Perrigo’s €1.6bn tax bill, Vodafone’s profits and Border farmers’ Brexit fears

Business Today: the best news, analysis and comment from ‘The Irish Times’ business desk

Brexit: what happens when your farm sits exactly on the Border?  Photograph: Andrew Paton
Brexit: what happens when your farm sits exactly on the Border? Photograph: Andrew Paton

The Revenue Commissioners have issued the second largest tax demand in Irish history to major pharmaceutical company, Perrigo. Cliff Taylor and Pat Leahy have details of the €1.6 billion assessment, which relates to the sale of a stake in a drug and which is being disputed by the drug company.

Bank of Ireland chief executive Francesca McDonagh has saidthe bank will honour an existing restructuring agreement with its main union if further change is necessary, reports Joe Brennan. Analysts have estimated that the group will cut more than 2,000 jobs over the coming three years.

Vodafone Ireland returned to profitability last year with an operating profit of €12.6 million, writes Mark Paul. Revenues at the State's largest mobile operator were flat.

Dermot Smurfit, whose father founded what is now Smurfit Kappa, tells Joe Brennan today that the group was "absolutely right" to rebuff a ¤9 billion takeover approach earlier this year. Mr Smurfit is stepping down from the board of Dublin-listed funds company ML Capital.

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Peter Hamilton reports that Spar has secured a new concession in Dublin Airport after the airport's operator DAA replaced it in its previous location. The convenience store group has invested €500,000 in the outlet which officially opens today.

Irish cinemas have hit the big time with their 2018 box office, with musical hits driving annual takings to their highest level this decade. Laura Slattery has details of the stellar performers, which were led by Mamma Mia! Here We Go Again.

John FitzGerald is feeling festive this week, or is he? He notes that Santa has come early for the Minister for Finance in the form of tax revenues, but cautions that we urgently need data that can separate the activities of multinationals from the rest of the economy.

Our Business Interview is Darren Smith, the TV producer who counts Ireland's Fittest Family, Ireland's Got Talent and Gogglebox Ireland among his company's credits. He tells Laura Slattery that TV is cyclical, with everything finding a way back, somehow. He also reveals how he once made Cliff Richard laugh.

As Brexit continues on its tumultuous path towards next March, Eoin Burke-Kennedy takes a trip to the Border between Fermanagh and Cavan to see how farmers there feel about their future. Joe Parker explains how working his 500-acre farm might involve him crossing the Border 10 or 11 times on a single day, with half of his business likely to fall out of the European Union in just over three months. Other Northern farmers, meanwhile, suggest Leo Varadkar could have been more diplomatic in dealing with UK Brexit concerns.

In Caveat, Mark Paul turns his attention to Shane Ross, judging that there is a lack of trust between the Minister for Tourism and the industry whose interests he is meant to represent. Mark suggests Mr Ross is the least popular occupant of this government seat in years.

In our Work section, we examine the unpleasant saga that played out in recent years at US medical technology company, Theranos, whereclaims to have developed revolutionary blood tests were ultimately shown to be false. How does a board stand up to a bully if they make it to the top of an organisation, asks Olive Keogh.

Finally, this week's Wild Goose is Andrew Harte from Roosky, Co Roscommon, who tells Pádraig Collins how he turned a backpacker visa for Australia into a company that employs 200 people.

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Úna McCaffrey

Úna McCaffrey

Úna McCaffrey is Digital Features Editor at The Irish Times.