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Sunday World
3 days ago
- Sunday World
Man accused of duping customers of over €42k for sheds that were never built
The total sums involved amount to just over €42,000 with all six charges falling under the parameters of Section 6 of the Criminal Justice (Theft and Fraud Offences) Act 2001. Trevor Fitzgerald was charged with six counts of deception in which six alleged victims were induced into paying tens of thousands of euro for sheds that never materialised. A man in his 40s is to stand trial accused of scamming a string of alleged victims into handing over tens of thousands of euro for the construction of sheds which were never built. Forty-five-year-old Trevor Fitzgerald, of Teffia Park, Longford, appeared at a sitting of Longford District Court before Judge Bernadette Owens to face six charges at various locations in Longford between December 2021 and October 2023. Three of those charges allege that on dates between December 2021 and three dates spanning January to August 2022, Fitzgerald induced a trio of individuals to carry out bank transfers for various deposits on sheds at Permanent TSB in Longford totalling over €25,000. Trevor Fitzgerald. The three remaining charges facing Fitzgerald contend how two men and a woman were allegedly defrauded out of a further €16,500 by making cash and cheque payments for further deposits on sheds which were never completed between June 2022 and May 2023. They allegedly occurred at Catrongeeragh Business Park and Fabrication Works, the latter of which is also located in the same Athlone Road based facility and at Stewarts Garage, Sligo Road, Carrick-on-Shannon, Co Roscommon. The total sums involved amount to just over €42,000 with all six charges falling under the parameters of Section 6 of the Criminal Justice (Theft and Fraud Offences) Act 2001. Trevor Fitzgerald on the steps of Longford Courthouse. News in 90 Seconds - June 18th Fitzgerald, who wore a black t-shirt and tracksuit bottoms to court, stood with his arms folded in the custody suite of the court as Sgt Enda Daly said directions from the Director of Public Prosecutions (DPP) had consented for the accused to stand trial on all six counts. He added that the State prosecutor's office were also open to Fitzgerald going forward to the Circuit Criminal Court on a signed guilty plea 'should that arise' in due course. Judge Owens was told the State would not be objecting to bail on the basis Fitzgerald abided by a series of conditions. They included orders for the accused to reside at his home address, to sign on twice a week at Longford Garda Station, to surrender his passport within 24 hours and undertake not to apply for a duplicate or any other travel documents. In a further stipulation, Fitzgerald was ordered to refrain from advertising any commercial business activity on social media. Solicitor Diarmuid Quinn applied for the release of all State evidence in connection to the case to be disclosed to the defence in an application which was approved by Judge Owens. An application for legal aid was also sanctioned after it was revealed Fitzgerald was currently out of work. Fitzgerald was remanded on bail to appear back before a sitting of Longford District Court on July 15 for the anticipated serving of a book of evidence.
Irish Times
4 days ago
- Business
- Irish Times
The Irish Times view on the State selling out of AIB: competition in banking is now the issue
The State's long withdrawal from the banking sector after the post-crash bail-outs has reached another milestone, with the sale of its remaining shareholding in AIB. Warrants, which give the State the right to buy some shares, are now likely to be effectively bought out by the bank. AIB will finally return completely to private hands. The direct financial cost to the State of the AIB bail-out was €20.8 billion and – including the cash for the warrants – the total amount returned over the years to the exchequer is likely to fall around €700 million short of this. While the return of the bulk of the funds is welcome, the total costs of the banking collapse to the State were, of course, much greater than the cash cost of bailing out these institutions. The banks were not solely responsible for the financial crash, but they were an important part of it. The tighter regulation, restructurings and restrictions on executive pay that followed were entirely appropriate. So was the bank levy, which should remain. With the pay cap in Bank of Ireland now lifted after its return to private ownership – even if a limit on bonuses remains in place – it was inevitable that the same would happen at AIB. In this context, there seemed little point in maintaining the pay cap at Permanent TSB, where the State still holds a 67 per cent stake. READ MORE With the two main banks now in private hands, State policy needs to focus not only on regulation but also on encouraging competition. As well as the financial and economic costs, the crash also led to the departure of a number of banks from Ireland – most notably Ulster Bank – severely limiting competition in many parts of the market, to the disadvantage of consumers. New entrants have provided competition in some areas, but often on a limited scale. The soaring profitability of the banks reflects not only the strength of the economy, but also their large market share. Their large deposit books remain a competitive asset. The more recent entrants to the market are welcome, but more is needed.
