Saturday 22 October 2016

What it says in the papers: business pages

Published 17/05/2016 | 06:54

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

*The expected approval of a new mortgage lender in the market is prompting existing banks to engage in a variable-rate-cutting frenzy.

Frank Money is set to undercut existing lenders, prompting more rate reductions by banks But some mortgage holders are set to miss out on the lower rates.

EBS customers are not expected to benefit to the same extent as those with its parent company AIB, while thousands of others who were encouraged to fix their rates by their bank will not gain from lower variable rates. Some banks are restricting reduced lower rates to new customers only.

*The nation's biggest private landlord is set to continue buying up apartments here, as the rental market continues to surge with no end in sight.

IRES Reit chief executive David Ehrlich told the firm's annual general meeting yesterday that it has close to €150m in firepower to acquire more properties.

"We'd expect to deploy that capital this year but that depends on how quickly supply becomes available," he said.

*The Government has branded as "irresponsible, unfounded and damaging", attacks made against Ireland's employment and aviation laws by opponents to Norwegian Air being granted a permit by US authorities to fly between Cork and America.

The no-holds-barred riposte against accusations made against Norwegian Air International (NAI) and Irish aviation and employment law was lodged by top Department of Transport civil servant Fintan Towey, who's the director general for civil aviation.

His letter was sent to the US Department of Transportation ahead of a deadline for submissions before a decision is finalised on granting NAI a permit to fly to America.

Irish Examiner

*Irish goods exports fell in March, raising fresh concern that the upcoming Brexit referendum is stalling UK demand.

The unadjusted total of goods exports dropped 1pc  to €9.37bn year-on-year. Trade expert John Whelan said Brexit concerns had impacted heavily on the sector.

*Fianna Fail finance spokesman Michael McGrath is to table a Bill proposing to give the Central Bank powers to cap standard variable mortgage rates.

The bill is designed to tackle what Fianna Fail regards as excessive rates, Mr McGrath said.

The party believes the bill will win widespread support.

*Irish bonds outperformed their Eurozone peers on the first day of trading after Moody's lifted Ireland's rating.

Cantor Fitzgerald Ireland senior bond trader Ryan McGrath said there was surprise in the market at the upbeat tone of the Moody's report.

Moody's next rating decision on Ireland is due in four months, with the latest report fuelling hopes of a further upgrade, Mr McGrath added.

The Irish Times

*Ratings agency Fitch has warned that Brexit could hit confidence in the Northern Ireland peace process and increase political risk.

Ireland was ranked by Fitch as one of the countries most exposed., along with Malta and Belgium.

*Ryanair boss Michael O'Leary warned British voters that foreign direct investment will be lost to Ireland in the event of a Brexit.

He was speaking at the opening of the airline's new training centre at Stansted Airport in London.

Mr O'Leary said Ryanair would create 1,000 new jobs this year.

*Oisin Fanning's San Leon Energy will look to raise $200m via a share placing.

The money will be used to fund an acquisition the Irish oil and gas explorer says is transformational.

San Leon's main shareholder Toscafund, founded by "Rottweiler" Martin Hughes - a well-known hedge fund manager - is backing the deal.

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