Padraic's Feed
Aug 28, 2013

Grafton sees recovery sustained in UK, 1st signs in Ireland

DUBLIN, Aug 28 (Reuters) – Home improvement and building
supplies group Grafton said recovery in Britain, its
main market, is likely to be sustained, while the Irish market
is showing the first tentative signs of recovery from a long
slump.

Grafton has weathered the collapse in housebuilding in
Ireland through an expansion in Britain, which now accounts for
over 90 percent of its profits.

Aug 20, 2013

Building suppliers’ moderate outlook hits shares

VIENNA/DUBLIN, Aug 20 (Reuters) – Two major European
building suppliers said on Tuesday they saw only gradual
stabilisation in Europe, disappointing markets that had expected
better news given recent positive economic data.

Wienerberger, the world’s largest brickmaker, said
construction activity in its major markets of France, Benelux
and eastern Europe was lagging the United States and Britain,
and Ireland’s CRH cut its full-year earnings outlook.

Aug 9, 2013

Ireland eying backstop credit line focused on banks -government source

DUBLIN, Aug 9 (Reuters) – Ireland aims to secure a
precautionary credit line later this year to smooth its exit
from an international bailout, and wants any conditions focused
solely on its still-troubled banks, a government source said on
Friday.

Rescued by Europe and the International Monetary Fund in
late 2010, Ireland is on course to become the first euro zone
country to wean itself off emergency assistance.

Aug 2, 2013

Bank of Ireland says its four-year crisis is over

DUBLIN, Aug 2 (Reuters) – Bank of Ireland’s net
interest margin grew sharply in the first half of the year as
the only Irish lender to escape nationalisation declared itself
a normal bank once again after four difficult years.

The bank said on Friday its net interest margin – a key
metric that shows how profitable its lending is – jumped 31
basis points to 1.65 percent in the six months to the end of
June, helping it trim its underlying loss by almost two thirds.

Aug 2, 2013

Bank of Ireland net interest margin jumps dramatically

DUBLIN, Aug 2 (Reuters) – Bank of Ireland’s net
interest margin rose dramatically in the first half of the year
as the only Irish lender to escape nationalisation declared
itself a normal bank once again after four difficult years.

The bank said on Friday that its net interest margin – a key
metric that shows how profitable its lending is – jumped 31
basis points to 1.65 percent in the six months to end-June,
helping it trim its underlying loss by almost two-thirds.

Aug 1, 2013

Allied Irish trims H1 loss, cost cuts take hold

DUBLIN, Aug 1 (Reuters) – State-owned Allied Irish Banks
(AIB) trimmed its half-year losses by over a quarter
and returned to operating profits, excluding a big charge for
impaired loans, as job cuts and reduced funding costs began to
feed through.

During the financial crisis, AIB cost taxpayers more than 20
billion euros ($26.6 billion) – the most handed out to any Irish
lender still open. Over the past year it has shut branches and
cut its staff numbers by 15 percent in a bid to make an overall
profit by 2014.

Jul 29, 2013

Drugmaker Perrigo to buy Ireland’s Elan for $8.6 billion

DUBLIN (Reuters) – U.S. generic drugmaker Perrigo (PRGO.N: Quote, Profile, Research, Stock Buzz) agreed to buy fellow drug company Elan (ELN.I: Quote, Profile, Research, Stock Buzz) for $8.6 billion on Monday in a deal that will hand it royalty rights from a blockbuster treatment and tax savings from being domiciled in Ireland.

Elan put itself up for sale last month after rejecting three hostile bids from U.S. investment firm Royalty Pharma ROYPH.UL in a bitter takeover battle that involved injunctions, court hearings and a war of words.

Jul 29, 2013

U.S. drugmaker Perrigo to buy Ireland’s Elan for $8.6 bln

DUBLIN, July 29 (Reuters) – U.S. generic drugmaker Perrigo
agreed to buy fellow drug company Elan for $8.6
billion on Monday in a deal that will hand it royalty rights
from a blockbuster treatment and tax savings from being
domiciled in Ireland.

Elan put itself up for sale last month after rejecting three
hostile bids from U.S. investment firm Royalty Pharma
in a bitter takeover battle that involved injunctions, court
hearings and a war of words.

Jul 13, 2013

Insight: Apple controversy lays bare complex Irish tax web

DUBLIN (Reuters) – Occupying a single floor of a three-storey building in a suburban Dublin office park, Western Union’s offices are notably modest for the international headquarters of the world’s largest money transfer firm.

The set-up is typical of swathes of U.S. companies using Ireland to cut their tax bill. A Reuters analysis of Irish and U.S. filings shows that more than 40 percent of the S&P 500 have registered subsidiaries in the country.

Jul 13, 2013

Apple controversy lays bare complex Irish tax web

DUBLIN, July 13 (Reuters) – Occupying a single floor of a
three-storey building in a suburban Dublin office park, Western
Union’s offices are notably modest for the international
headquarters of the world’s largest money transfer firm.

The set-up is typical of swathes of U.S. companies using
Ireland to cut their tax bill. A Reuters analysis of Irish and
U.S. filings shows that more than 40 percent of the S&P 500 have
registered subsidiaries in the country.