German multinational uses Ireland to avoid €100m annual tax bill
A German software giant SAP uses Ireland to avoid paying taxes of up to €100m a year, according to a special report by global news agency Reuters.
The news wire, which has been one of the most authoritative sources of information on the global financial crisis, claimed that while Ireland accounted for less than 1% of SAP’s sales, it is the home base for 20pc of its profits.
The revelations heap yet further pressure on the Irish government amid a European probe into how Ireland levies taxes on several multi-national companies.
And it also means that the controversy surrounding the state’s tax regime does not simply encompass US companies but raises questions about EU corporations as well.
SAP, which is headquartered in Walldorf, Germany, provides software for businesses to process and analyse transactions and is the fourth largest firm in Germany.
The company told Reuters that profits reported in Ireland reflected genuine economic activity and that the structure was driven by operational rather than tax motives.
Moody’s upgrades outlook on Ireland's sovereign debt
The credit ratings agency Moody’s has upgraded its outlook on Irish sovereign debt from negative to stable.
Moody’s continues to apply a junk rating to Irish government bonds, but the change in outlook is the first sign that the agency may consider a ratings upgrade.
In a note issued tonight, Moody’s said the key drivers of the outlook change were the Government’s progress in restoring solvency to its public finances, and the country’s reduced risk of losing access to financial markets because of an improvement in its liquidity.
It notes that Ireland has fully pre-funded its 2014 debt rollover requirement.
It also says its debt and deficit position has improved as a result of the promissory note deal and the extension of the terms of bailout loans from the European Union.
It also notes financial market perceptions about Ireland have shown little reaction to adverse events that were observed in some of the other peripheral countries over the past year, notably in Cyprus.
It sees this as a sign that Ireland is now better insulated from shocks to investor confidence from elsewhere in the euro area.
The agency also lifted its outlook on NAMA debt from negative to stable.
Minister for Finance Michael Noonan said the move was a “welcome development”.
He said: “While it’s disappointing that the move was not an upgrade in the rating, it is clearly a step in the right direction.”
Moody’s is the only major ratings agency to assign junk bond status to Irish government debt.
It has consistently been the most negative of the ratings agencies on the eurozone crisis.
However, it says negative ratings pressure would develop if the country’s efforts at fiscal consolidation were to falter, if there were much bigger stresses in the euro area, or if any new losses in the banking sector were expected to be transferred to the Government’s balance sheet.
Of the other major ratings agencies, Standard and Poor’s rates Ireland at a low investment grade level of BBB+ with a positive outlook, indicating it is likely toupgrade the rating at its next review.
Fitch also rates Irish sovereign debt at BBB+ with a stable outlook, indicating it may consider an upgrade at next review.
But Moody’s has assigned a sub-investment grade rating of Ba1 – two notches below the other agencies.
An investment-grade rating from all three of the main ratings agencies would make Irish debt more attractive to investors, as some funds are prevented from investing in sub-investment grade instruments.
This in turn could lead to greater interest by investors in government bonds, which could help to reduce the Government’s cost of borrowing from the markets.
Moody’s says the Government is considering the option of getting a €10bn precautionary credit line from the ESM, which it presumes would come into effect in 2014.
It says it expects the monitoring associated with any precautionary line would establish Ireland’s eligibility to access the ECB’s new bond-buying programme, Outright Monetary Transactions, “if circumstances require it to do so”.
Ireland is due to return to full market funding of its sovereign debt at the end of the year, following the completion of a three-year programme funded by the EU and IMF.
Ryanair pledges to end their abrupt culture and improve customer service’s
O’LEARY VOWS TO ADDRESS CUSTOMER SERVICE ‘ISSUES’ AFTER VOTED WORST IN UK POLL
Ryanair chief executive Michael O’Leary said the company plans to revamp its website and concentrate more on its mobile and social media strategy.
No-frills airline Ryanair has announced its plans to transform its “abrupt culture” and revamp its website, admitting for the first time that it had a significant problem with customer service.
The airline said it would become more lenient on fining customers over bag sizes and overhaul the way it communicates.
“We should try to eliminate things that unnecessarily piss people off,” chief executive Michael O’Leary told the company’s annual general meeting. The airline was this week voted the worst of the 100 biggest brands serving the British market by readers of consumer magazine Which.
Mr O’Leary said it would stop fining customers whose carry-on baggage exceeds minimum sizes by a matter of millimetres. “A lot of those customer services elements don’t cost a lot of money … It’s something we are committed to addressing over the coming year,” he said.
Ryanair is also rethinking its digital marketing strategy after admitting rival EasyJet’s website was better.
The company said it planned to make its mobile app available free of charge from October 1st, and would engage with customers via its @Ryanair twitter account.
Ryanair pledged to make it quicker for customers to complete booking, with a redesign of its booking flow to go live in December and a registration service scheduled in time for next summer.
It also plans to remove the security feature Recaptcha, which uses distorted text to prevent automated access to services , for individual bookings, although it will stay in place for high volume users such as larger travel agents.
“Our primary focus this winter will be to significantly invest in, and improve, the Ryanair.com website, our mobile platform and our interaction with passengers using social media,” chief executive Michael O’Leary said. “ We are pleased to remove Recaptcha from November for individual passengers, although the security feature will remain in place for high volume or multiple IP addresses in order to deter larger travel agents, screenscrapers and others who flood our website seeking fare quotes, and diminish our website’s accessibility for individual passengers.”
