GOODMAN FIRM PAID 0.4% TAX ON PROFIT OF 52.6M - A Larry Goodman company based in Luxembourg made a profit of €52.6 million in 2013 and paid just 0.4% tax, according to accounts in the tiny EU member state.
The company, Parlesse Investments Sarl, began operations in 2010 and had accumulated profits of €278.6 million at the end of March 2013, the latest period for which accounts are available. Tiny amounts of tax relative to the profits made were paid over the four-year period. The company’s accounts provide a unique insight into the wealth and scale of the operation run by Mr Goodman, writes the Irish Times. His ABP Food Group, with its headquarters in Ardee, Co Louth, is one of Europe’s top beef producers, with a multibillion euro turnover and more than 8,000 employees. More than a quarter of its employees are in Ireland, where it has been a major player in the Irish economy for a number of decades. Up to now, little has been known about Mr Goodman’s business affairs, because most of his companies are either unlimited, and therefore not obliged to publish accounts, or are based offshore, mostly in Jersey. The Luxembourg company has shares in, and loans out to, a range of Mr Goodman’s businesses, including ABP Food Group entities and companies with interests in the Blackrock Clinic, the Hermitage private hospital and the Setanta Centre office complex, all in Dublin. These shares and loans had a total value of more than €800 million in 2013.
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SHANNON LNG PLANT NEEDED TO ENSURE SECURITY OF GAS SUPPLY - A network of liquefied natural gas plants, including one proposed in Co Kerry, are key to reducing dependence on Russia for our energy needs. European Energy Commissioner Arias Canete told the Irish Independent that security of supply was a major issue for the bloc, and that the union had to diversify and source gas from the US, Qatar Nigeria, Algeria, Canada and, at some point in the future, possibly Iran. His comments came amid increasing concern about Europe's reliance on imported gas, particularly from Russia. Natural gas currently provides 30% of Irish energy needs, and is used to produce 60% of all electricity. Imported supplies across the EU are expected to increase to 75% of all consumption across the bloc by 2030. Mr Canete said the European Commission would produce a comprehensive strategy for liquefied natural gas (LNG) by early next year, which could also focus on the infrastructure needed to link facilities with the internal market. This was to overcome the bloc's security of supply problem, he said. "We have to diversify routes of supply and suppliers and have to develop a real internal energy market because our prices are higher - 50% over the US," he said.
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INDEPENDENT NEWS & MEDIA TO CONSIDER GROWTH OPTIONS - Independent News & Media (INM) is hopeful of making more acquisitions - aimed at boosting its digital capacity - in the next six months. Speaking after a brief EGM yesterday - at which shareholders unanimously approved INM’s sale of its remaining near 19% stake in Australian diversified media group APN - chairman Leslie Buckley said that part of the benefits from the latest disposal will be freeing the group up to consider more growth opportunities. To that end, he said that management will begin to seriously run the rule over acquisition possibilities over the coming six months, with the focus being on the continuing strengthening of INM’s digital capabilities. He said INM has approximately €25m in the bank and is ready to do deals, writes the Irish Examiner. While group chief executive Robert Pitt told shareholders at the meeting that the sale of the APN stake - INM’s last remaining overseas asset - would allow management to build an island of Ireland-focused business, Mr Buckley told reporters, afterwards, that while that is the case, the board will remain open to opportunities based further afield. “If something came up in the UK, maybe a partnership opportunity, we would look at that,” he said.
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UK BUSINESS JITTERS AT TORY TACTICS AS CAMERON BETS ON GROUND WAR - UK Business leaders have become frustrated at the tactics and tone of the Conservative election campaign, amid concern in British boardrooms that Ed Miliband is mounting a stiffer challenge for Number 10 than expected. Twenty FTSE 100 and other business leaders have told the Financial Times they are anxious that - despite presiding over an economic recovery - David Cameron has not opened a lead over Labour. In particular, they criticise the strident personal attacks on the opposition and the flurry of big-spending promises that jar with the party’s prudent fiscal record. “The negative campaign has been disastrous,” said one company chairman. “The strength of the performance of the coalition in terms of delivering real growth and real jobs has become almost background noise,” said another, speaking on condition of anonymity. One FTSE 100 chief said: “Why not play the positive economic note? There is a good story to tell.” Senior Conservatives reject the criticism, arguing that the campaign, with its focus on the prospect of the Scottish National party in alliance with Mr Miliband in a hung parliament, is playing well on the doorstep.
