Padraic's Feed
Mar 19, 2015

News Corp expands stake in Australia’s APN media with $104 million deal

SYDNEY/DUBLIN (Reuters) – News Corp increased its stake in Australian media company APN News & Media Ltd, becoming the biggest foreign shareholder in the owner of some of the country’s top rated radio shows with a $104 million share purchase.

Rupert Murdoch’s New York-listed media conglomerate said in a stock market filing on Thursday its Australian unit would increase its stake in APN to 14.99 percent, the maximum shareholding it can hold without requiring regulatory approval.

Mar 12, 2015

Irish economy hits post-crisis high with 5 percent annual growth

DUBLIN (Reuters) – Ireland’s economic growth rate surged to a post-crisis high of 4.8 percent last year, likely the fastest rate in the European Union, as data confirmed a stunning recovery from a devastating 2008 property crash.

After two years of near stagnation, higher exports and consumer spending lifted 2014 gross domestic product growth to almost four times the average 1.3 percent rate posted across the European Union after most countries had published data.

Mar 11, 2015

Ireland’s PTSB to raise 525 mln euros after stress test fail

DUBLIN, March 11 (Reuters) – Irish lender permanent tsb
(PTSB) plans to raise 525 million euros in capital from
private investors to fill a hole identified in European bank
stress tests last year and repay state funds.

The 99.2 percent state-owned bank was the only Irish lender
to fail the stress tests and said at the time it would be able
to cover all but 125 million euros of the 855 million euro
capital hole found by the European Central Bank (ECB).

Mar 9, 2015

RSA’s ‘Irish treasure’ helped support group – former executive

DUBLIN (Reuters) – British insurer RSA (RSA.L: Quote, Profile, Research) viewed surpluses generated by its business in Ireland as “treasure” that could be used to support underperforming parts of the wider group, the former chief executive of the Irish division said on Monday.

RSA’s Irish business was left without a safety net after it was directed to release over 250 million euros (179.5 million pounds) in reserves to support the group’s results between 2007 and 2011, Philip Smith told a constructive dismissal hearing in Dublin.

Mar 9, 2015

RSA Ireland released 250 mln euros in reserves to support group – ex-CEO

DUBLIN, March 9 (Reuters) – The Irish business of insurer
RSA was left without a safety net after it released over
250 million euros ($271 million) in reserves to support the
group’s results, the unit’s former chief executive said.

Philip Smith resigned in November 2013 after RSA said it was
investigating accounting irregularities at the Irish business,
which contributed to a pre-tax loss for the group of 244 million
pounds ($368 million) in that year.

Mar 8, 2015

Insight: Bank inspectors beckon Ireland’s shadow lenders into the light

DUBLIN (Reuters) – Fresh from putting the squeeze on banks to behave themselves, regulators are now scrutinizing so-called shadow banks, alternative lenders like investment funds that are doing big business out of countries such as Ireland.

The third biggest shadow banking market in the euro zone behind Luxembourg and the Netherlands, Ireland has amassed 2.9 trillion euros of assets, according to data from the European Central Bank (ECB), by way of business-friendly laws and tax exemptions.

Mar 8, 2015

Bank inspectors beckon Ireland’s shadow lenders into the light

DUBLIN, March 8 (Reuters) – Fresh from putting the squeeze
on banks to behave themselves, regulators are now scrutinising
so-called shadow banks, alternative lenders like investment
funds that are doing big business out of countries such as
Ireland.

The third biggest shadow banking market in the euro zone
behind Luxembourg and the Netherlands, Ireland has amassed 2.9
trillion euros of assets, according to data from the European
Central Bank (ECB), by way of business-friendly laws and tax
exemptions.

Mar 6, 2015

Ireland begins to fret over ‘Brexit’ as UK election nears

DUBLIN (Reuters) – Concerned Irish politicians and businesses have begun planning for the possibility of Britain exiting the European Union, a step that could have large implications for the UK’s small neighbour.

Britain’s future in the EU could hang on the May 7 election as Prime Minister David Cameron has promised to renegotiate Britain’s EU ties, then hold a referendum on membership, by the end of 2017 if his Conservative Party is re-elected.

Mar 5, 2015

Allied Irish returns to profit as government eyes stake sale

March 5 (Reuters) – Allied Irish Banks (AIB) joined
rival Bank of Ireland in returning to profit for 2014
as it clawed back money put aside for bad loans after years
spent racking up billions of euros in loss provisions.

The rescue of AIB that began in 2009 has cost Irish
taxpayers 21 billion euros, the most given to any Irish bank
still trading, and the government hopes to sell up to a 25
percent stake this year or early next.

Mar 3, 2015

Paddy Power CEO sets out stall with bumper shareholder return

DUBLIN, March 3 (Reuters) – Paddy Power will return
392 million euros ($439 million) to shareholders after the Irish
gambling company could not find any compelling acquisitions to
spend its cash on following a year of record profit growth.

The move to hand shareholders back 8 euros a share, on top
of a 13 percent increase in full-year dividends, pushed shares 8
percent higher and comes after Chief Executive Andy McCue took
over in January following Patrick Kennedy’s ten years in charge.