Lawyers make efforts to get around surprise tax liability after Budget 2020

Ireland’s overall pension system stands in 11th place out of 37 countries assessed for the Mercer index.

Ratio of workers to retirees set to fall sharply over next three decades

Sterling is likely to weaken as markets open, said Lee Evans, head of foreign exchange trading and strategy at Bank of Ireland’s markets and treasury division. Photograph: Justin Tallis/AFP

Stlerling likely to weaken as vote on EU deal yet to happen

Glanbia’s board engaged with shareholders behind 70 per cent of its stock following dissent at the AGM over remuneration.

Shareholders ‘generally supportive’ of approach to remuneration, food group says

Financial regulators in countries like Germany, Italy and the Netherlands may move to temporarily ban a practice where investors can bet on shares falling in value – known as short selling – in the event of any market panic about a disorderly Brexit.

Joe Brennan: short selling allows for alternative views in a market and improves its efficiency

Minister for Finance Paschal Donohoe used the Finance Bill to close off a loophole found in last year’s Finance Act. Photograph: PA

Smaller companies get extra time to deal with transfer pricing rules

While the banks in the Republic have made significant progress in lowering their NPLs ratio, it stood at 8.5 per cent last December

Real estate loans to SMEs topped the non-performing loans table

Gavin Slark, chief executive of Grafton Group. Photograph: Alan Betson

Economic uncertainty hits demand in UK and weighs on sentiment in Ireland

Fexco in  Killorglin, Co Kerry, employs over 2,400 people. File photograph:  Don MacMonagle

Stockbroking firm being sold by Kerry-based Fexco which owns 51% of the business

Eir is majority owned by two firms controlled by French billionaire Xavier Neil. Photograph: Alan Betson

Moody’s estimates that sale will save Eir about €6m a year in interest costs

UK prime minister Boris Johnson told Conservative MPs that his government is nearing an accord with the EU.

Wall Street lower but upbeat results a solid start to third-quarter earnings season

Fexco employs more than 2,400 people. Photograph: iStock

Total income up 11% to €236m at Kerry-based group

 Neil Woodford’s  equity income fund was put into liquidation on Tuesday by its administrators, Link Fund Solutions. Photograph: Richard Cannon

Woodford Equity Income Fund enters liquidation over issues revealed in June

Paul Coulson, right. A Delaware jury ordered in 2017 that Ardagh pay $50.3m to Green Mountain, a company that claimed the group’s US glass unit infringed a patent. File photograph: Alan Betson

Group had to pay out to settle patent dispute involving a business it bought five years ago

Central Bank governor Gabriel Makhlouf:  the Bank plans to look into the practice by some insurers of charging existing customers higher rates than new clients,Photograph: Nick Bradshaw

Sinn Féin TD condemns practice of charging existing customers more than new clients

Credit unions hold about €1.8 billion in investments   in the UK.

Investments cannot be held in country that’s outside of EU

The main priorities of Bank of Ireland’s new CFO, Myles O’Grady, will include delivering on a three-year financial plan. Photograph: Peter Muhly/AFP/Getty Images

Myles O’Grady to replace Andrew Keating later this week

CPL founder and chief executive Anne Heraty said in the annual report that the current financial year has started well for the company.

Salary hike to €575,000 ‘does not give a specific explanation regarding the increase’

Former Smurfit Kappa chief executive Gary McGann’s case was registered with the High Court on Friday, and he is being represented by law firm Arthur Cox, according to court filings. Photograph: Alan Betson

Gary McGann claims payments were a gift from Smurfit’s private-equity ex-owners

The Green Reit transaction will incur an unforeseen tax bill of up to €65m. File photograph: Cyril Byrne

Planned €1.34bn takeover of UK property firm Henderson Park moving towards conclusion

IDA Ireland’s chief executive Martin Shanahan has joined the UCD Michael Smurfit Graduate Business School. Photograph:   Dara Mac Donaill

