IRELAND FACES OECD PRESSURE ON CORPORATE TAX REGIME - The Government is coming under pressure from the Organisation for Economic Cooperation and Development (OECD) to unwind some of the most contentious elements of Ireland’s corporate tax regime. As the Paris-based body set out the first phase of a plan to overhaul global rules to ensure big firms pay more tax, the chief architect of the proposals told The Irish Times that Dublin should move sooner rather than later to scrap a contentious scheme known as the “double Irish”. The arrangement, used by major firms including Google’s Irish unit, plays on the difference between Irish law and offshore jurisdictions to help the company in question to curtail its tax liability. Without naming any particular firm, director of the OECD centre for tax policy Pascal Saint-Amans said Irish moves in anticipation of change elsewhere would benefit Ireland’s reputation. “There is an issue because Ireland has been misused by a number of companies to locate the profit in Bermuda,” said Mr Saint-Amans. “Is Ireland guilty? Of course not. It’s being used. And now we’re providing all the countries instruments to protect themselves from that. Would Ireland move to anticipate these changes? That may be a good move that I think your government is considering.” The OECD proposals mark the first phase of an effort by the global community to create a single set of international tax rules to ensure large companies pay their fair share of tax throughout the world.
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RYANAIR TO PONDER TECH AND RETAIL FIRM BUYOUTS - Ryanair will consider small-scale acquisitions in the retail and technology sectors to beef up its revamped services to passengers, according to chief marketing officer Kenny Jacobs. His comments come as Ryanair continues to invest in its new digital media lab at its north Dublin HQ as part of its drive to transform its business, says the Irish Independent. But Mr Jacobs also told an aviation conference in London that while so-called ancillary revenue generation was a key plank of Ryanair's operations, it has to continue to focus on its core activity - flying passengers and ensuring quick turnaround times. Targeting even small-scale acquisitions outside the aviation sector would be completely new territory for Ryanair. "There are lots of things that could be interesting," over the next decade, Mr Jacobs told news agency Bloomberg on the fringes of the conference. He stressed that any acquisitions would be small, and probably related to content businesses and retail opportunities. He also said they would be focused on "improving the product, the distribution and the service". At the same conference in London, Aer Lingus chief executive Christoph Mueller predicted a "bloodbath" in Europe's airline industry. He pointed out that about 500 short-haul aircraft are currently flying in Europe at a loss.
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PHONE 4U'S ESTRANGED PARTNERS IN TALKS TO BUY PARTS OF BUSINESS - Two of the mobile operators that contributed to the demise of Phones 4U by withdrawing their business in the past few weeks are in talks with the administrator to buy parts of the company. EE and Vodafone have each spoken separately to the administrator about acquiring elements of Phone 4U’s business, including some of the stores, staff and stock across the UK, writes the Financial Times. The moves could offer an escape route for thousands of staff who were set to lose their jobs in the largest retail collapse since the demise of Comet in 2012. Dixons Carphone, the high street retailer, is also in talks to offer the 800 staff that work in Phones 4U concessions alternative roles within its own stores, according to one person with knowledge of the situation. Dixons Carphone could also be interested in some of the stores and in acquiring the company’s brands. The person added that Dixons Carphone had agreed a waiver with the administrator allowing them to talk directly to the staff, which had previously been prevented by a “no-poaching” agreement. PwC was appointed as administrator by Phones 4u owner BC Partners after the company lost major contracts with EE and Vodafone. Some 550 stores and 6,000 jobs are at risk.
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BETFAIR PAYS OUT 'NO' BETS IN REFERENDUM - EVEN THOUGH VOTE IS DAYS AWAY - Betfair has started to pay out bets to punters who have staked their money on a “No” result in the Scottish independence referendum - even though the result of the vote is a few days away. The online gaming firm said customers who placed bets with its bookmaking business, Betfair Sportsbook, will get their winnings now, writes the London Independent. However, the move was a publicity wheeze as Betfair Sportsbook is only a small subsidiary of Betfair, which makes most of its money from operating a betting exchange where punters wager with each other. Opinion polls suggest the Scottish vote will be extremely tight but experts think “No” is likely to win narrowly. According to trading on the Betfair exchange, there is a 79% chance of No and a 21% chance of Yes. Betfair Sportsbook said: “We’ve decided that ‘No’ is most likely to be the winning vote in three days’ time, so we’ve put our money where our mouth is.”
