CRO ON TRACK TO CLEAR BACKLOG OF 600,000 COMPANY FILINGS BY 2014 - A massive 10-year backlog of 600,000 unprocessed documents at the Companies Registration Office (CRO) could be all but cleared by next year, the Irish Independent has learned. A decade ago, the office - the statutory body that deals with company filings - had some 600,000 unprocessed documents in its files that had been received from companies. But while they had been received and scanned by the office so they were available for public inspection, they hadn't actually been reviewed and formally registered by CRO staff to ensure they were correctly completed. With the new Companies Act due to come into force next year, there has been a push on by the CRO to purge the huge backlog of documents in its system. It is understood that the backlog has now dipped below 100,000 documents. There is now an expectation that this backlog will be effectively eliminated by next year. When it comes into force, the Companies Act will result in new forms and layouts, so the CRO has been keen to deal with the legacy documentation before that happens. The CRO typically receives between 350,000 and 450,000 documents a year from companies in the State
EY TARGETS IRISH EMIGRANTS TO ‘COME HOME’ TO WORK - EY, an accountancy and professional services firm, is targeting Irish emigrants to “come home” to work for the firm. It has announced 80 new consultancy jobs over the next six months, as well as a further 160 graduate roles for 2014, writes the Irish Times. The company said the new jobs would be spread across its Dublin, Cork, Limerick, Waterford and Belfast offices, and were as a result of “client wins”. EY said some of the roles would be in its business and transaction advisory divisions. It said it would also hire accountants and business executives for its financial accounting, fraud investigation and dispute services. About 40 of the new jobs will be filled before Christmas by its auditing department. The company, formerly Ernst & Young, said it had experienced strong growth in Ireland in the past three years, increasing its revenues by more than 20% with “almost half” of the growth coming this year as the economic recovery gathers pace. EY has increased its number of employees in Ireland by 18% over the past two years to 1,260.
MINING TIPPED TO GROW BY 40% - The Irish mining industry that achieved more than €420m in sales last year could grow by up to 40%, according to industry sources quoted in a government report. The Indecon report, entitled ‘Assessment of Economic Contribution of Mineral Exploration and Mining in Ireland’, found that 14% of stakeholders believe the industry has the potential to expand significantly (15%-40%), while the majority were not as optimistic, believing the expansion will be in the region of 10%. Minister of State with responsibility for natural resources, Fergus O’Dowd, said the report provides an up-to-date overview of the sector and the contribution of the Irish zinc and lead mining industry in global terms. “The central conclusion of the report is that the economic value-added contribution of the mining and mineral exploration industry to the Irish economy is considerable and far reaching,” Mr O’Dowd said. Ireland has become a global player in the production of zinc, with 32% of all European zinc mine output, including the Russian Federation, and the 10th largest producer in the world with 2.5% of world output, writes the Irish Examiner. Last year the mining output, measured in sales turnover, was €426.1m. Taxes, royalties and other licence-related fees in 2012 approximated more than €65m.
WALL STREET'S TOP FIVE BANKS FACE $1 BILLION EARNINGS CUT - More than $1 billion has been wiped off earnings estimates for Wall Street’s five biggest banks in the past month on growing fears of a sharp decline in trading revenues coupled with increased legal costs, says the Financial Times. JPMorgan Chase has borne the brunt of forecast cuts, with consensus estimates of net income down $526m to just under $5 billion. Its growing legal bills alone are expected to add $2 billion in costs when it kicks off the banks’ earnings season on October 11. But the depressed forecasts have extended to all banks with big fixed income trading operations, after several warnings of slow activity throughout the last three months. Hopes of a final trading flurry in the last few weeks of the quarter have been dashed, with fixed income trading revenues particularly hurt.“September hasn’t delivered,” said Paul Gulberg, analyst at Portales Partners in New York. “It wasn’t there to fulfil the expectations and save the day.” Analysts reduced their expectation of net income by $210m for Citigroup, $128m at Bank of America, $123m at Goldman Sachs and $97m at Morgan Stanley. Those forecasts strip out the distorting effect of an accounting rule that forces companies to take profits or losses from changes in the value of their own debt.