Padraic's Feed
May 31, 2013

Aer Lingus board backs 140 mln euro pension payout

DUBLIN, May 31 (Reuters) – Aer Lingus’s board
backed a proposed 140 million euros ($183 million) one-off
payment to employee pensions on Friday under a deal to avoid
possible strikes at the Irish airline.

The deal aims to address a hole in a pension scheme which
employees at Aer Lingus share with other aviation industry
workers and which had a deficit of over 700 million euros at the
end of 2011.

May 30, 2013

Elan says has ‘Plan B’ if shareholders reject deals

DUBLIN (Reuters) – Irish drugmaker Elan will lay out an alternative strategy if shareholders reject a string of planned deals and thereby make a bid from a U.S.-based investment group more likely to succeed.

Royalty Pharma last week increased its a hostile cash bid for Elan, conditional on the target’s shareholders rejecting a series of planned transactions at a meeting due to be held on June 17.

May 27, 2013

Ireland readies diplomatic corps to rebuff tax haven claims

DUBLIN, May 27 (Reuters) – Ireland is preparing to
officially reject accusations by U.S. Senators this week that it
acts as a tax haven for large multinationals and launch a
diplomatic offensive to repair the damage done to its reputation
abroad.

Ireland has been forced to defend its low corporate tax rate
after the Senate said last week that iPhone and iPad maker Apple
paid little or no tax on tens of billions of dollars in
profits channelled through Irish subsidiaries and that it had
effectively negotiated a special corporate tax rate of less than
2 percent. {ID:nL2N0E20Y1]

May 23, 2013

Elan rejects Royalty’s $6.4 bln raised offer

DUBLIN, May 23 (Reuters) – Elan rejected Royalty
Pharma’s increased $6.4 billion bid on Thursday,
shortly after the U.S. firm cut the acceptance bar for its
latest offer to 50 percent plus one share.

Royalty raised its hostile cash bid to $12.50 per share on
Monday, from $11.25 previously, but made the new offer
conditional on Elan shareholders rejecting at a meeting due to
be held on June 17 the series of defensive transactions recently
announced by the Irish drug firm.

May 23, 2013

Apple enjoyed Irish tax holiday from the start

SAN FRANCISCO/DUBLIN, May 23 (Reuters) – Apple has operated
almost tax-free in Ireland since 1980, welcomed by a government
keen to bring jobs to what was then one of Europe’s poorest
country, former company executives and Irish officials have
said.

Chief Executive Tim Cook faced criticism from a Senate
subcommittee in Washington on Tuesday over the iPad and iPhone
maker’s tax practices, which had been shrouded from full view
behind secretive tax-exempt Irish-based corporate entities.

May 22, 2013

Ireland says will not be U.S. ‘whipping boy’ on tax

DUBLIN (Reuters) – Ireland’s finance minister said the country would not be the “whipping boy” for what he called a flawed U.S. Senate report that said Irish loopholes helped technology giant Apple shrink its tax bill.

Ireland has been forced to defend its corporate tax rate after the Senate said on Monday that Apple paid little or no tax on tens of billions of dollars in profits channeled through Irish subsidiaries and that it had negotiated a special corporate tax rate of less than 2 percent. {ID:nL2N0E20Y1]

May 22, 2013

Irish seek to hold the line in tax battle

CORK/DUBLIN (Reuters) – Until this week, Richard Bruton enjoyed the sweet spot in Irish government. While cabinet colleagues rolled out spending cuts and tax hikes, Bruton got the photo opportunities with foreign CEOs investing in their favorite corner of Europe.

Now the strategy that underpins Bruton’s role as jobs minister and the country’s hopes of recovering from the crisis that drove it to take an international bailout is under attack from the United States and the rest of Europe.

May 22, 2013

Ireland rejects blame for Apple’s low tax rate

CORK/DUBLIN (Reuters) – Ireland said on Tuesday it was not to blame for Apple Inc’s low global tax payments and had no special rate deal with the company after the U.S. Senate said it paid little or no tax 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 not to blame for Apple’s low tax rate

CORK/DUBLIN, May 21 (Reuters) – Ireland said on Tuesday it
was not to blame for Apple Inc’s low global tax
payments and had no special rate deal with the company after the
U.S. Senate said it paid little or no tax 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 20, 2013

O’Connell relishing unexpected Lions return

MAYNOOTH, Ireland (Reuters) – When Paul O’Connell played his first 80 minutes of rugby for five months in an amateur game in Limerick in March, he did not allow himself to even dream of making one last British and Irish Lions tour.

Yet within a month, O’Connell had inspired Munster to a Heineken Cup win over Harlequins and made such a compelling case for inclusion that bookmakers made him odds-on favourite to captain the touring side for the second time in a row.