Raw sewage is being pumped directly into water systems in 44 locations.

Water pipes twice as old as European average, half of clean water lost through leakage

International Monetary Fund chief economist Maurice Obstfeld answers questions at the World Economic Outlook Press Conference in Lima, Peru. Photograph: Stephen Jaffe/IMF via Getty Images

International Monetary Fund cuts its global growth forecasts a second time this year

Ireland will have to act wisely, observing which way the wind is blowing, measuring its response, and all the while seeking to preserve the benefits of its vital foreign direct investment sector

Will Beps proposals see billions more in taxes paid by companies to governments?

Welcoming the Base Erosion and Profit Shifting (Beps) report, Mr Noonan said the OECD proposals would “play to Ireland’s advantage”, despite fears it could provoke a flight of multinationals. Photograph: Getty Images

Michael Noonan welcomes plan but says EU should not attempt to go further

Pascal Saint-Amans, director of the Centre for Tax Policy and Administration at the Organisation for Economic Co-operation and Development.

OECD director says double-Irish is over but that does not mean Ireland will lose business

The Organisation of Economic Cooperation and Development (OECD) logo is seen at the company’s headquarters in Paris, France, on Friday, May 28, 2010. Slovenia, along with Israel and Estonia, are joining the Paris-based organization of 31 of the world’s most developed economies. Photographer: Antoine Antoniol/Bloomberg

High Irish tax rates seen as impediment to persuading key executives to locate here

Just 48 taxpayers account for €109 million in tax write-offs

Amount of tax owed at the end of March was €2 billion, 9% less than two years earlier

The project involved 787 cases of tax evasion, and by the end of 2014 about 80 per cent had been closed, with a yield of €15.4 million.  Photograph: Alan Betson/The Irish Times

Non-payment of tax on expenses, salaries paid to family members among findings

The Priory Hall complex in Dublin, from which residents were evacuated over fire safety defects in October 2011. Tom McFeely was one of its two developers. Photograph: Alan Betson

Move comes just months after developer Tom McFeely was blocked from emerging from bankruptcy by Irish courts

Iceland branch in Cabra: Accounts  say it continued to trade successfully and that three stores opened and one closed, during the year to the end of March. Photograph:  Niall Carson/PA Wire

Group plans to open new Irish outlets and increase staff to up to 1,000

Mayor of London Boris Johnson: has used his power to ‘call in’ Shoreditch project. Photograph: Ben Stansall/AFP/Getty Images

Mayor of London to decide on planning permission following developer’s request

Businessman Paddy Cosgrove had contacts with the Government prior to the decision to move the Web Summit to Lisbon

Billionaire George Soros has reduced his exposure to Irish commercial property market

Anglo Irish Bank: the tax bill relates to salaries and one-off special bonuses to senior executives. Photographer: Dara Mac Dónaill / The Irish Times

Invoice mainly comes from unpaid income tax owed by Anglo

Former INM chief executive Liam Healy Photograph: Cyril Byrne/The Irish Times

Healy was a close business associate of Sir Anthony O’Reilly

 Paddy Cosgrave,   the Web Summit’s founder,  with  Taoiseach Enda Kenny    at the RDS in Dublin in 2014. Photograph: Eric Luke

Firm majority owned by Patrick Cosgrave show shareholders’ funds of €1.8m

Some observers believe a public country-by-country reporting regime for multinationals will eventually be put in place. Photograph: Getty Images

Measures aimed at ensuring companies disclose more information to authorities

Borrowing in the years up to 2008 by Anglo Irish Bank, Irish Nationwide, AIB, Bank of Ireland, Irish Life and the EBS so they could lend money  was so out of control that it destroyed the institutions themselves.

Audited results for banks during those years showed healthy profits

Don Thornhill, Chairman of Carb

Regulatory body says rules that governed 2008 bank audits were found “wanting”

A queue for   the jobseeker’s allowance  in Dublin: The rate for jobless households is falling more slowly than joblessness generally. Photograph: Frank Miller/The Irish Times

Chance of someone in jobless household getting job little more than half that of someone in working household

Strong jobs figures in the US added to fears the Federal Reserve could raise interest rates next week. Photograph: Petar Kujundzic/Reuters

Concerns that US Federal Reserve could raise interest rates next week

John O’Dwyer, chief executive of VHI. Photograph: Aidan Crawley

Since he took over as CEO of the VHI in 2012, John O’Dwyer has been trying to prepare the insurer for the future

VHI chief executive John O’Dwyer: It is the first time we have had growth in years. Photograph: Aidan Crawley

Chief executive John O’Dwyer says he expects growth of 15,000-20,000 customers

Councillor John McCartin and Seán Quinn: Mr McCartin is a director of QBRC Ltd, formerly Quinn Business Retention Company Ltd.

