Wednesday 28 September 2016

What it says in the papers: business pages

Published 27/11/2015 | 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

*Staff in the Central Bank will vote on a motion of no confidence in the management at the regulatory authority.

The row erupted on new Governor Philip Lane's first day in the office.

The Unite union accused the Central Bank's senior management of "apparent duplicity" over what it says are revelations of a second bonus scheme. The Central Bank has denied it is paying bonuses, insisting instead that there are two retention payment schemes used to make sure key staff stay working for it.

*Former general secretary of the Irish Farmers' Association (IFA) Pat Smith said he believes a "fair" deal was done over his €2m severance package, as he asked the lobby group to pay €1m of it to charity before Christmas.

Mr Smith, who resigned after 25 years with the organisation amid a controversy over pay, said he has "no intention of lowering" himself and getting into a "brawl" with an organisation in turmoil.

*AIB is seeking at least a staggering $872m (€823m) in damages and interest from Citibank in its case against the US institution related to the activities of rogue trader John Rusnak over a decade ago.

It had previously been anticipated that State-owned AIB would seek about $500m in damages, but new court filings in the United States show that AIB is seeking $372m in damages, and "at least" $500m in punitive damages, trial costs, fees and expenses.

The trial, which is due to begin in New York in January, is shaping up to be one of the most bruising and expensive rogue trader cases ever.

The Irish Times

*The European Commission raised concerns about Ireland's debt - both public and private - and the housing market.

Ireland was identified as having "macro-economic" imbalances and will face a review. Problems flagged were supply constraint in housing, and an elevated ratio of private sector debt to GDP.

*Operating profit at the Joe Duffy Motor group more than doubled last year - to €5.2m - on the back of a 48pc increase in turnover as car sales recovered.

The group is one of Ireland's largest car dealerships and is set to open a new Jaguar and Land Rover outlet in north Co Dublin.

*Taoiseach Enda Kenny expects 70,000 emigrants to return home to work by 2020.

He said next year immigration will outstrip emigration for the first time since the crash.

He said the Government wants to create 266,000 new jobs by 2020.

Irish Examiner

*The euro fell towards its lowest level against the dollar in seven months yesterday, on speculation that the ECB will ramp up its quantitative easing programme.

ECB president Mario Draghi said officials will do what they have to in order to lift inflation.

The euro is the worst-performing currency against the dollar this month, save for the Danish krone.

*Cork and Dublin hotel prices posted some of the sharpest year-on-year rises of European city destinations this month, according to a Trivago survey.

Dublin prices rose 29pc to an average of €145 a night, while in Cork prices rose 14pc to an average of €106 a month.

Trivago said Dublin prices might have been affected by the U2 gigs.

*Tote Ireland is expanding into football and greyhound racing.

The 85-year-old body will allow betting outside horse racing for the first time through partnerships with the Irish Greyhound Board and UK betting pool operator Colossus Bets.

Tote Ireland chief executive Tim Higgins said the move was driven by customer feedback.

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