Conor's Feed
May 21, 2013

Ireland says not to blame for Apple’s low tax rate

DUBLIN (Reuters) – Ireland said on Tuesday it was not to blame for Apple Inc’s low global tax payments after the U.S. Senate said the company paid little or nothing on tens of billions of dollars in profits stashed in Irish subsidiaries.

The Irish government, which has seen the luring of U.S. multinationals with low taxes as a key part of its economic policy since the 1960s, said its system was transparent and other countries were responsible if the tax rate paid by Apple was too low.

May 21, 2013

Ireland says it is not to blame for low Apple tax rate

DUBLIN (Reuters) – Ireland said on Tuesday it was not to blame for Apple Inc’s (AAPL.O: Quote, Profile, Research, Stock Buzz) low global tax payments after the U.S. Senate said the company paid little or nothing on billions of dollars in profits stashed in Irish subsidiaries.

In a 40-page memorandum released ahead of an appearance by Apple CEO Tim Cook before Congress on Tuesday, a Senate subcommittee identified three subsidiaries that have no “tax residency” either in Ireland, where they are incorporated, or in the United States, where those companies are managed.

May 20, 2013

Ryanair shares hit record after earnings top forecasts

DUBLIN, May 19 (Reuters) – Ryanair posted
forecast-beating full-year earnings on Monday, buoyed by strong
growth in fares and a sharp rise in charges for items such as
baggage and in-flight refreshments.

Shares in Europe’s largest budget airline jumped more than 6
percent to a record high of 6.764 euros.

May 15, 2013

Ryanair sees passenger growth rate doubling by 2018

DUBLIN, May 15 (Reuters) – Ryanair aims to grow much
faster than previously indicated over the next five years in a
bid to exploit the weakness of mid-tier European rivals
struggling with recession, the firm’s chief operating officer
has told Reuters.

Three decades after it launched the industry’s cheap flights
revolution, the Irish airline hopes to raise passenger numbers
by more than 8 percent annually in 2015-18, double last year’s
growth and up from a forecast of 5 percent it gave in March.

May 9, 2013

Ireland’s lenders want action on unemployment, bad debt

DUBLIN, May 9 (Reuters) – Ireland needs to do more to tackle
unemployment and bad mortgage debt, its international lenders
said on Thursday in a relatively critical statement as the
country moves towards the end of its bailout programme.

The European Union, International Monetary Fund and European
Central Bank said Ireland was on course to become the first euro
zone country to complete its bailout at the end of the year, but
listed several concerns.

Apr 15, 2013

U.N. aid groups say world must act now to save Syria

DUBLIN (Reuters) – World leaders must act urgently to break the diplomatic deadlock around Syria if they want to prevent the crisis from reaching a dangerous tipping point, the heads of the United Nations aid agencies said on Monday in a rare political appeal.

If the international community continues to dither the crisis could turn into a humanitarian catastrophe that could scar the region for a generation, one of the leaders said.

Apr 11, 2013

Portugal, Ireland to win time to repay loans-Dijsselbloem

CORK, Ireland, April 11 (Reuters) – Euro zone finance
ministers will probably agree on Friday to give Ireland and
Portugal seven more years to repay loans from the European
Union, a senior official said on Thursday, to help both
countries return to financial markets.

Dublin and Lisbon lost access to affordable financing in
2010 and 2011 respectively and took emergency loans from Europe,
and extensions to these should make them less of a burden as the
countries seek to put their bailouts behind them.

Apr 10, 2013

Debt deal gives Ireland breathing space on deficit – watchdog

DUBLIN (Reuters) – Savings from a debt deal linked to a bank rescue should give Ireland breathing space to comfortably beat a 2015 European Union deficit deadline, the country’s independent fiscal watchdog said on Wednesday.

But the government must not bow to political pressure to use this leeway to roll back its austerity drive or it will risk the national debt spiralling out of control, the Fiscal Advisory Council said in a report.

Apr 9, 2013

Irish financial regulator Elderfield to step down

DUBLIN, April 9 (Reuters) – Ireland’s financial regulator
Matthew Elderfield said on Tuesday he would quit after three
years in which he overhauled a dysfunctional system of bank
oversight and pressed lenders to deal more quickly with bad

Elderfield was hired in 2010 to overhaul a watchdog that had
failed to rein in years of reckless lending that pushed the
Irish economy and banking sector to the brink.

Mar 28, 2013

Moody’s dashes Irish upgrade hopes, cites Cyprus

DUBLIN, March 28 (Reuters) – Credit agency Moody’s dashed
Irish hopes of an investment grade rating in the wake of its
landmark 10-year bond issue, saying Cyprus’ “unprecedented”
bailout increased the risks associated with holding Irish debt.

Moody’s, the only agency that ranks Ireland’s debt as
‘junk’, said on Thursday that, despite the country’s steady
progress in regaining market access, it was maintaining its Ba1
rating with a negative outlook.