Google fails to overturn €4.1bn European fine
Google suffered a major setback on Wednesday when Europe’s second-highest court fined it €4.125 billion for using its Android mobile operating system to thwart rivals….
ECB lifts rates unprecedented 75 bps to fight inflation
The European Central Bank raised its key interest rates by an unprecedented 75 basis points on Thursday to fight inflation and signalled that further hikes…
VW plans Porsche IPO with valuation up to €85bn
The supervisory board of Volkswagen AG said it has decided to pursue an IPO of up to 25% of non-voting preferred shares of Porsche AG,…
Bank of Ireland names Gavin Kelly interim CEO
Bank of Ireland announced that Gavin Kelly will be appointed as interim group chief executive officer and executive director with effect from September 3, 2022….
EIB lends €300m for Mahle electric vehicle plans
The European Investment Bank (EIB) announced it is supporting the research and development of Germany’s fourth-largest automotive supplier Mahle with a loan of €300 million to…
Adidas CEO Kasper Rorsted to step down next year
German’s Adidas AG announced unexpectedly that its CEO Kasper Rorsted will leave his post next year — before his contract is due to run out —…
Credit Suisse makes more executive changes
Credit Suisse Group has announced the appointments of Dixit Joshi as chief financial officer and Francesca McDonagh as group chief operating officer, with both joining…
Norway’s wealth fund lost record $174bln in first half
Norway’s $1.3 trillion sovereign wealth fund — the world’s largest — has reported its biggest loss on record amid a market it described as “characterised by…
Ireland’s first-half exports soar 31% to €105bn
The value of Ireland’s goods exports for six months to June 2022 increased by €24.7 billion or 31% to €105.6 billion when compared with the…
European fund assets at €13.3 trillion, down 13%
Assets under management in the European fund industry fell about 13% in the first half of 2022 from €15.3 trillion to €13.3 trillion amid the…
54% Irish firms hit by Brexit ‘regulatory burden’
About 54% of Irish firms were impacted by an “increased regulatory burden” in 2020 due to Brexit, according to a report from the Central Statistics Office…
Irish first-half M&A in 122 deals worth €6.4bn
A total of 122 deals were recorded in the Irish mergers and acquisitions (M&A) market in the first six months of 2022 — a drop…
Ireland hits record trade of €842bn amid export boom
Ireland recorded its highest ever trade value of €842 billion in 2021, according to the Irish government’s Trade and Investment Report for last year. Growth in…
Irish household bank deposits soar to €144bn
Irish household deposits with banks and credit unions stood at €144 billion at the of May 2022, 30% higher than at the onset of the pandemic,…
Porsche’s Blume to succeed Diess as VW CEO
Volkswagen AG announced it has appointed Porsche boss Oliver Blume to replace Herbert Diess as Volkswagen CEO in a surprise shake-up. The departure of Diess,…
ECB raises rates for first time in 11 years
The European Central Bank (ECB) has raised interest rates by half a percentage point in its first increase for 11 years. The ECB had said…
EU approves €5.4bn hydrogen project
The European Commission on Friday approved a €5.4 billion hydrogen project jointly funded by 15 EU countries and 35 companies including Alstom and Daimler Truck….
Abe, Japan’s former prime minister, assassinated
Japan’s former prime minister Shinzo Abe, the country’s longest-serving leader, died on Friday after being shot while campaigning for a parliamentary election. Abe, who is…
Company debts $8.1 trillion; German firms to fore
By Mark McSherry — The net debt of companies around the world fell 1.9% to $8.15 trillion in 2021-22, a reduction of 0.2% on a constant-currency…
M&G buys 41% stake in Finance Ireland
M&G plc, the international savings and investments business, announced it has acquired a 41% stake in Finance Ireland, Ireland’s largest non-bank lender. The investment is on behalf…
ECB to decarbonise €344bn corporate bond holdings
The European Central Bank (ECB) announced it is planning to gradually revamp its €344 billion corporate debt portfolio to favour greener firms. The ECB said…
ECB ‘to block banks from giant loans windfall’
The European Central Bank (ECB) is discussing ways to stop big banks earning billions of euros of extra profit from the cheap lending scheme it…
Eurozone inflation rises to record high of 8.6%
Record energy prices drove the inflation rate for the countries using the Euro currency to a record 8.6% in the year through June. “Euro area…
Foreign investment in Ireland at record €1.1 trillion
Foreign direct investment (FDI) in Ireland rose €16.9 billion to a record €1.126 trillion in 2020, according to Ireland’s Central Statistics Office (CSO). The CSO…
Donohoe: Europe does not face new debt crisis
Eurogroup president Paschal Donohoe has said the eurozone has the “ability to navigate through the changes that are taking place” amid widespread market volatility and denied…
Santander appoints Héctor Grisi as next CEO
Banco Santander announced that Héctor Grisi, currently CEO of Santander Mexico and head of North America, will become group chief executive officer (CEO), effective January…
Fed raises interest rates 0.75% – reaction
The US Federal Reserve on Wednesday raised interest rates by 0.75% in the biggest increase since 1994, and chair Jerome Powell signaled another big move…
ECB in new bond-buying plan to ease debt fears
The European Central Bank (ECB) moved on Wednesday to address fears that the eurozone is on the brink of another debt crisis. Government borrowing costs…
Euro remains second most widely used currency
The euro remains the second most widely used currency globally after the US dollar, according to the annual review of the international role of the euro published…
Global markets in ‘bruising’ start to week: reaction
Global shares edged mainly higher on Tuesday and Wall Street seemed set for a stronger open after Monday’s sell-off confirmed a bear market for the US…
ECB confirms plans to end QE, hike rates: reaction
The European Central Bank on Thursday signaled an end to its bond-buying stimulus program and said it would deliver its first interest rate hike since…
Ireland GDP rises 11% to €115bn in first quarter
The multinational-dominated sectors of Ireland’s economy helped drive gross domestic product (GDP) up 10.8% to €115.5 billion in the first quarter of 2022, according to…
Ireland tax receipts up 27% at €30bn to end-May
Tax receipts in Ireland rose 27% to €30.1 billion in the five months to the end of May, according to the latest exchequer returns from…
AIB acquires €5.7bn of Ulster Bank mortgages
AIB Group plc confirmed that Allied Irish Banks plc entered into a binding agreement with NatWest Group and Ulster Bank Ireland DAC for the acquisition…
Eurozone inflation hits record high of 8.1%
The Eurozone’s annual inflation rose to a record high of 8.1% in May, up from 7.4% in April, according to a flash estimate from Eurostat, the statistical…
Central Bank of Ireland makes €1.32bn profit
The Central Bank of Ireland has published its 2021 annual report and annual performance statement, showing it made a financial profit of €1.32 billion, with…
EBRD adds Czech Republic to SME equity research
The Czech Republic has joined the list of countries that are covered by the European Bank for Reconstruction and Development (EBRD)’s equity research programme for…
ECB warns crypto may pose a risk to financial stability
The European Central Bank has warned that crypto-assets “will pose a risk to financial stability” if the present trajectory of growth continues “and if financial institutions…
Merck €440m Ireland expansion creates 370 jobs
German life sciences and technology giant Merck announced it is expanding its membrane and filtration manufacturing capabilities in Ireland. The company will invest €440 million…
€1bn Ireland-France interconnecter gets approval
EirGrid has welcomed the decision by An Bord Pleanála to grant approval for the €1bn Celtic Interconnector Project, subject to a number of conditions. The…