Uncategorized | Gorman Quigley Penrose

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15 Aug 2018

Fexco acquires London’s largest specialist foreign exchange business for £10m

Kerry-based fintech company Fexco has acquired London’s leading retail foreign exchange company Thomas Exchange Global (TEG).

It is understood that the acquisition is valued at around £10m (€11.2m).

TEG has over one million customers across its 15 branches in London.

The deal, the company’s eight acquisition in the UK since 2012, means that Fexco now has a 12pc share of the estimated £9bn foreign exchange market in London.

“We are very pleased to have acquired a business with the reputation and reach of TEG, the largest London-based FX retailer,” Joe Redmond, MD of retail foreign exchange division, Fexco, said.

The deal confirms our belief in the future of cash and the incomparable role it plays in a balanced payments and travel money portfolio.”

Fexco’s Retail FX division now employs 500 people serving the travel money requirements of over four million customers through its UK and Ireland wide network of 125 branches.

Commenting on the acquisition, Sakthi Ariaratnam, CEO of TEG, said that the deal presented a “fantastic opportunity” for the two companies to “further capitalise on the significant opportunities present in the national and international FX marketplace.”

Founded in 1981 today Fexco employs over 2,300 people across the group. The company has operations in 29 countries across Europe, the Middle East, Asia-Pacific, North America and Latin America.

Last month Fexco announced the creation of 175 new jobs at its headquarters in Killorglin, County Kerry

Article Source: http://tinyurl.com/kbwqb42

13 Feb 2018

Europe warned of gas shortage without more Russian imports

Europe will face a gas shortage and price spike as soon as the next decade if it doesn’t decide quickly to boost imports from Russia as gas purchases from the US or Qatar fail to match

18 Nov 2016

Ireland listed amongst top EU countries for big data investment

The vast majority of global corporates have identified Ireland as a possible or likely location for data-driven investment in the next year, new research has found.

18 Nov 2016

Ireland listed amongst top EU countries for big data investment

The vast majority of global corporates have identified Ireland as a possible or likely location for data-driven investment in the next year, new research has found.

11 May 2016

Revealed: Black market trading cost economy €2.5bn last year

Black market trading is estimated to have cost the economy close to €2.5bn last year.

01 Feb 2016

Ryanair reaffirms profit forecast, announces €800m share buyback

Ryanair on Monday reaffirmed its full-year profit forecast after higher passenger numbers offset lower fares and said it would return €800m to shareholders through a share buyback.

01 Jul 2015

The Irish unemployment rate was unchanged in June from the previous month, as evidence from a new survey also suggested that the rapid rise in the number of jobs is slowing.

CSO figures showed that seasonally adjusted numbers on the live register fell by only 500 in the month, much slower than the declines of 1,000 and 1,200 posted in May and April.

As a result, the unemployment rate was unchanged from May, at 9.7%, but sharply lower than the rate of 11.4% in June 2014.

21 May 2015

€99 www.recruitireland.com Advertisement HOME»BUSINESS

Revenue at the world’s 10 largest investment banks rose 9%, year-on-year, to $44.9 billion in the first quarter, as financial market volatility and central bank stimulus measures boosted profits.
Trading in fixed income, currencies and commodities (FICC) divisions, which are particularly exposed to economic conditions, were the outperformers, up 5% on a constant dollar basis, data from industry analytics firm Coalition shows.

Revenues from FICC have slumped in recent years on the back of tougher regulations and low market volatility, that has prompted investment banks to reshape themselves, shedding staff and exiting certain business lines.

15 May 2015

Consumer price figures ‘mask’ real increases

A raft of everyday household expenses, including private landlord rents, public transport, and college registration fees, are soaring above the price levels reached during the boom years, official figures show.

Analysts say that a detailed breakdown of consumer price figures show that the trend in the past year of price decreases for some goods is masking huge price rises of everyday items across the economy. As a result, many prices are now well above levels recorded in 2006.

Headline CSO figures on consumer prices were published yesterday and showed the annual price index tumbled by 0.7% in April, as the costs of buying airline tickets, cars, meat and vegetables, clothing, and furniture all fell.

25 Nov 2014

Budget a missed chance to cut debt, says watchdog

THE state’s budgetary watchdog has hit out at the Government over Budget 2015, saying it was a missed opportunity to further fix the public finances.

The Fiscal Advisory Council said the State’s debt level will now be €10bn higher in 2018 because the Government “backtracked” on plans to impose a further €2bn in austerity in Budget 2015.

And just days after the Government was forced into a new water charges plan amid mounting public anger, council chairman John McHale raised concerns that political pressures risk a return to the economic mistakes of the past.

“A more general concern is that politics may again be leading us to make the kind of mistakes that have been made with fiscal policy in the past, that has caused so much damage to the economy,” he said, at the launch of the Council’s latest assessment.

“I think it’s hard to avoid the conclusion … that the political pressures that led to the mistakes in the past are building again.”

But Mr McHale said he believed that there was now a tougher budgetary regime of checks to help avoid a repeat of those mistakes.

Last month, Finance Minister Michael Noonan unveiled an expansionary Budget of about €1bn, made up of €420m in tax measures and an increase in spending of around €630m, compared with the original plan of more austerity totalling about €2bn.

The Department of Finance estimates that the deficit will be cut to 2.7pc of the value of the economy next year – well within a crucial EU target. The council said another austerity Budget would have cut the deficit to 1.5pc, and brought the government accounts close to balance by 2016.

And Mr McHale said that because of the softer-than-expected Budget, debt is expected to peak at a level roughly €10bn higher than would have occurred if the Government had stuck to its plan for a final austerity Budget.

The council’s chairman said he recognised the pressures the public was under, but it was his job to point out the risks.

“We absolutely understand that people are fed up after seven years of austerity measures, squeezes on their incomes both as a result of the budgetary measures but also of the recession itself,” Mr McHale said.

“On the other hand, part of our job is to point out that we’re still spending considerably more than we’ve brought in revenue.”

The Troika last week warned that the Government’s new water charges plan puts the country at risk of missing its Budget target next year and plunging the country into another round of tax hikes and spending cuts.

The council wouldn’t get involved in the water charges controversy, but it said that by not doing the full €2bn of tax hikes and spending cuts in the Budget, an opportunity to create a large buffer to guard against unexpected economic shocks had been missed.

It also said that given the scale of changes to the budgetary plans over the last year, Budget 2015 should have provided an updated plan for the coming years but failed to do so.

Mr McHale also said that Government also hasn’t explained how spending pressures would be dealt with in the coming years.

“This is a particular problem for departments such as Health and Education, reporting large demand pressures over 2015 to 2017, and given the current very low level of capital spending,” the Council said. The Council also signalled that it backed the Central Bank’s new mortgage deposit plan.

Article Source: http://tinyurl.com/kbwqb42