Sunday 23 October 2016

What it says in the papers: business pages

Published 16/05/2016 | 06:52

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

*Ryanair is likely to have lost between €30m and €40m during its fourth quarter as a result of the Brussels terrorist attacks and air traffic control strikes, double the estimate chief executive Michael O'Leary gave last month.

Speaking to the Irish Independent, Mr O'Leary said that Ryanair had cancelled about 550 flights during its fourth quarter, which runs from January to March, primarily as a result of air traffic control (ATC) strikes in France, Spain and Germany.

"The Brussels bombings took place in mid-March, which was very close to Easter, but in actual fact the Easter traffic was robust and held up very well," said Mr O'Leary.

He said the impact of the bombings is likely to persist until the end of June, as people continue to postpone travel.

"We think that will last maybe through the first quarter and then settle down again. So it's very hard to isolate how much the Brussels thing cost, but Brussels and the ATC strikes have definitely taken €30m or €40m off the fourth quarter numbers."

*Ireland is the second-most attractive location for EU jobseekers, new research has found.

A report by recruitment group Indeed said Ireland comes second after Luxembourg as the most attractive location for jobseekers within the EU 15 group of countries, adjusted for population size. The EU 15 comprises the 15 earliest countries to join the trading bloc - the UK, France, Germany, Spain, Italy, Portugal, Denmark, Greece, Ireland, Sweden, Luxembourg, Netherlands, Austria, Belgium and Finland

"As an English-speaking destination with a growing economy, Ireland's attractiveness is likely to increase should the UK vote for Brexit," said Mariano Mamertino, EMEA economist with Indeed.

*Ireland's fourth-largest mobile operator has replaced its overall Irish boss.

Tesco Mobile has appointed Tadhg Dolly as  general manager following the departure of Elaine Russell, who led the company for the last three years. Dolly was formerly the company's e-commerce manager in Ireland.

The Irish Times

*Ikea is poised to open a second Dublin store.

The Swedish retail giant has agreed a lease with property group Iput that will see it lease 15,000 sq ft premises in Carrickmines.

It will be a scaled-down version of the massive store in Ballymun, and will include Ikea's first order and collection point in Ireland.

*The Irish Congress of Trade Unions (ICTU) is today launching a report underpinning its campaign to prevent a Brexit.

The report focuses on the risks to Northern Ireland's economy, but also discusses risks for the Republic's economy.

"No part of the island will remain untouched," it says.

*Irish educational software company Story Toys has received a $1m investment from a company linked to Steve Jobs' widow.

Amplify Educational Partners made the investment in February, according to documents recently filed with the Companies Registration Office.

Laurene Powell Jobs was the lead investor in a deal that saw a group of private investors acquire Amplify from Rupert Murdoch's News Corp last year.

Irish Examiner

*Moody's has played down the risk of a Brexit to Ireland's economy.

The ratings agency said the effects would likely be manageable and not catastrophic. It said the Irish economy would continue to grow at "above-trend" rates over the next two to three years.

*China has asked Britain for advice on creating a new financial regulator.

The world's second-largest economy is looking to improve oversight following last year's stock market crash.

The talks signal China's growing willingness to seek outside help for financial reform.

*Bank of England governor Mark Carney has hit back at critics of his institution's commentary on the Brexit referendum.

He said the Bank was "absolutely independent". Some critics have suggested the Bank has been against the "Leave" side.

"We are identifying the risks around Leave," Mr Carney said.

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