Padraic's Feed
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.

Mar 8, 2013

IMF pledges to help Ireland exit its bailout

DUBLIN, March 8 (Reuters) – The International Monetary Fund
will do what it can to help Ireland emerge from its EU/IMF
bailout later this year, its chief said on Friday, praising the
amount of work already done by Dublin.

As a member of Ireland’s “troika” of lenders, the IMF was
asked by European Union finance ministers this week to advise on
how to help Ireland and fellow aid recipient Portugal return
fully to international debt markets.

Mar 8, 2013

IMF pledges to do what it can to help Ireland exit bailout

DUBLIN (Reuters) – The International Monetary Fund will do what it can to help Ireland emerge from it EU/IMF bailout later this year, its chief said on Friday, praising the amount of work already done by Dublin.

As a member of Ireland’s “troika” of lenders, the IMF was asked by European Union finance ministers this week to advise on how to help Ireland and fellow bailed-out Portugal return fully to international debt markets.

Mar 5, 2013

Paddy Power profits rise as rivals chase online lead

DUBLIN, March 5 (Reuters) – Paddy Power’s
operating profits rose 14 percent last year even as the Irish
bookmaker spent big on expanding into Italy and larger rivals
challenged its online presence.

Paddy Power has been quicker than competitors William Hill
and Ladbrokes at reacting to punters moving from
shops to screens and made over three-quarters of its profit
there after online customers doubled to 1.6 million since 2010.

Mar 4, 2013

Elan offers special dividend to fend off Royalty

DUBLIN/NEW YORK (Reuters) – Irish drugmaker Elan has sweetened the terms on offer to shareholders under a $3.25 billion disposal plan to try to stave off an approach for the company from U.S. investment firm Royalty Pharma.

Elan said on Monday it would give shareholders 20 percent of future royalties from multiple sclerosis drug Tysabri, in which it holds a 50 percent interest that it plans to sell to its U.S. partner Biogen Idec.

Mar 4, 2013

Bank of Ireland gaining momentum in stabilising economy

DUBLIN, March 4 (Reuters) – Bank of Ireland said
there were signs that a firmer Irish economy in the second half
of 2012 continued into this year after it posted a better than
expected 40 percent drop in underlying profit for the year as a
whole.

The only Irish lender to escape nationalisation after an
unprecedented property crash, the bank saw underlying profit dip
by two-thirds in the first half but ended the slump as job cuts
and mortgage rate rises fed through in the second half.

Mar 4, 2013

Elan offers Tysabri dividend, dismisses Royalty offer

DUBLIN (Reuters) – Irish drugmaker Elan (ELN.N: Quote, Profile, Research) has sweetened the terms on offer to shareholders under its $3.25 billion (2.16 billion pounds) disposal plan, as it aims to stave off an approach for the company from U.S. investment firm Royalty Pharma ROYPH.UL.

Elan said on Monday it would give shareholders 20 percent of future royalties from multiple sclerosis drug Tysabri, in which it holds a 50 percent interest that it proposes selling to its U.S. partner Biogen Idec (BIIB.O: Quote, Profile, Research).

Mar 4, 2013

Bank of Ireland sees momentum building, economy turning

DUBLIN, March 4 (Reuters) – Bank of Ireland said
the momentum from a relatively stronger second half of 2012 had
continued into this year after it posted a better-than-expected
40 percent drop in underlying profit for the year as a whole.

The only Irish lender to escape nationalisation after an
unprecedented property crash, the bank saw underlying profit dip
by two-thirds in the first half but ended the slump as job cuts
and mortgage rate hikes fed through in the second half.