Sunday 23 October 2016

What it says in the papers: business pages

Published 11/07/2016 | 06:59

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

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Irish Independent

* Cutting the UK's corporation tax rate to 15pc would boost foreign investment there by almost 11pc and reverse any declines suffered as a result of Brexit, a think tank has said.

Chancellor George Osborne has unveiled plans to aggressively cut the country's corporate tax to less than 15pc to woo businesses deterred by Brexit. That will place it in direct competition with Ireland in terms of foreign direct investment.

* The Central Bank has received a number of inquiries from leading UK-based insurance companies following the Brexit vote, raising the prospect that more jobs could shift to Ireland.

Banks and tech companies are among those already being targeted by the IDA in the aftermath of the referendum.

* Ireland needs to initiate a sweeping overhaul of its business and personal tax regime in order to tackle efforts by the UK to boost its business credentials in the wake of the decision to leave the EU, according to one of Ireland's biggest business groups.

ISME, which represents small and medium-sized businesses across Ireland, said that there has been a sharp reduction in business confidence among its members since the Brexit vote.

The Irish Times

* Luxury retailer Brown Thomas has entered into talks with the new owners of Dundrum Town Centre, Hammerson, to double the size of its BT2 store at the popular Irish shopping destination.

According to a report in The Irish Times, Brown Thomas has been impressed with the performance of its Dundrum location and will look to increase its footprint.

* AIB has agreed a deal with staff and unions to keep its Grafton Street outlet open seven days a week as well as increasing its normal opening hours.

According to a report in The Irish Times, the outlet will stay open from 8am to 7pm Monday to Thursday, 8am to 9pm on Friday, and 10am to 6pm on Saturdays and Sundays.

* Concern, the Irish charity, raised €182.2m in 2015 for work in 28 countries according to the latest figures filed with the Central Statistics Office.

The amount raised represents a 27pc increase year on year  - however the amount raised came in at below target.

Irish Examiner

* The discussion around the potential outcome of the Brexit vote is remaining heavily around the UK property market, which plays a key role in the UK's main markets.

Shares in Ulster Bank owner RBS rose on Friday but have been hit in a big way since the outcome of the referendum results, down a third since June 23.

* Deutchse Bank's chief economist has highlighted the need for a €150bn bailout fund for the bloc's struggling banks, especially those in Italy.

Mr Folkerts-Landau was speaking in Welt am Sonntag where he said Europe is "extremely sick".

* Ireland's construction industry has picked up the pace in its growth with confidence beginning to return as  it reached a near record high for the month of June.

According to the Ulster Bank Purchasing Managers' Index, the overall headline reading rose to 59.7 from May's 55.9.

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