Sunday 4 December 2016

What it says in the papers: business pages

Published 19/07/2016 | 07:07

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

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Irish Independent

* Earnings at Bank of Ireland will fall by more than a third in the first half of this year, driven in part by the weakening in sterling, the country's biggest stockbrokers has said.

This will push profits down in the first half of this year by 43pc compared with the same period in 2015.

* PR heavyweight Declan Kelly's US-based Teneo has taken over Dublin firm PSG Communications.

Tipperaryman Declan Kelly is the chairman, chief executive and co-founder of Teneo, a global communications consultancy based in the US.

* New Ireland Assurance has been fined €650,000 by the Central Bank for breaches of the Consumer Protection Code.

The Central Bank said yesterday that the breaches relate to the provision of incomplete information to consumers regarding New Ireland's investment products, including the performance of those products.

The Irish Times

* A new Government review has found that third-party claims coming from the liquidation of an insurer should be paid by the Insurance Compensation Fund and a 35pc direct contribution from industry.

According to a report in The Irish Times, the review also found that administration of the fund should be handed over to the Central Bank.

* Virgin Media is set to drop Eir Sports from its TV package after the firm failed to agree a deal for the six channel pack.

According to a report in The Irish Times, Virgin will instead carry a range of Sky's channels of both sport and entertainment after agreeing a deal with the broadcaster.

* Social protection minister Leo Varadkar has said the current Government pension scheme cannot be sustained saying it will continue to increase with inflation over the coming years.

Mr Varadkar also said there are no plans to increase the pension age to over 68.

Irish Examiner

* U2 and Niall Horan's One Direction last year helped the Live Nation firm that operates the 3Arena in Dublin to double its pre-tax profits to £5.16m (€6.19m).

U2 were the biggest box-office draw at the docklands venue in 2015, with the band generating €4.6m in box office receipts.

* The outcome of the UK vote is likely to weigh on the outlook of Irish banks as they prepare for financial updates following the Brexit vote.

Share prices in the banks took a significant hit following the vote with Bank of Ireland shares falling 30pc since.

* Declan Kelly's executive advisory firm Teneo has acquired Dublin-based PR firm PSG Communications for an undisclosed fee.

PSG's existing management team are due to stay in their roles at the company.

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