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Apple tax to be drip fed into escrow account, NTMA says

DUBLIN: The tax Apple is due to pay to the State will be drip fed into the escrow account being set up by the National Treasury Management Agency (NTMA), according to tendering documents released this week. Between €13 billion and €15 billion will be deposited into the escrow account in tranches, rather then in a lump sum on a single ... Read More »

Kingspan on the acquisition trail as first-half profits rise

DUBLIN: Shares in insulation specialist Kingspan surged on Friday after the group reported that profits rose 5.5 per cent to €163.3 million in the first six months of the year. Revenues at the Cavan-based company grew 19 per cent in the six months ended June 30 to €1.75 billion from €1.47 billion during the same period last year. Profit before ... Read More »

Ireland finance minister calls EU tax order on Apple unjustified

DUBLIN: The European Commission’s ruling to collect €13 billion in taxes from Apple is unjustified, Ireland’s Finance Minister Paschal Donohoe has said. The EU declared tax arrangements between Apple and Ireland — originally established in 1991 — had allowed the company to pay “substantially less tax” than rival companies, and were therefore illegal under state aid rules. Following a two-year ... Read More »

Northern Ireland House prices up 16% in just 2 years

DUBLIN: House prices in Northern Ireland have gone up 16 per cent in just two years, new figures show. The average property price is now £128,650, which is well below the 2008 boom price of around £198,000 but still showing considerable growth over the last few years. Figures released today by Land & Property Services and the Northern Ireland Statistics ... Read More »

Bank of Ireland business on line wins at global finance awards

DUBLIN: Bank of Ireland has been named Best Corporate/Institutional in Western Europe for Information Security Initiatives 2017 by Global Finance. The award was based on a series of security initiatives and channel enhancements over the past 18 months in respect of the Bank’s online platform for business and corporate customers, Business On Line. The Global Finance Awards are a much ... Read More »

Ireland trade surplus shrinks in June

DUBLIN: Ireland’s foreign trade surplus decreased in June, as exports fell faster than imports, figures from the Central Statistics Office showed Tuesday. The seasonally adjusted trade surplus shrank to EUR 3.65 billion in June from EUR 4.30 billion in May. In the corresponding month last year, the surplus was EUR 3.54 billion. Exports plunged 8.0% month-over-month in June and imports ... Read More »

Fake £50 Bank of Ireland notes used in Montrose

DUBLIN: On three occasions on Thursday afternoon a man bought items in three different stores using counterfeit Bank Of Ireland £50 notes. The man using these notes is described as about 6ft tall of muscular build, in his mid-20s and was wearing a burgundy T-shirt with dark sleeves, dark jeans and dark trainers. The notes all carry the serial number ... Read More »

KBC Bank Ireland reach 250,000 customers and reveal net profit of €102.7m in Q2 2017

DUBLIN: KBC Bank Ireland reached a new milestone of over 250,000 customers now banking with KBC with the bank adding almost 33,000 new customer accounts in H1 2017. The milestone comes as the bank reported a net profit of €102.7m after tax and impairments for Q2 2017. This compared to a profit of €39.5 million for the same period in ... Read More »

Aegon Ireland sold by parent to Athene for about €180m

DUBLIN: Dutch insurer Aegon has sold its Irish unit to US retirement services firm Athene for about €180 million. Aegon Ireland, which opened an office in Dublin in 2002, provides wealth management and retirement planning products to over 25,000 customers in the UK and Germany. Formerly known as Scottish Equitable, the company, which employs over 200 people in Ireland, had ... Read More »

KBC Bank Ireland reduces impaired loan stock in H1, sees rise in net profit

DUBLIN: KBC Bank Ireland said it has continued to reduce its stock of impaired loans as it reported that net profit for the first six months of the year nearly doubled to €173.1m after tax and impairments, when compared with the first half of 2016 (€99.4m). The lender’s stock of impaired loans fell by 16% to €5.1 billion over the ... Read More »

DHL Ireland delivers jump in profits

DUBLIN: Pre-tax profits at the Irish arm of international distribution giant DHL last year increased by 53pc to €2.47m. New accounts lodged by DHL Express (Ireland) Ltd show that the business recorded the increase in pre-tax profits as revenues increased by 5pc – going from €84.32m to €88.45m. The directors state that the company “continues on a successful growth path ... Read More »

Bank of Ireland Group plc earning somewhat positive media coverage

DUBLIN: News articles about Bank of Ireland Group plc (NYSE:IRE) have been trending somewhat positive on Tuesday, according to Accern. The research firm scores the sentiment of news coverage by reviewing more than twenty million news and blog sources in real-time. Accern ranks coverage of publicly-traded companies on a scale of -1 to 1, with scores closest to one being ... Read More »

Northern Ireland house prices fall 3.7% in 12 months

DUBLIN: The average price of a home in Northern Ireland dropped to £148,499 (€164,183) in the second quarter of the year – a fall of 3.7 per cent year on year – according to a new report from Ulster University. But the number of people buying homes rose to the highest level since the property crash a decade ago, the ... Read More »

Bank of Ireland’s Sweeney quits post

DUBLIN: Senior Bank of Ireland executive Mick Sweeney is leaving the business, staff at the bank have been told. Mr Sweeney led the bank’s wealth-management division since 2010, before moving to insurance unit New Ireland as interim managing director last year. Liam McLoughlin, CEO of the bank’s Irish retail division, said Mr Sweeney “enjoyed a distinguished career serving in a ... Read More »

Household property tax deferral pleas soar

DUBLIN: The government faces increasing pressure to detail its property tax plans with the number of households seeking a deferral from paying the charge doubling this year. New figures published by Revenue show about 62,000 claims for deferral of Local Property Tax (LPT) were made up to the end of June. There were only 30,600 homeowners seeking a deferral in ... Read More »

Bank of Ireland senior executive Mick Sweeney to step down

DUBLIN: Senior Bank of Ireland executive Mick Sweeney, who has led a number of group businesses over the past 15 years, has signalled he will be leaving the lender later this year. His departure was announced to staff on Friday and it is believed that Mr Sweeney (56) is exploring a number of Brexit-related opportunities in the financial sector. He ... Read More »

Kabbage raises $250m after establishing patch in Ireland

DUBLIN: Kabbage, a US fintech firm that recently established its European headquarters in Ireland after a key investor secured a €50 million investment from a major Government-backed fund, has raised $250 million. The Georgia-based online financial technology company provides funding to small businesses through its automated lending platform. It confirmed plans to set up in Ireland in March after one ... Read More »

Irish beer exports worth €280m in 2016

DUBLIN: Irish beer exports were valued at over €280 million in 2016, up 23% in two years with 40% of beer produced in Ireland being exported. This is according to the Irish Brewers Association (IBA), the representative voice for the brewing industry in Ireland, who have today released its 2016 annual Beer Market Report for Ireland. The report looks at ... Read More »

Ireland’s tax take misses target in July

DUBLIN:  Ireland collected slightly less tax than expected in the year to the end of July, but it also spent less than planned and the government’s finances were boosted by the sale of a 28-percent stake in Allied Irish Banks, data showed on Wednesday. Tax collection was 0.8 percent below target in the year to the end of July, narrowing ... Read More »

Irish Imports closing this fall after 44 years

DUBLIN: After a 44-year run, Irish Imports will close its doors this coming fall. The Lower Massachusetts Avenue staple, lodged at the intersection of Massachusetts Avenue and Prentiss Street, plans to shut down in the middle of October, co-owner Virginia Greenblatt said. “We have a lot of reasons all in all, but mostly the time has come,” Greenblatt said. “We’ve ... Read More »