‘Mindless’ Irish politicians, Russian investors and Declan Ganley’s Mexican adventures

News that research from Trinity College had identified €103 billion raised through the IFSC by Russian-linked companies prompted a critical response from former Central Bank deputy governor Stefan Gerlach yesterday. Responding to a report in the Sunday Business Post, Mr Gerlach said Irish politicians are "mindlessly in favour" of growing the IFSC and don't recognise the risks involved in its facilitation of massive influxes of cash to companies such as Russian banks and oil giants. Mark Paul has the details.

Staying in the Russian vicinity, Jason Corcoran brings news from Moscow that a Kremlin-backed leasing firm is planning to set up an Irish finance arm. GTLK Europe manages a portfolio of air and sea vehicles worth €1.2 billion.

Mark Paul also reports on the Mexican adventures of Rivada Networks, the telecoms business controlled by Galway businessman, Declan Ganley. Rivada has argued that a $7 billion (€5.7 billion) mobile network tender in the country was "rigged" against it.

Paschal Donohoe was playing his cards close yesterday in relation to AIB's proposal to restore bonuses for key executives, saying he would not commit to backing such a development "at this stage". The Financial Services Union is not impressed by the bank's plan.

Morgan McKinley eyes global growth as it restructures management team

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This Week: Results from Cairn Homes and Paddy Power Betfair; ECB rate decision, Irish GDP

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Auditors criticise $7bn Mexican tender process that Declan Ganley’s Rivada alleged was ‘rigged’

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Brexit basket case: the British have forgotten how to deal with facts

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Peer-to-peer

Still in finance, we report on a study from peer-to-peer lending groupLinked Finance, backed by former Ryanair executive Michael Cawley, that finds the majority of its borrowers grow staff numbers on the back of the loans it facilitates.

Charlie Taylor reports meanwhile that funding for financial technology projects is booming, rising by almost one fifth last year, reaching an all-time high.

He also has details of a deal agreed by Dundalk medtech firm Diaceutics to use artificial intelligence to help in the diagnosis and treatment of patients.

In food, Mark has the story on how insurers for Irish-Swiss group Aryzta have launched a legal action against a US engineering company for allegedly spilling metal chips into its equipment and contaminating bread and dough production lines at a facility in Pennsylvania.

Chris Johns has been looking at the facts surrounding Brexit and the Border this week, concluding that the British are now so bad at dealing with fact and logic and so good at fudges that it must mean they've been in the EU for too long.

And finally, is this the week where your office instals a music system that employees can change according to their mood? Pilita Clark advises against it, unless the reach of the Sonos will be limited to the staff toilets.

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