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Irish aircraft lessors could be caught in the fallout from the failure of Spirit Airlines, the troubled US carrier forced out of business last weekend by soaring fuel prices, the Irish Times reported. Spirit had no option but to halt operations after it learned on Thursday that the federal government had decided not to proceed with a proposed $500 million bailout of the airline, lawyers told a U.S. bankruptcy court on Monday.
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All Claire's standalone stores in the UK and Ireland have stopped trading after the accessories chain's financial woes saw it fall into administration twice in a year, BBC.com reported. Administrators Kroll said that 154 stores have shut and more than 1,300 staff have been "notified of redundancy", though its 350 concessions will remain open. Changing consumer tastes also spelled the death knell for the retailer, which has struggled like many High Street firms. Kroll said: "As of 27 April, all Claire's standalone stores in UK and Ireland have ceased trading.
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Customers who bought products from a Carlow-based homes and garden centre that were never delivered have expressed concern they may never see promised refunds after the company entered a process aimed at restructuring its debts, the Irish Times reported. Rathwood claimed in a statement posted on its website over the weekend that it had gone into examinership and would not be issuing any refunds owed to customers over undelivered orders until the process is complete.
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Businessman Paddy McKillen jnr’s bid to set aside a bankruptcy summons issued against him over an alleged €2.1 million debt will be heard by the High Court in May, the Irish Times reported. When the matter was mentioned before Judge Liam Kennedy on Monday, he set a hearing date for May 11th. The judge was told by barrister Keith Farry, for McKillen jnr, of Torquay Road, Foxrock, Dublin, the necessary legal documents had been exchanged between the sides.
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Ireland plans to offer a new personal savings and investment scheme from next year to encourage people to invest some of the 170 billion euros ($196 billion) earning little or no interest on deposit with banks, Finance Minister Simon Harris said, Reuters reported. Harris, who is also the country's deputy prime minister and leader of one of the two main coalition parties, has made the policy a top priority since taking on the finance brief four months ago and outlined further details of his plans on Tuesday.
Headline inflation in the Irish economy could double to 4.2 per cent in the coming months if there is a prolonged conflict in the Middle East, the Central Bank has warned, the Irish Times reported. In its latest quarterly bulletin, the regulator said the current spike in oil and gas prices would lead to lower growth and higher inflation and that lower-income households would be “disproportionately” impacted. The bank’s central projection, based on where oil and gas prices were on March 11th, sees inflation averaging 2.9 per cent this year.
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