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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. Almost €800m of that is a direct loss to the Exchequer, according to a report by consultants Grant Thornton. The study focused on alcohol, tobacco, fuel, pharmaceuticals, digital piracy and other product counterfeiting. The report said there was little sign […]

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AIB’s mortgage rate cut puts fresh pressure on rival lenders

The pressure on banks to cut their variable rates has been ramped up after Fianna Fáil resubmitted a bill to the Dáil which would give powers to the Central Bank to enforce cuts in rates. The move comes after AIB said it was reducing its variable rate for the fourth time in July. It is […]

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Pizza Hut to create 3,000 jobs in Ireland and UK

Pizza Hut Delivery is to create 3,000 jobs in 200 new stores across the UK and Ireland over the next four years. The firm did not give a breakdown of how many jobs would be based in Ireland and where it plans to open the new stores. The chain is set to invest £40m (€50.6m) […]

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Eirtech units reach €2.7m agreement with Irish Revenue

Units of Eirtech Aviation, the Shannon-based aircraft painting company, have concluded agreements with the Revenue Commissioners in relation to historical tax liabilities that have seen them hand over more than €2.7m to the authority. Eirtech was acquired in 2014 by Los Angeles-based Vance Street Capital in a deal thought to be worth in the region […]

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Irish consumer spending increases 9.7pc in April

Consumer spending in Ireland increased at the second strongest rate of growth recorded by Visa in April. According to Visa Europe’s Consumer Spending Index, Irish consumer expenditure increased by 9.7pc year on year in April. Online shopping was the main driver of growth during the month, with the Irish web spend increasing by 18.7pc, when […]

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NTMA to raise €750m in bond auction this week

The National Treasury Management Agency (NTMA) is to raise €750m from the sale of six-year treasury bonds on Thursday. The bonds will be sold at the NTMA’s first auction since the formation of the new government. The auction of the 0.8pc 2022 treasury bonds, which will conducted on the Bloomberg Auction System, will begin at […]

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AIB reacts to new government by cutting mortgage interest rates

The State-owned banking group said its rate will come down by 0.25pc from start of July. However, the group said the new lower variable rates only apply to AIB customers, and there has been no reduction announced for EBS and Haven mortgage holders. AIB is also said it is now offering a new €2,000 contribution […]

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Former arch rivals Aer Lingus and Ryanair set to reach deal – Walsh

Ryanair is likely to feed passengers to the Aer Lingus long-haul network as part of what would be an unprecedented formal agreement between the two former arch rivals, according to IAG chief executive Willie Walsh. The two airlines have held high level talks at various stages over the past year or more on a so-called […]

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Ten ways the new government plan will affect your pocket

From water charges to sugar tax, the proposed plan will impact on your wallet – Taxes on your income: The programme promises to ask the Oireachtas to approve a tax plan which will “continue to phase out the USC” as part of a medium- term strategy. So more USC cuts are on the way and […]

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Number of people signing on dole falls again in April

The number of people signing on the Live Register fell by 4,400 in April as the country’s unemployment rate dipped to 8.4pc in the month, new figures have shown. According to the Central Statistics Office (CSO) there were 305,785 people signing on the live register last month, which is down 11pc on the same period […]

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