Background brings international business and national policy experience to role

Allergan’s portfolio is best known for Botox, a hugely popular non-surgical cosmetic treatment. Photograph: Reuters

Immediate target of Budget 2020 measure was Green Reit takeover

AbbVie faces a €572 million stamp duty bill on the purchase of Botox maker Allergan following budget changes made by Minister for Finance Paschal Donohoe

AbbVie’s purchase of Allergan is collateral damage as Minister targets Green Reit deal

AIB chief executive Colin Hunt has carried out his first major executive reshuffle. Photograph: Nick Bradshaw

Mary Whitelaw to become director of corporate affairs and strategy

Connaught House on Burlington Road, which housed the offices of the Irish Bank Resolution Corporation. Photograph: Alan Betson

Liquidators’ case rejected, with amount involved reported to be in region of £20m

The Irish Glass Bottle site at Ringsend has   the potential to deliver 3,500 homes for 8,000 people, 10 per cent of which would comprise social housing. Photograph: Cyril Byrne

Marlet Property Group, led by developer Pat Crean, also among parties to submit an offer

Green Reit’s  shares fell by as much as 2.5 per cent to €1.856 amid the highest level of trading activity since the takeover deal was first announced in mid-August. Photograph: Cyril Byrne

Henderson Park faces €13.4 million stamp duty bill after deal goes through

The bonds were priced to carry an interest rate – or yield – of 0.229 per cent, the NTMA said on Thursday. Photograph: iStock

Agency settled on €2bn issue, having initially targeted between €1bn and €1.5bn

Minister for Finance Paschal Donohoe said he had instructed officials to “intensely scrutinise” activities by IREFs over the coming year. Photograph: Tom Honan

Imposition of 50 per cent debt limit in budget aimed at halting ‘aggressive’ tax avoidance

The move comes a year after the NTMA tapped  global debt markets for €3 billion in an inaugural green-bond sale

State’s debt management agency hires banks and securities firms to manage debt sale

Paul Nunan previously led Link Fund Solutions Ireland.

New unit opening in two weeks’ time to be headed by Paul Nunan

IDA Ireland chief executive Martin Shanahan. Photograph: Brenda Fitzsimons

Report concludes that economic benefit of scheme continues to outweigh its cost

Traders on the the New York Stock Exchange. Photograph: Spencer Platt/Getty Images

Markets report: Aryzta, BoI and PTSB fall but Malin bucks the trend on ISEQ to add 4.8%

The planned purchaser of Green Reit, UK property fund Henderson Park, will likely be hit as the Government limits the ability of former real-estate investment trusts to continue to enjoy exemptions on capital gains tax.

Budget 2020: Minister takes aim at ‘aggressive’ tax avoidance in property funds

Ulster Bank said that it will be in contacted with all affected customer “at the appropriate time to help them as their loans transition to the new owner.”

The portfolio includes 2,800 owner-occupier loans with a face value of €715m

Czech energy firm EPH’s planned purchase of a 80 per cent stake in the Tynagh Energy gas power plant in Galway has been given the go-ahead from competition officials.

Tynagh Energy founder Bran Keogh’s Mountainside Partners vehicle will continue to hold 20 per cent

Neil Woodford’s asset management company sold its stake in Malin.

Pentwater bought shares at 60% discount to Malin’s ‘intrinsic value’

European shares closed higher on Friday, helped by a solid US jobs report for September.

Markets report: Aryzta closes 7.8% higher as investors cheer sale of most of Picard stake

Aryzta’s shares have fallen by 95 per cent since the company bought a 49 per cent stake in Picard in early 2015.

Shareholders happy despite price being below what market expected

Tony O’Reilly Junior, CEO of Providence Resources, has extracted more than €7 million in remuneration from the company , mainly by way of basic salary.

What happens now at Providence?

In a statement on Friday, Aryzta, which is the maker of Cuisine de France, said it had received a binding offer.