John McCartin helped return large element of group to local control

The Government commission is to investigate transactions of the IBRC, which include deals involving  Denis O’Brien. Photograph: Dara Mac Dónaill

Westons take over Arnotts, Denis O’Brien law firm to advise on IBRC commission and Paddy Power gamble pays off

INM group chief executive, Robert Pitt, said the first half of 2015 has been “very satisfactory” for the company both from an operational perspective and from a financial perspective. Photo: Alan Betson/The Irish Times

Media group looking at ecommerce opportunties to link to its current online offering

A city worker looks at a stock ticker screen at the London Stock Exchange, August 25th, 2015. Photograph: Philip Toscano/PA Wire

European shares bouyed by second Chinese interest rate cut in two months

G4S cleaning services. Photograph: company website

Cleaning and vacant property services firm had pre-tax profit of €257,627 previous year

Media group is also closing its office on Royal Avenue, Belfast, and will relocate in the city. Photograph: Frank Miller/The Irish Times

INM said continuing decline in print volumes combined to make the printing plant unviable

The directors during the year were Ross Maguire (above)  and Vincent Martin. Photograph: Dara Mac Donaill / The Irish Times

New Beginning Advisors’ total income last year was €707,991, as compared with €345,005 a year earlier

In its 2014 accounts Glanbia Luxfin, a subsidiary of Irish food group Glanbia, reported profits of $14.2 million and tax of $4,175, while Glanbia Luxinvest reported profits of €2.9 million and tax of €38,863. Photograph: Dylan Vaughan

Subsidiaries in Luxembourg of food group had no staff and assets at year’s end of €1.3bn

One of the letters Revenue sent out by mistake.

Letters sent in error to traders abroad under new VAT/Moss system

Businesses outside Ireland have received demands purporting to be from the Irish Collector General seeking payments under new EU VAT rules on customers who buy goods over the internet. Photograph: iStockPhoto

Letters seeking payment under new EU VAT rules sent to firms outside Ireland

Four Seasons Hotel: the Livingstone brothers’ London & Regional Properties group acquired it less than five years ago for about €15 million and is understood to have made a significant return on its initial investment. Photograph: Alan Betson

Livingstone brothers paid €2m to cancel contract with the Four Seasons group

Mark Fielding, chief executive of Isme: said €1.62 billion was being drained from the economy annually because of business crime. Photograph: Frank Miller

Small business representative body calls for tougher measures to tackle crime

Burberry  store on Russell Street in the Causeway Bay shopping district of Hong Kong, China: fashion group’s shares edged up 2p, to 1484p, after being more than 2 per cent higher earlier in the session. Photograph: Xaume Olleros/Bloomberg

Dollar strengthens as labour and sales data bolsters optimism in world’s largest economy

Building the future: jobs were created last month in areas such as retail banking and construction, as well as IT.  Photograph: Regis Duvignau/Reuters

July figures show banking and IT doing particularly well, with more jobseekers coming home from abroad

Cathal Friel, who chairs Fastnet Oil & Gas. The firm is looking to explore the biopharma sector and leave oil and gas

Firm seeks to explore the biopharma sector and abandon its oil and gas activities off the coasts of Ireland and Morocco

Royal Bank of Scotland recorded a fall of 1.6p to 343.9p, while HSBC dropped 3.6p to 584.1p, although Barclays rose 1.4p to 282.6p. Photograph: Andy Rain/EPA

Irish shares showed slight improvement, with Bank of Ireland closing day on 0.54% rise

A view of the Carlisle Grounds, home to Bray Wanderers. Photograph: James Crombie/Inpho

Company says it will not acquire Carlisle Grounds unless another location is found

The Carlisle Grounds belong to Wicklow County Council. The club has a lease up to 2036 at a minimal annual rent, which requires that the grounds are used for soccer games. Photograph: Donall Farmer/INPHO

Co Wicklow soccer club’s new owners say they have invested €50,000, with a further €200,000 needed to put it on a sound footing

 Joe O’Reilly: said he understood why public might feel bitter about  bailing out developers. Photograph: Eric Luke

Property developer expects his loans of more than €2bn to be sold in Project Jewel sale

