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

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 …

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 …

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 …

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.

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