Business News

Irish M&A tumbles as US gets tough on controversial deals

18th April 2017

The value of Irish M&A has plunged 86pc since the start of this year, with deals worth €4.1bn announced in the year to date compared to almost €29bn in the same period last year. The number of deals has held up better, falling just 12pc to 97 versus 110 a year ago, according to data […]

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Offshore banks rebuked in Central Bank warning shot

13th April 2017

The Central Bank has issued a rebuke to a number of international lenders operating in Ireland for failing to meet regulatory obligations – in a sign of the watchdog’s greater focus on the sector following the fallout from the financial crisis. The Central Bank said its latest report on offshore banks focused on the “accuracy […]

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Investors take €1.25bn of government debt in bond sale

13th April 2017

Investors snapped up the sale of €1.25bn of government debt yesterday underscoring the robust demand for Irish bonds amid growing unease over the French presidential elections and receding hopes of any imminent change to the European Central Bank’s monetary policy. Yields for nine-year paper sank below the rate achieved for similarly dated debt in last […]

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Our ‘Phoenix’ economy will be more myth than miracle if wages don’t rise with rents

13th April 2017

You may not have noticed it but you are living through an economic miracle – apparently. The chief economist of the Central Bank, Gabriel Fagan, introduced the country to a new economic term last week called a “Phoenix Miracle” which is how he described Ireland’s rapid economic recovery since the depths of the recession. Among […]

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Unemployment rate ‘to fall below 6pc’ by the end of the year

12th April 2017

The unemployment rate is due to fall below 6pc by the end of this year, according to updated Government forecasts. The Department of Finance yesterday published the so-called Draft Stability Programme Update, outlining the Government’s projections for the economy, which will be sent to Brussels for approval later in the month. The Government is expecting […]

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New rules may make switching mortgages easier

12th April 2017

The Central Bank said it was considering imposing new rules on banks to make it easier for mortgage-holders to switch to another lender to reduce the cost of their repayments. The regulator said research it commissioned found that just 4pc of borrowers had moved their mortgage to a new lender. Now the Central Bank is […]

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Providence reports €20.5m loss as exploration firm looks to new oil prospects

12th April 2017

Providence Resources has announced losses of €20.5m for 2016 while operating losses for the period were €18.8m, an increase of €5.7m from 2015. In June, the oil exploration company raised $70m in a share sale in an effort to reduce the company’s debt. The company had no net debt at the end of 2016; in […]

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Record level of data privacy complaints made to Data Protection Commissioner

11th April 2017

There has been a record number of data privacy complaints in Ireland over the last year, new figures from the Office of the Data Protection Commissioner show. The regulator reported a spike in overall complaints last year to a record level of 1,479, rising from 932 in 2015. However, it also received almost 35,000 “queries”, […]

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€500,000 pay cap could be waived for new BoI boss

11th April 2017

FINANCE Minister Michael Noonan has indicated that he won’t block Bank of Ireland offering more than the €500,000-a-year pay cap to attract a replacement for outgoing CEO Richie Boucher. The pay cap was brought in after the crash and has not been relaxed, even at Bank of Ireland which has repaid its State bailout. It […]

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No EU country has claimed on €13bn Apple tax – Noonan

11th April 2017

No European country has made a claim on the back taxes that Apple allegedly owes to Ireland, Finance Minister Michael Noonan has said. Mr Noonan has argued that Ireland’s entitlement to the money, in the face of potentially competing claims from other EU countries, remains uncertain. The European Commission announced in August last year that […]

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