Michael Stanley of Cairn. Photograph: Cyril Byrne

Cairn Homes CEO Michael Stanley writes to Central Bank that ‘dynamic approach’ would alleviate crisis

The Tropical Fruit Warehouse overlooking Samuel Beckett Bridge on the south docks in Dublin. It will operate with net zero carbon emissions.

Property investor has 5.2 million square feet of office and logistics assets, mainly in Dublin

Work taking place on Dublin Airport’s new runway. The main construction works began in February 2019.

Even if decision goes in operator’s favour, runway could be at reduced capacity until 2025

Minister for Public Expenditure and Reform Michael McGrath. Photograph: Nick Bradshaw

Minister refuses to be drawn on specifics of any hikes but is ‘conscious’ of inflation

A protest outside Evergrande’s headquarters  in Shenzhen, China

Market Beat: A messy massive default in a key sector in the world’s second largest economy could have major consequences

Glenveagh Properties CEO Stephen Garvey at Barnhall Meadows, Co Kildare. ‘If we’re going to be building 35,000 units a year, as is needed, we’ll need to grow a number of scale operators in this country to deliver that quantum of houses.’ Photograph: Damien Eagers

Glenveagh says it has sold, signed or reserved the 1,150 homes it expects to deliver this year

Telstra said in late July that it was in discussions to buy Digicel Pacific, the least-indebted and most valuable part of businessmen Denis O’Brien’s Digicel Group

Chief executive unveils new strategy for Australian telecoms group running to 2025

Bulmers maker C&C saw a return to revenue growth.  Photograph: Bryan O’Brien

Euros, good weather and ‘staycations’ boost drinks group

Zara owner Inditex slipped 1.3 per cent even as sales approached pre-pandemic levels. Photograph: Jason Alden/Bloomberg

Sentiment also hit as investors digest disappointing Chinese economic data

Tullow Oil said cost cuts helped drive its profit in the first half.

Company’s net debt falls to $2.29bn in June from more than $3bn a year earlier

Ulster Bank has topped the list over the past two years of financial institutions taken to task by the ombudsman. Photograph: Alan Betson

Bank’s three court cases against ombudsman may have implications for 400 borrowers

A forklift collects recycled cardboard from a delivery truck at a UK paper mill, operated by Smurfit Kappa, which has announced plans to raise €1 billion in green finance. Photograph: Luke MacGregor/Bloomberg

Fundraising latest move by packaging group that has capitalised on sustainability

AIB was fined €420,000, while EBS, which the bank took over in 2011 under a Government direction in the middle of the financial crisis, received a penalty of €195,000.

AIB said it notified the errors to the ECB as soon as they were identified

Moody’s said Perrigo may have to tap a $1bn  credit facility to settle with Revenue as its $1.8bn  of cash balances are set to be largely depleted by the HRA deal.  Photograph: Adam Bird/Bloomberg via Getty Images

Ratings agency turns negative on outlook for ‘over-the-counter’ medicines group over potential debt burden

Businesses can expect more questions from investors in future about their post-Covid travel policies as they peddle their sustainability reports. Photograph: iStock

The all-expenses-paid junket may never again the feature of the corporate world it once was

Chartered Accountants Ireland calls for the Government to take a long-term approach and provide certainty in terms of environmental tax policy. Photograph: iStock

CAI says businesses need to be ‘supported by the right policy framework’

PM Group chief executive David Murphy said the pharma sector accounted for two-thirds of overall revenues generated last year.

Employee-owned project management group hiring another 400 people this year

Cairn’s revenue rose 61 per cent to €130.6 million for the first half of the year, while operating profit increased by 102 per cent to €11.7 million. Photograph: Chris Ratcliffe/Bloomberg

Full-year operating profit expected to be about €52m, increasing to €85m in 2022

HWBC said that an 81 per cent decline in take-up of new office space in the 12 months to June has seen rent levels soften in the Dublin office market

Figure for first half of year is up from estimated 15% before pandemic, HWBC says

NTMA chief executive Conor O’Kelly: he  said the State’s overall interest bill this year will come to about €3.5bn. Photograph: Alan Betson

ECB buying up most debt issued to deal with Covid fallout

Lloyds inherited Bank of Scotland’s €32 billion Irish loan book under its rescue takeover of HBOS in 2008.

