Petroleum production tax could deter oil searches, says PwC
The combination of a new petroleum production tax and low oil prices will deter exploration in Ireland, says consultancy firm PwC.
Partner for Oil and Gas Ronan MacNioclais said it "sent the wrong message to the industry," the Irish Times reports.
Last week's Finance Bill saw the maximum tax on oil and gas rise from 40% to 55%, seeking to ensure the State receives a more substantial and earlier payout from future exploration discoveries.
According to a PwC's 2015 Oil and Gas report, 48% of respondents said they were planning to defer or curtail exploration investment in Ireland due to low prices, and 70% believed the new arrangement should be revised or pushed back.
______________________________________________________
Virgin Media profits increase to €135m
TV provider Virgin Media - formerly UPC Communications Ltd - increased its earnings last year by 5% despite a drop in customers, reports the Irish Independent.
New figures identify that revenues grew 1% from €347.7m to €351m in the 12 months before December of last year, while losing over 15,000 customers.
The firm's pre-tax loss was €25.44m, down from €32.7m the previous year, with the director's report saying that figures "were in line with management expectations."
The report goes on to say that Virgin Media is investing capital in the expansion and upgrade of its network to provide advanced services for customers.
______________________________________________________
Award-winning Mick’s Garage in expansionary mode
Mick’s Garage.com, the Dublin-based online distributor of car parts and accessories, has won the e-commerce website of the year at the European Online Retail Forum in Barcelona.
It’s the latest milestone for a company founded 12 years ago by Mayo brothers Michael and Ciaran Crean, and which now stocks up to 6 million different products and distributes them to 70 countries.
The company is in the process of opening new distribution centres in Poland and the UK, Michael Crean told Newstalk's Vincent Wall, and it has ambitions to grow ten-fold over the coming years.
______________________________________________________
Toyota edges VW out of top spot
Toyota has overtaken VW in global car sales in the wake of the emissions-rigging scandal.
The manufacturer says it sold 7.5m vehicles in the first nine months of 2015, just ahead of VW's 7.43m.
Both saw a drop of 1.5% in sales, but the gap between the two widened in the third-quarter.
The figures include less than two weeks of sales after he German automotive giant admitted its diesel cars had been installed with software to manipulate emissions tests, which led to a recall of 11m cars worldwide.
______________________________________________________
Grafton Group expands in Benelux region
Grafton, the builders merchanting and DIY group, which has operations in Ireland the UK and Belgium, has entered the Dutch market for the first time with the purchase of Isero, a leading distributor of tools and fixings.
Grafton, which operates under the Chadwicks and Heiton Buckley brands here, is to pay €91.5m for Isero, which trades from close to 40 outlets across the Netherlands under two distinct retail brands.
Isero generated sales revenue of €94m in the year to the end of June, and operating profits of €8.8m.
In a statement this morning, Grafton said it was acquiring the company at an early stage of recovery in the Dutch economy, and that there were excellent opportunities for the business to expand on its own accord and by acquisition.
______________________________________________________
Examinership could have rescued Irish pride, says independent report
Irish Pride, which went into receivership in June of last year, could have been saved by examinership, according to an independent accountant's report.
According to the Irish Independent, the report by Tony O'Brien of Mazars ahead of a possible examinership, shows that it could have protected the company from its creditors.
Invoice discounter Close Brothers Finance, which was owed €6m, placed the company in receivership after taking over its finances last summer.
The bakery's debt was then sold to US form Gores, who appointed KPMG's Kieran Wallace, eventually agreeing a deal with Pat the Baker.
The company's workforce is expected to drop from 350 to around 250.
