Business Irish

Wednesday 26 October 2016

What it says in the papers: business pages

Published 26/05/2016 | 07:03

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

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Irish Independent

* A Prime office block in Dublin's IFSC that was bought three years ago by a fund controlled by Credit Suisse has doubled in value.

La Touche House is now valued at €70m - that's twice the price it was sold for in 2013 by a group of up to 78 private investors that had been assembled by Warren Private. Among those who were part of the syndicate to buy La Touche House was former Ireland football manager Steve Staunton.

* The EU is to impose geographic film quotas on Netflix, Amazon and other online television broadcasters.

Under a revised Europe-wide legal directive, on-demand film providers will be required to reserve at least 20pc of their catalogue for EU-made movies and television series.

* A massive sell-off of problem mortgages by Ulster Bank will trigger a wave of similar deals, debt campaigners have warned.

Ulster Bank is offering more than 900 family home loans to so-called vulture funds, as part of a bigger sale aimed at clearing the decks of the bank's legacy of boom-era problem assets.

The Irish Times

* Ulster Bank is to sell off €875m in troubled mortgages that are currently being held by those in arrears and litigation.

The mortgages are part of a wider portfolio valued at around €2.5m. There are 900 mortgages included in the portfolio that are associated with private dwellings.

* The High Court has confirmed the appointment of an examiner ti Debenhams Retail Ireland, the company that operates 11 stores in the Republic of Ireland.

The appointment comes after the Irish firm sought  court protection after consistent losses since 2007.

* House prices have risen by 7.1pc in the 12-month period to the end of April according to the latest figures from the Central Statistics Office.

The figures show Dublin prices increased by 1.6pc in April with prices declining elsewhere by 0.6pc.

Irish Examiner

* Shares in Marks and Spencer's slumped 9pc yesterday as its new boss warned investors of a short-term hit to profits.

M&S chief executive Steve Rowe entered the role last month with the remit to revive its clothing arm.

* Ulster Bank has strongly stood over its decision to sell €300m worth of home loans in the Republic saying the move will eventually bring about a strengthening of the bank allowing it to boost lending.

According to a report in the Irish Examiner, Fianna Fáil finance spokesperson has called on the Central Bank to freeze the sale until the Dáil can review it.

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