Business and Leadership Ltd.

Former Fine Gael TD George Lee is set to make his return to the public stage tomorrow when he speaks at a seminar in the University of Limerick. The former RTE economics editor was elected to as a TD in Dublin-South after topping the poll in a by-election last summer. However, in a move which prompted a massive media storm he quit politics nine months later, saying that he had had “virtually no influence or input into shaping Fine Gael’s economic policies at this most critical time”. According to the University of Limerick, in his speech Lee will call for a lowering of corporation tax to 10pc to attract inward…

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Business and Leadership Ltd.

The chief executive of Paddy Power Patrick Kennedy was paid a total of €1.42m for 2009, which was up marginally on the €1.39m sum he received in 2008. Details of the bookmakers’ executive remuneration were contained in its annual report published this afternoon. Kennedy’s pay package included a salary of €678,000, pension payments of €203,000 and an annual bonus of €500,000 for 2009. The bookmakers’ managing director of non-retail and development Breon Corcoran earned a total of €827,000 for 2009, which included an annual salary of €460,000 and an annual bonus of €280,000. Meanwhile, Paddy Power’s finance director Jack Massey earned a total of €555,000 in 2009, which included a…

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Business and Leadership Ltd.

The Government this morning won the vote to take a two-week-long Easter break. The break was voted for by 69 TDs and against by 64 TDs. The Opposition parties had argued that it was inappropriate to take a two-week long break given the country’s current financial situation. The Dail will rise today and will not meet again until 20 April.

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Business and Leadership Ltd.

The pay of Royal Dutch Shell’s Chief Executive rose by 22pc during 2009 to US$4.4m, according to the company’s annual report published today. Peter Voser (pictured), who was promoted to the CEO role in July 2009, had previously earned US$3.8m in 2008 in his capacity as the group’s chief financial officer. Shell announced last month that it was freezing pay for its top executives until January 2011. The move came following a shareholder revolt against executive remuneration at Shell’s AGM last May when shareholders voted against the company’s remuneration policy. The energy group said at the time that Voser would be receiving a pay rise to reflect the fact that…

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Business and Leadership Ltd.

The presumption that Ireland became wealthy during the boom is false and Irish workers by and large wasted their high incomes during the Celtic Tiger years, a new report from Davy stockbrokers has said. The Davy report says that while Ireland has moved up the income per capita table each year since 1994, the country never actually became wealthy as much of the money made between 2000 and 2008 was wasted. The stockbroker’s report acknowledges that Ireland was still ranked eighth in the Eurozone in terms of wealth at the end of 2009, but said that years of high income was not enough for a country to become wealthy. To…

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Permanent TSB to hike standard variable mortgage rate

Permanent TSB has confirmed that it is raising the interest rates on its standard variable mortgages and related products by 0.5pc from the start of February. As a result, the new rate for customers holding standard variable mortgages is 3.69pc. Permanent TSB said the move would affect just under 80,000 residential mortgage customers, who make up 45pc of its residential mortgage loan book. Its other 100,000 residential mortgage customers will not be affected. High cost of funds The bank said the decision to increase rates had been forced on it as a result of the continuing high cost of funds. “While the bank sources funds from a variety of sources,…

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Business and Leadership Ltd.

Bank of America (BoA) has reported a net loss of US$194m for its fourth quarter compared to a loss of US$1.8bn reported a year earlier. America’s largest bank was hit with a US$4bn charge during the final quarter of the year as it paid back the last of the taxpayer monies it owed under the Troubled Asset Relief Program (TARP). BoA said it has now repaid the US$45bn in TARP funds it received from the US Government over the course of the financial crisis. Revenue for the fourth quarter rose 59pc to US$25.4bn from US$16bn a year ago, the bank said, which reflected in part its acquisition of Merrill Lynch.…

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Business and Leadership Ltd.

Aer Lingus’ Deputy Chief Executive and Chief Operating Officer Niall Walsh has resigned from the airline. The airline issued a statement yesterday saying that Walsh will leave the company with immediate effect “to pursue other interests”. Christoph Mueller, Aer Lingus’ Chief Executive Officer, will assume responsibility for the duties of the Chief Operating Officer for a temporary period. Aer Lingus Chief Engineer Fergus Wilson will assist Mueller with the additional role. The role of Deputy Chief Executive will be discontinued, Aer Lingus said. In terms of the Chief Operating Officer role, the carrier said it will immediately begin an external search. “I would like to thank Niall for his 16…

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Business and Leadership Ltd.

More than 200 IT jobs are to be cut by Royal Bank of Scotland (RBS) across the Republic and Northern Ireland. RBS, which trades as Ulster Bank in Ireland, is closing its IT support offices across Ireland. Some 196 IT support staff at the bank’s IT support office at Parkgate Street in Dublin and a further 25 at its office in Belfast were told of the redundancies this morning. Some of the jobs are due to be transferred to the UK.

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Business and Leadership Ltd.

In Vijay Govindarajan’s view, many of the major innovations of the future will originate in the emerging markets. Global companies in the developed world will need to get in on the act if they are to compete, he says. Gone are the days when the major mass markets were the US, Japan and Europe. Today, emerging markets such as Brazil, China, India and Russia represent half of the world’s GDP and over 40pc of its exports. They now represent the mass markets that need to be served, and not with products designed for traditional consumers. With many forecasting that the developed world will see a prolonged period of slow growth…

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