Business Irish

Saturday 1 October 2016

What it says in the papers: business pages

Published 06/07/2015 | 06:48

The front page of this morning's Irish Independent business section
The front page of this morning's Irish Independent business section

Here are the business stories you need to know about this morning:

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Irish Independent

*China's stock markets face a make-or-break week after officials rolled out an unprecedented series of steps at the weekend to prevent a full-blown stock market crash that would threaten the world's second largest economy.

In an extraordinary weekend of policy moves, brokerages and fund managers vowed to buy massive amounts of stocks, helped by China's state-backed margin finance company which in turn would be aided by a direct line of liquidity from the central bank.

China has also orchestrated a halt to new share issues with dozens of firms scrapping their IPO plans. The measures are designed to halt a 30pc stock plunge in the last three weeks.

*A decision is imminent on whether to appoint a new Minister with responsibility for Social Enterprise, almost a year after Sean Sherlock was moved out of that post.

The Government has been criticised by the Social Enterprise Task Force, an umbrella group for people committed to social enterprise, for taking so long to fill the post.

*Nama has further distanced itself from the row over the sale of its Northern Ireland loan book.

The agency said it had "no engagement" with a law firm, Tughans, that was engaged by the porfolio buyer's lawyers and allegedly had a £7m payment earmarked for a Northern Irish politician stored in an Isle of Man bank account.

"Attempts to conflate Nama's process with an internal Tughans issue are entirely wrong," a Nama spokesman said.

The Irish Times

*Luas line works in Dublin have left businesses in the city centre feeling "abandoned", with groups complaining road closures could have a devastating impact on sales.

Dublin City Council has received complaints from a multitude of groups about the project. A representative of car park operator Park Rite said they were concerned a car park on Dublin's Fleet Street could lose half of its business.

*Prime office rents are up by a quarter in Dublin, tipping €530 a square metre, according to figures released by property consultants CBRE.

CBRE head of research Marie Hunt said rents look set to increase further over the coming months as competition for the best buildings escalates amid a short-term stock shortage.

*Alan Barrett, the incoming boss of the ESRI, will chair next week's National Economic Dialogue.

The scheme is designed to "facilitate an open and inclusive exchange on the competing and social priorities facing the Government" ahead of the Budget.

Unions, employers and academics are among those who have been invited to participate.

Irish Examiner

*A new bailout for Greece could cost Ireland €1bn.

Public Expenditure and Reform Minister Brendan Howlin said this country would have to pay 2pc of a new bailout. The €1bn figure is based off an IMF estimate that Greece would need an extra €50bn.

*Circle Oil aims to conclude a farm-out deal on its offshore assets in Tunisia by the end of the year.

The company is also looking at potential acquisitions in North Africa.

Last month, the company announced it swung from a $32.35m operating profit to a $48.02m because of the drop in oil prices and writing off operations in Oman.

*The UK could lose as much as £31bn in trade by 2030 because of not increasing flights to Brazil, Russia, India and China, according to a report by the Confederation of British Industry.

The Confederation said the research showed the need to build a third runway at Heathrow.

Delays beyond 2030 could result in an additional £5.3bn in lost trade a year, the study said.

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