Business

As final bids for EBS Building Society are being completed by the two remaining bidders – a private equity consortium led by Dublin firm Cardinal and Irish Life & Permanent – it has emerged that Cardinal has increased its offer and said its initial cash injection will be over €600m. Previously, the Cardinal consortium had offered to inject €525m in cash into the troubled lender. The National Treasury Management Agency (NTMA) is handling the sale said the two final bids had been received ahead of yesterday’s headline. Currently, EBS is state-controlled following €875m of State funding being used to rescue the lender. However, a further €438m is needed by the…

It may not have been a very merry Christmas for British retailers Tesco were it not for the success of its international stores. The world’s no. 3 retailer made progress in the six weeks to January 8 with group sales increasing by 7.6pc. However, the majority of this growth came from sources outside of Ireland and the UK. Total international sales over the period grew at 14.2pc, with strong performances in Asia, Europe and the United States. Chief executive Terry Leahy said, “The group has continued to make good progress, helped by strong growth across our international businesses, which delivered over half of the group’s growth.” The supermarket giant said its…

Government’s Warning on Proposed Taxation Rules 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. EU’s Plan for European-wide Tax Calculation Formula 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. Submission of Private Document to Taxation Commissioner…

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.…

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.…

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.

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…

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…

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…

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