Author Archives: Admin

AIB on Grafton Street

AIB will not pay a cent in corporation tax for more than 20 years, despite making €814m profit in the first half of this year, writes Daniel McConnell.

…The anomaly has come about because the bank has a so-called deferred tax asset of €3bn, which under tax and accounting rules allows it to offset previous losses against future tax bills.

In 2009, the then finance minister Brian Lenihan sought to prevent bailed-out banks carrying massive historic losses into the future as assets. However, in 2013, Michael Noonan reversed the rule change.

AIB to pay no corporation tax for 20 years: CEO (Daniel McConnell, Irish Examiner)

Rollingnews

Thanks Jesse

Ryanair CEO Michael O’Leary

More cancellations?

Announcing the latest cancellations today the airline’s chief executive, Michael O’Leary, apologised to customers for the second time this month but said the changes were “sensible”.

“We sincerely apologise to those customers who have been affected by last week’s flight cancellations, or these sensible schedule changes announced today,” he said.

“From today, there will be no more rostering-related flight cancellations this winter or in summer 2018.

Slower growth this winter will create lots of spare aircraft and crews which will allow us to manage the exceptional volumes of annual leave we committed to delivering in the nine months to Dec 2017.

We will start a new 12-month leave period on 1 January 2018 in full compliance with EU regulations and the IAA’s requirements.”

“In order to focus on repairing this rostering problem this winter, Ryanair will eliminate all management distractions starting with its interest in Alitalia,” the company said.

Ryanair to cancel flights affecting 400,000 more passengers (Guardian)

Meanwhile…

French President Emmanuel Macron

“What Europe is missing today is a common strategic culture. Our incapacity to act together in a convincing way undermines our credibility as Europeans.

“Europe as we know it is too weak, too slow and too inefficient.

“But only Europe can give us the means to act on the world stage as we tackle the great challenges of the day.”

Mr Macron called for the creation of an EU defence force by 2020 that would give the bloc “autonomous capacity for action” and proposed creating an European security training academy.

The centrist leader also proposed an EU tax on big technology companies and international action to regulate online activity.

There you go now.

Emmanuel Macron calls for EU army and shared defence budget (Independent.co.uk)

Previously: New European Order

Pic: AFP

Key Capital, which is chaired by former NCB stockbroker Conor Killeen, says it received an approach for Sunrise that prompted it to appoint advisers to assess its potential exit from the business.

It is understood that tentative discussions have already been held with a number of potential interested parties.

Sunrise comprises the Sunday Business Post and the trading business of Webprint, which prints the Post and also has about 40 other printing contracts, including for several regional newspaper titles. The Post employs about 50 staff, with a further 25 employed at Webprint.

‘Sunday Business Post’ put up for sale by Key Capital (Irish Times)