UK banking group failed to get tax relief on massive Irish losses before exiting Republic

An Post executives secured board approval in September 2018 for a new financial services strategy. Photograph: Colin Keegan, Collins Dublin

The digital-focused company is led by a number of financial industry executives

Shares in Aryzta, which went on in March to scrap its Irish stock-market listing as its centre of gravity moved to Zurich, are currently trading at 1.30 Swiss francs (€1.20)

Joe Brennan: Another pressing issue is €950 million of outstanding subordinated debt

AIB has turned its focus more recently to shifting owner-occupier loans off its books. File photograph: The Irish Times

Portfolio includes loans deep in arrears and restructured debt underpinned by eased terms

Ryanair said it flew 11.1m passengers in August, passing the 10m mark for the first time since coronavirus struck in March 2020. File photograph: Getty

Iseq edges ahead with Ryanair rising 0.4% to €16.15 on back of positive passenger data

 Oaktree now has a 1.18 per cent remaining stake in Glenveagh Properties. Photograph: Frank Miller

US private equity giant has raised estimated €110m selling Glenveagh shares since 2017

At the top of the group’s corporate ladder is a holding company that owns 92% of Ardagh Group. Paul Coulson (above) is effectively a 36% shareholder in the holding company. Photograph: Alan Betson

Exchange offer to be launched next week

Uniphar chief executive Ger Rabbette. Photograph: Dara Mac Dónaill

Firm has added to commercial and clinical unit through two acquisitions in past months

Martin Tormey, who has worked with the group for the past 25 years and been director of strategic business development since 2014, is Goodbody’s new chief executive. Photograph: Goodbody

Goodbody confirms appointment of Martin Tormey as its new chief executive

Former chairman David McCann and finance director Tom Murphy  shared €7.46m  in exit payments as they left the company last year.  Photograph: Cyril Byrne

Chairman David McCann and finance chief Tom Murphy share €7.46m in exit pay

Donal Flynn will take up the new role in December. Photograph: ElectroRoute

Finance director Yvonne Burke to succeed Flynn at electrical heating appliances group

The Bank of Ireland headquarters sit in Dublin. Photograph: Frantzesco Kangaris/Bloomberg

Bank received a €4.7bn bailout in 2009-2011 and has returned about €5.9bn

Carl McCann, chairman of Balmoral International Land. File photograph: Frank Miller

McCann-led group in court battle with Everyday Finance over €60m of loans

In New York, the S&P 500 and Nasdaq hit record highs by mid-afternoon

Iseq overall index edges 0.2 per cent higher as banking stocks put in mixed performance

Kayfoam Woolfson owns bedding brands King Koil, Kaymed and Odearest.

Bedding group employs more than 300 in Dublin and Kildare

There’s no sign Paul Coulson, who turns 70 next year, wants to cash in any of his chips. Photograph: Alan Betson

AMP’s stock market listing managed to avoid recent vagaries in IPO market

FBD initially refused to accept liability for public house business interruption claims last year. Photograph: Nick Bradshaw

Led by Tomás Ó’Midheach, the insurer made a profit of €22m in first half of year

Permanent TSB chief executive Eamonn Crowley: expects the Ulster Bank loan purchase – combined with contraction of the Irish market from five retail banks to three – to boost PTSB’s return on equity to 9 per cent over the medium term.  Photograph: Alan Betson

Agenda: After existential threats, Permanent TSB is focused on growing its income base

AIB is quitting the British SME market, with four bidders in the running  to acquire its loan book. Photograph: Aidan Crawley/Bloomberg

Banks and debt funds among contenders in binding offers phase for €1.2bn portfolio

AMP has received about $1 billion between money raised in the original Gores Holding IPO and a subsequent share placing prior to the merge. Photograph: iStock

Shares edged higher as they began trading after merger with New York-listed cash shell

