Business Irish

Thursday 27 October 2016

What it says in the papers: business pages

Published 22/06/2016 | 06:49

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

*A Brexit could cost the Irish economy between €2.5bn and just over €3bn over the next two years, potentially wiping out the room for tax cuts and extra spending.

Finance Minister Michael Noonan has attempted to play down the risk to the future budgets here, saying the reduction in growth would be "containable".

However, working off analysis compiled by the UK Treasury and a British government think tank, the Department of Finance estimates a 'Leave' vote tomorrow could cost Ireland up to around €3bn between 2017 and 2018.

*PCH, the custom manufacturing company set up by Cork entrepreneur Liam Casey, is to lay off almost all of its Chinese workforce as it seeks 1,500 redundancies.

The company, which has made products for multinational tech firms including Apple and Beats, has also not ruled out seeking redundancies at its Cork corporate headquarters, where it employs 30 people.

"There may be an impact on support structures around the world," said Mr Casey, referencing the Cork base. "We haven't gone through those numbers yet."

*Providence Resources will be able to push ahead with development of its Druid off-shore oil prospect without seeking a new backer, using proceeds of a new capital raise.

The Irish oil and gas company announced last night that it is set to raise $73.4m (€65m) through a sale of shares to new and existing investors.

Part of the new capital will be used to pay around $7m costs associated with the company's unsuccessful legal battle with offshore drilling services firm Transocean.

The Irish Times

*British Prime Minister David Cameron said there would be a surge in investment into Britain if the country votes to remain in the EU.

But he said the "Remain" and "Leave" sides are very close and "nobody knows what's going to happen".

He said he was frustrated that more business executives hadn't supported the "Remain" side in recent weeks.

*Up to 70 jobs will be cut at Liberty Insurance's Irish business.

The firm said it plans to "realign" back office and commercial insurance roles.

Liberty has offices in Cavan and Dublin.

*The liquidators of Hackett's bookmakers have been approached by potential buyers of some betting shops.

The newspaper reports a number of potential buyers have shown interest, saying it is not clear whether they are rival bookies or other businesses.

Paddy Power has committed to honouring winnings due to Hackett customers.

Irish Examiner

*KBC Bank Ireland has avoided sanction from the Central Bank after printing an erroneous interest rate on customer statements.

Around 7,000 customers received the statements in question.

The Central Bank said there would be no sanction because KBC had informed the regulator and rectified the issue within 40 days of its identification.

*Dublin is the second most expensive city for Eurozone for foreign workers to live in, according to a new study.

Rises in rents have seen the capital rise 20 places in the last three years in the global study.

Paris is the only Eurozone city ranked higher.

*Sterling retreated from its strongest level versus the dollar since before the Brexit referendum was announced with polls showing the outcome is too close to call.

The fall punctured some of the optimism that "Remain" was set for a comfortable win.

The currency has been volatile in recent days as traders try to get to grips with the prospect of the UK leaving the bloc.

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