Wednesday 26 July 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

*  IDA chief Martin Shanahan has warned Ireland now has to cut personal tax rates as the Brexit battle for jobs intensifies.

In the wake of Britain's vote to leave the EU, France is making a dramatic bid to lure banking jobs away from London.

* THE IDA will seek additional resources from Government amid signs the battle to win investment in the wake of the Brexit vote is intensifying.

France yesterday launched a major push to win bankers away from the City of London, a signal that the gloves are coming off in the war for jobs and investment.

* Malaysia Airlines is on track for the "biggest turnaround" in aviation history, according to its new Irish chief executive, Peter Bellew.

In an exclusive interview with the Irish Independent, Mr Bellew has also said that it's time for the airline to put the two disasters of 2014 behind it. Malaysia Airlines lost two aircraft that year - one that mysteriously went missing over the South China Sea, and another that was shot down over Ukraine.

The Irish Times

* The Dublin Airport Authority is willing to pay premium prices for homes that could be affected by noise pollution by the new runway.

Transport minister Shane Ross said the authority is prepared to pay for the houses to help deal with noise level concerns.

* Ryanair has had six of its bases in Germany raided by authorities looking into claims of systematic income tax evasion.

According to a report in The Irish Times, pilots and staff at Ryanair were pressed by over 35 prosecutors earlier in the week.

* The Doyle Collection Hotel Group has seen its after-tax profits soar by over €11m last tear as revenue in Ireland jumped by 19pc last year.

According to a report in The Irish Times, the hotel group's financial year was boosted by a strengthening of the sterling and dollar against the year.

Irish Examiner

* Accumulated profits at ODM Promotions, the company owned by Brian O'Driscoll, jumped to €4.4m last year as the ex-Ireland international extends his strong earning capacity.

According to a report in the Irish Examiner, over the course of the year profits at the company jumped by €784,173.

* IDA Ireland has moved to cool speculation around the effects of a potential corporate tax rate cut in the UK - saying tackling high business costs here remained a greater concern.

According to a report in the Irish Examiner, IDA chief Martin Shanahan said that the availability of a skilled workforce also ranked as a bigger concern to the country.

* Shares in Tullow Oil plummeted yesterday after the company announced its intention to open a five-year convertible bond aimed at raising $300m  (€270m).

According to a report in the Irish Examiner, the bonds will have an annual interest rate of over 6.6pc.

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