Tuesday 27 September 2016

What it says in the papers: business pages

Published 06/04/2016 | 06:59

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

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Irish Independent

* Families face a hike of up to €700 in health insurance costs within weeks - with additional price rises on the way later in the year.

Laya and GloHealth are both hiking prices, just a week after VHI announced rises.

* Barack Obama has pushed for greater action to stop big US companies shifting their tax base to Ireland and other low-cost nations.

A planned $160bn merger of drugs giants Pfizer and Allergan has been thrown into doubt after the latest crackdown on so-called corporate tax inversions.

* The European Commission will tomorrow argue in court that Ryanair and Aer Lingus should be forced to hand over as much as €16m to the Government arising from the implementation of the now suspended air travel tax.

The Commission had previously argued that the way Ireland's air travel tax was structured meant shorter air routes had effectively benefited from illegal state aid.

The Irish Times

* The Irish rate of unemployment dropped to its lowest level in eight years as the wider economy continues to improve.

The number of those unemployed fell by 2,900 last month representing a year on year dip of 23,400. The improvement here contrasted to poor growth in Europe as Brexit fears strengthened.

* Revenue at Irish travel site Hostelworld increased by 5pc last year after the company published its first set of financial results since its initial public offering.

Hostelworld said the average value of bookings increased by 5pc up to €12.1 per booking while earnings for the year fell to €23.6m.

* An incentive has been offered to shareholders in Northern Irish energy firm to prevent them from calling in their investment once the firm is acquired by ISquared Capital.

As part of Viridian's bond documents the firm must pay its bond holders directly after the takeover is completed. The deal is understood to be valued at around €1bn.

Irish Examiner

* Irish phone operators are continuing to reduce the prices of roaming charges in the EU ahead of a ruling that will make the abolition of the charges compulsory.

The abolition of the charges will take effect by June of next year with Eir set to become the first operator in Ireland to scrap them completely.

* Isme and Retail Excellence Ireland have called for an "IDA-Style" government agency that will look after the interest of small and medium enterprises across the country.

Both groups are due to meet Independent TDs today about a submission they have put forward to Fianna Fáil, Fine Gael and other parties.

* US pharmaceutical firm Eli Lilly is to invest €35m into a new facility at its Cork-based campus. The manufacturing facility is expected to be up and running by early 2017.

The Indiana headquartered firm said the new facility has the potential to change the way in which medicines are made in the future.

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