Padraic's Feed
Sep 11, 2014

Ireland upgrades growth forecast, says IMF deal backed

CORK Ireland/PARIS (Reuters) – Ireland’s economy is set to grow by a better-than-expected 3 percent this year and the government has won German backing to refinance some of its bailout loans, the country’s two most senior finance officials said on Thursday.

Finance Minister Michael Noonan upgraded an earlier forecast for growth of 2.1 percent and said the economy would also grow by 3 percent in 2015 after seeing unemployment fall below the euro zone average, retail sales rise and exports rebound.

Sep 8, 2014

Ireland’s Green REIT to boost investment to tap rising office rents

DUBLIN, Sept 8 (Reuters) – Irish real estate investment
trust Green REIT is close to raising new debt for
investment in expectation of rising commercial property rents
because of a shortage of office space, its executive chairman
said on Monday.

Property prices and rents are beginning to rise again in
Ireland after their collapse in a 2008 real estate crash brought
construction to a standstill, prompting a recent warning from
the central bank over the need to tackle shortages in supply.

Sep 4, 2014

Ireland flyhalf Sexton to rejoin Leinster next season

DUBLIN (Reuters) – Ireland flyhalf Jonathan Sexton will rejoin Leinster from French side Racing Metro for the 2015/16 season, the Irish Rugby Football Union (IRFU) said in a statement on Thursday.

Sexton won three European Cups in four seasons with the Irish province before joining the Paris-based club on a lucrative deal at the start of last season. He has signed a contract with the IRFU until November 2019, the union said.

Sep 4, 2014

Rugby-Ireland flyhalf Sexton to rejoin Leinster next season

DUBLIN, Sept 4 (Reuters) – Ireland flyhalf Jonathan Sexton will rejoin Leinster from French side Racing Metro for the 2015/16 season, the Irish Rugby Football Union (IRFU) said in a statement on Thursday.

Sexton won three European Cups in four seasons with the Irish province before joining the Paris-based club on a lucrative deal at the start of last season. He has signed a contract with the IRFU until November 2019, the union said.

Sep 4, 2014

Ireland targeting provisional one billion euro in budget cuts – source

DUBLIN (Reuters) – Ireland is working on a budget that will deliver 1 billion euros ($1.3 billion) of tax hikes and spending cuts next year and will revisit the “conservative” figure at the end of the month, a source familiar with the budget talks said on Thursday.

Ireland originally planned a 2 billion-euro adjustment in the October budget but after a string of positive economic data, finance minister Michael Noonan said this week that significantly less was now needed.

Sep 3, 2014

Irish deficit to fall to four percent of GDP this year – finance minister

DUBLIN (Reuters) – A sharp increase in the government’s tax take so far this year will cut Ireland’s budget deficit to around 4 percent of gross domestic product (GDP) by the end of 2014, Finance Minister Michael Noonan said on Wednesday.

Ireland had targeted a deficit of 4.8 percent this year and Noonan said on Tuesday that significantly fewer spending cuts and tax hikes would be needed in next month’s budget to reach the EU target of 3 percent by the end of 2015.

Sep 3, 2014

Irish deficit to fall to 4 pct of GDP this year -finance minister

DUBLIN, Sept 3 (Reuters) – A sharp increase in the
government’s tax take so far this year will cut Ireland’s budget
deficit to around 4 percent of gross domestic product (GDP) by
the end of 2014, Finance Minister Michael Noonan said on
Wednesday.

Ireland had targeted a deficit of 4.8 percent this year and
Noonan said on Tuesday that significantly fewer spending cuts
and tax hikes would be needed in next month’s budget to reach
the EU target of 3 percent by the end of 2015.

Sep 1, 2014

Ireland bucks the trend in euro zone’s stalled recovery

DUBLIN, Sept 1 (Reuters) – Ireland is significantly bucking
the trend in the euro zone’s stalled recovery with evidence
building from companies to consumers that the economy is set to
grow faster than most on the continent this year and beyond.

It’s not back to Celtic Tiger days by any means.

The economy may match that of 2006 by the end of the year,
but will still be off the 2007 pre-crisis high. House prices are
still more than 40 percent off their peak and 2014 unemployment
is likely to 11 percent.

Aug 28, 2014

Paddy Power profits fall sharply, eyes quick rebound

DUBLIN, Aug 28 (Reuters) – Paddy Power’s operating
profit fell sharply in the first half of the year after a run of
unfavourable sports results, but the Irish gambling company said
a second-half rebound should deliver full-year earnings growth.

Paddy Power, which has more than doubled its annual profits
since 2009 on an overseas expansion and a strong performance
online, leads the industry in smartphone and tablet betting.

Aug 19, 2014

Ireland’s permanent tsb reduces losses but still trailing rivals

DUBLIN, Aug 19 (Reuters) – Irish state-owned mortgage lender
permanent tsb (PTSB) has cut its first-half underlying
loss by 62 percent but continues to lag behind its main rivals,
who have returned to profit after the country’s banking crash.

The smallest and weakest of Ireland’s three remaining
domestically-owned lenders posted a 171 million-euro ($228
million) loss on Tuesday, with impairment charges on loans
falling to 148 million euros, down by two-thirds on a year ago.