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Irish central bank trims growth forecast, cites external risks

DUBLIN: Ireland’s central bank trimmed its forecast for economic growth for this year on Thursday, citing a weaker outlook for export growth amid risks that it said were firmly weighted to the downside. Ireland has had the fastest growing economy in the European Union for the past three years and the bank sees gross domestic product growing by 3.3 percent ... Read More »

Ireland’s economy ‘exposed to’ US tax cuts, says Moody’s

DUBLIN: Moody’s Investor Service has signalled that Ireland is particularly vulnerable to any proposed changes to corporate tax laws in the United States. In a predominantly upbeat assessment of the Irish economy, the New York-based organisation also reiterated that while Ireland will be impacted more than other EU countries by Brexit, its effects will be “manageable overall”. It predicted the ... Read More »

Pierre Moscovici pitches tax plan in Ireland

DUBLIN: Pierre Moscovici, head of tax at the European Commission, was in Dublin yesterday and said he was open to compromises that would help encourage Ireland to buy into Brussels’ new tax proposal that aims to share out Europe’s corporate tax spoils. But based on questioning he faced from TDs and from comments made in a speech by Finance Minister ... Read More »

Bank of Ireland fund seeks €100m to invest outside Ireland

DUBLIN: Bank of Ireland Private Banking has launched a new multimillion-euro fund for its high-net-worth clients in partnership with international investment group KKR. Called the Diversified Private Markets Fund, it will seek to raise close to €100 million and will be two-thirds invested in private-equity assets, with the balance being private credit and real estate. All of the money will ... Read More »

Gardaí, customs officials seize cannabis worth €37.5m

DUBLIN: Gardaí and customs officials in Dublin have seized a major haul of herbal cannabis worth €37.5m. Gardaí say the seizure was made as part of an operation that targeted the activities of major criminal gangs in Ireland. It is understood customs searched a container and found 1,873kgs of herbal cannabis which was set to be distributed across the country. Read More »

Irish economy vulnerable to US tax changes, Brexit

DUBLIN: A lower corporate tax rate and additional trade disputes in the US and the UK leaving the European Union will impact Irish economic growth in 2017, according to a report from financial services provider Merrion Capital. In its latest Irish Quarterly Economic Outlook, Merrion said that US President Donald Trump’s planned tax cuts and public spending measures could “fire ... Read More »

Irish low-tax model out of steam: Honohan

DUBLIN: The model of relying on low corporation taxes as Ireland’s core offering to attract foreign direct investment has had its day, according to the former Governor of the Central Bank Patrick Honohan. Speaking at the launch of a new book that looks at Ireland’s experience of austerity in the aftermath of the financial crisis, Prof Honohan told the Irish ... Read More »

Ireland may pay price of Britain leaving customs union

DUBLIN: While the British prime minister clarified her government’s approach to Brexit on Tuesday, clarity does not bring reassurance for Ireland. In one key dimension, trade, it is clear that the UK’s approach will be particularly bad for Ireland, as well as maximising the potential damage to the UK economy. Nonetheless, for the Irish Government, the most pressing priority is ... Read More »

Ireland’s trade surplus drops 20%

DUBLIN: The value of Irish imports jumped by 18 per cent to €6.15 billion in November amid worries that the current weakness in sterling could be inflating the cost of British-manufactured goods. The latest trade figures from the Central Statistics Office also reveal that the value of exports fell by 1 per cent, to €10.2 billion, in November. This led ... Read More »

Grafton Group sees revenue rise

DUBLIN: Irish merchanting group Grafton Group plc, Irish merchanting group Grafton Group plc, boosted revenue to £2.51 bn, up 13.4% from £2.21 bn for the year ended 31 December 2016.   The trading update was issued in advance of the group’s Final Results which are scheduled to be announced on 7 March 2017. In the UK, the merchanting operations which include ... Read More »

