Padraic's Feed
Apr 15, 2013

Royalty Pharma launches improved bid for Elan

DUBLIN/ NEW YORK, April 15 (Reuters) – U.S. investment firm
Royalty Pharma launched a cash offer on Monday for
Elan worth up to $7.3 billion, improving on its initial
proposal to take over the Irish drugmaker and the lucrative
royalty rights on its main drug.

Royalty made an indicative approach worth $11 per share in
February, which Elan rejected for being “highly conditional”.
Facing a May 10 deadline to make a firm offer, it came back on
Monday with one worth up to $12 a share.

Apr 11, 2013

Austria slams US, UK “tax havens” as EU turns up heat

DUBLIN, April 11 (Reuters) – Austria hit back at critics of
its banking secrecy on Thursday by urging Britain and the United
States to crack down on money laundering and tax havens in their
own backyards, as EU ministers prepared to debate the issue in
Dublin.

Isolated in the European Union following Luxembourg’s move
this week to share foreigners’ bank data to foil tax cheats,
Austria’s finance minister said she could discuss such a change
of tack – but insisted it could not be a “one-way street” and
accused London and Washington of failing to close international
tax loopholes in the likes of Delaware and the Channel Islands.

Apr 3, 2013

Irish recovery fragile, but bailout exit on course: IMF

DUBLIN (Reuters) – Ireland’s gradual recovery is fragile but signs of life in the domestic economy suggest it is capable of exiting its bailout on schedule at the end of this year, the International Monetary Fund (IMF) said on Wednesday.

Rescued by Europe and the IMF in late 2010, Ireland has consistently hit the targets set under its bailout and closed in on weaning itself off emergency assistance last month by raising 5 billion euros ($6.42 billion) in a landmark 10-year bond sale.

Mar 27, 2013

Allied Irish Banks says closing in on profitability

DUBLIN, March 27 (Reuters) – State-owned Allied Irish Banks
(AIB) declared that it is moving back towards
profitability after cutting its operating loss by a quarter last
year and improving margins this year.

AIB cost taxpayers more than 20 billion euros during the
financial crisis – the most handed out to any lender still
operating – and is cutting jobs, closing branches and reducing
its funding costs.

Mar 26, 2013

No Cyprus fallout as deposits flow into Irish bank PTSB

DUBLIN, March 26 (Reuters) – Irish bank permanent tsb (PTSB)
has had no fallout from the banking crisis in Cyprus,
the state-owned lender said on Tuesday after reporting that
losses in 2012 shrank by a third, while mortgage arrears rose.

“We’ve seen no issues so far, we’ve been through a lot worse
than this and have seen continued inflows,” PTSB group treasurer
Kieran Bristow told a news conference.

Mar 25, 2013

Irish by-election to show little sign of anti-austerity push

ASHBOURNE, Ireland (Reuters) – Two years ago, Micheal Martin was shouted off the campaign trail. Now, in the very housing estates that suffered most when the economy crashed under his party’s watch, he is invited in for cups of tea.

Martin’s Fianna Fail will this week fight it out with Prime Minister Enda Kenny’s fellow centre-right Fine Gael in a by-election that will show the limited appetite in bailed-out Ireland for the type of populist political movements making inroads elsewhere in Europe.

Mar 13, 2013

Ireland beats forecasts in first post-bailout 10 year bond issue

DUBLIN, March 13 (Reuters) – Ireland took its biggest step
yet towards exiting its EU/IMF bailout by selling 5 billion
euros ($6.5 billion) of benchmark 10-year bonds, its first issue
of such long term debt since it was locked out of markets in
late 2010.

The issue was as much as double the size that many traders
had predicted, and was significantly oversubscribed with offers
of least 12 billion euros, a source close to the deal said.

Mar 12, 2013

Ireland to issue first new benchmark bond since bailout

DUBLIN, March 12 (Reuters) – Ireland is to issue its first
new benchmark 10-year bond since its EU/IMF bailout in the “near
future”, its debt agency said on Tuesday, a landmark on its
route to becoming the first bailed-out euro zone country return
to full market funding.

The National Treasury Management Agency (NTMA), which began
borrowing again from capital markets last year, had earmarked a
new benchmark issue as its most significant step towards a full
market return ahead of regular bond auctions later this year.

Mar 11, 2013

Betting site Intrade halts trading over irregularities

DUBLIN (Reuters) – Irish online betting exchange Intrade, which let customers stake cash on everything from the Papal conclave to the date of the next major terror attack, said it had ceased trading after the discovery of possible financial irregularities.

Intrade, whose users bought or sold shares representing the likelihood of an event occurring, said it had closed and credited all open bets as of the end of business on Sunday to customer accounts.

Mar 9, 2013

Rugby-Saint-Andre relieved as French dodge whitewash

DUBLIN, March 9 (Reuters) – France coach Philippe Saint-Andre was a relieved man on Saturday after his side avoided a first championship whitewash in more than 50 years by drawing their Six Nations match with Ireland 13-13.

Narrow favourites before the tournament began, France made their worst start since 1982 with three defeats in their first three games, including an opening-day loss in which they were thoroughly outplayed by lowly Italy.