Padraic's Feed
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.

May 20, 2013

Rugby-O’Connell relishing unexpected Lions return

MAYNOOTH, Ireland, May 20 (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.

May 20, 2013

Royalty raises Elan bid, issues ultimatum to shareholders

DUBLIN/NEW YORK, May 20 (Reuters) – Royalty Pharma
raised its hostile bid for Elan to $12.50 per
share and threatened to withdraw the bid if Elan shareholders
approve a series of defensive transactions announced by the
Irish drug firm.

Royalty Pharma, which buys royalty streams of patented
drugs, said Elan’s efforts to reinvent itself through a series
of acquisitions and debt deals were hasty and ill-conceived.

May 20, 2013

Gatland says Aussie squad predictable, no Wilkinson u-turn

MAYNOOTH, Ireland (Reuters) – Warren Gatland called Australia’s selection for next month’s series predictable, but just as predictable was the barrage of questions the British and Irish Lions coach faced on Monday over Heineken Cup winner Jonny Wilkinson.

Newly crowned European player of the year Wilkinson, who turned down the chance to tour with the Lions to focus on his club side Toulon, was flawless yet again in the French team’s 16-15 win over Clermont Auvergne on Saturday.

May 20, 2013

Rugby-Gatland says Aussie squad predictable, no Wilkinson u-turn

MAYNOOTH, Ireland, May 20 (Reuters) – Warren Gatland called Australia’s selection for next month’s series predictable, but just as predictable was the barrage of questions the British and Irish Lions coach faced on Monday over Heineken Cup winner Jonny Wilkinson.

Newly crowned European player of the year Wilkinson, who turned down the chance to tour with the Lions to focus on his club side Toulon, was flawless yet again in the French team’s 16-15 win over Clermont Auvergne on Saturday.

May 20, 2013

Elan strikes more deals, agrees second share buyback

DUBLIN (Reuters) – Irish drug firm Elan agreed on Monday to buy two private drug firms, spin-off its one experimental drug and buy back more shares to give a firmer idea of how the company will be reconfigured as shareholders weigh up a takeover bid.

The Irish company has rejected a $5.7 billion bid from U.S. investment firm Royalty Pharma and is trying to convince shareholders to do the same by returning cash and going on a spending spree that began with a $1 billion royalties deal just a week ago.