Uncategorized

Fexco acquires London’s largest specialist foreign exchange business for £10m

Kerry-based fintech company Fexco has acquired London’s leading retail foreign exchange company Thomas Exchange Global (TEG).

It is understood that the acquisition is valued at around £10m (€11.2m).

TEG has over one million customers across its 15 branches in London.

The deal, the company’s eight acquisition in the UK since 2012, means that Fexco now has a 12pc share of the estimated £9bn foreign exchange market in London.

“We are very pleased to have acquired a business with the reputation and reach of TEG, the largest London-based FX retailer,” Joe Redmond, MD of retail foreign exchange division, Fexco, said.

The deal confirms our belief in the future of cash and the incomparable role it plays in a balanced payments and travel money portfolio.”

Fexco’s Retail FX division now employs 500 people serving the travel money requirements of over four million customers through its UK and Ireland wide network of 125 branches.

Commenting on the acquisition, Sakthi Ariaratnam, CEO of TEG, said that the deal presented a “fantastic opportunity” for the two companies to “further capitalise on the significant opportunities present in the national and international FX marketplace.”

Founded in 1981 today Fexco employs over 2,300 people across the group. The company has operations in 29 countries across Europe, the Middle East, Asia-Pacific, North America and Latin America.

Last month Fexco announced the creation of 175 new jobs at its headquarters in Killorglin, County Kerry

Article Source: http://tinyurl.com/kbwqb42

Europe warned of gas shortage without more Russian imports

Europe will face a gas shortage and price spike as soon as the next decade if it doesn’t decide quickly to boost imports from Russia as gas purchases from the US or Qatar fail to match  Read more

Ireland listed amongst top EU countries for big data investment

The vast majority of global corporates have identified Ireland as a possible or likely location for data-driven investment in the next year, new research has found. Read more

Ireland listed amongst top EU countries for big data investment

The vast majority of global corporates have identified Ireland as a possible or likely location for data-driven investment in the next year, new research has found. Read more

Revealed: Black market trading cost economy €2.5bn last year

Black market trading is estimated to have cost the economy close to €2.5bn last year.

 Read more

Ryanair reaffirms profit forecast, announces €800m share buyback

Ryanair on Monday reaffirmed its full-year profit forecast after higher passenger numbers offset lower fares and said it would return €800m to shareholders through a share buyback.

 Read more

The Irish unemployment rate was unchanged in June from the previous month, as evidence from a new survey also suggested that the rapid rise in the number of jobs is slowing.

CSO figures showed that seasonally adjusted numbers on the live register fell by only 500 in the month, much slower than the declines of 1,000 and 1,200 posted in May and April.

As a result, the unemployment rate was unchanged from May, at 9.7%, but sharply lower than the rate of 11.4% in June 2014.

 Read more

€99 www.recruitireland.com Advertisement HOME»BUSINESS

Revenue at the world’s 10 largest investment banks rose 9%, year-on-year, to $44.9 billion in the first quarter, as financial market volatility and central bank stimulus measures boosted profits.
Trading in fixed income, currencies and commodities (FICC) divisions, which are particularly exposed to economic conditions, were the outperformers, up 5% on a constant dollar basis, data from industry analytics firm Coalition shows.

Revenues from FICC have slumped in recent years on the back of tougher regulations and low market volatility, that has prompted investment banks to reshape themselves, shedding staff and exiting certain business lines.

 Read more

Consumer price figures ‘mask’ real increases

A raft of everyday household expenses, including private landlord rents, public transport, and college registration fees, are soaring above the price levels reached during the boom years, official figures show.

Analysts say that a detailed breakdown of consumer price figures show that the trend in the past year of price decreases for some goods is masking huge price rises of everyday items across the economy. As a result, many prices are now well above levels recorded in 2006.

Headline CSO figures on consumer prices were published yesterday and showed the annual price index tumbled by 0.7% in April, as the costs of buying airline tickets, cars, meat and vegetables, clothing, and furniture all fell.

 Read more

Irish company failures decline 17% year-on-year in first quarter

The first three months of 2015 have seen a 17% year-on-year decrease in company failures.

However, statistics from Deloitte also show the 250 cases of corporate insolvency for the first quarter are up 13% on the final quarter of 2014. Despite the introduction of legislation making it more cost-effective for smaller firms to go down the examinership route if in need of court protection to safeguard their business, receiverships accounted for 22% of all insolvencies since the start of January, unchanged on the same period last year.

“An ongoing trend that we are observing in our analysis over the last number of quarters is that examinerships continue to remain at disappointingly low levels,” saod David Van Dessel of Deloitte’s restructuring services division.

 Read more