The wider KBC Group, based in Brussels, reported a net profit of €1.35 billion for the first half. Photograph: Nick Bradshaw

Loan impairment charges fall to zero as expected Covid spike in bad loans fails to materialise

AIB chief executive Colin Hunt said the bank would now take a ‘look back’ over the cases of other Belfry investors. Photograph: Nick Bradshaw/The Irish Times

Up to 2,500 AIB customers invested £214m in failed UK property funds

AIB chief executive Colin Hunt: looking forward to the remainder of 2021 and beyond with confidence. Photograph Nick Bradshaw

Lender says it has secured quarter of mortgage market that has jumped 26% this year

The bank’s shares continue to trade at a 45% discount to their so-called book value.

Analysis: Threshold not likely below €4.49 at which stock trading before Minister unveiled plan

The glass and metal containers giant said on May 17th that it was hit by a cyberattack that forced it to shut down some of its systems as a precautionary measure. Photograph: iStock

Company says production continued during attack but it experienced some shipping delays

Bank of Ireland chief executive Francesca McDonagh: ‘In the first half of 2021, we have had a strong recovery in our business performance.’ Photograph: Laura Hutton

State says it sold almost 1% of bank before results

Mallinckrodt was the third opioid maker to seek Chapter 11 bankruptcy protection.

Shareholder advisory group Glass Lewis urges action against directors over executive pay

Hanover-based German Property Group , formerly known as Dolphin Trust, collapsed last year after taking €1.5bn from investors in the Republic

Directors ‘deny any wrongdoing in how investor funds were used’ – spokesman

In a worst case scenario, AIB’s combined common equity Tier 1 capital ratio would fall to 8.8% and   Bank of Ireland’s would decline  to 8.05%.

EBA stress tests assessed how banks could cope with ‘worst-case’ scenario

Patrick Coveney, chief executive of Greencore, which  has reported that adjusted revenues soared by 53 per cent in the three months to June to £360.2 million, just 3 per cent below pre-Covid levels. Photograph: Dara Mac Dónaill

Investors have found the shares about as palatable as a leftover sandwich during Covid

Total Produce bought a 45 per cent stake in Dole Foods in 2018 and agreed in February to an outright merger between both companies to form Dole

Company forced to cut price range as it struggled to compete for investor attention

If business customers have already applied for a product, or are already in the process of becoming a new customer, that will continue, the bank said. Photograph:  Nick Bradshaw

UK-owned lender sees operating loss of €7m in first half of the year

AMP took a $15 million hit from a cyberattack in May that forced the wider Ardagh Group to shut down systems, but was subsequently compensated its parent, it said.  Photograph: iStock

Ebitda rose to $173m for the quarter, driven by strong sales growth in speciality cans

Total Produce agreed in February to an outright merger between both companies to form a new company, called Dole plc, which will be headquartered in Dublin but listed in New York. Photograph: iStock

Price reduction comes as flurry of companies floating in US compete for investors

Smurfit Kappa chief executive  Tony Smurfit: “We believe this acquisition represents another positive step for the group, our customers and all shareholders.” Photograph: Alan Betson

Smurfit reports 11% rise in revenue and 8% increase in profit for first six months of year

A Permanent TSB office at St Stephens Green. Photograph: Alan Betson / The Irish Times

Bank’s net loss narrows in first half as loan impairment charge falls to €3m from €75m a year earlier

The government bought Irish Life in 2011 from Permanent TSB (PTSB), then known as Irish Life & Permanent, for €1.3 billion in order to limit the taxpayer bailout bill for PTSB. Photograph: Alan Betson/The Irish Times

Group’s new life assurance business sales rose to €650m from €565m in 2019

Minister for Finance Paschal Donohoe said the new law, when passed, would  put individual accountability “at the centre” of decision making in financial services organisations. Photograph: Julien Behal

Regime will require firms to set out who makes decisions and where responsibility lies

 A policeman receives a dose of Moderna’s vaccine in Hanoi, Vietnam, on Tuesday. The IMF says that concerns still remains about the coronavirus situation in parts of  southeast Asia. Photograph: Luong Thai Linh/EPA