Hike in tax revenues helps to reduce budget deficit: Central Statistics Office

DUBLIN: An increase in tax revenues helped reduce the Irish budget deficit for the first nine months of 2016, according to latest data released by the Central Statistics Office. The government recorded a deficit of €3.1bn equivalent of 1.5pc of GDP-for the first nine months of 2016. That compares to a figure of a €3.2bn deficit for the same period ... Read More »

Man arrested at port with 60,000 cigarettes

DUBLIN: 60,000 cigarettes with a retail value of over €32,500 were seized by Revenue at Rosslare Europort yesterday. Revenue says Detector Dog Alfie assisted in the searches as the smuggled cigarettes were found concealed throughout the cars, and in a large metal container. The contraband cigarettes are branded ’L and M’ and ’NZ Superslim Gold’. A Lithuanian man in his ... Read More »

Irish horse racing chief favours increase in betting tax

DUBLIN: For instance, the number of active owners rose by 1.5% to nearly 3,700 and the numbers of horses in training was 4% higher at 8,500. They were the first such increases since 2008. Attendances at race meetings rose modestly though principally at the major festivals and larger courses, while prize money also rose, though commercial sponsorship still represents less ... Read More »

Value of Irish dairy exports to the UK drops 10% in 2016

DUBLIN: A decline of over 10% was recorded in the value of Irish dairy exports in 2016 to the UK at an estimated €840m, according to Bord Bia’s Export Performance and Prospects report for 2016-2017. With in the region of a quarter of total Irish dairy exports going to the UK, it remains a key market for Irish dairy produce. ... Read More »

Cineworld’s group revenue increases by 8.3%

DUBLIN: Cinema operator Cineworld Group said today that its full-year group revenue rose 8.3% on a constant currency basis. The increase came as movies such as “Star Wars: Rogue One”, “Fantastic Beasts and Where To Find Them”, and “The Jungle Book” drew record number of viewers to its screens. Cineworld said group box office revenue for the year ended December ... Read More »

Irish beef export tonnage climbs 5% in 2016

DUBLIN: The volume of Irish beef exported jumped by 5% in 2016 on the year before, Bord Bia’s Mark Zieg has said, but the value of exports declined by 1%. Zieg, the Bord Bia Beef Sector Manager said some 535,000t of beef was exported from Ireland in 2016, valued at €2.38 billion. The majority of this beef was shipped to ... Read More »

Irish tax authorities tighten offshore disclosure regime

DUBLIN: The Irish tax authorities have issued new guidance on the disclosure of foreign income and assets, outlining changes to the voluntary disclosure rules that will prevent individuals from benefitting from lower penalty rates when the disclosure relates to offshore matters. Revenue has pointed out that restrictions introduced in the Finance Act 2016 include a measure to preclude a person ... Read More »

Ireland records highest percentage of taxes paid in country

DUBLIN: According to Irish tax authorities, as many as 97 percent of all property owners paid taxes last year. The tax authorities have said they collected as much as 463 million euros from tax last year. Astonishingly, a huge number of people have already paid the taxes for this year.However, this wasn’t without prompting owners to do so: The tax ... Read More »

Apple app store sales jump 40% in 2016

DUBLIN:  Apple customers’ App Store spending jumped 40 per cent in 2016 fuelled by games such as Pokémon Go and Super Mario Run to provide a much-needed boost to services revenues, at a time when iPhone growth remains sluggish. Payments to app developers, after Apple took its cut, rose to more than $20 billion (€19 billion) last year, the company ... Read More »

Ireland FDI rises as fears of Brexit disappear

DUBLIN: Foreign companies are continuing to flock to Ireland despite the twin shocks of Brexit and a €13 billion ($13.58 billion) adverse tax ruling against technology giant Apple last year. The country, which has been a magnet for US technology and pharmaceutical companies for nearly three decades, saw a record 99 new investments in 2016 that helped to create jobs ... Read More »