Barclays declined to comment on a report it was set to deepen job cuts. Photograph: Lewis Stickley/PA Wire

S&P upgrade nudges Bank of Ireland into territory not achieved since financial crisis

Bank of Ireland was upgraded one notch to BBB-/A-3, the lowest of the so-called investment grades. File photograph: Bryan O’Brien

BoI becomes first Irish bank to be raised to investment grade since financial crisis

Ian Coulter: circumstances of departure reported to the Law Society of Northern Ireland, according to Tughans

Former managing partner departed law firm in January amid surprise but little explanation

The website of Cerberus Capital Management, which states the private equity firm has some $25 billion (€22.5 billion) in assets under management.

Private equity firm ‘deeply troubled’ over allegations made in Dáil by Mick Wallace

Well-known Belfast law firm Tughans said Ian Coulter (above) was involved in the sale by Nama last year of a portfolio of loans with a nominal value of €5.7 billion, which were sold for €1.6 billion.

Leading NI business figure left law firm in dispute over fees related to portfolio sale

Brian Rowntree and Frank Cushnahan  were  appointed to the Nama advisory committee for Northern Ireland. Photograph: The Irish Times

Brian Rowntree and Frank Cushnahan have held important public positions in the North

Mick Wallace speaking in the Dáil on Thursday

Ian Coulter named as partner who left Belfast law firm after ‘diverted’ fees were found

Ireland Strategic Investment Fund director Eugene O Callaghan. Photo: Cyril Byrne/THE IRISH TIMES

Investment this year could bring total committed to €2.5 bn in bid to boost economy

Gulnara Karimova, eldest daughter of Uzbekistan’s president Islam Karimov: in 2014, Swiss authorities said they had frozen more than $900 million in assets linked to her as part of an investigation into corruption in Uzbekistan. Photograph: Muhammad Sharif/AFP/Getty Images

Money sought amid wider investigation into $500m Russian payments in Uzbekistan

Greece’s prime minister Alexis Tsipras: mounting concerns about the country resulted in US and European stocks falling. Photograph: Kostas Tsironis/Bloomberg

Travel and leisure stocks hit hard by events in holiday destinations Greece and Tunisia

Michael Lowry (centre) with Mar Kare Gustad of Telenor Mobile, Noway, and Denis O’Brien (right), in 1995.  O’Brien plans to float Digicel in New York. Photograph: Eric Luke

Planned Digicel IPO not O’Brien’s first

Demographic trends indicate that a sharp rise in demand for nursing home space is coming down the tracks

The cost of not looking after our ageing population properly will ultimately cost the State even more

It is understood businessman Noel Smyth will tell officials from Mandate and Siptu that Fitzwilliam’s plans for Arnotts include the continued operation of the department store as an independent retailer

Fitzwilliam Finance Partners took control of store earlier this year

Computer generated image of proposal: US company Covanta is to spend €500m on the Poolbeg incinerator, with another €100m coming from the four Dublin local authorities

Company backing project similar in structure to Luxleaks firms

The use of Luxembourg by multinationals to reduce their taxable profits in other jurisdictions, mostly by generating interest charges outside the duchy, while not generating mirroring taxable profits in Luxembourg, is the subject of ongoing political debate within the European Union.

Companies appear similar in structure to those firms in the ‘Luxleaks’ controversy

  Artist’s impression of Chartered Land’s  redevelopment of the former Carlton Cinema site on O’Connell Street, Dubli.  Photograph: Chartered Land /PA Wire

The loss of the store is a blow to O’Connell Street, but things have been improving

Businessman Sean Quinn. The Quinn family is understood to be hopeful that a process overseen by the High Court will have a greater chance of success than contacts that took place earlier this year

High Court mediation will ‘depoliticise’ multibillion-euro dispute

Deirdre Foley: Natrium is 20 per cent owned by the Dublin property investor

Company a joint venture between Foley and London investment and hedge fund business

Crewlink Ireland, which is involved mostly in providing cabin crew staff to Ryanair, produced a pretax loss of €17,416 in 2014, though the accounts show major transactions with related companies which have yet to file accounts. Photograph: Ian Waldie/Getty Images

Wicklow-based recruitment agency mostly provides cabin crew staff to Ryanair

Home turf: Shelbourne are looking to offload their Tolka Park grounds as one way of paying off their huge debts. Photograph: James Crombie/Inpho

Many in the game feel that the FAI should be doing a lot more to help indebted teams

Pascal Saint-Amans, director of the Centre for Tax Policy and Administration at the OECD, addressing a meeting in the Mansion House via Skype last year.

