Ireland remains steadfastly against production cuts as pressure mounts

Minister for Agriculture Michael Creed.

‘Finger-pointing at Ireland’ unjustified, says Michael Creed ahead of EU meeting

Global stock markets lost about $2 trillion (€1.8 trillion) in value on Friday after Britain voted to leave the European Union, while sterling suffered a record one-day plunge to a 31-year low and money poured into safe-haven gold and government bonds.

European shares reeling as Wall Street opens with heavy losses

John McGrane, director general of the British Irish Chamber of Commerce at the International and European Affairs (IIEA). Photograph Nick Bradshaw

Head of British Irish Chamber of Commerce questions claims about rediverted FDI

  Blair Horan, former CPSU general secretary, CPSU. Photograph Nick Bradshaw.

Conference told of likely consequences for Ireland of British decision to exit the EU

Farming lobby groups call on Government to set out clear strategy to cope with fallout

Non-Eir operators claim ComReg’s failure to adjudicate leaves an uncertainty hanging over the industry and their operating costs. Photograph:  Maxwells

Regulator still to determine if Eir should shoulder all the cost of rural phone services

  Minister for Finance Michael Noonan and Minister for Public Expenditure and Reform Paschal Donohoe at the publication of the Summer Economic Statement . Photograph: Eric Luke / The Irish Times

Investec suggests Government’s aim to scrap USC puts it on collision course with FF

Ryanair’s chief executive  Michael O’Leary   warns a victory for   Leave  could signal ‘an end to the European project.’

Ryanair boss warns victory for the Leave camp would signal end to European project

Smurfit Library at UCD Smurfit school of business:school’s finance degree ranked 29th in Europe

Smurfit school only Irish business school listed in Financial Times global rankings

Like many Formula 1 innovations, the technology has trickled downstream. Photograph: David Loh/Reuters

Slovak firm c2i aims to provide cheap lightweight structures for motor industry

 Law Society of Ireland figures show  186 solicitors from the UK were admitted to practise here in the first six months of 2016. At this stage last year the number was fewer than 50. Photograph: Eric Luke

Figures from Law Society reveal scale of legal anxiety over Thursday’s EU referendum

Social Justice Ireland Sean Healy: “Investment is needed to produce a well-functioning economy, to develop inclusive labour markets, to ensure adequate income support and to ensure access to high quality services for all.”

Social Justice Ireland warns current public investment in social housing insufficient

Recent figures from ComReg show that  only about 10,000 homes and premises in the Republic are directly connected to fibre broadband, the gold standard of the industry. Photograph:  Andy Brown/Hemera/Getty

Up to 80,000 homes unable to connect to broadband networks without costly interventions

Remain supporters at a pro-EU event in Parliament Square, central London. Photograph: EPA

Anxiety mounts concerning outcome which wiped $1 trillion from stock values

AIB chairman Richard Pym: “As a bank we consider economic risk and the risks arising from a Brexit are extremely high.”  Photograph: Eric Luke

Chairman Richard Pym tells staff decision will have profound economic effect on islands

Minister for Public Expenditure Paschal Donohoeearlier this week highlighted the potential adverse impact of a Brexit on Government projections for the public finances and growth.

Think tank says Ireland’s trade position has already beed damaged by uncertainty

The Bank of England’s monetary policymakers discussed contingency plans to protect the banking system in the event of a Leave  vote. Photograph: Jason Alden/Bloomberg

Release of latest report on UK economy enrages Leave campaigners

Under Pierre-Emmanuel Taittinger’s stewardship the company is thriving, with annual sales of its flagship Brut NV close to a record six million bottles. Photograph: Brendan Smialowski/Getty Images

Taittinger CEO Pierre-Emmanuel on giving up his mistress in retirement and not listening to your kids

Keeping abreast of the changing technological environment in financial services is “quite challenging”, Central Bank Governor Philip Lane said on Thursday. Photo: Eric Luke/The Irish Times

Governor addresses financial services industry on challenge of new technologies

The survey of 15 major European processors, compiled by the Dutch Dairy Board, found Glanbia and Dairygold, which together process about half the State’s milk output, paid the lowest prices in April.