Church of Ireland appoints first woman bishop
REV PAT STOREY IS FIRST FEMALE BISHOP IN IRELAND OR BRITAIN
The Church of Ireland has appointed its first woman bishop. Rev Pat Storey was yesterday elected as the new Bishop of Meath and Kildare, to succeed Most Rev Dr Richard Clarke, who last December was appointed Church of Ireland primate and Archbishop of Armagh.
Rev Storey, who is the also the first woman bishop in Ireland or Britain, is 53 and has been rector of St Augustine’s in Derry since 2004. Married to Rev Earl Storey they have two adult children, Carolyn (25) and Luke (22).
Having grown up in Belfast and studied French and English at Trinity College Dublin,Rev Storey trained at the Church of Ireland Theological College (now Institute) in Dublin and was ordained deacon in 1997 and priest in 1998.
She served as a curate in Ballymena Co Antrim and was team vicar in Glenavy Co Antrim as well as a part-time youth worker co-ordinator with the Church of Ireland Youth Department. She is also a member of the Standing Committee of the General Synod.
Announcing her appointment today Archbishop Clarke said that “having known Pat Storey since she was an undergraduate and I was chaplain at Trinity College, Dublin, I very much welcome her as a new bishop. She is a person of great warmth, intelligence and spiritual depth and I am certain that her ministry in the dioceses of Meath and Kildare and the wider Church will be a blessing to many. We remember her and her family in our prayers.”
In response, Rev Storey said she was “both excited and daunted by this new adventure in our lives. I have had an extraordinarily happy experience in St Augustine’s and in this wonderful city which I will be sad to leave. However, I count it an enormous privilege to begin a new phase of my ministry with the people of Meath and Kildare, and I look forward to working with the team of clergy who are already there. I would sincerely ask for your prayers for myself and my family, who are the best family in the world!”
Her appointment had passed to the Church of Ireland House of Bishops yesterday as the episcopal electoral college for Meath and Kildare, which met on May 28th lastfailed to appoint a new bishop of the dioceses. On being contacted after the House of Bishop’s decision yesterday Rev Storey asked for some to consider the Bishops’ historic and momentous decision.
Samaritans warn of suicide risk of Ireland’s middle-aged men
New survey highlights loneliness and isolation as key causes
Suicidal feelings were expressed during one in five contacts made by men, while 20 per cent of these also talked about previous suicide attempts.
One in four men who contacted the Samaritans talked about loneliness and isolation in a new survey carried out by the support group.
The poll of 671 men was taken across 10 branches of the support group in Ireland and the UK during the week from August 5th to August 11th last.
Some 23 per cent of men talked about relationship difficulties, while in 43 per cent of conversations, financial issues were discussed.
Suicidal feelings were expressed during one in five contacts made by men, while 20 per cent of these also talked about previous suicide attempts.
Samaritans chief executive Catherine Johnstone said there was a “likelihood of social disconnection” among men in mid-life, “particularly if unemployed and without a partner”.
She said this played a “fundamental role” in the high risk of suicide in this demographic. “A lack of supportive relationships or belief there are no people you can turn to are well-established risk factors for suicide.
“A growing evidence base shows that positive social connections – such as marriage or partner, family, ties to friends and neighbours, workplace ties – make people happy and healthy.
“Lack of social relationships constitutes a major risk factor for ill-health and mortality, comparable to cigarette smoking, blood pressure, blood lipids, obesity and physical inactivity.
“This survey again highlights the role of men’s feelings of loneliness and lack of social support in their increased risk of suicide. We have to stop putting pressure on men to live up to societal views of what it is to be a ‘real man’,” she added.
TO CONTACT THE SAMARITANS, CALL 1850 609090
How Hybrid cars can help our Environment
To some it may seem like an odd dichotomy that a hybrid car with two energy sources could actually be better for the environment than traditional cars with only one. However, that is exactly the belief that hybrid experts support – the idea that hybrid cars are better for the environment than traditional cars.
But what are hybrids and why exactly do supporters believe they are better for planet earth than their gas run counterparts?
According to NewCarPark.com, hybrid cars use two types of power sources – traditional gasoline engines and an alternative fuel source such as electric or hydrogen-run motors. This allows the second energy source to kick in, thus reducing their gas usage, which also results in three important benefits.
- • Better gas mileage A hybrid car gets 5 miles per gallon better mileage on average than a traditional gasoline-powered vehicle. And, because hybrid cars run in part on alternative fuel sources, they do not need to be filled up with gasoline as frequently, cutting overall gasoline consumption and cost.
- • Fewer emissions – When gasoline is burned to produce energy for vehicles, carbon monoxide is created and released into the environment. However, with hybrid cars, much less of this dangerous substance is released into the atmosphere, thus reducing emissions and air pollution.
- • Decreased fuel demand – As hybrid cards become more mainstream, the demand for fuel could decrease, potentially leading to less drilling and lessening the risk for negative impacts on the environment.
While the debate over environmental benefits of hybrid cars may continue, one thing remains clear – you should understand the pros and cons of both.
Whether you’re thinking about buying a brand new hybrid car or a traditional used car, be sure to find a lender you can trust to help you make the most of whichever car you decide to purchase. From new car loans and used auto loans to the chance to refinance the auto loan you currently have, the right lending solution can help make your money work harder for you.
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