Business Irish

Wednesday 28 September 2016

What it says in the papers: business pages

Published 02/06/2016 | 07:06

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

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Irish Independent

* Gardaí are probing the suspected disappearance of €700,000 from a credit union. Members have been told to check their balances after the suspected fraud.

A probe by the Central Bank is being carried out at Rush-Lusk Credit Union in north County Dublin, with the figure missing understood to be around €700,000, the Irish Independent has learned.

* A portfolio of three Dublin hotels has been put up for sale with a price tag of €130m, in the latest sign of improvement in the hotel sector.

The Irish Independent understands that the Spencer Hotel in the IFSC, the Beacon Hotel in Sandyford, and the Morgan Hotel in Temple Bar, have been made available for sale although they are not yet formally "on the market".

* Profits at the group that operates Griffith College in Dublin last year increased three-fold to €2.5m.

Established in 1974, the independently-owned Griffith College operates third level campuses in Dublin, Cork and Limerick.

The Irish Times

* Paris-based OECD has warned that a UK vote to leave the EU could lead to a 1.2pc drop in Irish gross domestic product in 2018.

The institute identified a Brexit scenario as one of the most significant risks to the world economy and in particular the Republic of Ireland.

* The Dublin Airport Authority sold €400m worth of debt yesterday after it returned to the bond market for the first time in eight years.

The DAA, which is responsible for the running of both Dublin and Cork Airports, said holders of some  €259.4m of its 2018 accepted an offer last week that allowed them to sell their notes back to the State-owned firm.

* Ryanair is set to shut its base in Oslo in October due an introduction of an air travel tax by the Norwegian government. The move is due to relieve Ryanair's traffic in Norway by half.

Ryanair said it was a bad day for both Oslo and Norwegian tourism.

Irish Examiner

* Ireland's investment fund pumped €300m into Irish Water last year in order to help the firm fill a gap.

According to a report in the Irish Examiner, the Ireland Strategic Investment Fund spent €300m with the firm's lenders wishing to see the State involved.

* The National Asset Management Agency (NAMA) has began a major review of its operations with the aim of implementing a restructuring programme.

According to a report in the Irish Examiner,  the NAMA board has sought to incur a review of its budgets and its costs.

* Profits at the group that operates Griffith College in Dublin last year increased three-fold to €2.5m.

Established in 1974, the independently-owned Griffith College operates third level campuses in Dublin, Cork and Limerick.

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