Capital flows to US; bankers and bonuses; and a new mortgage market entrant
‘Business Today: the best news, analysis and comment from ‘The Irish Times’ business desk
A group of revellers reflected in a womans sunglasses as crowds arrive for the Electric Picnic festival in Stradbally, County Laois. Photograph: Niall Carson/PA
President Trump’s US tax reforms are hitting home if new figures on Irish foreign direct investment are anything to go by. Data from UN trade group Unctad says US companies in Ireland have repatriated $79 billion over the 12 months to the end of June. Charlie Taylor reports
Banker bonuses – or the lack of them – are increasingly in the spotlight. AIB Bank chairman Richard Pym claims pay caps for Ireland’s bailed-out banks have turned AIB into a “training ground” for bankers who then move to higher-paid roles with competitors, reports Joe Brennan.
And that’s not the only problem looming on AIB’s horizon. Finance Ireland, the non-bank lender headed by former Permanent TSB boss Billy Kane is the latest group to enter the Irish mortgage market, buying a €200 million home loans portfolio from Pepper Money. Joe Brennan reports that UK asset manager M&G Investments has funded the move.
Just over a week after the budget, the Finance Bill, published yesterday, confirmed no reprieve for the hospitality sector on VAT. But, among a series of previously unannounced measures, it will legislate to ensure that payments to Hepatitis C victims and Magdalene Laundry survivors are not subject to tax. Eoin Burke-Kennedy has the details.
A second vote among staff at Eir’s former call centre staff provider HCL backed an improved redundancy offer, averting a potential strike, writes Mark Paul.
Electric Picnic is not just about having a good time. Figures for the company that operates the festival suggest it made a profit of ¤1.9 million last year, up from €370,000 the previous year. Colin Gleeson has the details.
Stripe and its lauded Irish founders Patrick and John Collison were on the wrong end of a stinging attack from fellow tech billionaire Marc Benioff over their opposition to a California proposal to tax companies to fund initiatives to tackle homelessness.
And finally, John FitzGerald calls for a radical revamp of Dublin’s bus system to provide the necessary infrastructure for growing commuter numbers without forcing Dublin into gridlock.