Cuisine de France owner agrees €156 million sale of 43% stake in French frozen foods firm

Sean Corkery: joined the board in April as deputy chairman as the company grappled with the fallout of accounting irregularities that emerged three months earlier. Photograph: Tom Honan

EY declined to give opinion on travel retail software company’s 2018 accounts

Life sciences company Malin is focused on four priority assets. Photograph: iStock

Troubled asset manager thought to have sold 1.6m shares earlier this week

The governor of the Central Bank,  Gabriel Makhlouf, during his visit to  Dundalk Institute of Technology. Photograph: Nick Bradshaw

Central Bank governor says 16% fall in sterling against the euro since the UK decided to quit the EU has already hurt Irish busine(...)

Digicel’s earnings before interest, tax, depreciation and amortisation (Ebitda) dropped 2 per cent to $244 million, continuing a trend seen in recent years

Group likely to engage with bondholders in coming months on its $1.3bn of 2021 notes

For September alone, corporate taxes jumped by almost 15 per cent to €910 million. Photograph: iStock

Department of Finance sees GDP growth slowing to 0.7% under disorderly Brexit

The deal was priced to carry a coupon, or interest rate, of 5.25 per cent.  Photograph: Bloomberg

Rival Bank of Ireland postponed less risky deal last month

Dave Lewis: departure is a surprise. Photograph: Reuters

Supermarket giant says incumbent Dave Lewis will exit next summer

Pay across bailed-out Irish banks has been capped at €500,000 and bonuses effectively banned for the past decade as they face an 89 per cent tax.  Bank of Ireland, which is 14 per cent State-owned, is an exception. Photograph:   Bryan O’Brien

Findings at odds with advice from recruitment consultants that pay restrictions should be eased across bailed-out banks

The Irish Banking Culture Board’s chairman Mr Justice John Hedigan.

‘They’re a heartless bunch’, says FF’s McGuinness

Photograph: iStock

Debt management agency will hire a group of bankers to market the bonds

Hypo Real Estate Bank chief executive Georg Funke with Depfa chief Gerhard Bruckermann in 2007 when Depfa was bought by the commercial property bank. Photograph: Thorsten Jochim/Getty Images

Dublin-based Depfa is planning to hand back excess capital to German bad bank FMS-WM

The €14.3 billion put into the Apple escrow account, which is comprised mainly of European bonds, includes interest attached to the original commission figure.

Spectre of negative interest rates set to wipe €70 million off account’s value per year

Cullaun Capital is led by former senior AIB and Ulster Bank executive Stephen Bell. Photograph: Chris Bellew/Fennell Photography

Property lender hires former Nama, Pepper and IBI executives to bolster expansion plans

  Bernard Byrne  stepped down earlier this year as chief executive of AIB after nearly four years at the helm. Photograph: Eric Luke / The Irish Times

Companies here may also take to the acquisitions trail once agreement reached

AIB’s average number of staff fell to 9,801 in 2018 from 10,137 the previous year. Photograph: Alan Betson

Bank has no plans for large-scale layoffs

Bank of Ireland  has extended its financial services joint venture with the UK Post Office to at least the end of 2026

Partnership will continue to focus on providing branded range of savings, mortgages and personal loans

Neil Woodford, known as  the ‘Oracle from Oxford. Photograph: Richard Cannon

Once-revered UK stock picker still linked to Irish life-sciences investment company

Ulster Bank CEO  Jane Howard: ‘It is going to be a challenge to generate new income. Therefore, the lever we’re going to have to pull is cost.’ Photograph: Dara Mac Donaill

CEO Jane Howard refuses to give figure of how many jobs could be cut or a timeframe

 Jane Howard, CEO of Ulster Bank. Photograph: Dara Mac Dónaill / The Irish Times

Friday interview: Jane Howard, CEO, Ulster Bank: "We’ve got to find our unique place in the market so we can grow safely and susta(...)

