Opening Bell: US authorities investigate Facebook's Irish move, NAMA's Brexit plan, UK confidence takes a hit

Get up to speed with today's breaking Irish and international business news

A complex transfer of assets by Facebook to its Irish subsidiary is being investigated by tax authorities in the United States.

The US Internal Revenue Service are examining the value attached to assets transferred to Ireland which may have been undervalued.

EY carried out the evaluations - which included some intangible assets - US investigators fear that the approaches used may have been "problematic."

A filing by an IRS agent said that it is possible that valuations "were understated by billions of dollars."


Ireland's National Asset Management Agency (NAMA) reduced it exposure to the British commercial property market ahead of the Brexit vote.

It now has assets valued at some €1.5bn - that's down from €2.1bn at the end of 2015 and €12bn when the agency was established.

"The UK portfolio is not seen as significantly vulnerable to market moves from here," a NAMA spokesperson told The Irish Times.

This also leaves NAMA less exposed to the affects of falling sterling values.


British consumer confidence has taken its biggest slide in 21 years in the wake of the vote to leave the EU.

Buyers in the UK are concerned about Britain's immediate economic prospects, and future inflation according to GfK.

People feel less positive about their personal finances and are afraid to make big purchases.

Those who voted out feel more confident, but their sentiment has also disimproved.

“During this period of uncertainty, we’ve seen a very significant drop in confidence, as is clear from the fact that every one of our key measures has fallen, with the biggest decrease occurring in the outlook for the general economic situation in the next 12 months,” GfK said commenting on the data.


It's estimated people in the UK will add more than £9m pounds to their energy bills by watching sport on TV this summer.

Ahead of the Euro 2016 and Wimbledon finals this weekend, uSwitch says the average fan will have spent 35 hours glued to screens.

The comparison site reckons supporters could save almost two million pounds by switching to a different provider.