Thursday 20 October 2016

What is says in the papers: business pages

Published 02/09/2016 | 06:58

Here are the main business stories from this morning's papers:

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Irish Independent

* Ryanair boss Michael O'Leary has insisted that the airline's growth at Dublin Airport has not "topped out" following a decision to cut capacity at the capital next summer.

The airline will reduce the number of seats out of Dublin by about 370,000, or 3pc, as it redeploys the capacity elsewhere on its network in Europoe.

* The sale of the Blanchardstown Shopping Centre in Dublin to US investment giant Blackstone for €945m was the most expensive single property deal ever, research by BNP Parisbas Real Estate says.

Last year the Dundrum Town Centre was sold to Hammerson and Allianz, however the exact value is unclear as it was sold as part of the massive Nama Project Jewel loans portfolio.

* The chief executives of hotel chains including Hilton and Marriott have told Barack Obama that there has been an "inexcusable delay" in issuing a permit to Dublin-based Norwegian Air International (NAI) to operate flights between Europe and the United States.

In a letter to the US president, the hotel bosses have urged Mr Obama to ensure "immediate approval" of NAI's permit application.

The Irish Times

* The Irish Government failed to reach an agreement yesterday to oppose a ruling by the European Commission that Apple should repay $13bn in back taxes to the Irish State.

Last night's debate between Government followed a back and forth argument between Apple boss Tim Cook and European competition commissioner Margarethe Vestager over the ruling.

* Soft drinks company Coca Cola is to invest €26m into its Ballina operations in Mayo, making it the only production site outside of the US to use its 'Freestyle' technology.

Coca Cola patented its Freestyle technology back in 2010. It allows consumers to choose from 165 different beverages from a touch screen dispenser.

* The Irish Stock Exchange chief has called for a cohesive Government strategy to make sure Ireland wins as much business as possible from the Brexit fallout.

Ms Somers said Ireland is a much more compelling choice to businesses than the likes of France, the Netherlands and Poland.

Irish Examiner

* Independent ministers are calling on the Government to ban any future tax deals akin to the arrangement Apple has been accused of geting.

The ministers are looking for an all out review on all company tax bills relating to multinationals.

* Ryanair is to cut its passenger numbers at Shannon Airport by 12.5pc for the next year as it looks to slightly increase its targets for both Cork and Dublin airports.

At the firm's summer announcement yesterday Ryanair said Brexit would weaken the number of tourists coming here from the UK.

* Pre-tax profits at Irish-owned pharmacy chain Sam McCauley rose by 53pc to €2.98m last year.

New accounts just filed by the Co Wexford-headquartered group that operates 30 pharmacies across the country employing hundreds of staff show that revenues increased marginally from €74.16m to €74.78m in the 12 months to the end of September last.

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