February 16, 2011
By Staff Reporter
By Harry Keaney
Some of the best of Celtic goods will be on show in New Jersey this April when the Ireland Show will feature five floors of Irish, Scottish, English and Welsh products.
The show, with more 20,000 gift items, will take place at the Embassy Suites Hotel in Secaucus from April 29 to May 2.
According to show organizers, this event "is a must" for Irish, Scottish, English and Welsh shops. The show is open to the trade only.
The times are April 29 from 10 a.m. to 6 p.m.; and April 30, May 1-2, 9:30 a.m. to 6 p.m.
There will be entertainment on the Sunday and Monday from 6 p.m. to 8:30 p.m. There will also be a special guest appearance by comedian Brendan Grace, and Andy Cooney and his band.
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IBO news
There is a change of date and location for the Irish Business Organization’s Long Island breakfast networking meeting. The breakfast will take place on March 2 at 8 a.m. in the IHOP Restaurant, corner of Hillside Avenue and Willis Avenue, Williston Park. The cost of breakfast is $8 per person. IBO members are urged to bring a guest. For details, call Brian G. Cunningham at (516) 746-2133.
Interest rates on the rise
Mortgage rates are on the rise in Ireland, with the Irish Permanent and Bank of Scotland raising them from next month. Irish Permanent, the country’s biggest mortgage lender, has increased its variable mortgage rate by 0.25 of a percentage point to 4.64 percent. The rate will come into effect on March 1.
Bank’s backtax
The revenue commissioners have hauled in over £11 million in back tax, interest and penalties in their investigation into a National Irish Bank promoted offshore accounts scheme, according to news reports in Ireland.
A revenue spokesperson last night confirmed to the Examiner newspaper that some account holders could face prosecution. A revenue spokesperson asserted: "This is an ongoing investigation and we cannot comment on any aspect relating to any individual."
Settlements, in relation to tax and penalties, have been reached in a number of cases that yielded just over £11 million for the revenue.
However, a spokesperson said that a number of cases were being examined with a view to prosecution.
AIB’s shares fall
Despite solid results and the unveiling of Internet and mobile phone banking plans, Allied Irish Bank’s shares continued to slide as financial stocks remain out of favour.
The country’s biggest bank has tumbled from its position at the top of the Irish market by capitalization down to third behind Eircom and Elan as bank shares have plummeted in the market.
Strong growth in Ireland and Poland last year resulted in pre-tax profits being up 10 percent to £866 million but the figures were received with little enthusiasm in the market.
The bank has not quantified a contingent liability for DIRT tax for bogus offshore accounts that may arise as a result of the all-party Oireachtas Public Accounts Committee inquiry as it says it cannot be reliably estimated.
The outlining of an AIB Internet strategy — a so-called "clicks and mortar" operation –, which will involve on-line share dealing and various secure Internet banking operations, also failed to impress investors.
The shares closed at 8.16 euros on the week, its lowest this year, down from a high of 18.70 euros last year.