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UK watchdog to probe banks‘ card transaction costs

Britain‘s payments watchdog will review banks which process card transactions on behalf of merchants such as retailers following concerns that customers may not be getting the best deal. The Payments Systems Regulator (PSR) published draft terms of its review into card- acquiring services provided by high street banks which accept and process card payments on behalf of a merchant for […]

PSA shares soar as it drives Opel turnaround

PSA shares soar as it drives Opel turnaround

Peugeot-maker PSA‘s shares hit a 10-year high after it turned its recently-acquired Opel-Vauxhall business sharply back into the black while achieving record first-half profitability at its French car brands. PSA is benefiting from runaway sales of its Peugeot 3008 and 5008 SUVs enhanced by years of cost savings under CEO Carlos Tavares, who pulled the group from near-bankruptcy in 2014. […]

Dundrum owner shifting to apartments

Property giant Hammerson is working on a plan to build hundreds of apartments in Dundrum in a mixed-use scheme. The company owns a development site beside the enormous Dundrum Town Centre, which it also owns with joint venture partner Allianz. Simon Betty, Hammerson‘s director of retail for Ireland, said the company was “working through our appraisals, trying to find the […]

€15m revamp hits Shelbourne profits

A €15.7m refurbishment project in 2017 at Dublin‘s Shelbourne Hotel contributed to pre-tax profits at the hotel firm last year dipping 3pc to €3.8m. However, increased room rates at the hotel on Dublin‘s St Stephen‘s Green resulted in revenues going up by 5pc – from €39.7m to €41.7m for last year. According to the directors‘ report for KW Shelbourne Ops […]

Revenue up at Britvic Ireland despite shortage of fizz

Revenue up at Britvic Ireland despite shortage of fizz

Britvic‘s Irish arm has seen its revenue grow 11pc year-on-year in the three months to July 8. The performance was driven by the exceptionally warm weather, the company said in a trading update yesterday. On the matter of the new sugary drinks levy, CEO Simon Litherland said that the prolonged period of unusually warm weather, coupled with the carbon dioxide […]

Lone Star and Elliott lead PTSB sale field

US-based buyout group Lone Star and US hedge fund Elliott Management are expected to submit final bids today for Permanent TSB‘s €2.2bn portfolio of soured home loans. As the Irish Independent revealed earlier this month, Cerberus, a prolific acquirer of distressed debt after the crash, quit the race recently, raising questions about the firm‘s future appetite for non-performing residential mortgages. […]

Comment: Central Bank slow to recognise banking‘s rotten culture

For an institution that mints our money the penny is very slow to drop at the Central Bank. Ten years after the banking collapse, it has only now produced a report looking at the rotten culture in our banks. These are the institutions that have wreaked havoc on the economy. The tracker rip-off is the most damning indictment of our […]