Reuters
5 days ago
- Business
- Reuters
Ireland to sell final AIB shares 15 years after banking crisis
DUBLIN, June 16 (Reuters) - The Irish government on Monday launched the sale of its remaining shares in AIB Group (AIBG.I), opens new tab, one of the country's two dominant lenders it effectively nationalised 15 years ago, Finance Minister Paschal Donohoe said. Ireland pumped 64 billion euros ($74.10 billion) or almost 40% of its then annual economic output, into the country's banks after a huge property crash in the late 2000s stemming from the global financial crisis. Two banks that swallowed up more than half of the capital still failed. Most of the remaining funds - 21 billion euros - went into AIB and the state's return from the bank stood at 19.2 billion euros last month when its shareholding dropped to 3.3%. AIB is also it talks to buy back stock warrants the government holds in the bank. The transaction will leave Ireland with a 57% stake in the smaller Permanent TSB (PTSB.I), opens new tab to sell to complete its long withdrawal from the sector. It sold the last of its shares in AIB's chief rival Bank of Ireland (BIRG.I), opens new tab in 2022. "This is an important milestone in delivering on the policy of returning the banking sector to private ownership," Donohoe said, announcing the sale of the state's final 2% holding by way of an accelerated bookbuild transaction. The government has sold small amounts of shares between its bigger transactions, resulting in the now 2% holding. Books on the transaction are covered, a bookrunner on the deal said shortly after it was announced. While Dublin is unlikely to fully recoup the cost of bailing out AIB, Donohoe said last month the state was at that point 300 million euros above break-even on its 29.4 billion investment in the three banks, mainly thanks to recovering 6.7 billion euros from the 4.7 billion it pumped into Bank of Ireland. The government removed a 500,000 euro pay cap from Bank of Ireland after completing a review of the sector's pay restrictions shortly after the bank returned to full private ownership. The cap remained in place for AIB and Permanent TSB. ($1 = 0.8637 euros)
Irish Times
09-06-2025
- Business
- Irish Times
European investors cautious as China-US trade talks consume attention
European shares eased in cautious trade on Monday as investors avoided making big bets pending the outcome of Sino-U. S. trade talks in London. The pan-European STOXX 600 ended slightly lower at 553.24 points, after four straight sessions of gains, its longest consecutive winning streak in three weeks. Dublin Falling slightly from a peak in afternoon trading, the Iseq All-Share index ended the session at a record close of 11,651.80, rising 29.59 points, or 0.25 per cent. READ MORE Shares in Glanbia plc rose 1.50 per cent to €12.83, following the commencement of the company's share buyback scheme on Friday. The Irish food group purchased more than 70,000 of its own shares at an average price of €12.6283. It was a good day of trading for the banking sector. Permanent TSB rose 1.68 per cent to €12.83, and Bank of Ireland rose 0.93 per cent to €12.48. Bank of Ireland remained largely static, dropping 0.14 per cent to €7.07. Insulation specialist Kingspan, remained largely static in trading on Monday after making gains last week following the announcement that it would increase its planned investment in the US roofing business to $1 billion over the next five years. Shares rose 0.26 per cent to 75.75. In housing and construction, Glenveagh rose 1.14 per cent to €1.77, Irish Residential Properties REIT increased 0.93 per cent to €1.09, and Cairn Homes rode the rising sectoral tide to €2.19, up 0.92 per cent. It was a mixed day for leisure and travel stocks, hotel group Dalata rose 0.32 per cent to €6.25, while Ryanair fell slightly, down 0.08 per cent, to €24.26. London The blue chip FTSE 100 index fell 5.63 points, 0.1 per cent, to 8,832.28. The more domestically focused FTSE 250 ended up 128.63 points, 0.6 per cent, at 21,285.91. On the FTSE 100, M & G rose 3.2 per cent as UBS upgraded to 'buy', but WPP fell 2.8 per cent after it said Mark Read will step down as chief executive officer at the end of 2025 after seven years leading the company. In London, shares in Cordel plunged 12 per cent after it warned full-year revenue will be lower than forecast. The London-based company, which uses artificial intelligence to supply transport corridor analytics, expects to report revenue in the range of £4.7 million (€5.6 million) and £5 million for the financial year to June 30th. It would represent growth of up to 12 per cent from £4.4 million the year before. But chief executive John Davis said it will be 'lower than forecast', despite the firm making 'excellent strategic progress' in the financial year. Broker Cavendish lowered its financial 2025 revenue forecast to £4.8 million from £6.2 million. Elsewhere, Dunelm fell 3.9 per cent after RBC Capital Markets downgraded to 'sector perform' from 'outperform', while, Trustpilot slid 5.8 per cent as Panmure Liberum slapped a 'sell' rating on the company. Europe The pan-European Stoxx 600 index remained largely unchanged, down 0.072 per cent, in a quiet day when several markets were closed due to holidays. Trading was thin as markets in Switzerland, Denmark and Norway were among those closed due to the Whit Monday holiday. The utilities sector was among the biggest losers. Often tracked as a bond proxy – a slide in Eurozone bonds pressured the index. China said on Friday that it was willing to accelerate the examination and approval of rare earth exports to European Union firms. Automakers – a sector vulnerable to any rare earth supply disruptions – was flat. Among individual stocks, Spectris soared 60.1 per cent after the scientific instruments maker said it would accept a 3.73 billion pounds (€4.43 billion) bid from Advent. New York Wall Street's main indexes were mixed in mid-amidafternooning on Monday as investors watched a fresh round of US-China negotiations aimed at mending a trade rift that has rattled financial markets for much of the year. Top officials from both countries have kicked off discussions at London's Lancaster House, looking to get back on track with a preliminary trade agreement struck last month that had briefly cooled tensions between the world's largest economies. Nvidia gained as most megacap and growth stocks were up. Tesla was down marginally after brokerage Baird downgraded the stock to 'neutral'. Warner Bros Discovery shares jumped after the company said it would separate its studios and streaming business from its fading cable television networks. Robinhood Markets fell after S&P Dow Jones Indices left S&P 500 constituents unchanged in its latest rebalancing, following recent speculation that the online brokerage would be added to the benchmark index. – Additional reporting, Reuters, PA.
