Business and Finance News
In record year Swedish multinational closes Irish pension scheme
A Swedish multinational closed its Irish pension scheme in 2012 — a record year for group profits — and the opportunistic move in Ireland was not because of a collapse in investment values after the bubble burst but because during the boom years the Irish subsidiary delivered bumper dividends to Stockholm while its pension scheme was underfunded.
Germany’s record trade surplus in 2015; US, UK, France in deficit
On Tuesday Germany announced a new record trade surplus for 2015 while the US, UK and France posted another year of trade deficits. China reported a surplus last month and Japan reported its fifth straight deficit despite plunging oil prices.
Dublin properties for rent plunge to low of 1,400 in 2016
Irish house rents rose nationwide by an average of 9.0% during 2015, according to the latest quarterly Rental Report by Daft.ie. This compares to an increase of 10.7% in 2014 and 6.7% in 2013. The national average rent between October and December was €979, compared to €898 a year previously. Supply of properties for rent remains very low with just 1,400 rental homes on the market this month.
Irish General Election: Media needs to challenge status quo
The 2011 Irish General Election was inevitably about the short-term following the bursting of the economic bubble. This time, Enda Kenny, taoiseach, has ensured that the 2016 election is a traditional short-term focus election campaign with the main arguments on taxes, bribes for voters and related budget issues, while the mainstream media also maintains a passive traditional role in being a facilitator for the politicians rather than a catalyst in forcing them to address challenges facing Ireland beyond the 2021 horizon of the 32nd Dáil Éireann.
Just 10 firms paid 50% of record Irish corporation tax in 2015
Irish corporation tax receipts jumped by almost 50% in 2015 and only 10 firms accounted for about 50% of receipts in the year — a windfall for the Exchequer resulted in a rise in receipts from €4.6bn in 2014 to €6.9bn in 2015. In 2014 Finfacts estimated that about 40 American firms accounted for two-thirds of Ireland’s headline exports in 2013.
406,000 dole claimants in 2016, broad Irish jobless rate at 18%
The seasonally-adjusted total on the Irish Live Register and in public activation jobs schemes was at 405,509 in the first month of 2016 according to the CSO today. The broad jobless rate was 18% compared with the narrow rate of 8.6% based on the Inter…
Irish pension funds returns fell about 4% in January 2016
A slide in share prices in January 2016 resulted in a monthly fall of about 4% in the returns of Irish pensions funds.
US giant firms and Europe’s new response to tax fraud
Just over 5 years ago citizen activism against corporate tax evasion/ avoidance began when mainly women in a group called UK Uncut began occupying the high profile London retail stores of the Arcadia group such as Topshop, BHS, Burton, Miss Selfridge and Dorothy Perkins, controlled by Sir Philip Green, one of Britain’s richest men, who had given a £1.2bn tax-free dividend to his wife — a resident of Monaco. Last week, Rupert Murdoch, another billionaire, said strong new laws were required to prevent small local businesses from being ruined by global tech companies paying “token” taxes.
Ireland second-highest OECD health spending, poorest outcomes
Ireland has the second-highest health spending ratio in OECD area which comprises of 34 mainly developed countries but it has some of the worst health outcomes among advanced countries.
Irish Banking Inquiry 2016: Delayed wisdom, glacial change
Irish Banking Inquiry 2016: The publication of a parliamentary report on the banking crash 7 years and 4 months following the decision of Ireland’s government on 30 September 2008 to provide a state guarantee for both the debts of domestic banks and de…