Glanbia and Dairygold paying farmers below European norms, survey finds

Latest CSO numbers still point to strong year for export trade

 Tim Callan from the ESRI. The think tank has said that raising the minimum wage is an inefficient way to reduce poverty. File photograph: Aidan Crawley

New study shows majority of those in need do not benefit from rises in hourly pay rate

Brexit could have a “material” impact on profitability of Irish financial firms, with the UK accounting for about 20 per cent of total revenues of Irish banks, according to the Central Bank. (Photograph: Matt Kavanagh/The Irish Times)

Risks to Irish economy seen as downside as bank forecasts growth of 5.1% for 2016

Commercial Mushroom Producers (CMP) claims the department has limited the amount of aid available to it via expenditure caps

State’s largest producer body initiates legal action, claiming it has lost €12m in funding

Manny Stul, the man behind Australia’s Moose Toys, was born in a refugee camp after the war.

Manny Stul, the son of Polish war refugees, scoops top business accolade

Lavazza says it has measures in place to manage exchange rate fluctuations in all its markets. Earlier this week, the British currency fell to a three-week low against the euro after  polls put the Leave camp in the lead

Italian company sells its produce into the Republic through a distributor in the UK

Not only did vinyl survive the CD revolution, it is now thriving in a music buying industry dominated by iTunes and streaming sites such as Spotify

Boss of GZ Media rides high on revival of old format

The Fiscal Council also noted that the Government’s capital spending plans, which involved an additional €4bn a year to 2021, were extremely modest by historical and international levels. Photograph: Getty Images

Watchdog’s ‘standstill’ estimate reflects pressures posed by inflation, pay and ageing

Crossed wires: the ESB has been in direct competition with Eir in the Irish telecoms markets since last year through Siro

Controversial claim comes ahead of awarding of National Broadband Plan contracts

Speculation surrounded mystery windfall as 90-day deadline approached

Investec’s latest Purchasing Managers’ Index resumes upward momentum

Eir defends price changes, saying they were linked to the company’s increased investment in high-speed fibre broadband. Photograph: Rui Vieira/PA Wire

Telcos say they intend to pass on Eir’s increase in wholesale rates to consumers

Henry Corbally, chairman,  and Siobhán Talbot, managing director of Glanbia: the Glanbia Advance Payment (Gap) scheme was described by the company as a “dynamic volatility measure”. Photograph: Robbie Reynolds

Scheme worth €55m aimed at cushioning farmers from slump in commodity prices

Separate CSO figures this week put unemployment at a post-crash low of 7.8 per cent. Photograph: Daragh Mac Sweeney/Provision

Latest CSO data show number of people on unemployment register fell by 3,600 in May

Latest exchequer numbers buoyed by better-than-expected corporation tax receipts

The report indicated approximately one in seven Irish adults generate a supplementary income via the internet. Photograph: Alan Betson / Irish Times

Minister Naughten publishes two report highlighting importance of digital economy

Aryzta chief executive Owen Killian said Q3 revenues “confirm an improving trend in all regions”. (Photograph: Cyril Byrne / The Irish Times)

Food group struggles to halt slide in investor confidence linked to concern over US arm

Ireland has jumped to seventh in the latest World Competitiveness Yearbook rankings, a rise of nine place and its best performance since 2000.

Latest IMD rankings sees US surrender top spot to Hong Kong and Switzerland

Latest CSO figures show production here grew by more than 18% since April 2015

Artist’s impression of the dripping glacier at the Cool Planet Experience, which is due to open at the Powerscourt Estate in early 2017. Picture: Martello Media

Cool Planet Experience, due to open in 2017, has backing of several top Irish companies

Jarlsberg cheese is similar to Swiss Emmental. Image: iStock

Tine plans to make Jarlsberg cheese for export on Dairygold site in Co Cork

The Motor Insurance Bureau of Ireland (Mibi) has signalled its intention to proceed with a Supreme Court appeal against a decision that it must pay out on the 1,750 outstanding claims left in the wake of Setanta Insurance’s collapse in 2014.

