NAMA has paid off a further €1.15bn of IBRC debt

NAMA has paid a further €1.15bn to the Central Bank to settle debts originally owed by the bust former Anglo Irish Bank.

Last year the National Asset Management Agency (NAMA) “bought” a €12.93bn charge, or mortgage, over the assets of IBRC – the former Anglo Irish Bank that was previously held by the Central Bank as security for emergency loans to the bank.

The deal was part of the wider …

Large businesses told to ‘be nicer’ to suppliers for a better future

Management and technology consultancy BearingPoint says big organisations should ‘be nicer’ to small and medium sized suppliers.

BearingPoint also warns that overly rigid procurement policies threaten the survival of SMEs.

A report by BearingPoint recommends that big companies and public sector organisations should partner more with SME suppliers rather than continually squeezing them on cost.

€21.1bn internet economy to create 150,000 jobs, says study

The report, launched by cable operator UPC and research firm Amarach, predicts up to 150,000 new jobs from what it calls the Irish internet economy.

It says that consumer spending will make up 60pc of this surge in online activity. The report found that 60pc or €3.5bn of Irish spending currently goes abroad.

ECB ready to cut rates and push banks into lending

The European Central Bank is poised to impose negative interest rates on its overnight depositors, seeking to cajole banks into lending instead and to prevent the euro zone falling into Japan-like deflation.

At its meeting on Thursday, ECB policymakers may also launch a loan program for banks with strings attached to make sure the money actually gets out into the euro zone economy.

It will be the first of the …

Employment in manufacturing sector rises at fastest rate for 15 years

EMPLOYMENT in Ireland’s manufacturing sector rose at its fastest pace last month for 15 years, data shows.

Output increased for the 12th month running, with the rate of expansion remaining sharp despite slowing from the previous month.

Higher sales was the main factor leading to an increase in production, according to the latest Purchasing Managers’ Index for the sector.

THE Dublin Airport Authority (DAA) has decided not to go ahead with a €3m re-branding exercise, Transport Minister Leo Varadkar has said.

Dr Varadkar said consumer research amongst passengers and business customers showed that most did not want a rebranding. The name DAA excludes Cork Airport, which is also under the authority’s control.

“The response to a proposed name change was firmly negative and considered to be unnecessary, unwarranted, a waste of money and potentially damaging to the reputations of the Dublin Airport Authority and Government,” Dr Varadkar said.

Political instability is top fear for business leaders

IRISH and British business leaders fear political instability more than any other threat, according to a new report.

Almost a third of Irish and UK business leaders are worried about political instability while under a quarter worry about the end of the Federal Reserve’s quantitative easing programme. A fifth are concerned about slow growth in emerging markets.

ECB rate cut near certain as manufacturing figures slip

Eurozone manufacturing growth slowed more than initially thought last month, a business survey showed yesterday, fuelling expectations that the European Central Bank (ECB) will ease policy this week.

Markit’s final Manufacturing Purchasing Managers’ Index (PMI) slipped to a six-month low of 52.2 in May from 53.4 in April as strong figures from Germany failed to offset a contraction in activity in France. Figures for Ireland will be published this morning.

Irish manufacturing activity grows for 12th month running in May

IRISH manufacturing activity grew for the 12th month running in May, albeit slowing slightly from April, while companies in the sector took on staff at the fastest rate in 15 years, a survey has showed.

The Investec Manufacturing Purchasing Managers’ Index slipped to 55.0 in May from 56.1 in April, but remained well above the 50 line dividing growth in activity from contractions.

Growth in new export orders helped lift …

NAMA wants bonuses to stem brain drain ahead of wind down

THE National Asset Management Agency (NAMA) needs to look at introducing performance bonuses to help attract and retain top talent, the agency’s chairman has said.

Frank Daly told TDs yesterday that there needed to be some sort of a retention plan to encourage staff to stay.

NAMA staff are paid on average €90,000 but Mr Daly said 15 people had left the agency already this year.