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Organised crime and the black economy are costing the retail sector millions of euro a week, a retail group has warned.

TODAY'S BUSINESS - IRISH EXAMINER

Paddy Power’s €800m windfall

Paddy Power is expected to continue to return surplus cash to shareholders over the coming years — with the figure potentially reaching €800m.

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Contract manufacturing abroad swells Ireland’s trade figures

Contract manufacturing inflated Ireland’s trade figures massively last year in swelling sector growth far above actual levels, according to Davy Stockbrokers.

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Credit Suisse to move jobs from London to Dublin

Credit Suisse Group is planning to move some jobs from London to Ireland as it cuts costs at its investment bank, according to two people with knowledge of the matter.

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Debate surrounding variable rate mortgages in Ireland

The plight of variable rate mortgage holders being left out in the cold by the banks is falling between a number of agencies — none of which are taking responsibility for the situation.

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Irish company failures decline 17% year-on-year in first quarter

The first three months of 2015 have seen a 17% year-on-year decrease in company failures.

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Retailer sees profits double

Pre-tax profits at the main Irish unit of online retailer, Amazon almost doubled to €24.9m, last year.

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Horizon to buy rival pharmaceutical for €1bn

Dublin-headquartered Horizon pharmaceutical has agreed to buy Hyperion Therapeutics for $1.1bn (€1bn) to gain drugs to treat rare metabolic diseases, adding to this year’s surge in pharmaceutical- industry takeovers.

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Agri-business sectors split on impacts of EU-US trade talks

Agri-business and other industries remain divided on how the Transatlantic Trade and Investment Partnership between the EU and USA will impact Ireland.

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Country-of-origin food label rules to be extended

Poultry, pigmeat, sheepmeat, and goatmeat are to be covered by new rules on country-of-origin labelling on packaged meat products, due to be signed by Agriculture Minister Simon Coveney today.

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Stryker’s Irish division maintains profitability

The Irish arm of US medical device manufacturer Stryker remained in profit last year after returning to the black in 2013, to record pre-tax profits of €87m.

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EU grants levels to Ireland under threat, claims MEP

EU grants, essential to build infrastructure and carry out research, is under threat because of the Juncker investment plan, warns Ireland South MEP Deirdre Clune.

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Smurfit Kappa Group cuts executive pay despite profit rise

Smurfit Kappa Group (SKG) cut its executive pay levels by nearly 3% last year, with chief executive Gary McGann seeing a near 7% reduction.

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Shannon-based Mincon deal to boost revenue by almost €5m

Shannon-based engineering services firm Mincon has acquired one of Europe’s leading tungsten carbide manufacturers in a deal which will add almost €5m to its annual revenue.

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UK banks face test for global slump scenario

Britain’s seven biggest lenders will have to show they can cope with a global economic slump triggered by a sharp slowdown in China and a crash in the eurozone in this year’s round of stress tests conducted by the Bank of England (BoE).

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Chinese manufacturing braced for third fall in a row

Activity in China’s factory sector likely contracted for a third straight month in March, according to a Reuters poll, reinforcing expectations that Beijing will have to step up policy easing to support economic growth that may be on the verge of dipping below 7%.

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Currency volatility set to continue

A noticeable feature of foreign exchange markets this year has been much greater uncertainty and volatility, writes Oliver Mangan.

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