Practice News Archives - Page 3 of 13 - Kelly Rahill Accountants

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).

It said the value of mortgage approvals for the first 11 months of 2014 was €4.2 billion.

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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, raising capital and business management.

“Listing on public markets brings enormous benefits for successful companies. Companies that have listed on the ISE raised €23.5 billion between 2004 and 2013. Eight new companies have listed successfully in the past two years. This programme is designed to support more Irish companies to become IPO ready,” said Aileen O’Donoghue, director of strategy at the Irish Stock Exchange.

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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 Visa and MasterCard.

The cap would apply to both cross-border and domestic card-based payments which cost businesses across the EU around €10bn a year. The fees are opaque and differ from country to country.

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Fresh scrutiny for Irish tax regime as EU leaders meet

Ireland’s corporate tax regime is expected to face fresh scrutiny today at a summit of EU leaders in Brussels, as Taoiseach Enda Kenny meets EU leaders for the first time since the Luxembourg Leaks scandal broke last month.

While the EU’s investment plan and the situation in Ukraine had been expected to dominate the summit – the first under new European Council president Donald Tusk – a number of member states, including France and Spain, have successfully led a last-minute push to put aggressive corporate tax planning on to the agenda.

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Economy sees 3.5pc rise in GDP but pace of growth easing

THE economy grew by 3.5pc between July and September compared to the same time last year, signalling the pace of growth may be easing, official data shows.

And compared to the second quarter, the economy virtually stagnated, with gross domestic product (GDP) rising by just 0.1pc, according to the Central Statistics Office.

But analysts described the figures as impressive and expressed no concern over the slow quarter-on-quarter data.

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US group opposed to EU tax harmonisation plans to meet in Dublin

A US group, which is lobbying against efforts by the European Union to harmonise taxes on company profits, is hosting a seminar in Dublin today.

The organisation called Americans for Tax Reform argues that the ability of countries such as Ireland to maintain low levels of corporation tax encourages innovation.

The group is part of a broad coalition of organisations in Canada, Spain, France, Australia and Japan which lobby for countries to maintain autonomy in relation to taxes.

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Top 10% income earners fared best in Budget 2015

The Economic and Social Research Institute has said the top 10% of income earners gained the most from Budget 2015, while the biggest losers were the poorest 10%.

However, when the effects of all the Budgets since 2008 are put together, it is the top 10% of earners who have seen the biggest fall in their incomes.

The ESRI said the effect of Budget 2015 and the revised water charges scheme is close to neutral, increasing average incomes by less than 0.1%.

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Irish Internet economy worth E21bn by 20

Ireland’s Internet economy is predicted to grow in value to E20bn by 2020 but Irish firms risk being left behind and becoming globally irrelevant unless they innovate now.

That’s according to global technology consultancy, BearingPoint, who said that Irish people are estimated to have spent E6 billion online in 2014, according to a recent study.

In 2013, the Government estimated that Irish online shoppers spent only E1.1 billion on Irish goods and services. Publishing its digital strategy report, “Leap into the connected digital economy”, BearingPoint said Irish businesses need to integrate digital thinking into their business model if they are to retain and grow their markets.

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Pressure on ECB to buy sovereign bonds

Banks are not expected to take up all the long-term European Central Bank loans offered on Thursday, increasing pressure on the ECB to begin buying sovereign bonds to hit a self-imposed stimulus target.

The ECB is offering banks the cheap, four-year loans as part of a package of measures to add around 1 trillion euros to its balance sheet – a goal it has set with a view to pumping money into the economy to save it from deflation.

At 0.3 percent, inflation is far below the ECB’s target of just under 2 percent. Furthermore, a downgrade of Italy’s sovereign debt rating last week and market jitters about Greece highlight the risk of the euro zone crisis flaring up again.

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European IPOs reach levels last recorded in 2007

Close to €50 billion has been raised on European equity markets this year, easily surpassing the combined total secured in the whole of 2012 and 2013, according to figures compiled by PwC.

In October and November, 55 companies raised €8.5 billion on markets, as against €6.6 billion for the third quarter.

For the year to date, a total of €48.8 billion has been raised, compared to €37.8 billion for combined 2012 and 2013, PwC’s IPO Watch analysis shows.

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