Saturday 24 September 2016

What it says in the papers: business pages

Published 16/06/2016 | 07:02

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

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Irish Independent

* Bank of Ireland is facing a €60m-plus claim to compensate British and Irish investors who bought buy-to-let properties.

The bank changed the margin on their tracker mortgages, in a move that more than doubled repayments in many cases.

* The head of one of the world's fastest growing technology firms says the Brexit debate shows he was right to set up operation in Dublin rather than London.

HubSpot co-founder Brian Halligan told the Irish Independent he is relieved he picked Dublin over London as a place to hire more than 300 people and locate the booming firm's European headquarters.

* Greencore ceo Patrick Coveney now believes that Britain will quit the European Union, he told a meeting in Dublin yesterday.

He also believes that costs for business will rise and revenues for Greencore will go down in the event of a Brexit.

The Irish Times

* The Irish Government is to engage in a campaign to inform major investors that the country's place in the European Union is here to stay if the UK decide to leave.

According to a report in The Irish Times, Taoiseach Enda Kenny told the Fine Gael party last night that Ireland would not be holding a vote on its membership of the EU regardless of the outcome of the Brexit vote.

* A British exit from the EU could curb Government spending and its ability to implement tax cuts, the minister for public expenditure has warned.

Minister Paschal Donohoe said a Brexit vote would cause huge amounts of uncertainty that would impact Dublin's forecasts for its finances and economic growth.

* The bank guarantee is now down to €2.5bn of lenders' liability, down significantly from the €400bn of bank deposits and bonds that were originally covered by the deal.

Over the course of the guarantee the State had to commit €64bn to the banks in order to help it pay off bondholders and depositers.

Irish Examiner

* Taoiseach Enda Kenny has warned of the serious damage a Brexit vote would do to competitiveness, which would lead to an increase in costs for businesses.

According to a report in the Irish Examiner, Mr Kenny outlined the serious implications a Brexit vote would have for Ireland.

* Plans by developer Johnny Ronan to build a €200m six-storey office block development at Ballsbridge in Dublin have been put on hold.

Last month, Dublin City Council gave the Ronan plan - located opposite the RDS on Merrion Rd - the go-ahead in spite of local opposition.

* Over 80pc of Irish people access news at least once a day, however the way in which we access them is changing.

According to a report in the Irish Examiner, television is the most popular medium for consuming news but consumption in the year has fallen 3pc.

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