BUSINESS - BREAKING NEWS

Dublin Chamber has welcomed Dublin City Council's decision to alter plans to ban private cars completely from Eden Quay.

TODAY'S BUSINESS - IRISH EXAMINER

Bank of Ireland’s pension deficit weighs on capital reserves

Bank of Ireland’s major operations in Britain have so far weathered the fallout of Brexit but the deficit in the lender’s defined benefit pension scheme continues to drag on its capital.

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Luxury hotel at Loreto Hall approved despite objections

Dublin City Council has given the go-ahead for a €40m plan to convert Loreto Hall, a former women’s hostel on St Stephen’s Green, into a luxury hotel.

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Independent News & Media: Four directors no longer ‘independent’

Independent News & Media is not compliant with part of a corporate governance code requiring at least half of its board be independent, a review by INM has found.

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UK growth to slow rapidly amid ‘worrying signs’

Growth in the UK economy will slow as the delayed effects of Brexit hit British consumers hard, Goodbody Stockbrokers chief economist Dermot O’Leary has warned.

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Huge haul of cigarettes and fuel seized by Revenue

Almost 45 million cigarettes worth €23.5m were seized in 2016 while nearly 400,000 litres of fuel were confiscated, according to the Revenue’s annual report.

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Money-laundering fine a ‘stain’ for AIB

AIB’s failure to comply with anti-money laundering reporting procedures was a stain on the lender, chairman Richard Pym has said. There was “no excuse” and the failing was “a stain” on the bank, he told shareholders.

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Kingspan upgraded after ‘eye-catching’ quarter

Analysts have upgraded their earnings and revenue forecasts for Kingspan on the back of an “eye-catching” first quarter performance from the Co Cavan-based specialist building materials firm.

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‘Good time’ to opt for fixed home rates, says expert

It is a good time for mortgage borrowers to look to fix the costs of their home loans, an expert has said after KBC Bank announced cuts to its fixed rates for new and existing customers.

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Conditions aligned for AIB shares sale: Bernard Byrne

Market conditions are aligned for Finance Minister Michael Noonan to give the green light for a shares’ sales in AIB in early summer, chief executive Bernard Byrne has said.

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Shares surge on Irish oil find

Shares in British explorer Europa Oil and Gas climbed 6% yesterday on the back of the company effectively doubling the reserve estimate at one of its chief prospects off the west coast of Ireland.

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London banks nearing decision on Brexit moves

As Britain prepares to negotiate its EU departure, a number of banks are likely to decide within two months where to set up new continental bases to make sure they can keep serving clients in the bloc after Brexit.

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White House hails ‘biggest tax cut’ in US history

The White House made its opening bid for what officials called the “biggest tax cut” in US history — with cuts that would benefit businesses, the middle class and certain high-earning individuals — but left unanswered questions about whether the plan would be paid for, or how.

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The public sector will always be better off than the private sector

A pay increase of 2% per annum for three years is an odd way to begin a reform programme.

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Oracle’s Irish unit in the red on higher costs

The main Irish subsidiary of US technology giant Oracle went into the red last year in spite of revenues increasing by 8% to €8.7bn.

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Glanbia wants ‘long Brexit transition’

The boss of Glanbia has called for “as long a transition period as possible” following Brexit if current trading conditions between Ireland and the UK cannot be maintained.

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Trump retreats on wall funding

The threat of a US government shutdown this weekend has appeared to recede after President Trump backed away from a demand Congress include funding for his planned border wall with Mexico in a spending bill.

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Limited relief for Ireland in Trump's tax plan

There was no disguising the double whammy that the unexpected US election result meant for Ireland’s prosperity.

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Shannon Group sets aside €1.33m for redundancies

The Shannon Group last year set aside €1.33m to finance a group-wide voluntary redundancy scheme and expects to incur additional costs in a further phase of the scheme this year.

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Pizza Hut eyes Ethiopia as African presence grows

Pizza Hut is set to open three outlets in Ethiopia this year, becoming one of the first international restaurant chains to enter Africa’s second-most populous country.

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Record Mercedes sales help to lift Daimler expectations

German luxury car manufacturer Daimler has raised its forecasts, predicting a significant rise in operating profit this year after a surge in sales of Mercedes-Benz luxury cars and sports utility vehicles, boosted by the launch of new models.

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Investors support Tullow Oil board

Tullow Oil shareholders have unanimously voted in favour of the company’s planned board changes and executive pay policy despite some criticism in the lead up to its AGM yesterday.

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CRH upbeat on 2017 outlook

CRH has hailed a “satisfactory” start to 2017, with first quarter sales ahead by 4% on a year-on-year basis.

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Record number of new London homes are unsold

The number of unsold London homes under construction rose to a record high in the first quarter as higher taxes, affordability issues and economic uncertainty damp demand for the most expensive properties.

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Tech firm ordered to pay ex-director €105k

A US cyber security firm has been ordered to pay a former senior director of its Cork operations €105,000 for his unfair dismissal.

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Irish oil exploration activity set to increase

Exploration-related activity in Irish waters is set to heat up further in the coming months with a new multi-client 3D seismic survey to be undertaken off the west coast.

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Nestlé plans to cut 300 jobs at four plants in Britain

Nestlé plans to cut almost 300 jobs in Britain as it simplifies its operations and moves production of Blue Riband biscuits to Poland, becoming the latest food and drink maker to reduce its UK operations as the country prepares to leave the EU.

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Eli Lilly drug sales fall short

Eli Lilly’s promising diabetes drug Jardiance fell short last quarter, a sign of the major challenges ahead for its new chief executive officer after recent setbacks on other potential new treatments.

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