Ireland

Shoppers spend €2m perweek on IKEA products

Shoppers spend €2m perweek on IKEA productsIKEA has said that it has recorded a strong boost in its profits as the shoppers spent an estimated €2m per week on home furnishings in its store.

The retail giant said that the store in Dublin doubled its pre-tax profits to €5.8 million. Data from Ikea Ireland showed that the company recorded an increase of 96 per cent in pre-tax profits to the level of €5.8m in the 12 months till August in the previous year. Customers increasing purchased best-sellingprodycts including Billy bookcases, Expedit storage units and Lack tables from the store.

Seagate planning to Acquire Xyratex

Seagate planning to Acquire XyratexSeagate Technology, which is one of the world's largest storage solutions providers, said that is has entered into a definitive agreement to acquire Xyratex.

Xyratex, which is a leading data storage technology company that develops test systems for hard disk drives, has developed a leading hard disk drive (HDD) capital test equipment business. Seagate will expand its presence in the market with the acquisition. The company will vertically integrated supply and manufacturing chain for disk drives and offer uninterrupted access to important capital equipment.

NI police probing sexual exploitation of young people in care homes

NI police probing sexual exploitation of young people in care homesHealth Minister Edwin Poots has confirmed that Northern Ireland Police have opened a probe into a major sexual exploitation of children and young people in care homes.

Poots said that the sexual abuse of children in care was on a scale not seen before in Northern Ireland. He added that the police had identified a group of 22 potential victims.

Vodafone hits multimillion-pound tax deal with HMRC over Irish office

Vodafone hits multimillion-pound tax deal with HMRC over Irish officeMobile phone operator Vodafone has reportedly hit multimillion-pound tax bill settlement with the UK government's HM Revenue & Customs (HMRC) for one of its Irish subsidiaries.

The UK-based mobile giant didn't reveal the size of the settlement, but said that the settlement was related to numerous technical factors pertaining inter-group arrangements of transfer pricing.

Three Ireland to acquire O2 for €850m

Three Ireland to acquire O2 for €850mIn a major development, telecom service provider, Three Ireland has agreed to acquire rival O2 in a deal valued at _850 million.

The acquisition will make Three Ireland the second largest telecom service provider in the country. Under the agreement, Three will pay _780 million initially for acquiring the Irish operations of the Spanish telecoms company Telefonica. The remaining _70 million will be paid alter and will be dependent upon O2 meeting certain financial targets in the coming months.

Praveen Halappanvar to visit India to meet Savita's parents

Praveen Halappanvar to visit India to meet Savita's parentsPraveen Halappanvar, the husband of late Savita Halappanvar, is planning to visit India to meet Savita's parents to explain to them the reason for her death in Ireland.

It is believed that Halappanavar could not get an abortion because of the stringent abortion laws in the country and this led to her death.  Savita died at Galway University Hospital on October 28 after she was admitted on October 21 with severe backpain.

Central bank coin honouring James Joyce contains error

Central bank coin honouring James Joyce contains errorA new silver coin, which is being offered by the Central Bank in Ireland, honouring writer James Joyce contains an error that has created much abuzz in the media.

Irish watchdog advises against reducing cuts and tax increases

Irish watchdog advises against reducing cuts and tax increasesThe Irish Fiscal Advisory Council, an independent watchdog responsible for ensuring better management of the public finances, has said that the government should not reduce the size of spending cuts and tax increases in the coming two budgets in the country.

Ireland's central bank expects GDP to grow 1.2%

Ireland's central bank expects GDP to grow 1.2%Ireland's central bank has said on Friday that it expects the country's Gross Domestic Product to grow 1.2 per cent in the financial year.

The central bank had predicted a growth of 1.3 per cent three months ago. It kept the growth forecast for 2014 unchanged at 2.5 per cent but warned the government that the austerity programme must be implemented properly. The central bank noted that the country's gradual economic recovery is on track but warned that the government must work to make progress in the

IMF warns over uncertain Ireland's economic situation

IMF warns over uncertain Ireland's economic situationGlobal financial giant, the International Monetary Fund has warned over the uncertainty facing the Irish economy by pointing out that the country's banks have not been able to make significant progress and country's debt might become if growth forecast are not met.

The IMF criticised the banks in the country for not improving the way in which they deal with the non-performing assets. The sixth review of Ireland's bailout programme also pointed out that the banks in the country are losing money even before setting aside resources for covering non-performing assets in the country.

Ireland’s service sector falls to 52.3

Ireland’s service sector falls to 52.3According to the new data released, the service sector of Ireland has slowed slightly to 52.3 during the month of March but continued to expand amid a slowdown in other European countries.