Irish Plcs have emerged at the bottom of the pile across a selection of European countries in appointing women to their boards. Photograph: Getty Images

Report finds women accounted for 29% of 34 boardroom seats filled across Irish plcs

The General Court moved to overturn a 2015 commission decision that Starbucks received an unfair tax deal amounting to about €30 million from the Netherlands.  Photograph: Kenzo Tribouillard/AFP/Getty

EU court moved to overturn a 2015 decision that Starbucks received unfair tax deal

US stocks fell lower in early afternoon trading after president Donald Trump delivered a stinging rebuke to China’s trade practices. Photograph: Michael Nagle/EPA

‘Performance of UK economy will remain below-par until Brexit issue is resolved’

Malin chief executive Darragh Lyons said this month he expected a ‘resolution to the Woodford situation’. Photograph: iStock

UK asset manager offloads 9.1 million shares in Irish life sciences investment company

PTSB: plans to sell €1bn of senior and junior debt to comply with the new European rules

Analysts say successful bond sale this week ‘bodes well’ for PTSB’s future bond-sale plans

Kerry Group completed the sale on Friday of Ireland’s lowest-rate corporate bond, which raised €750 million for food ingredients  and nutrition giant.

Proceeds of offering will be used for general business purposes, company says

Patrick Collison, CEO and co-founder, left, and his brother  John Collison, president and co-founder of Stripe Inc. Photograph: David Paul Morris/Bloomberg via Getty

Valuation jumps 55% since start of year but stock market proving more hard-headed

EU competition commissioner Margrethe Vestager: “Our investigation into the Irish tax rulings began in 2013, after Apple told a US Senate hearing about what it called a ‘tax incentive arrangement’ with Ireland.” Photograph: Emmanuel Dunand/AFP/Getty Images

Ruling in separate case may shed light on where alleged sweetheart deal case is headed

Lawyers for the Government have argued that Revenue was obliged only to look at the Apple Irish branches under national laws.

State argues commission failed to show Apple received selective tax advantage

 The case stems from an EU inquiry after Apple chief executive Tim Cook told a US Senate subcommittee in May 2013 that his group paid an effective tax rate of below 2% in Ireland over the previous decade. Photograph: Bloomberg

Counsel for company tells EU court that jobs assertion founded on media commentary

Apple chief executive Tim Cook at an event to unveil the iPhone 11. Photograph: David Paul Morris/Bloomberg

Day one: Lawyers for Ireland argue commission’s view is ‘confused and inconsistent’

European Commissioner for Competition Margrethe Vestager. Photograph: Olivier Hoslet/EPA

EU’s second-highest court to hear arguments from teams representing Ireland and Apple

The Government has highlighted its concerns that proposals for a EU-wide aviation tax pose cost and access issues for Irish citizens. Photograph: Getty Images.

Finance ministers discuss plan to simplify bloc’s complex fiscal rules at Helsinki meeting

Ready to depart the euro zone stage: ECB president Mario Draghi   Photograph: Bloomberg

Market Beat: The outgoing ECB president has long been calling on governments to start spending

European Stability Mechanism managing director Klaus Regling hailed Ireland’s economic development.

State has had ‘fantastic development’ since exiting bailout, Klaus Regling says

Paschal Donohoe: said the threat of a disorderly Brexit posed the biggest risk to the Irish and wider European economy. Photograph: Jonathan Brady/PA Wire

Minister has not yet decided whether to introduce carbon tax increase in budget

John Moran: ‘If you look at everything I’m involved in, there’s always a challenge at the heart of it.’ Photograph Liam Burke/Press 22

Friday interview: John Moran, former Department of Finance mandarin

Olli Rehn, governing council member of the European Central Bank and governor of the Bank of Finland, departs a council meeting ahead of the ECB rates decision in Frankfurt. Photograph: Alex Kraus/Bloomberg

Holders of the union’s presidency say ministers have been ‘bystanders’ for too long

Bank of Ireland executive Karena O’Sullivan is to become Finance Ireland chief financial officer. Photograph: Nick Bradshaw

Appointment comes as lender eyes initial IPO as soon as next year

Heavy traffic on the N11 approachiing Cabinteely in Co Dublin. Two thirds of people surveyed by Three Ireland expressed frustration at their long commutes to work. Photograph: Eric Luke

