Business Irish

Wednesday 28 September 2016

What it says in the papers: business pages

Published 24/05/2016 | 06:52

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

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Irish Independent

* Ryanair's senior and middle management have agreed to a 12-month pay freeze as it tries to keep a lid on costs amid a more competitive European landscape fuelled by cheap oil.

Chief executive Michael O'Leary said Ryanair had managed to push unit costs 2pc lower during its financial year that ended in March, despite significant expansion. He said the airline is targeting a 1pc drop in unit costs in the current financial year.

* Ireland has joined other EU nations in calling for the removal of barriers to data flows both within and outside of the 28-nation bloc.

In a letter to the European Commission, signed by Innovation Minister Mary Mitchell O'Connor and Communications Minister Denis Naughten, 14 nations urged Brussels to ensure current legislation does not stop the development of new technologies.

* A software provider which this year became the first Irish company listed on Australia's stock market has secured a multi-million dollar US hospital contract.

Dublin-based and Sydney- listed Oneview Healthcare signed the multi-year contract with NYU Langone Medical Center, a healthcare provider linked to New York University.

The Irish Times

* AIB may look to rid itself of some non-performing loans as the bank bids to deal with some of its more problematic loans.

According to a report in The Irish Times, the bank is considering the sale of some of its mortgages, however has not made any final decision in relation to this.

* Ryanair has signalled its intentions to cut prices across Europe yesterday, which may spark an air fare price war after the airline posted a 43pc increase in profits last year.

The firm carried over 106 million passengers in the 12 months ended March 31st and generated revenues of €6.54bn.

* Kleinwort Benson has been sold by its parent company Oddo to both management and French asset manager Amundi, in a deal believed to be worth over €130m.

According to a report in The Irish Times, the Dublin-based firm a number of senior management in the company have taken a stake in it as part of the deal.

Irish Examiner

* Ryanair is predicted to be extending its share buyback programme, which will have returned around €800m to investors when it reaches its scheduled end in September.

According to a report in the Irish Examiner, Ryanair is around 80pc through its initially planned buyback programme and is expected to increase this by €300m.

* Shares in Manchester United rose yesterday following the sacking of manager Louis Van Gaal. United's main stock listing in New York was up 2.4pc at one point yesterday.

Former Chelsea manager José Mourinho is widely expected to take over at the helm of the club.

* Retired champion jockey Tony McCoy can console himself with his retirement from the sport with accumulated profits at his firm jumping to €2.85m last year.

The 20-time champion jockey retired last year after an illustrious career in the sport.

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