Monday 5 December 2016

What it says in the papers: business pages

Published 13/10/2015 | 06:51

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 this morning:

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Irish Independent

*The old age pension will be raised by  €3 in today's Budget 2016 as the Coalition chases the grey vote.

An increase to the fuel allowance and a larger than expected Christmas bonus payment will make up the Government's pitch for the grey vote ahead of the impending election.

A single pensioner will be better off to the tune of more than €300 a year as a result, while a couple over 66 years old will gain almost €640.

The Budget will put around €1,000 a year back in the pocket of every worker along with promises of more to come in future years if the Fine Gael-Labour Coalition is re-elected.

It will also include an entrepreneurial package aimed at attracting emigrants home.

*A US judge will decide today if former Anglo boss David Drumm was lawfully arrested.

Mr Drumm is due to appear before a court in Boston for a probable cause hearing after being taken into custody at the weekend.

It is the first step in what is expected to be a lengthy process before a decision is made on whether Mr Drumm is extradited to Ireland.

*Over 5,300 people in Ireland will probably have to wait until next year to see if their jobs will be impacted by the planned $67bn (€59bn) acquisition of EMC by Dell.

Privately-held Dell employs about 2,300 between sites at Cork, Limerick and Dublin, while EMC has 3,000 staff in Ireland, almost all of them based at its centre of excellence in Cork. It has about 50 employees at a sales office in Dublin.

Dell will also own EMC's 80pc stake in stockmarket-listed VMware, which employs about 700 people in Cork.

"We're not actually going to move a whole lot of people around," said Mr Dell on a conference call yesterday. He said that Dell has "great teams" at many sites in the United States and around the world.

Irish Examiner

*Volkswagen's credit rating was cut one notch by Standard & Poor's (S&P) yesterday, which said the emissions scandal showed management weaknesses that could lead to a further debt downgrade.

S&P lowered its rating  to A- from A, and said it could cut the rate by a further two notches.

London-based S&P analyst Alex Herbert said Volkswagen has demonstrated "material deficiencies" in its management and governance.

*Gold reached its highest price in 7 weeks as investor confidence in the dollar was rattled on fears that US interest rates  will rise this year.

Meanwhile, oil dipped from its highest level in over a month as investors took profits after days of gains.

Oil has been on a rollercoaster over the last number of weeks, advancing from a six-year low.

*Irish beef has entered the top three in the German market, according to Bord Bia.

The value of beef exports there is now €120m, up from €17m in 2009 and €50m in 2011.

Bord Bia is now to launch a new three-year promotional campaign to seek further increases.

The Irish Times

*The Department of Finance rejected analysis by a number of economists who said the Budget giveaway will be greater than €1.5bn.

Davy Stockbrokers said that supplementary spending estimates announced at the weekend showed the total package would be worth €3bn.

A Department of  Finance spokesman said supplementary estimates were nothing new and that the Government was this year accounting for them before the Budget rather than pushing them through the Oireachtas in a piecemeal fashion.

*Developer Michael O'Flynn is challenging a local authority's refusal to grant him planning permission for a €75m residential development.

In July, Dun Laoghaire-Rathdown county council refused to allow the developer proceed with the project at a site in the Cabinteely/Loughlinstown area.

The case was admitted to the Commercial Court yesterday.

*The proposed EU-US trade deal could hit public services, a Brussels think tank has warned.

Corporate Europe Observatory said the deal could endanger access to water and healthcare as more areas would be opened up to the market.

The European Commission rejected the suggestion and said the current proposal doesn't force governments to privatise or deregulate.

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