Saturday 3 December 2016

What it says in the papers: business pages

Published 11/04/2016 | 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

*If Britain leaves the EU it will force the value of sterling down sharply and have a crippling effect on Irish firms trading there, a new report has claimed.

New figures from business lobby group Ibec claim that sterling may end up losing as much as 15pc of its value if the UK was to vote to leave the EU. That devaluation would make Irish products being traded into Britain much more uncompetitive on price and could end up cutting Irish trade with Ireland by as much as a fifth.

*The level of new construction weakened in March but still remains close to historic highs, new figures have shown.

The Ulster Bank Construction Purchasing Managers Index (PMI) fell to 62.3 in March, down from 68.8 in February.

Despite the fall, the sector remains firmly in growth mode. A figure above 50 indicates the construction sector is expanding, under 50 means it is contracting.

*David Drumm's wife has formally put the couple's Boston home up for sale for nearly $2m (€1.75m).

Lorraine Drumm had been expected to sell the 4,089 sq. ft house in Wellesley and move back to Ireland to support Mr Drumm as he faces two trials next year and in 2018.

Irish Examiner

*Irish tourism chiefs said there has been an exceptional start to 2016 but warned of the potential for a slowdown given the strength of the euro versus sterling.

However, Failte Ireland said the omens are good for the rest of the year, with the number of airline seats into Ireland set to be up 10pc this summer.

It said Dublin hotels are reporting very high occupancy levels.

*Irish farmers, meat processors, and the Government are trying to ensure the European Commission doesn't offer concessions on beef import quotas to South American countries.

Agriculture Minister Simon Coveney has flagged concerns about potentially offering concessions to the Mercosur trade bloc, which includes Argentina and Brazil.

Around 90pc of Irish beef is sold into the EU.

*Sanjeev Gupta, the executive chairman of the company that is mulling buying Tata Steel's UK business, said he could walk away from a deal.

He said the company wouldn't take on plants that meant it would sustain losses.

The Irish Times

*New country-by-country reporting rules to be proposed tomorrow by the European Commission are set to spark big changes to the way multinationals report their EU activities.

The rules would mean companies have to provide tax-related information for each country in which they do business, including the amount of tax due and the amount of tax paid.

*The Irish subsidiary of German bank DZ Bank has closed its Dublin branch, with 20 jobs being lost.

It was active in the securities market. DZ Bank said the decision was strategic and based on the bank's plan to focus on another arm of the business.

*Beef exports to the US were below expectations at €6m in the first quarter.

Industry insiders believe the figure will not increase until mince is included in the export licence. Talks to that effect continue between the Department of Agriculture and US officials.

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