Business Mayor
21-05-2025
- Business
- Business Mayor
Irish stock market closes at fresh all-time high
Despite retail stocks weighing down the market, European stocks were little changed on Wednesday. General stocks gains limited the losses as investors reacted to changes in US taxation policies. The pan-European STOXX 600 closed slightly lower, down 0.8 per cent, as Dublin saw a marginal day of trading. Dublin While fallers outnumbered risers, the Iseq All-Share index ended the session slightly up 25.31 or 0.22 per cent from its previous close, at 11,399.48, its highest ever close. There was a mixed performance in the banking sector. Bank of Ireland rose 0.89 per cent to €11.995, following on from a strong performance on Tuesday. Fellow banking stocks, Permanent TSB dropped 0.58 per cent and AIB Group fell 0.45 per cent. Defensive stocks also had a mixed day of trading. While Kerry Group added 0.67 per cent, rising to a share price of €97.35, fellow dairy giant Glanbia fell 0.24 per cent. Healthcare services group Uniphar saw a 1 per cent fall in its share price. Ryanair, which rose 5 per cent after publishing financial results on Monday, saw a third consecutive rise this week adding 0.63 per cent, reaching €23.85 per share. London The FTSE 100 was nearly flat with a 0.06 per cent gain, while the midcap FTSE 250 fell 0.7 per cent, as the inflation data triggered a slight wobble on the more domestically-focused index. Among blue-chips, sportswear retailer JD Sports' shares were the worst hit, dropping 10.6 per cent after it warned that President Donald Trump's tariffs may force the company to hike prices in the key market. SSE fell 2.4 per cent after the renewable energy generator cut its five-year investment plans by 15 per cent. Keeping losses in check, precious metal miners gained 3 per cent as gold prices rose for a third straight session and hit a one-week high. Fresnillo gained the most in the FTSE 100 with 4.2 per cent rise. Water utility Severn Trent shares gained 2.3 per cent after it projected a doubling of adjusted earnings per share between 2025 to 2028. Europe The European benchmark shed 0.8 per cent amid declines in luxury and retail stocks. JD Sports fell 10.6 per cent to the bottom of the STOXX 600 after posting a 2 per cent drop in first-quarter underlying sales and warned that higher prices in its key U.S. market could hit customer demand. LVMH, Hermes and Kering among others fell over 2 per cent after luxury group Chanel reported a 4.3 per cent drop in its comparable yearly sales. Tech shares helped to outweigh these losses, German chipmaker Infineon's 2.3 per cent gain after it said it would work with Nvidia to develop chips for new power delivery systems inside artificial intelligence data centres provided a boost to the sector. The STOXX 600, however, has recovered from its April slump, and is trading less than 3 per cent away from its all-time highs. An index tracking defence stocks was up 0.5 per cent after Trump selected a design for the $175 billion Golden Dome missile defence shield on Tuesday. Morgan Stanley raised its view on the European banking sector to 'attractive', citing better earnings potential from continued yield steepening. The European banks index is among the top performing sectors this year. Read More The Growing Allure of the Eurovision Song Contest to Brands Swiss bank Julius Baer slid 4.9 per cent after reporting a 130 million Swiss franc ($156.4 million) charge from a credit portfolio review and replacing its chief risk officer. New York In a volatile session on Wall Street, the S & P500 had slipped with Treasury yields rising in reaction to the US President Donald Trump's proposed tax-cut law during mid afternoon trading. Boosting the Nasdaq, Google-parent Alphabet recorded a jump, while Nvidia and Meta Platforms climbed saw stocks rise slightly. Nine of the 11 S&P sub-sectors traded lower, with Healthcare being the worst hit. UnitedHealth Group saw its shares fall, following a Guardian report said the healthcare conglomerate secretly paid nursing homes thousands in bonuses to help reduce hospital transfers for ailing residents. HSBC also downgraded the stock to 'reduce' from 'hold'. In earnings, retailer Target fell after slashing its annual forecast due to a pullback in discretionary spending. Wolfspeed had lost nearly 70 per cent during mid afternoon trading following a report that the semiconductor supplier was preparing to file for bankruptcy within weeks. Despite the losses, U.S. stocks have had a solid month so far. The S&P 500 has climbed more than 17 per cent from its April lows, when Trump's reciprocal tariffs roiled global markets. On the back of bitcoin recording a fresh all-time high of $109,481.83 (€96,460.61) during the session, exchange operator Coinbase gained alongside crypto miners such as Riot Platforms. – Additional reporting by Reuters.
