Business Irish

Monday 29 May 2017

What it says in the papers: business pages

Michael Cogley

Michael Cogley

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

Irish Independent

* The UK is set to dramatically slash corporation tax rates to woo businesses deterred by Brexit, placing it in direct competition with Ireland for vital foreign direct investment.

British Chancellor George Osborne outlined plans to aggressively cut its corporate tax to less than 15pc as he unveiled his plan to galvanise the economy.

* The Irish Government would consider making an attempt to house the European Banking Authority (EBA) in the event of its relocation from London but as yet there is no specific plan in place, the Irish Independent understands.

Finance Minister Michael Noonan has said the Government is committed to maximising any opportunities that might arise out of the UK's vote to leave the European Union.

* Tv3's parent company, Liberty Global, is weighing up a takeover move for UTV Ireland, according to multiple reports.

A deal would raise the prospect of the two Irish television stations being merged, and expand the reach of US cable and telecoms billionaire John Malone in this country.

The Irish Times

* British chancellor George Osborne is planning to cut the rate of corporation tax in the UK to below 15pc, bringing it much closer to Ireland's very competitive 12.5pc rate.

The cut is a significant deviation from the 20pc it currently stands at as the country looks to woo businesses after the Brexit outcome.

* Businessman Barry O'Callaghan has moved to acquire Village at Lyons in Celbridge, the 16-acre cooking school and wedding venue.

According to a report in The Irish Times, Mr O'Callaghan scooped the venue in a €6m deal.

New figures have shown that the examinership process in Ireland has saved 159 jobs during the second quarter of this year.

According to a report in The Irish Times, accountancy firm Hughes Blake said a number of companies had turned to the process as the only form of survival.

Irish Examiner

* Virgin Media, the company owned by US billionaire John Malone, is looking at becoming the owner of UTV Ireland, increasing its Irish television portfolio, which also includes TV3.

Virgin also incorporates broadband provider UPC. Mr Malone's overarching company Liberty Global has a market capitalisation of €24.5bn.

* London Stock Exchange shareholders are to vote today on whether or not it should merge with Deutsche Boerse in what is valued as a €24.2bn merger.

Both parties have said the deal is essentially Brexit proof, despite the outcome of Britain's referendum decision.

* German carmaker Volkswagen has said there will be no compensation deal for European car owners similar to the one agreed in the US.

The company told a German newspaper that recreating the deal in Europe would be inappropriate and too expensive.

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