The NCB Purchasing Managers' Index (PMI) of services sector activity fell to 52.3 in March from 53.6 in February. A rating of more than 50 shows expansion while a rating of below 50 shows contraction.

The expansion shows that the export-driven Irish economy, which received a bailout earlier, is beginning to show signs of recovery as international markets improve.

Unemployment recorded at 14.2% in Ireland

Unemployment recorded at 14.2% in IrelandAccording to the latest data released by European agencies, the total unemployment rate for Ireland touched 14.2 per cent during the month of February.

The unemployment rate across the 17 Eurozone nations increased to 12 per cent in February, which is its highest ever recorded since the launch of the currency in 1999. European Union's statistics office, Eurostat said that the total unemployment rate remained at 12 per cent in February.

Data showed that the total number of unemployed increased by a net 33,000 people in the area.

Irish economy continues to recover backed by exports

Irish economy continues to recover backed by exportsAccording to the latest figures released, Ireland is displaying signs of strong recovery backed by growth in exports form the country.

The GDP of the country increased 3.4 per cent during 2012 but recorded a fall of 0.4 [per cent during the fourth quarter of the year.  The growth was boosted by strong exports while the imports largely remained unchanged from the previous year.  The overall net exports form the country increased _4.4billion over the previous year.

Ryanair to buy 175 Boeing passenger jets

Ryanair to buy 175 Boeing passenger jetsDublin, March 20 : Irish budget airline Ryanair Holdings said Tuesday it has signed an agreement with Boeing to purchase 175 737-800 airliners for $15.6 billion (12 billion euros).

In a statement, Ryanair said the deal would allow it to expand its fleet to more than 400 airplanes by 2018, when the last of these jets are to be delivered, and boost the airline's traffic to more than 100 million passengers by March
2019.

The low-cost carrier currently has a fleet of 305 Boeing 737 passengers jets, 75 of which will be replaced by the new aircraft.

Bank of Ireland not to include pay cuts in cost cutting plan

Bank of Ireland not to include pay cuts in cost cutting planThe Bank of Ireland has clarified to its employees that the management is not planning to implement a pay cut in order to meet the cost cutting target set by the government for the bank.

The bank is looking to address the huge _1.2 billion deficit in its pension scheme.  The plans could involve staff paying more towards the scheme or accept reduced benefits from the scheme.  The employees currently contribute 2.5 per cent towards the scheme and this might be increased under the new plans to make the scheme sustainable.

Google’s St. Patrick’s Day Doodle showed six children presenting Irish stepdance

Google’s St. Patrick’s Day Doodle showed six children presenting Irish stepdanceTo celebrate St. Patrick's Day, Internet search giant Google came up with a special, animated Doodle which presented the traditional Irish stepdance on the Google home page.

Alcohol consumption falls 0.5% in Ireland

Alcohol consumption falls 0.5% in IrelandAccording to the latest figures, the alcohol consumption has fallen 19 per cent in Ireland since the year 2001.

The data showed that the average per adult alcohol consumption fell 0.5 per cent to 11.681 in 2012 from 11.743 litres in 2011. According to the figures released by the Revenue Commissioners and the CSO, the Irish people now consume 2.7 litres of alcohol less than 11 years earlier in the country.

Aer Lingus CEO Müller’s pay increased to €1.29m

Aer Lingus CEO Müller’s pay increased to €1.29mAccording to the latest figures released, Aer Lingus CEO Christoph Müller’s pay package has increased to €1.29 million during 2011.

Mr Müller, who took over the top job at Aer Lingus in 2009, received a pay package of €1.24million for 2011. The rise of more than 4 per cent was recorded even as his basic salary remained below €500,000. The increase is mainly due to a rise of €13,000 in ‘other benefits’ to €52,000 and about 6 per cent increase in performance-related bonus to €647,000 for 2012.

Lagarde to visit Dublin today

Lagarde to visit Dublin todayChristine Lagarde,, the director of the International Monetary Fund is scheduled to visit the Irish capital, Dublin today.

She will hold meetings with Taoiseach Enda Kenny and Tanaiste Eamon Gilmore at government buildings and will also pay a visit to the Central Bank and attend a lunch event to mark the mark International Women's Day. Aehad of her visit to the country, she warned that the global economy is facing a relapse. She also said that she wanted to access the position of Ireland as the bailout package is to be concluded.

EU unlikely to change bonus limit deal for bankers, says Noonan

EU unlikely to change bonus limit deal for bankers, says NoonanIreland's finance minister Michael Noonan has said that it is not likely that the agreement that imposes a limit on the amount of bonus that can be given to bankers, will be revised.




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