance bosses fear they'll struggle to be compliant with tough new data rules in May, potentially leaving their businesses liable for multi-million euro fines.

Head of RBS retail arm to take helm at Ulster Bank 

Ulster Bank will name British banking executive Jane Howard as its new chief executive officer, the Irish Independent can reveal.

BoI has offered €130m in payouts to settle the bulk of tracker claims 

Bank of Ireland customers have been offered €130m in compensation and redress payments so far in relation to the tracker mortgage scandal and most have accepted, CEO Francesca McDonagh said yesterday.

Ulster Bank appoints former Communicorp CEO Gervaise Slowey to its board 

Ulster Bank has appointed former Communicorp CEO Gervaise Slowey to its board of directors.

BOI customers paid €130m in relation to tracker mortgage scandal - CEO Francesca McDonagh 

Bank of Ireland chief executive Francesca McDonagh says customers have accepted €130m in compensation and repayments so far in relation to the tracker mortgage scandal.

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.

Schwarzenegger-fronted campaign hits ex AIB chief's bank 

Shares in David Duffy's UK bank CYBG fell 6pc on Wednesday, after the lender said it had increased provisions for repaying customers missold payment protection insurance (PPI) by £350m. The move is a blow to the former AIB boss's effort to build CYBG in a challenger to the main UK lender.

A quarter of Irish growth due to iPhone sales: IMF 

As much as a quarter of the 7.8pc economic growth recorded here last year was simply down to iPhone sales, the IMF has claimed.

Swiss lawyers hired to find missing businessman Peter Conlon over €3.8m collapse debt 

Swiss lawyers have been hired to chase down missing businessman Peter Conlon, whose Ammado fundraising platform collapsed owing €3.8m to charities, the Irish Independent understands.