Some 59% of people said they were not allowed to work from home

Permanent TSB chief executive Jeremy Masding. Photograph Nick Bradshaw

Bonds can be bailed in if PTSB runs into trouble again in the future

It appears that the Bank of Ireland link is tenuous as it relates to a nominee company associated to a subsidiary of the group that was sold eight years ago. Photograph: Nick Bradshaw

Irish bank says case involves former subsidiary sold in 2011

The Northern Ireland economy is projected to contract by 0.6%  next year under a no-deal scenario. Photograph: Getty Images

EY sees Irish economic growth being slashed to 1.3% next year in the event of a no-deal Brexit, before rebounding to 2.1% in 2021

Civil engineering remains an area of weakness in the Republic, with the index reading for the sub-sector  at 42.5 per cent, a 12th consecutive monthly fall in activity. Photograph: Alan Betson

Ulster Bank PMI survey claims the private sector in the North ‘has entered or is entering recession’

Dermot Desmond, Datalex’s major shareholder. Datalex is a travel retail software company. Photograph: Dara Mac Dónaill

Irish software company mulls legal action against former executives, and cash call

Troubled travel software firm Datalex is so short of cash it will need to tap its main shareholder Dermot Desmond for a credit line for the second time in recent months to tide it over ahead of a planned share sale. Photograph: iStock

Those hoping annual report would draw a line under Datalex’s recent troubles have been disappointed

An investigation by New Zealand’s deputy state services commissioner concluded that Gabriel Makhlouf sought to blame others and managed the incident poorly in three May media engagements. File photograph: Getty

‘One of the things I have learned is ... taking a bit of time in communicating with media’

Datalex’s main shareholder Dermot Desmond Dermot Desmond. Photograph: Cyril Byrne/The Irish Times

Datalex warned of suspected accounting irregularities in January as shares tumbled

Datalex first warned of suspected accounting irregularities in January, sending its shares tumbling by almost 60 per cent in one day

Accounting irregularities caused overstatement of revenues and earnings in first half of 2018

Carlyle has agreed not to compete with Melior. File photograph: Getty

Carlyle Group supportive of Irish management spinning out to form Melior

Deutsche upgrades CRH from hold to buy despite caution in the markets on the chances of company hitting medium-term targets. Photograph: Cyril Byrne

Deutsche upgrades material group to buy from hold on outlook for American market in second half

Former AIB chief executive David Duffy, at the London HQ of CYBG.

Lender’s shares drop to record low amid fears over its capacity to pay dividend

The real mess will be net income level

Travel retail group’s shares will have a lot of catching up to do after suspension is lifted

Greencore: Shares jumped in the  convenience foods group as Coltrane Asset Management  increased its stake. Photograph: Ben Birchall/PA Wire

New York hedge fund increases stake to more than 3% through financial derivatives

The travel software company first warned of suspected accounting irregularities in January. Photograph: iStock

Review found ‘significant accounting irregularities’ at travel software group last year

Malin was the subject of a board and management overhaul in the middle of last year that led to a refocusing of its disparate portfolio of investments around four priority assets

New CEO says company will have enough investor demand to absorb the holding if sold

Mary Robinson told delegates at a Mercer Global Investment Forum in Dublin that the finance industry needs to take the long view in the interests of the planet and future generations.

Former president tells forum of duty to put climate action at heart of investments

Debt ratings firm Fitch assigned a BBB rating on Bank of Ireland’s new bonds, the lowest level of what’s considered investment-grade debt

Bank was concerned over low level of demand for the bonds, sources say

ICS Mortgages will start offering owner-occupier mortgages again for the first time under new owner, Dilosk. Photograph: Gareth Fuller/PA Wire

ICS will offer lowest variable rate in market and fixed rates starting at 2.55%

An operation at Providence’s Barryroe well. Photograph: Finbarr O’Rourke

Shares in Providence have slumped by 45 per cent over past 3 months

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