Categorized as: Syndicated News

Debt burden means Ireland’s three years off AAA rating – S&P

S&P became the first of the big three ratings agencies to return Ireland to the ‘A’ category last week, but it remains several levels from the prized top notch.

Ireland lost its AAA ranking from S&P in 2009. advertisement

Kyran Curry, the agency’s sovereign ratings director, said it took seven years for Australia to regain its AAA rating. In Ireland’s case, he said it would be well beyond three years.

Irish Central Bank is ‘not independent enough’, IMF warns

THE International Monetary Fund (IMF) has raised concerns that the Central Bank of Ireland is not independent enough.

The Washington-based fund said it had concerns that an official from the Department of Finance sits on the Central Bank Commission.

Nearly half of bosses checking social media before hiring

OVER one fifth of Irish small businesses have had to sack or warn staff over their social media behaviour on the likes of Facebook and Twitter over the past year.

And 44pc of bosses are now checking these platforms before recruiting staff, the results of a new survey of SMEs and business owners from Bord Gais/Mindshare showed today.

One quarter of business owners check social media over breakfast, a further …

ECB rate cut expectations dominate as Asian stocks fall

Overnight comments from the European Central Bank chief heightened expectations of easing steps in the euro zone as Asian stocks erased early modest gains and the euro steadied.

“Short covering has been continuing since last week’s strong China PMI data and U.S. housing data,” said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. “The main buyers are short-term investors like derivatives players and hedge funds.”

NAMA reports profit of €211m for 2013, generated €4.5bn in cash

THE National Asset Management Agency (NAMA) has reported a profit after impairment, tax and dividends of €211m for 2013, its fourth year in operation.

The impairment charge for the year was €914m, up from €518 the previous year, following a review of impairment provisioning.

Cash generated was €4.5bn including asset disposals by debtors and receivers and rental income.

Jim Power: Two-tier economic recovery as Dublin improves but regions still suffering

ECONOMIST Jim Power said today that the economic recovery is being felt mainly in the Dublin region while other parts of the country are continuing to struggle.

“If this recovery is to spread from the Greater Dublin Area to the rest of the country – there needs to be a policy shift at a national level to support this process and to bring jobs to the regions,” he said today.

Businesses here say 57pc of customers won’t pay bills on time

Almost half of all business managers have had to lay off workers because customers do not pay their bills on time or at all.

A Europe-wide survey also found another 60pc of bosses in Ireland cannot hire new employees because of the growing amount of invoices left unpaid for weeks or even months.

The study raises concerns over the rate of economic recovery across the eurozone, with 46pc of European …

Up to 26 NAMA-linked properties were ‘not openly marketed’

TWENTY-six properties linked to the National Asset Management Agency (NAMA) have been sold without any evidence of open marketing, the State’s public spending watchdog has said. The Comptroller and Auditor General (C&AG) examined the disposal of a sample of 144 properties with gross proceeds of about €1.3bn and found 118 had been openly marketed.

The C&AG’s report into NAMA’s progress, released last week, said the explanation for 15 of the …

Finance sector enjoyed pay hikes in crisis years as others took a hit

UNEMPLOYMENT rates soared and wages were slashed as Ireland’s economic crisis took hold, but new figures have revealed more than six out of 10 workers in Ireland’s financial services sector enjoyed a pay rise during the recession.

Another 60pc of public sector employees saw their salaries rise between 2010 and 2011, along with colleagues in the information and communications sector.

The wage hikes have been uncovered by academics from NUI …

Permanent TSB reports drop in underlying arrears and increase in mortgage lending

LENDER Permanent TSB has reported a strong start to 2014 with a drop in underlying arrears and an 80pc increase in mortgage lending year on year to end April.

It added that by the end of April it had offered restructures to 19,000 mortgage holders in arrears, with 15,700 accepted.

On a standalone basis, the institution’s business unit has been profitable after impairments for the year to date while its …