The Government has warned the European Commission that the proposed introduction of rules on the taxation of business profits will damage Ireland’s economic recovery. Ireland told the Commission that if the pan-European rules went through then the country faces further tax increases and public spending cuts. The Irish Times reports today that the EU plans to draft legislation in March for European-wide formula to calculate corporation tax. Ireland has been a popular location for international corporations because of its generous tax regime but any EU-wide changes could dim its attractiveness. The Department of Finance submitted a private document to the taxation commissioner Algirdas Semeta, according to the newspaper. The department…

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Financial software firm Murex has announced it is to create 30 new jobs in Dublin as part of an expansion plan. The new positions will be created by the French company over the next three years in software development, business development and consulting. Murex, which arrived in Dublin 11 years ago, already employs 60 workers in south Dublin. The company said it is seeking workers with a combination of degree and masters qualifications in maths, engineering and computer science. The investment is supported by IDA Ireland. Managing director of Murex, Francois Pourprix, said, “The success of Murex’s Irish operation to date has led to this further expansion being announced today.…

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The Office of Fair Trading (OFT) in the UK has said it is not too late to examine Ryanair’s 2006 purchase of a stake in rival airline Aer Lingus. The OFT confirmed yesterday that it wrote to Ryanair informing it was “in time” to review the purchase of its minority stake. Ryanair said it intends to appeal the decision and maintains the OFT are “out of time” in enquiring the matter. The EU Competition Commissioner has already investigated the matter and confirmed that Ryanair would not have to divest its shareholding since it is not a controlling stake. Ryanair does not have “decisive influence” over Aer Lingus, it also said.…

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Budget airline Ryanair has announced today that record numbers of passengers travelled on its services during 2010. In a statement today, Ryanair said its traffic grew by 10pc from 65 million passengers to 72 million. In August, a monthly record was set when more than 7.7 million passengers flew with the airline. However, the company’s busiest day was recorded on July 30 when more than 1,400 flights carried over 255,000 people. Spokesman for the firm, Daniel de Carvalho said the airline’s success could be attributed to its punctuality, as well as its lowest lost luggage performance.

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Formal complaints against former Anglo Irish Bank chairman and CEO Sean Fitzpatrick and David Drumm are to go to an accountancy watchdog’s disciplinary committee. Following an investigation for the Chartered Accountants Regulatory Board by former Comptroller and Auditor General John Purcell, the two men face complaints, along with the bank’s former finance director Willie McAteer and Irish Life & Permanent’s former finance director Peter Fitzpatrick. Purcell looked at transactions by Irish Life & Permanent to Anglo which improved the bank’s accounts. He found that there was a prima facie case against all four men concerning these deposits. He found no case against the men for the loan taken by ten…

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New positions in manufacturing, sales and marketing and research and development will be created in Galway as a result of a €1.1m investment by Goodman Medical Ireland. The medical devices firm announced the 115 high-end jobs today, stating they would be created over the next five years in the Mervue Business Park in Galway city. Recruitment has already begun for the manufacturing positions. The medical group was set up in 2004 in Ireland and currently employs 56 people. It manufactures cardiology products, such as catheters and bare metal stents. The €1.1m investment is supported by IDA Ireland. The Galway operations will be the firm’s sales and marketing centre for the…

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After a tough year, retailers are hoping that they will receive a boost by opening on St. Stephen’s Day. Major shops in the country’s cities will re-open on December 26, after taking just one day off for the Christmas holiday. The decision was taken by most retailers after the success of last year’s experiment. In Dublin, Clery’s, Arnotts, Brown Thomas and Debenhams will all open their doors on St. Stephen’s Day, kicking off their sales a day earlier than tradition. Budget fashion retailer Penneys will also open its main stores in Dundrum, O’Connell Street and Mary Street. Marks & Spencer has bucked the trend and will not reopen until December…

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European Investment Bank

Irish bank shares rallied again on the markets this morning as European shares rose for a sixth session in a row. Today’s morning session marked a 26-month high. Dublin’s ISEQ gained 29 points to stand at 2,860. Allied Irish Bank (AIB) shares were up 6.15pc to trade at 47cent, while Bank of Ireland gained 8.53pc to 42cent. Irish Life & Permanent’s share price continues to increase and was trading at €1.21 at 11:15am today

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The eldest son of convicted Ponzi scheme architect Bernie Madoff is reported to have taken his own life today, after he was found hanged in his SoHo apartment in New York. “Mark Madoff took his own life today,” began the statement from his lawyer Martin Flumenbaum today. “This is a terrible and unnecessary tragedy. Mark was an innocent victim of his father’s monstrous crime who succumbed to two years of unrelenting pressure from false accusations and innuendo.” The tragedy occurs two years to the day after his father was arrested for fraud, and subsequently jailed for 150 years for defrauding investors out of billions. Mark Madoff and other family members…

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European Investment Bank

Credit ratings agency Fitch has said it will take several years before Ireland returns to an A status. It has also downgraded the debt of five of the country’s banks, including AIB and Bank of Ireland. Long-term and short-term issuer default ratings (IDRs) for AIB and Bank of Ireland have been downgraded to BBB from A- and F2 from F1. This move follows yesterday’s downgrade of the Irish sovereign. The guaranteed debt of AIB, Bank of Ireland, Anglo, EBS and Irish Nationwide has also been reduced to BBB+ from A+. All of the bank’s individual ratings were also downgraded because of the new capital requirements announced recently by the Central…

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