Thursday 29 September 2016

What it says in the papers: business pages

Published 25/05/2016 | 06:59

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

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Irish Independent

* One of the biggest standalone office blocks in the country is on the verge of being sold after an international fund agreed terms to buy the property.

An overseas investor has agreed to pay close to €240m for the office block at One Spencer Dock on Dublin's north quays. The block, which is almost fully occupied by PwC, is seen as one of the top property assets in the city.

* European Commission claims that Ireland will miss budget targets this year are wrong, Michael Noonan said yesterday. The Government will make a formal appeal to Brussels over the issue, he said.

The Minister for Finance said the Commission was "mistaken" when it warned Ireland it would miss an interim budget target this year.

* Dublin has been selected to become a base for developing services using new blockchain technologies by Deloitte, the professional services and consulting firm.

It will announce today that Dublin has been selected as the base for the creation of its EMEA Financial Services Blockchain Lab as part of its FinTech initiative 'The Grid'.

The Irish Times

* AIB has insisted it is above political pressure and that it won't cave into reducing mortgage rates. The bank has continually curbed home loan costs over the last year and a half.

AIB chief executive Bernard Byrne told reporters yesterday that the bank was not strong-armed by the Government when it announced a reduction to its standard variable rate earlier this month.

* Google's offices in Paris were raided yesterday by police investigating aggravated tax fraud, who opened the investigation into the company last June.

The investigation centres around the Silicon Valley giant's Dublin offices, which act as its European headquarters.

* Property firm Hibernia REIT has €260m more for acquisitions after the company announced a 17pc increase in its net assert values.

The firm also posted an 88pc increase in its dividend last year up to 1.5c.

Irish Examiner

* Property firm Hibernia REIT is targeting a 50pxc increase in total rent roll over the next two years. Should the firm reach its target it would see its income rise from nearly €40m to €60m.

The company posted strong results on Tuesday, which included increases in new lettings and increases from rent reviews.

* Allied Irish Bank has told shareholders that its provisions for dealing with bad loans are robust and that its accounts were up to scratch after whistleblower allegations.

Chairman Richard Pym moved to dispel the allegations at its AGM, saying the bank satisfied by its provisioning procedures.

* Hailo Ireland has reiterated its stance on ride-sharing and urged the Government not to allow a proposed plan  from Uber to trial the service in Limerick.

The firm was speaking after it carried its 20 millionth Irish customer.

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