Categorized as: Syndicated News

Ulster Bank parent RBS to retrench in investment banking, cut 30,000 jobs – report

Royal Bank of Scotland, the parent of Ulster Bank, is expected to announce its withdrawal from many investment banking activities as well as much of its international business in a move that is expected to reduce staff numbers by at least 30,000 over the next three to five years, the Financial Times reported on Thursday. The company is currently reviewing its operations and is due to announce its plans next …

Eircom shares could trade on ‘grey market’ from next week

EIRCOM shares could be free to trade on the so-called “grey market” from late next week.

Shares in the phone company are now worth around €600m, up from nothing just months ago.

Banks and investment funds that took control of Eircom following its 2012 examinership will vote next Friday on whether to scrap a so-called “staple” agreement that means anyone buying or selling shares in the private company must also …

Fitch reaffirms Ireland’s credit rating at BBB+ with a stable outlook

Ratings agency Fitch has reaffirmed Ireland’s rating at BBB+ with a stable outlook.

Fitch had already rated Ireland’s credit worthiness as ‘BBB+’, three notches above sub-investment grade status, with a ‘stable’ outlook. Most analysts didn’t expect this rating to change.

The update comes just a month after Moodys, the most influential of the international credit rating agencies, raised its rating for Ireland to investment grade in a decision that followed …

Vodafone details share proceeds from Verizon deal

Vodafone has said shareholders will receive 0.026 shares in Verizon Communications for each Vodafone share they own as part of their payout for the $130 billion sale of the group’s stake in Verizon Wireless.

The British telecoms company also said its shares would be consolidated on February 24 at the ratio of 6 new shares for 11 existing shares following the closure of the deal on Friday.

Rise in Irish companies turning to the bond markets

IRISH corporate borrowers tapped the bond market for €5.5bn of new debt last year – or 15pc more than 2012. The increase reflects a strong appetite among bond investors but also banks’ reduced role in the lending market, according to rating agency Fitch.

As a class, corporate borrowers exclude the likes of the State and the banks but include trading businesses like Eircom, Ardagh Group and Bord Gais which all …

Debt plan drives more into bankruptcy

Michael McAteer, personal insolvency practitioner with Grant Thornton, said more than 500 of the 1,500 people who contacted his firm over the past year enquiring about a personal insolvency arrangement did not have earnings above what is considered a reasonable standard of living and had no option but to apply for bankruptcy. “This is a much higher number than I would have originally expected,” he said.

Income tax cuts to stimulate jobs on cards, says Noonan

Minister for Finance Michael Noonan has reiterated the Government’s intention to cut income tax in this year’s budget, arguing that it would be an important tool for job creation.

“As soon as we have resources, our first priority will be to widen the average rate band of income tax,” Mr Noonan said yesterday at an OECD conference in Brussels.

Fitch may change outlook but no upgrade likely, analysts say

A LOT has happened since Fitch last updated Ireland’s credit rating in early October.

Budget 2014, an assessment of bank balance sheets and a little thing called the bailout exit have all concluded since then.

So while investors and analysts eagerly awaiting Fitch’s latest update on Ireland’s credit-worthiness aren’t expecting miracles,

NAMA to sell off loans worth €2bn this week as agency speeds up sales

NAMA is putting around €2bn of loans on the market this week, as the sell-off of its Irish portfolio continues.

The news comes amid speculation that the Government will press the agency to radically speed up its sale of Irish assets in order to radically shorten its original 10-year timescale to work out property loans.

Nama to put €2bn in loans on the market this week

The National Asset Management Agency will place some €2 billion in loans on the market this week.

Most of the borrowings, about €1.8 billion, are related to developer Michael O’Flynn and will represent the biggest portfolio to be sold by the agency to date.

Mr O’Flynn, among Nama’s 10 biggest debtors, has loans secured on properties in Ireland, the UK, Germany and Spain, with the Irish properties including Cork’s Elysian …