Opening Bell: Ireland told not to rely on low taxes to grow, NAMA’s dispute with Dunnes, Draghi’s statement on Ireland
The Organisation for Economic Co-operation and Development’s (OECD) chief economist has warned that Ireland cannot rely on low corporation taxes to fuel growth.
“Ireland is going to have to seek real investment based on comparative advantages other than tax,” Prof Catherine Mann told a conference hosted by the Irish Department of Finance.
She said that the OECD’s Base Erosion and Profit Shifting (Beps) initiative is likely to have an initially negative impact on the performance of the Irish economy.
The economist pointed to the lack of new patents registered by indigenous Irish firms and said that the Government needs to create new policies to encourage R&D and the creation of new intellectual property.
Irish MEPs will be given 15 minutes this morning to question the President of the European Central Bank (ECB) Mario Draghi about the Irish banking crisis.
Mr Draghi will be in the European Parliament in Brussels, where three Irish MEPs will be given five minutes each to question him on the ECB’s actions surrounding Ireland’s bailout programme.
The Italian’s responses will be reported back to the Banking Inquiry in Dublin.
The National Asset Management Agency (NAMA) has filled a lawsuit against Dunnes Stores relating to a dispute over a planed €40m extension of The Square shopping centre in west Dublin.
The case was filed with the High Court last week, a NAMA subsidiary will be represented by A&L Goodbody.
NAMA is eager to extend the centre, which is one of its most significant retail assets, but Dunnes Stores has argued that the plans will hurt the performance of its store in the original shopping centre.
Third quarter profits at the Irish aircraft leasing firm, Avolon have jumped by 33% in its third quarter, to $58m (€54m).
The firm benefited from strong lease revenues, and jet sales.
Its total revenue rose by 23% to $201.9m (€188m), the company is currently in the process of being sold to China’s Bohai Leasing – in a deal which values it at $7.6bn.