Thursday 29 September 2016

What it says in the papers: business pages

Published 03/06/2016 | 07:01

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

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Irish Independent

* The credit union at the centre of a fraud allegation had fake loans and two sets of deposit books.

Rush Credit Union is now under investigation by the gardaí and forensic accountants appointed by the board of Rush Credit Union, on the advice of the Central Bank.

* The European Central Bank says it can't investigate high variable mortgage rates in Ireland because it is beyond its mandate.

All 11 of Ireland's members of the European Parliament, led by Fine Gael MEP Brian Hayes, lent their signatures to a letter imploring ECB chief Mario Draghi to examine our high variable mortgage rates.

* The Fitzgerald family, who control some of the country's best known pubs, have booked a dividend windfall of €66.45m.

The dividend for the family follows a restructuring of the Louis Fitzgerald-led business.

The Irish Times

* Ireland's tax take in the first five months of the year was €770m ahead of expectations according to the latest figures from the exchequer.

The State collected €18.8bn, representing an increase of €1.5bn on the same period last year.

* Irish consumers are facing up to the prospect of an 18pc increase in their price of broadband as Eir plans to raise prices for wholesale customers from €19.50 to €23.

According to a report in The Irish Times, Eir rents space on its network to the likes of Vodafone, Sky, and BT.

* Glanbia has set up a new €55m advanced payment scheme, which offers suppliers cashflow support in the midst of a period when both grain and milk prices are low.

Glanbia is looking to ease the hit that farmers are shouldering from the downturn in commodity prices.

Irish Examiner

* The number of people on JobBridge only amounted to 5pc of the overall number of workers participating in all State-funded training programmes.

The latest figures on employment from the Central Statistics Office shows that only a small portion of the 77,885 people in State-funded training programmes are in JobBridge.

* The Fitzgerald family, who control some of the country's best known pubs, have booked a dividend windfall of €66.45m.

The dividend for the family follows a restructuring of the Louis Fitzgerald-led business.

* The German chancellor has weighed into the Brexit debate warning that the UK would lose influence and become isolated if it were to leave the EU.

Angela Merkel said that trade and the single market should act as major reasons for the UK to stay within the EU.

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