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Construction activity builds upwards according to recent PMI

Ulster Bank’s monthly construction purchasing managers’ index (PMI), a seasonally adjusted index designed to track changes in construction activity, posted a score of 60.2 points for May; down on the previous month’s 63.5 point reading but still ahead of the neutral 50-point mark which separates a sector in decline from one in growth mode. The rise in new business came from both domestic and external markets.

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NAMA’s financial highlights 2013

NAMA continues to be profitable according to the 2013 Annual Report Summary released this morning. Nama reports a profit after impairment, tax and dividends of €211m, making an operating profit, before tax and impairment charges, of €1,198m in 2013, an increase of 45% over 2012.

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Aldi to open a further seven stores in Ireland

Aldi Stores (Ireland) yesterday announced it is opening a further seven stores and hiring an additional 450 employees in 2014.

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High Court approves scheme for Elverys Sports

The High Court has approved a survival scheme for one of Ireland’s best known brands, Elverys Sports which employs some 700 people full and part-time in 52 stores across the country.

NAMA announces sale of the Project Tower loan portfolio

NAMA announces the sale of the Project Tower loan portfolio to Blackstone Real Estate Partners Europe, Blackstone is one of the world’s leading investment and advisory firms.

NAMA to sell €3.5 billion of loans and property assets

NAMA, having already agreed the sale of its Northern Ireland portfolio, is selling more than €3.5 billion worth of loans and property assets in the Republic which includes Project Redwood, a €200 million portfolio of commercial assets in Dublin.

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NTMA to hold Bond Auction on 8th May

The National Treasury Management Agency (NTMA), which manages the national debt, announces that it will hold a bond auction tomorrow, 8th May. The auction will be conducted on the Bloomberg Auction System and will be confined to recognised primary dealers. A non-competitive auction for 15 per cent of the amount sold in the competitive auction will immediately follow and will close at 10:00 am on Friday 9 May.

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Retail Ireland urges Government to cut income tax

Retail Ireland, the national representative body for the entire retail sector, in advance of a conference in Dublin today, has called on the Government to cut income taxes, promote better regulation for the sector and do nothing to add to business costs and claimed that the sector has the potential of creating 40,000 new jobs in the sector in coming years.

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Ikea’s plan for ‘flagship’ store in Cherrywood will not proceed

Ikea , the Swedish household goods multiple, will not be permitted to proceed with its plans for a new 35,000sq m “flagship” store in the Cherrywood area of south Co Dublin. Depending on the outcome of a joint study by the council, the NRA and the National Transport Authority , the council could “at some stage in the future” vary the planning scheme for Cherrywood by including provision for a “large-scale retail warehouse”.

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€130m for Nama Acorn Portfolio

Joint agents Bannon and JLL have been appointed to handle the first single lot sale of a NAMA shopping portfolio comprising Blackpool Shopping Centre and Retail Park in Cork, Millfields, Balbriggan, Co Dublin and The Showgrounds, Clonmel, Co Tipperary, at a guide price of more than €130 million. At that valuation, the portfolio will show an initial yield of about 9.6 per cent.