Mibi is appealing court decision that it must cover failed insurer’s liabilities

Shoppers are reflected in a shop window

Latest CSO figures show sales have increases by 5.1 per cent on an annual basis

Comreg is to look at Eir’s role in wholesale market amid anti-competitive allegations. File photograph:  Maxwells

Claims that appointment of regulator’s head of regulatory finance poses conflict of interest

Hostelworld chairman Richard Segal (left) with CEO Feargal Mooney. Photograph: Dave Meehan/The Irish Times

Irish travel website Hostelworld’s shares trade down 30% after poor trading update

The logistics sector, which runs from  freight transport to distribution and other supply chain operations, has seen confidence rise. Photograph: Dara MacDonaill

Despite Brexit worries, CBRE survey finds companies are set to hire more staff

Landmark case could have huge implications for privacy rights in the digital age

 Chairman of Total Produce Carl McCann.

Food distributor issues trading update ahead of its AGM

 Deloitte head of financial services David Dalton and IDA chief executive Martin Shanahan: Blockchain  technology – which underpins the digital currency, bitcoin – can speed up payments and transfer clearances, settlements and reconciliations. Photograph: Robbie Reynolds

Accountancy giant says unit will employ 50 staff when fully operational

More than two-thirds of firms believe the business environment here is continuing to improve, while just 3 per cent say it is deteriorating. Photograph: Getty

Small Firms Association study indicates majority believe situation is improving

Teagasc survey shows dairy incomes only fell by 4% despite collapse in prices

Teagasc’s National Farm Survey shows average income on dairy farms fell by 4 per cent to € 63,020 amid a 20 per cent fall in prices. (Photograph: Matthew Lloyd/Bloomberg)

Average farm incomes up by 6% to € 26,526 Teagasc says but income on dairy farms is down by 4%

Heather Humphreys: once the contracts are in place her department will supervise the rollout of rural broadband

Naughten insists twin-track approach would accelerate much-publicised initiative

Rival telcos say the former semi-State’s fault repair times are too long and fall below European industry norms, a claim Eir rejects

Regulator Comreg says telco should fix 100% of faults on its network within two days

Ryanair shares closed up nearly 3% at €13.58 after reporting a 43% surge in annual profits to more than €1.24bn

Investors continue to speculate on potential timing of US interest rate increase

Joaquim Levy, managing director and chief financial officer of the World Bank Group and former finance minister of Brazil, is in Dublin this week. Photograph: Bloomberg

Former finance minister of Latin American country is now with the World Bank

Access to Eir’s broadband and fixed-line network remains a contentious issue amid allegations the former semi-State favours its own retail arm over rivals. Photograph:   Maxwells

Industry group threatens to take case to European competition authorities

“Strong growth and a rapidly increasing population are putting severe pressure on the country’s infrastructure and public services,” Ibec’s director of policy Fergal O’Brien said. Photograph: Eric Luke/The Irish Times

Employers’ group says capital spending proposals could break fiscal rules

Traders at the  New York Stock Exchange  on Monday. The benchmark US Treasury yield rose after matching a one-month low on Friday. Photograph: Michael Nagle/Bloomberg

Crude oil futures hit a six-month high as consumption begins to outstrip production

First flows via interconnector pipeline were recorded in late March

Paul Drechsler, president of the Confederation of British Industry. Photograph: Joanne O’Brien

UK needs to be in EU, insists Irish-born president of Confederation of British Industry

The Glanbia plant in Belview, County Kilkenny. GII is the State’s largest milk processor  and is jointly owned by the plc and the co-op. Photograph: Eamonn Farrell/Photocall Ireland

Sums paid to 14 individuals significantly more than previously thought

A wholesaler inspects beef carcasses that hang inside a refrigerated room at the Cibevial slaughterhouse in Corbas, France. Photograph: Robert Pratta/Reuters

