US in attack on our low tax rates for global firms
President Barack OBama last night pledged that the new steps will discourage big firms from pursuing corporate tax-avoidance deals known as “inversions”.
He aims to reduce the economic benefits of tax inversions, which involve US companies ataking advantage of lower tax rates elsewhere, and which have become increasingly common in recent years.
Pressure
Irish banks may not need extra capital after tests, says Moody's
The ratings giant said that with growth accelerating, Ireland’s debt position will improve and debt-to-GDP ratio will fall back to 110pc this year.
“The banking system is likely to need very little if any new financial support from the government after the results of the European Asset Quality Review are revealed at the end of October,” Moody’s said yesterday in an economic update.
In Ireland, AIB, Bank of Ireland, Ulster …
Israel gives Intel 5pc corporation tax rate and state-aid for chip facility
The move comes as Intel, which employs 5,000 people in Leixlip and up to 5,000 additional construction workers at present, anticipates the completion of a €3.6bn upgrade to its Irish manufacturing site.
Last month, the company revealed that it will produce cutting edge 14 nanometre chips in Ireland, which are set to be branded as ‘Core M’ processors for use in the next generation of laptops and mobile devices.
Ireland …
Workers can expect double income tax cut in Budget
It is expected workers will be able to earn more before they enter the top rate of tax, combined with a reduction to the flat rate.
Government sources from across the Coalition confirmed to the Irish Independent last night that they are looking at a “hybrid approach” to deliver its well-flagged vow to alleviate the burden of taxes on workers.
Taoiseach Enda Kenny and many in Fine Gael favour a …
Irish investors clean up on Alibaba public listing
Davy Private Client are understood to have put together a group of investors who invested about €20m in funds managed by private equity firm Silver Lake Partners. Silver Lake was one of the biggest supporters of Alibaba, pumping about $825m into it in a number of tranches over several years.
The company has made about $4.6bn profit after Alibaba listed on the New York Stock Exchange last Friday.
Shares in …
Bank of Ireland looks to ramp up agri sector loans
The firm said it is hiring 15 specialists in the area as it looks for more customers in the agri space. The bank claims to provide more than half of all new and increased agri lending with land acquisition, farm buildings and increased stocking requirements the main drivers of growth.
“With agriculture anticipated to be one of the best-performing sectors in the next few years and with strong growth potential …
'Economy will grow by 4.5pc this year' – Michael Noonan
It comes as the Central Statistics Office (CSO) said the economy grew by 1.5pc between April and June.
And when you compare the April and June period of this year, the second quarter, with the same period in 2013, the economy expanded 7.7pc.
“My people advising me tell me that it’s a trend that will continue. We’ll be marking up the growth figures for 2014 and 2015,” Mr Noonan said.
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UK shares lead European stock gains following Scotland snub to independence
Britain’s blue-chip FTSE 100 index rose by 0.7 percent, with Scottish-based stocks such as Royal Bank of Scotland and utility SSE among the top-performers, rising by 3.2-3.3 percent respectively.
The FTSE, which had underperformed going into the Scottish vote this week, beat a 0.5 percent rise on Germany’s DAX and on France’s CAC.
The pan-European FTSEurofirst 300 index was up by 0.8 percent at 1,409.36 points.
“There’s a bit of …
Europe the continent with the most billionaires – report
More billionaires – 775 in total – live in Europe than on any other continent in the world, with North America the second most popular continent with 609.
Most of Europe’s billionaires – 130 – live in the UK, followed closely by Germany with 123.
The report, carried out by Wealth X and UBS, says Ireland has three billionaires, but doesn’t name them.
The figure of 2,325 billionaires for the …
Government 'could create 90,000 jobs' in green economy
A report from the Irish Corporate Leaders on Climate Change says opportunities exist in wind energy, buildings, electrification, smart grid, green financing and agriculture, but that goverment leadership is needed.
It says a reluctance to tackle the issue is based on assumptions that the cost is too high, between 0.7pc and 1.6pc of GDP.
However, it says that spending should be considered an investment in a low-carbon future, which will …