Business Irish

Friday 28 October 2016

What it says in the papers: business pages

Published 28/06/2016 | 07:03

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

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Irish Independent

* Enterprise Ireland will pull its entire global staff home to help exporters here identify new markets in a bid to diversify away from our current reliance on the UK.

The State agency is calling in its global staff for a week-long think-in at the start of October where it will inform companies about new export markets.

* Finance Minister Michael Noonan has taken a swipe at Europe's statistical agency Eurostat and the European Commission, arguing they need to "straighten out" how they apply strict budgetary rules on spending for member states.

The minister said any flexibility that could be applied surrounding the tough EU fiscal rules for member states needs to be made clear from early on to allow countries make investment plans.

* Risks to economic recovery and the Northern Ireland peace process will be Taoiseach Enda Kenny's trump cards when he seeks to make us a 'special case' in the Brexit negotiations.

The leaders of the 28 EU countries, including David Cameron, meet in Brussels today, where Mr Kenny will attempt to outline how the result of the referendum impacts on Ireland more than anybody else.

The Irish Times

* British prime minister David Cameron is to go in front of European Union leaders today for the first time since the UK decided to leave the 28-member bloc.

Mr Cameron's appearance comes after the prime minister announced he would resign from his role, leaving the future leadership of the country up in the air.

* Irish firms are moving to warn investors on future profits following Britain's decision to leave the European Union as analysts downgrade Irish stock rating.

According to a report in The Irish Times, Merrion Capital has said that when Irish public companies come out next, it will be to issue both profit warnings and challenging earning statements.

* Kingspan founder Eugene Murtagh and Ryanair's Michael O'Leary were amongst a raft of businessmen heavily affected by Friday's vote.

According to a report in The Irish Times, Mr Murtagh has seen his shareholding in Kingspan fall by 27pc, which represented a dip of €201m.

Irish Examiner

* Irish stocks were hammered yesterday as nearly €10bn was wiped off the value of the Irish Stock Exchange, as it is left reeling from Britain's decision to leave the EU.

According to a report in the Irish Examiner, shares on the exchange dipped by some 7.7pc after Friday's result before falling a further 9.9pc on Monday.

* An Taisce has stalled the Hodgson Bay Hotel group from building a new hotel in the Coombe area of Dublin City, near St Patrick's Cathederal.

According to a report in the Irish Examiner, An Taisce has appealed plans for a 263 bedroom hotel in the capital.

* The Irish State's investigation into the insurance industry is yet to review the rising costs associated with the motor insurance sector.

According to a report in the Irish Examiner, the review, which was ordered by finance minister Michael Noonan in January has yet to look into the area of rising premiums in motoring.

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