Thursday 20 October 2016

What it says in the papers: business pages

Published 05/04/2016 | 06:55

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

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Irish Independent

* Corporation tax continues to pour into the State's coffers at higher rates than expected, but other taxes have dipped since the start of the year.

However, while overall spending is running on target, the Department of Health is already over budget for the year, according to the figures.

* Serious misconduct by a UK supplier of nutritional supplement products has been uncovered by an Irish rival which is being sued for alleged trade mark infringement, the Commercial Court heard yesterday.

London-based Aymes International's principal Roger Wertheim Aymes instructed one of his senior employees to impersonate a UK National Health Service (NHS) representative to obtain information over the phone from Limerick-based rival Nualtra Ltd and which was later used in an attempt to undermine Nualtra's business, it is claimed.

* Northern software provider First Derivatives expects to beat analysts' expectations with revenue of £109.5m (€136.7m) in its financial year ending February 29.

In a trading update issued to shareholders this morning the Newry-based firm - the North's biggest listed company - expects earnings before interest tax depreciation (EBITDA) and amortisation of £22.1m for the financial year.

The Irish Times

* Newly merged betting giant Paddy Power Betfair is to cut up to 300 jobs from its Irish operations as well as a further 350 from areas outside of Ireland.

According to a report in The Irish Times the cuts, which will be in areas such as legal, finance and HR, are being implemented as part of a plan to save around £50m (€62m) a year.

* Income tax and VAT collections fell below their target in March however, an excess in corporation tax mean the overall monthly tax return for the month was ahead of target.

New figures from the Exchequer also show an overspend of €38m by the State on health.

* US in-bound marketing firm HubSpot is to create 320 new jobs over the course of the next three years after opening its new headquarters in Dublin.

The new jobs, which will be across the areas of sales, marketing, services, support and engineering, will be in addition to the existing 180 people the firm employs here.

Irish Examiner

* One of the best known hotels in the country, Langton's in Kilkenny city, reported earnings of over half a million euro in 2014. Hurling legend Henry Shefflin last year chose the four-star hotel as the venue to announce his retirement from inter county hurling.

Figures lodged with the Companies Office show that the Langton Hotel Ltd recorded earnings before depreciation interest, tax and amortisation (EBITDA) of €553,738 in 2014.

* Irish marine and renewable energy research centre MaRei has received a €750,000 investment to explore economic opportunities in renewable energy.

The investment comes from independent philanthropic organisation the NTR Foundation and will help the instute look at commercial opportunities for SMEs.

* PwC has appointed Pat Moran as partner to head up the company's cyber-security practice.

The firm says that cyber attacks are becoming more common and that Mr Moran will lead its practice in what is an area of significant growth for the company.

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