News

Porsche SE, the main shareholder of Volkswagen, is facing lawsuits from investors claiming the firm did not disclose the financial risks of VW’s emissions scandal uncovered a year ago. A spokesman at Porsche SE said yesterday that Frankfurt-based law firm Nieding + Barth had filed 12 lawsuits against the firm which controls 52.2pc of VW’s […]

OPEC raised its forecast of oil supplies from non-member countries in 2017 as new fields come online and US shale drillers prove more resilient than expected to low prices, pointing to a larger surplus in the market next year. Demand for crude oil from the Organization of the Petroleum Exporting Countries (OECD) will average 32.48 […]

Shares in Primark owner ABF plunged over 10pc yesterday as it revealed that weakened sterling has gouged a £200m (€237m) deficit in its pension scheme. Like-for-like sales at the group’s retail chain are also likely to have fallen 2pc in the full financial year that ends this week. The pension deficit has manifested itself in […]

The high volume of cases and the slow pace of repossessions through the courts here are a challenge to efforts to resolve problem debt, according to a cross-country comparison of problem loans. It shows Irish banks continue to have some of the highest levels of problem debts in the euro area, despite more than €124bn […]

There was a time when branding was confined to ‘pesky’ steers in cowboy movies, but now it seems, everyone wants to be branded – be it labelled footwear, logo-ed beachwear, or Abercrombie & Fitch emblazoned over one’s manly chest; it seems necessary even to have a famous brand name on your sunglasses. The international corporation […]

A working group led by the Central Bank of Ireland’s Sharon Donnery has launched a public consultation on how banks across the Eurozone should best deal with problem loans. Nine years after the great crash European lenders continue to hold dangerously high levels of non performing loans – including soared business and property debts and […]

Fianna Fáil’s proposed legislation which would enable the Central Bank to regulate mortgage interest rates has sparked concern among investors, the Department of Finance has claimed. Some feedback centred on the potential impact on Ireland as a location for foreign direct investment (FDI), the department said. Minutes of the June meeting of the so-called Principals […]

All passengers flying with Ryanair could soon have to sign up for the airline’s ‘myRyanair’ programme before being able to book tickets, and the change might be introduced as early as next year, according to chief executive Michael O’Leary. The move would be a major shift in how the airline sells its tickets, and would […]

About 46 million people could potentially benefit from a legal case brought against Mastercard demanding £14bn (€16.5bn) in damages for allegedly charging excessive fees, according to court documents filed in London. The case brought by a former chief financial services ombudsman alleges the payments company set unlawfully high fees charged to stores when shoppers swipe […]

British firms are likely to cut investment during the rest of this year and in 2017 due to the Brexit vote, and the government must show quickly how it will move forward with leaving the European Union, a professional body for accountants said. The forecast from the Institute of Chartered Accountants in England and Wales […]