Sunday 11 December 2016

What it says in the papers: business pages

Published 10/05/2016 | 06:55

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

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Irish Independent

* Dunnes Stores is intensifying its battle to squeeze Tesco into third place in the league of the nation's biggest grocery retailers.

If Dunnes succeeds in doing so this year, it would put Tesco in the unenviable position of having gone from number one in the Irish market to number three in the space of less than two years.

* Units of Eirtech Aviation, the Shannon-based aircraft painting company, have concluded agreements with the Revenue Commissioners in relation to historical tax liabilities that have seen them hand over more than €2.7m to the authority.

Eirtech was acquired in 2014 by Los Angeles-based Vance Street Capital in a deal thought to be worth in the region of $50m (€43m).

* The pressure on banks to cut their variable rates has been ramped up after Fianna Fáil resubmitted a bill to the Dáil which would give powers to the Central Bank to enforce cuts in rates.

The move comes after AIB said it was reducing its variable rate for the fourth time in July.

The Irish Times

* The long-touted national broadband scheme may be facing further delays as its handling is moved from the communications portfolio following the formation of the new Government.

The scheme now falls under the control of the Department of Regional Development, Rural Affairs, Arts and the Gaeltacht.

* The cost of renting in Ireland's cities has experienced another sharp rise over the last 12 months, according to new figures from property website, Daft.ie.

The highest increase recorded in the country was in Cork, where rents rents were up by 16pc, while rents in Galway jumped by 12.7pc.

* Around three quarters of senior businesspeople in the North said they will vote to remain within the EU according to a new survey by the Northern Ireland Chamber of Commerce.

The results from the survey show a shift in opinion amongst businesses in the North, however the remain side is very much in the majority according to the chamber.

Irish Examiner

* Banks may have to outline more clearly how they deal with distressed borrowers and giver further detail on their mortgage loan books following the formation of the new Government.

According to a report in the Irish Examiner, further details on the deal struck between Fine Gael and the Independent Alliance could be released this week showing increased calls for transparency on banks' loan books.

* BT Ireland has laid blame at the feet of Eir for the delay in the National Broadband Plan as the communications firm is continually changing its plans.

According to a report in the Irish Examiner, BT Ireland managing director Shay Walsh said Eir's changing of its rollout terms has led to further delays in the implementation of the plan.

* PriceWaterhouseCoopers could incur a legal bill of up to €30m in defending a claim made against it over its auditing of Quinn Insurance.

The case brought against it includes a claim of €800m, which arises from Quinn Insurance being put into liquidation six years ago.

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