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European Council President Donald Tusk on Friday dismissed as "pure illusion" the ideas floated by Britain so far on what sort of relationship it wants with the European Union after it leaves the bloc. Tusk said he hoped to get more clarity when he meets Theresa May next Thursday, a day before the British prime minister is due to deliver a speech to outline London's vision of its future ties with the EU.
State-backed lender Royal Bank of Scotland (LSE: RBS.L - news) has reported a profit of £752m for 2017, the first time in a decade it has been in the black. The annual profit compares to a £7bn loss for the year before - which was the latest in a succession of losses going back to the financial crisis, adding up to £58bn. RBS remains more than 70% owned by the taxpayer after its £45bn bail-out by the Government during the crisis.
Britain's Metro Bank (Frankfurt: 6MB.F - news) will acquire a 523 million pound ($731 million) mortgage portfolio from two companies controlled by U.S. private equity firm Cerberus, the bank said on Friday. The portfolio was purchased from buy-to-let mortgage provider Capital Home Loans, previously owned by Ireland (Other OTC: IRLD - news) 's Permanent TSB (EUREX: 27526365.EX - news) which sold the portfolio to Cerberus, and CERH RSMC Sub B.V., also owned by Cerberus. The investment firm has been among the most active buyers of bad debts in Europe in the years following the 2008 financial crisis, snapping up cheap loans from Ireland to Italy and selling them on as market conditions improved.
Royal Bank of Scotland (LSE: RBS.L - news) 's Ulster Bank set aside money for a potential sale of distressed mortgages on Friday, despite a political backlash over similar plans by other Irish lenders. Irish banks are still grappling with large stocks of legacy bad loans a decade after a severe property crash and some have plans to offload packages in a bid to draw a line under the problem. Ulster Bank, which is under pressure from European regulators to cut its level of non-performing loans to around 5 percent from 15.9 percent at the end of last year, said it had changed its strategy to allow for sales of distressed loan portfolios that are in unsustainable, long-term arrears.
If Britain's Labour Party won power it would seek to join a new customs union with the European Union after Brexit, according to the opposition party's spokeswoman for foreign affairs. Through the existing customs union EU members agree to apply identical tariffs to goods from outside the union. Speaking on LBC (Shanghai: 600727.SS - news) radio on Thursday, Emily Thornberry said Britain “would need to be in a form of customs union” with the EU to ensure frictionless trade and prevent a hard border in Northern Ireland.
Ireland expects the final disputed tax bill that the European Commission ordered it to collect from Apple to be "in the ballpark" of the 13 billion euros estimated, the head of the country's ...
European Union leaders will issue guidelines for chief Brexit negotiator Michel Barnier in March on the future relationship he should negotiate with Britain, regardless of whether London clarifies what it wants, a senior EU official said on Wednesday. This adds to pressure on the deeply split government of Theresa May to spell out what Britain expects from a future free trade deal with the EU after it leaves the bloc in March 2019. EU officials said that if Britain failed to provide any more details on what it wanted by March, the guidelines would be less detailed, providing less certainty for British firms desperate for more clarity on their future business ties with the EU.
Border checks could be required on the island of Ireland (Other OTC: IRLD - news) even if Britain strikes a "very satisfactory" customs agreement with the European Union if the post-Brexit deal does not keep standards aligned, Ireland's agriculture minister said on Wednesday. The border between Ireland and Northern Ireland will be the UK's only land frontier with the EU after it leaves and Dublin hopes a new customs union partnership between Britain and the EU will remove the threat of a hard border returning.
Ireland will review the regulatory framework covering the sale of loan books, Finance Minister Paschal Donohoe said on Wednesday, amid political opposition to a planned sale by majority state-owned permanent ...
Ireland (Other OTC: IRLD - news) could consider boosting protection for borrowers whose loans are sold to unregulated funds, Prime Minister Leo Varadkar said on Tuesday, amid political opposition to a planned sale by majority state-owned permanent tsb (PTSB). Irish banks are still grappling with large stocks of legacy bad loans a decade after a severe property crash. PTSB in particular has come under pressure from European Central Bank supervisors to cut its level of non-performing loans (NPLs).
KFC still had hundreds of restaurants closed on Tuesday, warning it expected disruption to last at least a few more days after "teething problems" with a new delivery contractor meant it ran out of chicken. The fast-food chain's website said in a mid-morning update that just over 250 of its nearly 900 restaurants in the UK and Ireland (Other OTC: IRLD - news) were open, compared to about 320 the evening before. KFC has said it is working "flat out" to reopen branches after problems with deliveries forced closures from Friday.