OECD propose country-by-country reports on their financial affairs

John Delaney said the compensation was agreed on the basis of Fifa’s “real concerns” over the strength of the FAI’s legal claim. Photograph: Inpho

Legal claim based on seedings and Blatter’s mockery, says FAI chief executive

Independent TD Catherine Murphy. Ms Murphy sparked an incident earlier this week when, using Dáil privilege,  she said had received information that businessman Denis O’Brien was paying a rate of about 1.25 per cent on his massive loans from IBRC and that this rate represented a ‘subsidy’. Photograph: Cyril Byrne

Denis O’Brien incident has impacted debate over how much the public is entitled to know

Michael O’Leary of Ryanair: airline’s stock rose 1.22 per cent to €11.64. Photograph: Niall Carson/PA Wire

Strong day for CRH, Datalex, Ryanair and ICG, while Aryzta and Smurfit Kappa fall

The report identified 787,343 undetected potentially fraudulent tax returns prompting tax “refunds” totalling more than $2.1 billion for 2012. Photograph: Chris Radburn/PA Wire

Kilkenny address used for 580 returns, which led to almost $219,000 in ‘refunds’

Alain Lamassoure, the chairman of the European Parliament’s special committee on tax rulings: the committee plans to have its suggestions ready for throwing into the ring around October. Photograph: Brenda Fitzsimons

Parliament’s tax committee will have suggestions ready by the end of the year

Chairman Stephen Jenkins said Circle had increased its reserves and production in both Morocco and Egypt, despite robust production in Egypt and record production in Morocco.

Limerick plc to drill three new wells in Egypt

In Dublin, Aer Lingus ended the day at €2.44, a rise of 0.37 per cent. Photograph: Paul Faith/AFP/Getty Images

Aer Lingus and Ryanair both up while Iseq index records slight fall of 0.12 per cent

Alain Lamassoure, chairman of the EU committee on taxation: ‘candid and frank’ exchange of views with Michael Noonan. Photograph: John Thys/AFP/Getty Images

Taxation committee chair Lamassoure says ‘double Irish’ tax arrangement is not transparent

Kel-Tech Engineering Waterford Ltd’s directors said that during the year to the end of June 2014 the company continued to invest heavily in marketing, producing a modest increase in turnover.

Waterford-based engineering firm expects growth to continue

Lone Star’s acquisition of Jurys Inns Group for €911 million was among the biggest first-quarter deals. Photograph: Alan Betson

M&A upwards trend in first quarter to continue, says Investec

Celestial Green, which generates what it calls carbon benefits from avoided deforestation in the Amazonia region of Brazil, had a shareholders’ deficit of €278,198 at the end of 2013. Photograph: Mario Tama/Getty Images

Company posts profit of €1.6m in 2013, after €1m loss in 2012

The ABP Group, one of Europe’s largest beef processing businesses, is headquartered in Ardee, Co Louth, and has operating plants in Ireland, the UK, Poland, the Netherlands, Denmark, Austria and Spain

Luxembourg firm Silverbirch Investments has posted accounts up from €159m

Bank of Ireland closed at €0.35, down 2.47 per cent, while Permanent TSB, which was recently floated on the main market, fell 5.83 per cent, to €4.20. Photograph: Niall Carson/PA Wire

Move from Emirates National Oil to buy out minority shareholders lifts Dragon Oil

In Dublin, Aer Lingus stock was up slightly but Ryanair fell by 1.8% as speculation about an IAG bid returns. Photograph: Eric Luke

Dollar bounces back from four-month low while S&P 500 reaches new all-time high

Paul Moore, former head of group regulatory risk at HBOS, says he warned the bank about excessive risk in the early 2000s – and was fired for it. Photograph: Jeff J Mitchell/Getty Images

Former HBOS risk expert says ‘wrong’ people often at top in corporations

Larry Goodman: the Goodman Family Trust has an investment in a company set up to take part in a joint venture with West Star Exploration, in Oklahoma. Photograph: Cyril Byrne

Project ended up in US court over dispute with exploration partner West Star

Larry Goodman: said the group pays substantial millions in corporation taxes on the profits earned and is tax compliant in all jurisdictions in which it operates.

