Friday 30 September 2016

What it says in the papers: business pages

Published 02/08/2016 | 06:52

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

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Irish Independent

* Shares in Bank of Ireland tumbled 6.5pc yesterday in the first day of trading after European stress tests showed it and AIB remained vulnerable to a future financial shock.

The lender closed at 17 cents. AIB rose over 12pc, but movements in the latter's share price are not a reliable barometer given the fact the bank is almost entirely state-owned.

* Close to 100 businesses in Dublin employ staff that face serious problems in finding suitable and affordable housing, a survey has found.

Dublin Chamber of Commerce said it polled 292 business owners or managers in Dublin about the issue most raised by employees, and just over a third ranked the cost or availability of housing as among the biggest issues.

* Government plans to introduce a controversial 'sugar tax' in the upcoming Budget look set to be met by a high-profile legal challenge from the drinks industry, the Irish Independent has learned.

Drinks giants are preparing to follow the example set by the tobacco industry - which has already initiated court action against the Government's plan for plain cigarette packaging.

The Irish Times

* Business group Ibec has warned Brexit will put Irish jobs at risk due to the drop in value of the sterling against the euro in recent weeks.

The think tank believes Irish companies exporting to the UK are facing a currency crisis and is seeking the Government to provide support to those businesses affected.

* GPS vehicle tracking firm has been purchased by US communications giant Verizon in a $2.4bn deal that comes 12 years after the Irish company was set up in Dublin.

The US company will pay $60 per share in Fleetmatics, which will lead to a significant payout for shareholders.

* Shares in Bank of Ireland fell by 6.5pc following the publication of stress tests by the European Banking Authority on Friday evening.

According to a report in The Irish Times, shares in the bank fell to 17.3c with 83 million shares being sold throughout Monday.

Irish Examiner

* Bank of Ireland, RBS, and Barclays were amongst the banks whose shares were hit following the publication of the European Banking Association's stress tests on Friday.

The Association carried out tests on 51 European banks as BoI and AIB were named amongst the weakest performers in the tests.

* The residents of a new upmarket Johnny Ronan residential development in Dublin 4 will share the use of a communal smart car.

A company controlled by one of Ireland's best known developers, RGRE J & R Apian Ltd, has told Dublin City Council that a smart car "will be used by all residents of the proposed apartment scheme" after the Council sought clarification on the status of the smart car.

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