IFA salutes move by Brussels to withdraw beef from table of trade talks

Chief executive at Kerry Group Stan McCarthy:  He is to resign as head of the group’s co-operative arm amid the company’s ongoing row with suppliers over price. Photograph: Dara Mac Dónaill

Overproduction of milk has seen prices fall from 38 cents a litre to about 25 cent

 Heather Humphreys: responsibility for the broadband strategy has been placed under the remit of the Department of Regional Development, Rural Affairs, Arts and the Gaeltacht, of which she is Minister. Photograph: Dave Meehan/The Irish Times

Much-publicised initiative is being removed from the Department of Communications

Pat McCann (left), chief executive, and John Hennessy, non-executive chairman of Dalata: the hotel group  rose 1.6 per cent to €4.35 ahead of announcing the purchase of a property in Cork, where it plans to build a 121-room hotel.  Photograph: Eric Luke / The Irish Times

In Dublin Smurfit Kappa is buoyed by better-than-expected trading update

Clockwise from top: Tehran’s ancient grand bazaar – Iran has the second largest economy in the Middle East

Trade missions beating a path to Tehran as country’s economy on road to recovery

Acquisition will allow Lakelands process up to 1.1 billion litres of milk a year

Move will allow Cavan-based co-op to process up to 1.1 billion litres of milk a year

Anthony Reidy and  Ger O’Mahoney of PwC Cork with WGPA executive committee members Anna Geary and Valerie Mulcahy. Photogaph: Gerard McCarthy

Professional services firm leases 14,000sq ft space on a 15-year basis

Developer Michael O’Flynn: “There isn’t a single house constructed on the land.” Photograph: Brenda Fitzsimons

Judicial review will run rule over planning refusal for €75m scheme

A trader works on the floor of the New York Stock Exchange. Wall Street was higher in early evening trading on Monday, helped by a rise in financial and consumer discretionary stocks.

Dublin and London markets closed for a public holiday

  Happier times: British prime minister David Cameron (right) and London mayor Boris Johnson   point at each other as the London 2012 Paralympic Cauldron is lit in London’s Trafalgar Square in  2012.

Survey respondents cite potential knock-on effect for the Irish economy as potential risk

Angel Gurria, secretary general of the Organization for Economic Co-operation and Development (OECD): the OECD’s report suggests global FDI increased by 25 per cent to $1.7 trillion in 2015. Photograph: Molly Riley/AFP/Getty Images

OECD report finds FDI among top industrial countries back at pre-crash levels

PwC’s Feargal O’Rourke with former UK prime minister Gordon Brown  in Dublin. Mr Brown said: “The UK and Ireland are so closely interconnected as members and partners in the European Union that a British exit from the European Union would hurt both.” Photograph: Maxwell Photography

Former taoiseach says EU membership enhances ability of countries to influence issues

 Japanese stocks tumbled and the yen surged  after the central bank dashed investors’ hopes for more stimulus, leading to declines in most other world benchmarks after the Fed left interest rates unchanged. Photograph: AP Photo/Shizuo Kambayashi

In Dublin, Origin sees shares drop 12.5 per cent after reporting poor trading performance

Bord Bia chief executive Aidan Cotter: “The lifting of international sanctions on Iran opens the way for Irish food exporters to explore trading opportunities in the second largest economy in the Middle East.”

Banks wary of running afoul of ongoing US sanctions related to terrorism

The disclosure that the State dairy exporter Ornua paid nine top executives €9.2 million in salaries and bonuses over the past two years has whipped up a storm in farming circles

State’s largest dairy exporter resists calls to disclose chief executive’s pay

Pat O’Rourke: “The farmers I’ve talked to say there is simply no justification for these massive salaries when the price they’re receiving for their product is at a 10-year low”

Former dairy boss Pat O’Rourke says farmers are shocked and disillusioned by revelations

 Steve Wozniak, the co-founder of a US technology giant Apple, who has said the technology giant should pay more tax. Photograph: Paul Faith/PA Wire

