Friday 2 December 2016

What it says in the papers: business pages

Published 26/07/2016 | 06:59

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

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Irish Independent

* Cash buyers are dominating the housing market, with new figures showing that the proportion of such buyers has shot up - they now account for six out of 10 house and apartment purchases.

Experts said that this indicated a highly dysfunctional market, something the Government is hoping its new housing and homeless strategy will address.

* Pressure has mounted on banks to cut their variable ­mortgage costs after a new ­lender announced a large ­reduction in its interest rates.

New lender Pepper is to reduce its rates by up to 0.45pc.

* Irish food firm Greencore is the latest in a line of overseas investors snapping up UK firms while sterling remains low.

Almost 60 deals have been concluded with a total value of $34.5bn (€31.4bn) since the Brexit vote, new Reuters data has shown.

The Irish Times

* Ryanair is eyeing up other European markets for its growth markets as the airline looks to spin away from the UK following the Brexit vote.

The Irish firm may look to reduce the capacity and consistency of its flights between Ireland and Britain, according to a note released to shareholders on Monday.

* The world's largest car seat maker Adient is set to make its new home in Ireland as it is to be spun off following the merger of Johnson Controls and Cork-based Tyco International.

According to a report in The Irish Times, Adient is to incorporate in Ireland rather than England, which had been previously flagged before the Brexit vote.

* State-owned health insurer VHI has reported a €9m fall in its after-tax surplus for 2015 as the company posted a profit of €45.5m.

At the end of the year VHI's reserves were up 12pc on the same period last year at €521m.

Irish Examiner

* A law firm from Mayo has become the first in Europe to have a case heard in relation to the Volkswagen emissions scandal.

Ballyhaunis-based O'Dwyer Solicitors represents over 300 claimants against Volkswagen.

* Ryanair shares rose by 5.5pc yesterday as the airline reassured investors it would win more customers to make sure it hit its earnings targets.

The Michael O'Leary-led airline also signalled its intention to move away from the UK as a growth market following Brexit.

* Revenue at Tyndall National Institute remained flat in 2015 as funding in the research centre increased by 65pc to €8m.

The Institute's revenue stood at €31.6m at the end of last year.

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