Britain must take steps towards setting a budget for Northern Ireland while it explores whether agreement can be reached to restore the province's power-sharing government, the British minister for the region said on Tuesday. Talks between the pro-British Democratic Unionist Party (DUP) and Irish nationalists Sinn Fein to end that stalemate broke down yet again last week. Britain has already moved towards governing the region directly for the first time in a decade, setting a budget late last year that runs until the end of March, and minister Karen Bradley also raised the prospect on Tuesday of cutting assembly members' pay if an executive cannot be formed.
Britain should be able to leave the European Union's single market and customs union and still ensure there is no hard border in Ireland after Brexit, Foreign minister Boris Johnson said on Tuesday. Johnson ...
Media giant 21st Century Fox has strengthened its commitment to protect the independence of Sky News as it seeks to buy the channel's owner, Sky plc (Frankfurt: 893517 - news) . Fox, the world's fourth-biggest media company, promised that, if allowed to buy Sky, it will maintain a Sky-branded news service for 10 years. The company also guaranteed funding for Sky News for five years at a level "not materially different" from its current funding, with a further five years of investment to be determined in future.
KFC closed more restaurants on Tuesday, days after "teething problems" with a new delivery contractor meant it ran out of chicken. The fast-food chain's website said in a mid-morning update that just over 250 of its nearly 900 restaurants in the UK and Ireland (Other OTC: IRLD - news) were open, compared to about 320 the evening before. KFC has said it is working "flat out" to reopen stores after problems with deliveries on Friday and over the weekend, but added that some disruption will continue.
Pan-European securities settlement house Euroclear will open a new unit in Ireland (Other OTC: IRLD - news) in March next year to avoid Brexit disrupting its ability to process Irish stock and bond transactions. Brussels-based Euroclear settles share trades executed in both London and Dublin at its British arm. The United Kingdom will leave the European Union in March 2019 and it is unclear what sort of trading links it will have with the bloc in future.
KFC has had to shut most of its restaurants across the UK and Ireland (Other OTC: IRLD - news) after "teething problems" with a new delivery contractor meant it ran out of chicken. The fast food chain said it was "working flat out" to reopen stores after there were issues with deliveries on Friday and over the weekend. Its problems appeared to have deepened on Monday as an update on its website listed just over 80 UK restaurants, out of a total of 900, that were open at midday.
Ireland (Other OTC: IRLD - news) 's Prime Minister called for the urgent restoration of Northern Ireland's power-sharing government on Monday after talks to end a year-long political stalemate broke down yet again last week. Both the British and Irish governments have said they want to get the talks back on track but neither have suggested when Irish nationalists Sinn Fein and the pro-British Democratic Unionist Party (DUP) should return to the negotiating table. The British province has been without a devolved executive for over a year since Sinn Fein withdrew from the compulsory coalition with their arch-rivals that has been central to a 1998 peace deal that ended three decades of violence there.
Ireland's Central Bank on Monday directed CBL Insurance Europe, a wholly owned subsidiary of New Zealand's CBL Corp Ltd, to cease writing new business with immediate effect while it works through a number ...
The UK boss of Tesco (Frankfurt: 852647 - news) is to become one of the youngest chairmen of a FTSE 350 company after being appointed by the online retailer N Brown (LSE: BWNG.L - news) . Matt Davies, who is leaving Tesco after its £3.7bn takeover of wholesaler Booker completes, will succeed Andy Higginson in the role with effect from 1 May. The announcement comes a day after the story was first reported by Sky News.
British fashion retailer N Brown said on Monday it had appointed Matt Davies, the current CEO of Tesco UK and Ireland, to be its new chairman. N Brown said Davies will assume the role of chairman from ...
The UK boss of Tesco will this week become one of the youngest chairmen of a FTSE-350 company when he takes the reins at N Brown Group, the online retailer. Sky News has learnt that Matt Davies, who is ...
* Irish renewable infrastructure company Greencoat Renewables Plc has bought a 9.2 megawatt wind farm in County Kilkenny in southeastern Ireland for 22.5 million euros , the firm said on Friday * The Lisdowney ...
Ireland (Other OTC: IRLD - news) unveiled a 10-year capital investment programme on Friday that will continue to ramp up spending to ease bottlenecks in housing, health and transport and keep pace with the fastest growing economy and population in Europe. Ireland had to sharply cut its capital budget and postpone major projects under an austerity drive that followed the 2008 financial crisis. The government will commit 91 billion euros in exchequer funding over the 10 years to 2027, increasing the average capital spend per year to 9 billion euros from an average of 4.6 billion euros since spending began to be cut in 2009.
Irish firms increased the value of goods exported to the United Kingdom last year by 8 percent, reversing a 4 percent fall in 2016 when sterling weakness made Irish goods more expensive for British consumers. The value of exports to the UK rose by 1.1 billion euros to 14.5 billion in 2017, representing 11.8 percent of the total value of goods exported last year. Only the United States, at 27.2 percent, is a larger single-country trading partner, data from the central statistics office showed on Thursday.