Growth raised for advanced economies but estimates cut for emerging and developing countries

Photpgraph: iStock

PIAB chief says lower claims environment is ripe for premium reductions

Greencore chief executive Patrick Coveney. Photograph: Cyril Byrne

Patrick Coveney-led sandwich maker benefitted as supermarkets gained food-to-go market share

Minister for Finance Paschal Donohoe: The rules will require firms to set out clearly where responsibility and decision-making lie. Photograph: Julien Behal

Bill will facilitate Central Bank action against senior managers for failings on their watch

Jeremy Masding, former chief executive of Permanent TSB, with Eamonn Crowley, his successor. Photograph: Andres Poveda

Joe Brennan: Ulster Bank deal puts a fair wind behind embattled lender

AIB’s interest in the tracker loans emerged on Friday, hours after smaller rival Permanent TSB (PTSB) confirmed that its plans to acquire €7.6 billion of standard mortgages and small business loans as well as 25 branches from Ulster Bank.

Sources say debt expected to be bought at discount due to low returns

AIB is in talks to acquire Ulster Bank’s low-profit €6.5 billion tracker loan book in the Republic. AIB is in talks to acquire Ulster Bank’s low-profit €6.5 billion tracker loan book in the Republic.

Sources say debt expected to be bought at discount due to low returns

NatWest Group is to take a 20 per cent stake in Permanent TSB (PTSB) as part of a plan to sell €7.6 billion of loans

Banks have signed a memorandum of understanding on sproposed deal

Davy: fined €4.13m for breaching market rules in relation to a transaction involving the broker’s own staff.  Photo: Sasko Lazarov/Rollingnews.ie

Cash coming from deals has surprised on the upside, according to insiders

Donal Murphy:  CEO of Dublin-based FTSE 100 constituent DCC saw  his compensation package jump 43 per cent to €3.73 million. Photograph: Cyril Byrne/The Irish Times

Median CEO compensation package falls almost 36 per cent to €1.2 million however

Bank of Ireland confirmed on Thursday that it has agreed to buy Davy’s main business for up to €440 million. Photograph:  Niall Carson/PA Wire

Former chief Brian McKiernan set to reap €70m from sale to Bank of Ireland

The transfers will come from areas of overlap between Davy and Bank of Ireland, mainly covering capital markets and wealth management. File photograph: Sasko Lazarov/RollingNews.ie

No ex-BoI staff on over €50,000 a year can be hired by Davy within two years of departure

Davy staff – led by “small number of individuals” – engaged in “high levels” of trading in shares and other securities between 2014 and 2020, an independent review has found. Photograph: Sasko Lazarov/RollingNews.ie

Independent report cites conflict of interest risks and recommends tighter controls

Davy has agreed to sell its Global Fund Management unit to global fund services group IQ-EQ. File photograph: Niall Carson/PA Wire

BoI to buy most of Davy, with fund management arm and ETF joint venture stake being sold separately

Price walking is where customers are charged higher premiums relative to the expected costs the longer they remain with an insurer. File photograph: Getty

Regulator indicates intention to propose ban on specific industry practice – price walking

The Central Bank proposing to ban charging customers higher premiums relative to expected costs the longer they remain with an insurer. Photograph: Getty

Loyal customers pay up to 32% more on renewals than price quoted to new customers

The Irish accounting watchdog is planning to put a greater onus on auditors to look for potential fraud in company accounts. Photograph: iStock

Watchdog planning greater onus on auditors to look for potential fraud in accounts

A group of investors intend to bring their issues before the High Court in Dublin later this year, when Dublin-based Mallinckrodt  files for examinership

Dissident shareholders claim suppression of rights as US drugmaker is restructured

Davy put itself up for sale in March in an effort to rebuild trust in the business and address concerns about former executives involved in a controversial bond deal in 2014 remaining as major shareholders. Photograph: Sasko Lazarov/RollingNews.ie

Sale of entire assets, including excess cash reserves, set to generate more than €500m

The reception on Wall Street to a succession of banks beating targets? Most of their shares fell on the day they reported. Photograph: iStock

