All posts in Business News

10 Mar 2014

Rise of new orders for ‘battered’ Irish construction sector indicates recovery

The battered Irish construction sector has shown further signs of recovery with the number of new orders picking up pace last month, research has indicated.

The overall workforce also increased in February as companies expressed optimism about the year ahead, according to the Ulster Bank Construction Purchasing Managers Index (PMI).

The seasonally adjusted index, which tracks changes in the construction sector in the Republic of Ireland, has now registered increasing activity for six months in succession.

10 Mar 2014

BOI react to Morgan Kelly’s SME prediction: ‘There is no time bomb’

There is no “time bomb” in the banks, the head of small business lending at Bank of Ireland has insisted.

And his opposite number at AIB said the bank will have tackled the majority of its problem business loans by the end of the year.

The comments follow a prediction by economist Morgan Kelly that a European probe of all the main banks later this year could have a devastating impact on small businesses because it will uncover masses of soured loans.

07 Mar 2014

Bank of Ireland outsources 200 posts

BANK of Ireland is to cut 200 technology jobs in Dublin following an outsourcing deal with Accenture, the Irish Independent has learned.

Staff were briefed on the bank’s decision to award the contract for work currently done by its Group Technology and Change (GTaC) division to the outside firm yesterday.

People whose jobs are affected will be given the option to move across to Accenture, apply for voluntary redundancy or seek redeployment elsewhere in Bank of Ireland, a spokeswoman for the bank said.

07 Mar 2014

€67m payout for customers after ‘sharp practices’ by lenders

BANKS have been allowed to trample on the rights of consumers, a damning new report finds.

Householders have been sold out in a desperate bid to save the broken banks, a major academic study by the Free Legal Advice Centre (FLAC) has concluded.

It comes as thousands of consumers have clawed back €67m in refunds from banks and other lenders in a rare example of ordinary people getting some redress after six years of painful financial upheaval.

06 Mar 2014

IMF calls for ECB rate cut, more easing

The European Central Bank should cut interest rates and either inject more liquidity into the banking system via its Long-Term Refinancing Operations (LTRO) or start public and private asset purchases, International Monetary Fund officials said.

The ECB is due to hold a meeting on monetary policy later today. Consumer inflation, which the bank wants to keep below, but close to 2 percent over the medium term, has been stuck in what the ECB called the danger zone of below 1 percent for five months.

06 Mar 2014

Fifteen years later: Eircom investors share in €64m windfall

CHEQUES have begun arriving to the homes this week of hundreds of thousands of those who bought Eircom shares in 1999 as part of a €64m cash bonanza.

Many of the small-time investors assumed that their investment in the state phone company was worthless.

Shareholders are now getting a return on their money as part of the big payout, despite the biggest stock flotation in the country originally being written off as a failure.

06 Mar 2014

AIB seeking to ‘write off’ €3.5bn of bailout loans

ALLIED Irish Banks (AIB) is in talks with the Government that could see a €3.5bn portion of the bank’s bailout loans effectively written off this year.

Chief executive David Duffy said the state-owned bank has begun discussions with the Department of Finance that could see €3.5bn of so-called preference shares, a type of debt the bank owes taxpayers, swapped for shares in AIB.

04 Mar 2014

Bank of Ireland returns to profit and is hungry to lend, says Boucher

BANK of Ireland has become the first major bank to return to profit since the financial crash and says it is “hungry” to lend into the Irish market.

The bank said it is “normalising” its relationship with the State after returning €6bn in cash to the taxpayer to repay €4.8bn in bailout support as well as fees for its use of the bank guarantee schemes.

Bank of Ireland chief executive Richie Boucher, left, said yesterday that his bank made a loss last year but is now making a profit and generating capital.

04 Mar 2014

Fifteen firms share €75m pot to boost export-led growth

A POT of €75m will be split among 15 firms aiming to double sales and create jobs through Irish exports.

Mentoring from industry experts will also be given to established, mid-sized and profitable companies that qualify for the BDO Development Capital Fund.

Jobs Minister Richard Bruton said it was the first time several big names in Irish business had committed to an investment fund, giving both funding and expertise.

04 Mar 2014

Global stocks rebound after tumbling over the Ukraine crisis

Global stock markets rebounded today after tumbling over the Ukraine crisis as Russian troops in border exercises were ordered back to their bases and China prepared for a policy meeting which could advance economic reform plans.

Oil prices dropped after rising 2.3pc yesterday on the possibility of Western sanctions against Russia for its military incursion into the Ukraine’s Crimean Peninsula.

Russia is one of the world’s leading energy exporters.