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RTÉ warns Government of ‘serious financial position’

RTÉ has reported a deficit of €6.4 million for 2017 and has warned the Government it faces a “serious financial position”. The Cabinet will consider the national broadcaster’s annual report at its weekly meeting on Tuesday, ahead of publication of the results for 2017 next week. The report acknowledges there has been a significant reduction in the broadcaster’s losses since ... Read More »

Abraaj files for liquidation in the Cayman Islands

France: Abraaj Holdings has filed an application for a court-supervised restructuring in the Cayman Islands, following weeks of speculation over its future The Middle East’s largest buyout firm plans to appoint Simon Conway of PwC Corporate Finance and Recovery, and Michael Jervis and Mo Farzadi of PricewaterhouseCoopers, as its joint provisional liquidators, according to reports by Bloomberg. “The company has ... Read More »

German investor confidence slumps on trade fears: ZEW institute

Frankfurt am Main:Confidence among German investors slumped to its lowest level since September 2012 Tuesday in a closely-watched monthly barometer from the ZEW institute, losing 7.9 points for a reading of -16.1. “The latest escalation in the trade conflict with the United States and fears of policies from the new Italian government that could destabilise the financial system have left ... Read More »

INM appoints two new chairs to sub committees of board

Ireland: Independent News and Media (INM) has appointed two new chairs to sub commitees of the group’s board, effective from May 31. Fionnuala Duggan has been appointed to the Remuneration Committee, and will serve as chair of the committee – taking over from Len O’Hagan. At the same time, Len O’Hagan has been appointed chair of the Nomination and Corporate ... Read More »

Financial authorities to tighten anti-money laundering rules

SEOUL:Financial authorities plan to tighten anti-money laundering regulations ahead of next year’s assessment of South Korea by an intergovernmental organization set up to combat illicit movement of funds, officials said Sunday. The Financial Action Task Force (FATF), a body established with the mission of clamping down on money laundering, will conduct its assessment on South Korean efforts in 2019. The ... Read More »

State’s own body warns quality of life issues hitting competitiveness

Ireland is an expensive place to run a business or for workers to live, according to the National Competitiveness Council’s latest ‘Cost of Doing Business in Ireland’ report. Any further erosion of competitiveness will make Ireland more vulnerable to Brexit, it warned. Last week Ireland dropped six places in a ranking of the world’s most competitive countries. It’s now ranked ... Read More »

Samsung firms sell $1.3 billion Samsung Electronics stock to maintain compliance

Ireland : Samsung Group’s two insurance firms said they will sell $1.3 billion worth of stock in the conglomerate’s biggest earner, Samsung Electronics, to maintain regulatory compliance. Samsung Life Insurance Co. Ltd. and Samsung Fire & Marine Insurance Co. Ltd. separately said their electronics affiliate’s current policy of canceling its own shares to raise the value of investors’ holdings risks ... Read More »

Property prices in March rising faster than previous month

Ireland: Property prices at national level increased by 12.7pc in the year to March, according to the Central Statistics Office. This compares with an increase of 12.5pc in the year to February. In Dublin, residential property prices increased by 12.1pc in the year to March. Residential property prices in the ‘Rest of Ireland’, which excludes Dublin, were 13.4pc higher in ... Read More »

European Investment Bank invest €12.5m in Irish forestry

Ireland : An investment of some €12.5 million in sustainable Irish forestry has been announced by the European Commission and the European Investment Bank. Commissioner for Agriculture Phil Hogan, said that with controversy growing about monoculture and clear felling policies in Ireland it is a welcome support for the more sustainable “continuous cover forestry” projects which would better support biodiversity ... Read More »

Ryanair outlook on ‘pessimistic side of cautious’ as profits hit €1.45bn

Ireland : This is despite reporting a 10pc increase in full year profit after tax to €1.45bn in its financial year 2018. While the airline, which last year saw its traffic grow 9pc to over 130 million passengers, expects passenger numbers to continue to rise in the coming year, Ryanair said that unit costs this year will rise 9pc due ... Read More »

Deutsche Bank to cut over 7,000 jobs

Ireland: Deutsche Bank said on Thursday it will reduce global staff levels to well below 90,000 from the current 97,000, as part of a broad restructuring to reduce costs and restore profitability. The bank said it would cut headcount by 25 percent in its equities sales and trading business following a review of the business. The reductions will decrease the ... Read More »

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. The retail and wholesale group, whose brands include SuperValu and Centra, made a pre-tax profit of €80m in the year to December 30, ... Read More »

Brexit: NI parties unite in EU border appeal

Northern Ireland should remain in the single market and customs union after Brexit, four political parties have said. Sinn Féin, the Green Party, Alliance and the SDLP have issued a joint statement. They said there should be no hard border on the island of Ireland or between Ireland and the UK. “This is critical to protecting investment, jobs, trade and ... Read More »

Brexit customs partnership would ease border issue says Karen Bradley

Ireland: A customs partnership after Brexit would make it easier to deal with the Irish border question, the Northern Ireland Secretary has said. British Prime Minister Theresa May’s Brexit “war cabinet” met again today without reaching agreement on which of the two options for customs arrangements on the border – the “customs partnership” and “maximum facilitation” models – it will ... Read More »

Brexit sub-committee to meet again over customs deadlock

Ireland : British Prime Minister Theresa May’s special Brexit sub-committee meets again today, as discussions over how to resolve the deadlock on the customs union continue. Members of two ministerial working groups spent yesterday discussing possible tweaks to the “customs partnership” and “maximum facilitation” plans that have divided the Cabinet. The EU is pressing for “substantive progress” from Britain on ... Read More »

Business confidence is high despite ‘subdued’ growth in Nortern Ireland

Growth in business activity here was more subdued than expected in April with stagnation for the construction sector, according to a major survey today. The Ulster Bank Northern Ireland Purchasing Managers Index (PMI) for April showed a subtle acceleration in private sector business activity growth. And although orders continued to increase for companies here, it was just at a slightly ... Read More »

US diplomat focussed on Aughinish crisis

US : The acting US ambassador to Ireland has said the delicate situation surrounding the future of Aughinish Alumina in Limerick is being “discussed at the highest levels of our two governments”. Charge d’affaires Reece Smyth, US Embassy made a visit to Smarttech security operations centre on Thursday 10th May 2018, pictured with Ronan Murphy, CEO, Smarttech. Pic credit: Larry ... Read More »

Will the Border break the all-Ireland food chain?

Ireland: Whether it’s millions of litres of milk, artisan gin, traditional soda bread or even a favourite chicken dish, Ireland is by far the biggest and most important export market for many of Northern Ireland’s leading food and drink producers. Brexit could turn this market on its head if a hard border or new customs arrangements come into play and ... Read More »

Japan’s Takeda agrees €52bn takeover of Irish-based Shire

Ireland: Takeda Pharma agreed to buy Ireland-headquartered Shire for £45.3 billion (€51.6 billion) on Tuesday after the Japanese company raised the amount of cash in its offer to $30.33 to secure a recommendation. Shire investors will receive $30.33 in cash and either 0.839 new Takeda shares or 1.678 Takeda ADSs for each share, the companies said, valuing the offer at ... Read More »

EU upgrades Irish economy but warns of risks

Ireland: The uncertainty around Ireland’s economic outlook remains “elevated” because of Brexit and possible changes to international tax and trade, the European Commission has warned. Nonetheless, in its spring forecast, the Commission upgraded its growth projection for Ireland to 5.7 per cent for 2018, up from 4.4 per cent previously. This is the second fastest growth in the EU, just ... Read More »