Tuesday 27 June 2017

What it says in the papers: business pages

Michael Cogley

Michael Cogley

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

Irish Independent

* TV advertising in Ireland is facing a shake-up after new figures show a 25pc drop in viewership of ads on Irish television.

The figures, contained in recent Television Audience Measurement (TAM) ratings from Nielsen, show sharpest viewership falls in the key advertising demographics of 15 to 34-year-olds and housekeepers with children.

The TV advertising market is worth an estimated €200m a year in Ireland.

* The head of research at the Irish arm of tech giant IBM has said the firm is exploring ways to exploit the recently announced Knowledge Development Box (KDB) for new projects.

Bill Kearney is the Director of IBM's Software Lab Ireland, the first research lab that the US company opened in the European Union, which employs about 1,000 people across its labs in Dublin, Cork, Galway and Belfast.

IBM, a computer technology and IT consulting corporation, is one of the biggest companies in the world. It had global revenues of almost $93bn in 2014 and employs a total of about 3,000 staff in Ireland.

* Financial crime and quality of risk management have shot up the list of concerns to international banks.

That's according to a new survey conduced by PricewaterhouseCoopers (PwC) and the Centre for Financial Services Innovation (CFSI).

The survey, 'Banking Banana Skins 2015', identifies the current global economy as the number one concern while criminality jumped seven places, becoming the second-biggest concern.

The Irish Times

* Minister for public expenditure and reform, Brendan Howlin, says that the country is on course for a 'spectacular' growth of 7pc.

The rapid growth of Ireland's economy means that debt as a proportion of gross domestic product (GDP) is set to fall to 1.7pc,a full percentage point below the original target of 2.7pc.

The minister told Reuters that 2015 was on course to exceed 2014's growth of 5.2pc substantially.

* Irish Distillers Group (IDG) has paid out a dividend of €140m to its French parent company, Pernod Ricard.

The dividend, which was paid through Irish-registered company Comrie, represents a significant increase from last year's dividend of €78.8m.

Pernod Ricard's net assets remained unchained at €5.8bn while global sales of Jameson has performed strongly.

* Despite pulling away from a deal with Kenmare Resources this week, Iluka remains interested in acquiring its prime asset.

The company's prime asset could be sold off if Kenmare is unable to strike a deal with its lenders. Kenmare currently operates the potentailly lucrative Moma mine in Mozambique.

After Iluka pulled out of a deal, Kenmare announced it had secured an agreement from a state fund in Oman to invest $100m (€90m).

Irish Examiner

* The government has been urged to do more in line of detailing building standards in order to help house building growth.

New figures from the Central Statistics Office (CSO) reveal that residential construction grew for the sixth consecutive quarter.

Meanwhile new figures from the Private Residential Tenancies Board (PTRB) show that rents climbed by 8.6pc in September when compared with the same month last year.

* The Central Bank has fined two investment firms a combined €154,000 for regulatory breaches.

The bank agreed settlements with Octagon Online services, which was fined €105,000 and Lambay Capital, which trades as MKW Futures for €49,000.

The Central Bank said that it was the second time Octagon breached authorisation and also said that Lambay had been fined for overstating its funds.

* A stockbroking firm is being sued by a group of some 19 investors over the management of an overseas property investment fund.

The firm is being sued by the investors who are claiming negligence in their High Court proceedings over the management of the fund.

The funds that the investors had put money  into include the development of projects in Orlando, Florida and London.

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