Review to look at international structure for possible tax implications

Larry Goodman: his business empire involves myriad companies, many of which are unlimited and do not publish accounts, in Ireland, the UK, Jersey, the Netherlands and Luxembourg. Often ownership goes from Co Louth to the UK to Jersey and back to Co Louth.  Photograph: Alan Betson

Luxembourg decisions the latest key chapter in the beef baron’s portfolio

Dropbox website image: the move to handle income in Ireland will bring back into focus the controversial role played by Ireland in the tax affairs of US multinationals

Income from many clients will be booked in Ireland where corporation tax is much lower

Permanent TSB was the most active share on the Dublin market, with almost 21 million shares changing hands on what was the first official trading day for the stock

EU slashes growth predictions for Greece from 2.5 per cent to 0.5 per cent

The Global Partners Investment Fund bought ownership rights to 60 per cent of the Skra sports complex (above) in central Warsaw, with a view to building a new sports arena, along with other structures, on the site. The Skra sports complex in central Warsaw

Irish businessman Michael Holland accuses Warsaw authorities of ‘conspiring to confiscate’ investment property

Larrry Goodman. Luxembourg filings give an unprecedented insight into the scale of the 77-year-old’s business empire. Photograph: Alan Betson

Luxembourg-based part-owner of ABP paid almost no tax on €52.6m in year to end of March 2013

Larry Goodman. Luxembourg company Parlesse Investments Sarl has shares in, and loans out to, a range of Mr Goodman’s businesses. Photograph: Eamonn Farrell/Photocall Ireland

Company accounts provide insight into Parlesse Investments

Wexford developer Alan Hynes said the people concerned were ‘white collar investors’, such as dentists, accountants and solicitors. ‘There’s one judge as well.’ Photograph: Aidan Crawley

Court told a judge is among 45 investors in Dundrum development

Ibec head of policy and chief economist Fergal O’Brien and chief executive Danny McCoy: despite  economic growth, the employers’ group has  warned that the Government still has limited room to manoeuvre on the fiscal front. Photograph: Dara Mac Dónaill/The Irish Times

Quantitative easing, exchange rates and oil prices are behind boost for the economy

Smurfit Kappa chief executive Gary McGann: there is continued media speculation about a potential bid from rival International Paper. Photograph: Bryan O’Brien

Directors said to be frustrated by rumours of €8.3bn approach from International Paper

The  company had no employees during 2013 but had“financial fixed assets” of €560 million.

Multinational warns shareholders OECD tax base erosion project may hit profit

Alan Hynes: the loan collateral includes €3.6m personal guarantee Hynes signed with Ulster Bank. Photograph: Eric Luke / THE IRISH TIMES

Wexford accountant attempting to buy loans from US investor group Lone Star

Seán Quinn: His family family is claiming the loan securities used to seize the Quinn Group were not legally sound. Photograph: The Irish Times

Political factors not to influence Quinn talks with IBRC liquidators, according to source

John McCartin and Seán Quinn enjoying  a drink when Mr Quinn returned to his HQ. Mr McCartin is a non-executive director of Quinn Industrial Holdings. Photograph: Lorraine Teevan

John McCartin says he has not made up his mind yet

There was little by way of market news on the Dublin market yesterday though Ryanair fell 1.4 per cent, to €10.94

Exchequer returns show tax payments in first quarter 5.5% ahead of target

Christmas drinks: Seán Quinn, who emerged from bankruptcy in January, is back using his old Quinn Group office in Derrylin, Co Fermanagh. Photograph: Lorraine Teevan

Noonan aware of discussions between Quinn and liquidators

Michael Fingleton: The joint special liquidators of IBRC have said they intend to continue with the bank’s legal action against the former chief executive of Irish Nationwide

Bank has settled its action against former directors of the building society

Nobel Prize winner Robert Schiller says part of the reason for bubbles lies in the optimism that builds up during a period of well-founded growth. Photograph: Pascal Le Segretain/Getty Images

Cause of crisis lies as much in psychological phenomena as in bankers’ behaviour

The action by the special liquidators to the IBRC had alleged breach of contract, breach of fiduciary duty, and breach of duty of care against the members of Irish Nationwide’s  former board. Photograph: Alan Betson / The Irish Times

Resolution involves financial settlement being paid to corporation

Moderation in prices does not mark period of sustained decline, says Conall MacCoille

The Quinn family is taking a multibillion-euro suit against Irish Bank Resolution Corporation, now in liquidation, seeking damages arising from the bank’s seizure of the family’s assets

Report of talks at ‘advanced stage’ with Quinn family denied

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