News

KBC Bank Ireland doubles profit in first quarter

KBC Bank Ireland has more than doubled its profit in the first quarter of its financial year, rising to €34.2 from €16.2m when compared with the same period last year. In the three month period to the end of March, the bank added 16,800 with current accounts continuing to drive new customer acquisitions. The firm […]

Continue Reading

Formation of government has not ended political uncertainty – ratings agency Fitch

The formation of a government has not brought an end to political uncertainty, ratings agency Fitch has warned. Although uncertainty has been reduced, it hasn’t been eliminated because it isn’t clear how much of its legislative programme the minority government will be able to implement, the ratings giant said. The agency also warned that possible […]

Continue Reading

Virgin Media’s Irish TV customers take flight amid strong global results

Virgin Media has suffered a 14pc fall in its Irish TV customer base over the last year, new accounts show. The operator, which rebranded from UPC last year, lost 53,900 television customers in the last 12 months as stiff competition from Sky, Eir and Saorview continue to bite. Virgin also saw a slight fall in […]

Continue Reading

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 […]

Continue Reading

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 […]

Continue Reading

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) […]

Continue Reading

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 […]

Continue Reading

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 […]

Continue Reading

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 […]

Continue Reading

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 […]

Continue Reading