Categorized as: Syndicated News

Beijing makes debut on top 10 list of ‘globally engaged’ cities

DESPITE the smog and heavy traffic, Beijing has made it into the top 10 of the world’s most global cities for the first time.

The Chinese capital was ranked number eight in the biennial Global Cities Index (GCI), published by global management consulting firm AT Kearney, jumping from number 14 in previous years.

The improved performance was attributed to an increase in the number of Fortune 500 companies, international schools, …

State Claims Agency gets vote of confidence with 56 new bodies

THE Government has almost doubled the number of public bodies that use the State Claims Agency.

The agency, which manages personal injury and third party claims against the public bodies it has jurisdiction over, will now have responsibility for 119 bodies, up from 63.

In a statement, the Government said the move was in keeping with its policy of saving money for the Exchequer by self-funding personal injury and third …

The great corporation tax debate

How much Corporation Tax is paid in Ireland? This is a relatively easy question to answer. In 2013, €4,270m was collected in Corporation Tax receipts.

This was 11.3pc of overall Exchequer tax revenue and equivalent to 2.6pc of Gross Domestic Product (GDP).

The revenue generated by Corporation Tax in Ireland is in line with the EU average.

The answer that Ireland is in line with EU averages does not generate …

More than $22bn wiped off value of Google stock over night

MORE than $22bn was wiped off the value of Google last night, amid fears that it is struggling to make as much money from mobile users as those on traditional desktops. The technology giant saw revenues climb by a fifth to $15.4bn in the first quarter, while profits edged up 3pc to $3.45bn, below analysts’ expectations.

However, investors were most rattled by a sharp fall in the amount of money …

‘Signs of economic recovery’ says Credit Union body

The first signs of possible economic recovery have been experienced over the past year, Irish League of Credit Unions boss Kieron Brennan said today.

While nearly 1.7m people have €100 or less at the end of the of the month after bills are paid, disposable income has increased by €13 since April 2013.

This figure is €20 for working adults while there has been in the number of people who …

Closing NAMA early offers ‘less value to taxpayer’

Closing down NAMA early won’t recoup the best return for taxpayers, chairman Frank Daly has warned.

Finance Minister Michael Noonan has asked NAMA to weigh up the pros and cons of an accelerated sale that would see the agency shut earlier that the original 2020 deadline.

Possibilities could even include a quick sale over a six-month period, or a sale in separate tranches over a more extended set timeframe, Mr …

Eurozone banks hoarding €71.5bn cash ahead of ECB stress tests

Tens of billions of euro that banks in the eurozone have set aside for loan losses may have substantially reduced their chances of failing ECB stress tests.

A total of €71.5bn was set aside in 2013 by the 20 biggest listed banks involved in the exercise, a Reuters analysis of their new annual reports shows. Many also boosted capital ratios by raising cash and hoarding profits.

One in three SMEs ‘defaulted on debt after loan rejection was overturned’

ONE in three businesses who had a decision to reject their loan application overturned by the Credit Review Office went on to default on the debt, Bank of Ireland has claimed.

Executives from AIB, Bank of Ireland and Ulster Bank were in front of the Jobs Committee at Leinster House yesterday to answer questions in relation to lending to small and medium enterprises (SMEs).

AIB says it has approved debt …

New EU plan to avoid financial crisis approved

THE European Parliament has signed off on new common EU banking rules designed to try to avoid a repeat of the banking and financial crisis. It is hoped the reforms will mean failing banks can be shut down before they become a major threat to the financial system, and without the need for public money.

MEPs had to give their verdict on the new rules this week before the European …

Government beat budget deficit target last year

THE Government beat its budget deficit target last year, official figures show this morning.

The gap between how much the state spends and brings in through taxes and other revenue narrowed to 7.2pc of the value of the economy – fractionally better than the 7.3pc target.