Saturday 1 October 2016

What it says in the papers: business pages

Published 07/06/2016 | 06:46

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

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Irish Independent

* Sterling dropped to a three-week low and the cost of protection against swings in the currency hit the highest level since the financial crash in 2008 as polls point towards a victory for the leave side in the vote on Britain's EU membership.

At home, a survey of chief executives recorded near universal concern at the prospect of the United Kingdom voting for a so-called Brexit on June 23.

* German Chancellor Angela Merkel has topped the Forbes list of the world's most powerful women for a tenth time.

Mrs Merkel, Germany's leader since 2005, was previously declared to be the second most powerful person in the world by the US publication, one place behind Vladimir Putin and ahead of US President Barack Obama.

* Chinese electronics retailer Suning Commerce Group is buying nearly 70pc of Italian soccer club Inter Milan for €270m, in the highest-profile takeover so far of a European team by a Chinese firm.

Suning, part owned by e-commerce firm Alibaba, confirmed the deal yesterday at a joint news conference in the eastern Chinese city of Nanjing with Inter Milan executives, including current majority owner and president Erick Thohir.

The Irish Times

* The €45m redevelopment of Fitzwilton House has received the green light after property fund Iput successfully secured planning permission for the Grand Canal site.

According to a report in The Irish Times, the development will include the destruction of the 1960s building.

* The sterling weakened to a three-week low on Monday as polls begin to show a leaning from the British public towards a Brexit.

It is believed that should the vote go through it could send European markets into turmoil and leave develop a confidence issue within the union.

* Irish hotel group Dalata has agreed to buy  the freehold interest of its Clarion Limerick hotel for €8.5m.

According to a report in The Irish Times, acquired the freehold interest while also closing in on deals to acquire sites in both Cork and Dublin.

Irish Examiner

* Sterling has dropped to a three-week low against both the dollar and the euro on Monday as sentiment amongst voters edged in favour of leaving the European Union.

The shift in attitude has increased concerns around the June referendum which may send global markets into turmoil and develop a confidence issue around trading within the EU.

* TV3 and Virgin Media owner John Malone has signalled his intent to consolidate the UK telecoms market by securing a major deal between Liberty Global and Vodafone UK.

Should the pair combine, it would create one of the largest comms firms in Europe, supplying both broadband and mobile operations across a number of countries.

* Ulster Bank has kicked off its business roadshows with the first event due to take place in Cork on Thursday.

The bank says it has €1.5bn ready to lend to businesses this year, up a third on last year.

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