Ulster Bank’s parent company NatWest is reportedly set to sign a deal with Permanent TSB to transfer € 9 billion in loans from the outgoing lender in a deal that would see the UK bank take a stake between 10 and 20 percent in the Irish lender, reports the Sunday Times. The loans would include untracked mortgages and consumer and micro-business loans. A memorandum of understanding could be signed with days, according to sources.
Global corporate tax rate could exceed 15%
The global minimum tax rate to be agreed by world leaders later this year could end up being “a little” above 15% and will be maintained even if Ireland refuses to sign the deal, the head of the tax reform at the OECD said, according to a report in the Business Post.
“The next step [in the process] is to finalize the political agreement in October. There is not much to do. We only have to confirm a few figures like the global minimum tax rate. The rate will be at least 15%, but it could be a little higher, ”said Pascal Saint-Amans, director of tax policy and administration at the OECD and principal architect of the currently proposed global tax reforms. under negotiation.
Gradual elimination of the leasing of social housing on investment funds
The new social housing leases will be phased out over the life of this government, and local authorities will be asked to embark on a big wave of compulsory purchases of vacant housing as part of the new Housing for All strategy, writes the Business Post.
Housing For All, the new government plan to manage the housing crisis to be published on July 27, will focus on the financing of direct construction and home ownership of social housing by the State and incentives for the construction of affordable housing.
American fashion brand opens in Dublin
Fashion retailer American Eagle Outfitters is establishing a physical presence in Ireland, report the Sunday Times and the Sunday Independent. A first store will open in Dublin’s Jervis shopping center in early August and a second in Newbridge’s Whitewater shopping center later this year.
Sunil Shah, the head of retail behind the Irish operations of Skechers, Tommy Hilfiger and Pepe – and who recently opened a stand-alone Asics store on Dublin’s O’Connell Street – has secured European rights to the bricks and mortar of the brand.
Poolbeg to bypass Dublin and request Nasdaq listing
Infectious disease specialist Poolbeg Pharma plans to be listed on New York’s Nasdaq in the coming months, according to chairman Cathal Friel, reports the Sunday Independent. The company was formed last week by its parent company, pharmaceutical services firm Open Orphan, and has announced it is preparing for a £ 25million (€ 29million) IPO on the AIM Index from London. Friel has since told the Sunday Independent that Poolbeg is planning a double listing in New York and London.
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