Business News

‘We didn’t cause this, but we have to deal with the reality,’ says Kenny

30th March 2017

Taoiseach Enda Kenny insists he is confident that Ireland’s interests will be reflected in the draft Brexit negotiating guidelines due to be published by Brussels. With the formal divorce process now under way, European Council President Donald Tusk will set out the bloc’s priorities for the talks, which the Government expects will make reference to […]

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Permanent TSB ‘charging double’ its rivals to fix rate

30th March 2017

A state-rescued bank has been accused of exploiting its mortgage customers by offering those who want to fix an interest rate that is more than double what other banks are charging. The bank has a two-year fixed rate of 7.25pc for existing residential customers. Its three-year rate is 8.75pc. It comes as there are fears […]

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Mortgage surge means house prices ‘now set to rise by 10pc’

29th March 2017

A rush to get approved for a mortgage, with first-time buyers to the fore, is expected to push house prices up by 10pc this year. Changes to Central Bank lending rules and the introduction of the Government’s help-to-buy scheme at the start of the year have resulted in a surge in people applying to take […]

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Irish Life adds City Quay offices to €1bn portfolio

29th March 2017

Irish Life has restated its commitment to the Dublin office market with a decision to pre-fund the €125m development of 13-18 City Quay in the docklands. The 118,000sq ft office building – which will be built by Bennett Construction – has been pre-let to business advisory specialists Grant Thornton, and ownership of the property will […]

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2,000 taxpayers call Revenue helpline in offshore crackdown

29th March 2017

With only a month left for taxpayers to make voluntary disclosures about offshore assets, there’s likely to be a surge in calls to the Revenue Commissioners’ dedicated helpline in coming weeks. Revenue Commissioners said yesterday that about 2,000 calls have so far been made to its helpline, which was established after Finance Minister Michael Noonan […]

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Pay freezes predicted despite country’s economic growth

28th March 2017

Labour costs in Ireland are rising at one of the slowest rates in the EU despite the country’s strong economic performance. Ireland is currently the fastest-growing economy in western Europe, yet the latest data from Eurostat shows that wage costs in the country rose by just 1.1pc in the last three months of last year. […]

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‘Strong evidence’ Ireland aiding EU banks’ tax-avoidance schemes

28th March 2017

Ireland is one of the countries “leading the race to the bottom” in the facilitation of global tax avoidance, according to a new report from charity group Oxfam. Oxfam said there “is strong evidence” that Ireland is aiding significant corporate-tax-avoidance schemes for European banks. In a report titled ‘Opening the Vaults’, researchers at Oxfam, in […]

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Irish firms in top five UK foreign business owners

28th March 2017

Irish-based companies are among the biggest foreign owners of UK firms, ahead of Japan and well ahead of rising powerhouse China. More than one-in-four of the UK’s most important businesses are foreign owned, according to figures from the UK’s Office for National Statistics (ONS). The data shows as many as 24,145 UK businesses are owned […]

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Price of Dublin semi-D surging again at same rate as in boom years

27th March 2017

The price of an average semi-detached house in parts of Dublin is inflating as fast as in the boom years and the period immediately before the Central Bank introduced its lending restrictions two-and-a-half years ago. Prices in North County and South County Dublin both increased by 5.6pc in the three months since December, while Dublin […]

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Public sector pay ‘outstrips private workers by 40pc’

27th March 2017

Public sector workers get paid 40pc more on average than their private sector counterparts, a report claims. By contrast, in the UK public sector pay is almost on a par with the private sector, with Ireland’s public/private pay gap high by European standards, the paper states. The study by Davy Stockbrokers argues that any future […]

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