Market Beat: Investors are responding to target-beating results with a ‘meh’

US shares were lower in early afternoon trading as a rally in growth stocks ran out of steam. Photograph: Getty Images

Dalata and ICG among the main decliners in Dublin

Open Orphan chief executive Cathal Friel

Infectious diseases specialist to list in London

AquaSplash in Co Tipperary. The onwer of the water park says it may not reopen due to insurance difficulties. Photograph: AquaSplash

Employers’ liability area consistently loss-making since 2014, new report shows

The chief executive said he saw AIB more as a ‘challenger bank’ than a ‘pillar bank’ in an overbanked market in the region

Bank had previously reduced the then network of 30 in 2017

Older borrowers with moderate repayment capacity could be offered a range of solutions, particularly those who are in positive equity, the Central Bank said. File photograph: iStock

Central Bank says lenders need to come up with more ‘extensive or ambitious’ solutions

A spokesman for the Central Bank declined to comment on whether anything emerged from the review that has triggered, or may lead to, enforcement investigations, or required it to file reports with An Garda Síochána.

Reporting of suspicious trades has dropped despite rise in volume, Central Bank says

Rapper Snoop Dog was among the early investors in Robinhood.

App luring newbies into stocks and cryptos valued at up to $40bn ahead of flotation

Arena Events Group chief executive Greg Lawless: ‘We see this as a transitional year, with a gradual return to normality’

Greg Lawless of Arena Events Grop plots deals as sports schedule rebounds after a challening year

Naturgy supplies natural gas to almost 20 per cent of the industrial and commercial market in Ireland, according to its website. It is also a supplier of 100 per cent renewable electricity. File photograph: iStock

Spanish utilities giant moves to spin off asset just five years after acquiring the business

Coco Gauff (left) and Caty McNally in action during their ladies’ doubles third round Wimbledon match on Tuesday. Arena Events Group has supplied seating structures for the tennis tournament. Photograph: PA

Arena group provides facilities for events such as Wimbledon

Ulster Bank has mounted a High Court challenge against a Financial Services and Pensions Ombudsman  decision that a borrower was wrongly denied a low-cost tracker mortgage. Photograph: iStock

Case could expose the bank to paying compensation to hundreds of other customers

The Government published draft laws on Tuesday to bring hire purchase deals and personal contract plans for car purchases under the watch of the Central Bank

Move gives regulator power to apply consumer code

Cormac McCarthy as CEO of Ulster Bank in 2009. Photograph: Matt Kavanagh

McCarthy was First Active’s chief and presided over its sale to Ulster Bank

Sources said 160 of the current roles would continue to exist after the restructuring, suggesting that more than 90 per cent of the contractor roles will disappear. Photograph: iStock

Number equates to almost three-quarters of its employees and contractors in Ireland

The  Irish Credit Bureau plans to close down by the end of the year. Photograph: iStock

Some non-bank lenders concerned creditworthiness ‘data gaps’ may hit lending

‘Companies continued to pass on higher costs to end customers in June, with average prices charged rising at the fastest rate since November 2018.’ Photograph: Gareth Chaney/Collins

Uptick registered as lockdown restrictions ease and additional parts of economy reopen

Irish corporate insolvencies dropped 38% in the first six months of 2021, figures from Deloitte show.  Photograph: iStock

‘Activity likely to be influenced by ... measures introduced to support firms during pandemic’

Home reversion involves the sale of a stake in a home, usually for a much lower figure than its current market value.

Company trading as Home Plus says it has lined up €250m in funding

Davy put itself up for sale in March in an effort to rebuild trust in the business and address concerns about former executives involved in the 2014 bond deal remaining as major shareholders. Photograph: Gareth Chaney/Collins

Underlying business of stockbroking and wealth management firm valued at €420m

The Dublin head office of Davy stockbrokers. Bank of Ireland is reported to be close to agreeing a deal to acquire the firm. Photograph: Sasko Lazarov/RollingNews.ie

Seen & Heard: AIB’s Belfry case, Biden stimulus and Marlet portfolio bidders

Paddy Power Betfair is owned by Flutter Entertainment.

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