Monday 24 October 2016

What it says in the papers: business pages

Published 20/06/2016 | 06:50

The front page of this morning's Irish Independent business section
The front page of this morning's Irish Independent business section

Here are the business stories you need to know about this morning:

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Irish Independent

*Takeover talks between CityJet and Stobart Air have intensified, with signs a deal could be soon ready to land.

The two Dublin-based airlines have been involved in negotiations for a number of months with a view to CityJet striking a merger deal with the Stobart Air business, which operates the Aer Lingus Regional service.

That was initially just one of a number of options being explored by Stobart.

*Ireland has become a small net contributor to the EU Budget for the first time since it joined the bloc in 1973.

In 2014, the last year for which complete data is available, the country paid €168m more to the EU than it received in grants and payments.

That's according to briefing material provided to Finance Minister Michael Noonan by officials in his department.

*UK chancellor George Osborne has warned the hit to the country's economy from a vote on Thursday to leave the European Union could be worse than initially thought.

As the referendum campaign resumed in the wake of the killing of Labour MP Jo Cox, Mr Osborne said the economic fallout from a vote to pull out could be much worse than forecast, as the 'Remain' side sought to persuade voters to pull back from the 'Leave' camp.

"The central estimate is that our GDP would be 5 to 6pc smaller," Mr Osborne said.

The Irish Times

*Financial markets are bracing for an extremly volatile week as Britain votes on its membership of the European Union.

A so-called Brexit could result in a major sell-off with $1 trillion wiped off the value of equities last week.

Friday, the day after the vote, will probably be the busiest trading day of 2016 thus far.

*A record number of solicitors from the UK have been admitted to practice here ahead of the Brexit vote, according to new Law Society figures.

186 have been admitted in the first six months of the year - up from 50 last year.

The vast majority have cited the potential Brexit as their primary reason for seeking admission here, the Society said.

*Deutsche Bank has partnered with an "ethical investment specialist" to launch new investment products.

The move comes as the bank anticipates a surge in demand for socially responsible investments.

The products will focus on companies that are strong in the areas of environmental, social, and governance policies.

Irish Examiner

*The European Court of Justice is this week to issue its opinion on a challenge by Permanent TSB shareholders to the bank's recapitalisation during the crash.

The court has been asked to determine if Finance Minister Michael Noonan breached any laws when he got an order allowing the State to replenish the bank's funds.

It put €2.7bn into the bank, taking a stake in excess of 99pc.

*Irish exploration company Lansdowne Oil & Gas has applied for a resumption of trading in its shares.

Its shares - listed on London's AIM market - have been suspended since an adverse legal ruling in April that also negatively impacted Providence Resources, Lansdowne's senior partner in the Barryroe field off the Cork coast.

Lansdowne has shelved plans to sell itself after raising €2.7m.

*Insurance and breakdown assistance firm AA Ireland is hiring 20 extra telesales staff to cope with an upsurge in call volumes.

Part of the reason is turbulence in the car insurance market, AA consumer affairs director Conor Faughnan said.

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