‘Vulture funds’ in decline, Cisco announces 100 jobs and TDs to quiz Revenue

Business Today: the best news, analysis and comment from ‘The Irish Times’ business desk

TDs will quiz Revenue officials on Thursday about the €2.3 billion in unpaid tax debt due to the Exchequer at the end of March last year.

The shutting of a loophole that had allowed so-called "vulture funds" to boost their profits on distressed Irish property loans helped scupper the tax-free status of funds worth up to €55 billion in recent months, official figures suggest. Mark Paul reports.

The High Court has ordered Pramit Ghose, former managing partner of liquidated Bloxham Stockbrokers, to furnish a full record of transactions on an account the firm managed for a brain-damaged Co Cork man. Simon Carswell reports.

San Jose-based technology giant Cisco is planning to create 100 new jobs at its operation in Ireland, including 30 software development roles in Galway to boost its capabilities in artificial intelligence, machine learning and the internet of things. Ciarán Hancock has the details.

TDs will quiz Revenue officialson Thursday about the €2.3 billion in unpaid tax debt due to the Exchequer at the end of March last year, reports Barry O'Halloran.

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Maximum Media has promoted Her and HerFamily editor Gillian Fitzpatrick to the role of publisher as part of plans to boost the visibility of the female-focused brand, writes Laura Slattery.

The Belfast-headquartered dairy cooperative, Dale Farm, has reported a record jump in group turnover to £481 million with pre-tax profits also increasing to £10.1 million, its latest end of year report shows.

Cantillon strikes a note of warning over the ever-growing number of workers who pay no income tax or USC, wonders if a VAT hike in the hospitality sector is likely and ponders the challenges ahead for RTÉ.

The Gender Pay Gap Bill approved by Cabinet this week is discussed on the latest Inside Business podcast, Also, John Browne, CEO of Kastus, explains how winning the top prize at the Irish Times Innovation Awards last year has impacted on the company.

Software can dramatically reduce the amount of time it takes for legal professionals to review documents, writes Marie Bohan, but it won't replace them. And staying with the same theme, Eoin Burke Kennedy writes that the internet, robots and artificial intelligence (AI) are nothing new and they won't fundamentally change how we live.

And to round it off, columnist Chris Horn says that Ireland needs a national strategy for artificial intelligence.

If you're an innovative business, don't forget to enter The Irish Times Innovation Awards. The deadline for entries has been extended by a week to July 6th and you can enter here.

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Conn Ó Midheach

Conn Ó Midheach

Conn O Midheach is Assistant Business Editor - Digital of The Irish Times