Practicenet News

08 Jan

Bailout hits €1.3bn as KBC pumps €130m into Irish arm

KBC Group, Belgium’s biggest bank by market value, pumped €130m into its Irish unit last month, bringing the bailout bill to about €1.38bn as the lender continues to grapple with losses following the property crash. KBC Bank Ireland raised the money by selling shares to its immediate parent, KBC Bank NV, in Brussels on December

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08 Jan

Economic fears rise as Europe sinks into deflation

TUMBLING oil prices have helped drag the Eurozone into deflation for the first time in more than five years, heaping further pressure on the European Central Bank (ECB) to start printing money. Inflation in the bloc turned negative last month, with consumer prices falling by 0.2pc year-on-year, sparking fears that the region could enter a

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07 Jan

US investment giant Blackstone upbeat on Irish prospects

Senior executives from global US investment firm Blackstone joined the bosses of Irish firms including Smurfit Kappa, Kerry Group and Permanent TSB in New York yesterday as they showcased their businesses to over 80 North American financial institutions. The Davy Annual Equity Conference also attracted key executives from a number of other Irish firms such

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07 Jan

Pace of job creation in services sector hits highest in 15 years

The rate of job creation in the services sector last month rose at its fastest pace in at least 15 years, a survey has found. The sector here ended the year on a high, with December recording faster increases in both activity and new business, according to the latest Purchasing Managers’ Index (PMI). And reports

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19 Dec

Mortgage arrears may be caused by Irish banks’ leniency – IMF

The exercise of extensive forbearance by Irish banks on home loan defaults is “likely” to have contributed to the accumulation of arrears in the aftermath of the crash, says an IMF working paper. While the paper suggests the economic benefit of temporary forbearance and loan modifications for struggling households could outweigh their costs, it says

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19 Dec

Extra public service pay day to cost exchequer €300m

The inclusion of one additional pay and pensions day in public expenditure next year for “technical” reasons will cost the exchequer some €300 million, Government documents show. Revised spending estimates from Minister for Public Expenditure Brendan Howlin also show that Government moves to suspend metered water charges in favour of lower flat fees will necessitate

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19 Dec

Mortage approvals soar as buyers seek to beat restrictions

Mortgage approvals have jumped 42 per cent as first time buyers seek to get on the property ladder ahead of the introduction of new lending restrictions. A total of 23,796 mortgage approvals have been recorded for the year to the end of November, according to figures compiled by the Banking and Payments Federation Ireland (BPFI).

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18 Dec

Irish Stock Exchange announces #IPOready initiative

The Irish Stock Exchange has announced a new programme for companies planning to go public over the new few years. The #IPOready initiative, which is supported by Enterprise Ireland and Invest Northern Ireland, provides firms that are on course for an initial public offering (IPO) with a support programme to teach them about investor relations,

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18 Dec

EU states agree to cap credit and debit card transaction fees

European governments have agreed to cap the fees retailers pay to process debit and credit card transactions in a move the EU parliament said should bring down costs for customers. Negotiators agreed late last night to cap charges across the 28 countries in the union following a long battle over charges with payments groups, including

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