Man who set up tech giant with Steve Jobs says companies should pay 50 per cent rate

Ibec CEO Danny McCoy with strategist and author Alastair Campbell  and Mary Rose Burke, Ibec director of strategy, international and corporate affairs. Photograph:  Conor McCabe Photography

Ibec boss McCoy warns State would be unable to negotiate bi-lateral trade deal with Britain

The president of the Irish Farmers’ Association, Joe Healy, has criticised milk processor Glanbia over the price it is paying to suppliers. Photograph: Dave Meehan/The Irish Times

Healy says farmers are being forced to bear brunt of the current dairy market downturn

Wall Street stocks were little changed on Thursday evening after a raft of mixed quarterly earnings and the slide in oil prices kept investors on the sidelines.

Draghi’s failure to mention the strength of the euro sends stocks lower

Chief executive Kevin Lane, chairman Aaron Forde and group finance director Donal Buggy at the announcement of Ornua’s results. Photograph: Patrick Bolger

State’s largest dairy co-op publishes details of executive remuneration for the first time

   Padraig Gibbons, chairman of Aurivo with Donal Tierney, CFO and Aaron Forde, Chief Executive of Aurivo. Picture Kenneth O’Halloran/JCP.

Co-op, formerly known as Connacht Gold, describes trading environment as volatile

Joe Healy, from Galway, who was elected president of the Irish Farmers Association (IFA) at their 2016 Election today. Photograph: Dave Meehan/The Irish Times

Landslide victory for new president a kick in the teeth for organisation’s establishment

Newly elected IFA president Joe Healy celebrates with his family. Photograph: Eoin Burke-Kennedy

Joe Healy’s election seen as reaction to recent controversy

Bank is main creditor to Carlow machinery firm, which was put in receivership last week

 From left Tom Hickey, Petroneft non executive director, Paul Dowling chief financial offers and Dennis Francis chief executive   Photograph: Frank Miller /	Irish Times

Dublin-based company has been in a dispute with its largest shareholder Natlata

  IFA National Livestock chairman Henry Burns: two recent polls give Joe Healy  a narrow lead  for IFA president over Mr Burns, the hierarchy’s preferred candidate. Photograph: Alan Betson/The Irish Times

Joe Healy leads three-way field ahead of Tuesday’s vote count

 Enda Corneille, Emirates  and  Mishal Kanoo, CEO of the Kanoo Group.

Chief executive of Kanoo group was attending the 2016 Arab-Irish business forum

Company claims move was in response to weaker returns amid global slump

Minister for Agriculture, Food and the Marine Simon Coveney: wrote to EU’s trade commissioner Cecilia Malmström last week expressing his concerns about the potential impact of the deal on Ireland’s beef sector. Photograph: Eric Luke

States do not want EU opened to Argentinian and Brazilian farm products

Firm says revised predictions could be derailed by Brexit or further political deadlock here

Transocean, which provided Providence with a drilling unit for Barryroe oil field, had appealed against a ruling by the Commercial Court. Photograph: Finbarr O’Rourke

Irish oil and gas explorer ordered to pay €6.2m to offshore drilling company Transocean

Photograph: Chris Ratcliffe/Bloomberg

Washington-based fund says Ireland has most to gain from liberalisation of world trade

Ships in Dublin Port being loaded with goods for export. Photograph: Irish Times

High passenger and trade figures mean Government will get €10.9 million dividend

Deal between Dublin and Washington extends only to high-value steak cuts, but the big demand is for mince

Industry sources insist trade will not pick up until deal is widened to include mince

File photo   of EU and UK flags fly above the EU Commission offices in Westminster, London. Photograph: Stefan Rousseau/PA Wire

Merrion Stockbrokers issues warning over ongoing politcal stalemate

Chinese premier Li Keqiang with his wife, Madam Cheng, and Taoiseach Enda Kenny on Garvey’s farm in Gortbrack, Co Mayo, in May last year. Photograph: Cyril Byrne

Deal to reopen Chinese market in jeopardy over vote by Ireland at UNHRC

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