| Developments |
Issue: 01 / 2009 |
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| Eight ways to restore confidence in securitisation markets |
Issue: 01 / 2009 |
| The Global Joint Initiative to Restore Confidence in the Securitisation Markets representing the main industry bodies have published eight key points as a roadmap to restore confidence in securitisation markets. |
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| Endgame for the Exchequer |
Issue: 01 / 2009 |
| The bond markets have dictated the endgame for the Exchequer and Ireland’s future as a successful and independent economy will depend on how the country responds. |
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| Falling advertising revenues hit media sector |
Issue: 01 / 2009 |
| One of the key concerns for investors with regards to Independent News and Media during 2008 was the group’s highly leveraged balance sheet and certain tranches of its debt which are due for repayment within the next two years, writes Gavin Kelleher, No. 1 Media analyst for the third year. Also in this article Kelleher looks at the fortunes of the media sector in general and in a standalone piece at the end of this article Kelleher looks at the outlook for support services firms who are listed on the ISEQ. |
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| Financial weapons of liquidity and transparency: credit derivatives after the credit crunch |
Issue: 01 / 2009 |
| Professor Moorad Choudhry explores the interconnection between credit derivatives, including structured credit products such as collateralised debt obligations (CDOs), and the 2007 sub-prime mortgage crash and subsequent credit crunch. He discusses how the age-old adage of investing, to know one’s risk, remains as important now as it was in the time of the South Sea bubble. He suggests further that credit derivatives, far from being in some way instruments of evil, are vital to maintaining liquidity and transparency in the financial system. |
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| Forex pressure on Irish firms: euro sterling exchange rate outlook 2009 |
Issue: 01 / 2009 |
| With the Irish economy already on its knees the euro’s relative strength against sterling is a further hit to Irish competitiveness with nearly half of all exports from Irish-owned firms headed to the UK. In a FINANCE Magazine poll of leading corporate treasurers we ask for their outlook for the euro sterling exchange rate in 2009. |
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| Gaming sector will see growth stagnate before resuming in 2010 |
Issue: 01 / 2009 |
| The gaming industry is set for a difficult 2009 but will be especially tough for those players that are dependent on the Irish retail space. Those with a significant online presence will fare a lot better, though even here the growth will be modest in the near-term writes Liam Igoe, ‘Gaming Analyst of the Year’. |
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| Irish construction set to fall a further 25p.c. in 2009 |
Issue: 01 / 2009 |
| A significant fall from peak to trough in earnings for Irish construction companies is expected in 2009 writes Robert Eason, ‘Best Construction & Building Materials Analyst’. He says however, that Irish stocks score favourably versus their peer group. |
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| Loss-absorption capacity of banks’ capital bases key in 2009 |
Issue: 01 / 2009 |
| The length of the credit cycle and the ability of banks to absorb losses will be the key factors in 2009 for Irish financials, writes Eamonn Hughes, ‘Best Financials Analyst’ for the third year. |
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| Pharma and healthcare sector faces M&A activity, cost cutting and impact on earnings |
Issue: 01 / 2009 |
| A feature of the year across the board will undoubtedly be cost cutting exercises, rationalisation of facilities and out sourcing of non-core activities as all major companies seek to maintain some earnings growth in 2009 writes Ian Hunter, ‘Best Pharma & Biotech Analyst’. |
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| Spending and taxation |
Issue: 01 / 2009 |
| The purpose of taxation is not to punish those with incomes but to fund state expenditure. State spending and taxes are interlinked. Ireland aims to be a low tax economy. But it has not faced up to the spending implications of such an aim. There is a need for the state to prioritise its areas of involvement. The balance between costs of services being borne by consumers or by the state needs to be reviewed. |
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| Sterling fall serious challenge for food sector |
Issue: 01 / 2009 |
| Irish food manufacturers face lower priced food options, pressure on discretionary spend items, and the fall in sterling, says Liam Igoe, ‘Food & Agri Analyst of the Year’. |
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| Tax treatment of foreign dividends is contrary to EU law |
Issue: 01 / 2009 |
| In its decision in the Franked Investment Income (FII) Group Litigation Order, the UK High Court found that the UK tax rules which exempt UK dividends from tax, but charge EU dividends (albeit allowing credit relief) are contrary to EU law. Sharon Burke examines this decision and the impact that it could potentially have for Ireland. |
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| The changed world for cash managers |
Issue: 01 / 2009 |
| Jimmy Doyle has been a leading figure in Dublin’s interbank & corporate treasury market since the 1980s. Now director of group deposits at Bank of Scotland (Ireland), he wonders how some institutions can sustain the level of pricing on offer, particularly in the longer end, where prices can be as much as 200 basis points above the money market rates: ‘just not sustainable’. |
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| The changing face of Revenue VAT audits - are you ready for 2009? |
Issue: 01 / 2009 |
| While there are no VAT measures introduced in Finance (No 2) Act 2008 which relate directly to the financial services sector, there are a number of measures which, when taken together, will have a subtle and material impact on the sector. In particular,
additional VAT costs will arise for the sector together with additional compliance obligations and a new relationship with the Revenue Commissioners. |
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