Thursday 8 December 2016

What it says in the papers: business pages

Published 03/08/2016 | 06:57

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

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Irish Independent

* Ronan Dunne, the outgoing Irish chief executive of O2 UK, has been named group president of America's biggest mobile operator, Verizon Wireless.

Mr Dunne will take charge of "all aspects" of Verizon Wireless' operations in the US, including network, digital and marketing processes, from September. The move places him as a contender for the role of chief executive at the telecoms giant when it next becomes available.

* Grocery retailers got a boost from Ireland's valiant efforts in Euro 2016, with sales in the multi-billion euro market rising 3.3pc as a result of the football championship, according to research group Kantar Worldpanel.

And it also said that SuperValu has retained its spot as Ireland's biggest grocery retailing, commanding a 22.5pc share of the market during the 12 weeks ended July 17.

* Biopharmaceutical giant Jazz Pharmaceuticals has unveiled its new €50m facility in Ireland.

The new site is the first plant to be built by the company in Ireland and has been under construction since 2014.

The Irish Times

* Ireland's primary banks remain vulnerable to economic shocks but are adequately capitalised, according to Central Bank governor Philip Lane.

The governor's comments follow stress tests from the European Banking Authority, which point to a fragility in Irish banks.

* Activity in the Irish manufacturing sector fell in July following Britain's decision to leave the European union.

According to the latests Investec Purchasing Managers' Index, new orders were seen declining for the first time in three years.

* Share prices in Irish banks continue to fall yesterday after the European Banking Authority undertook stress tests on Europe's financial institutions.

Shares in AIB dropped more than 11pc while Bank of Ireland has seen its share price dip by 15pc since the EBA results.

Irish Examiner

* Ireland's banks are sufficiently capitalised but the Irish economy is vulnerable to any more major shocks incurred by Brexit, the Central Bank governor has said.

While the Brexit effect has yet to hit international markets significantly, Mr Lane said that Ireland remains particularly vulernable.

* Communications regulator ComReg has rejected calls from Eir to remove its universal service obligations that ensures it must provide public payphones.

ComReg's current consultation on payphones stipulates that the telecoms firm can only remove a box if it is the focus of anti-social behaviour of if its usage is low.

* Kenmare Resources remains upbeat on its full year prospects as it expects increased production in the second half of the year.

Total shipments from the Irish mining firm's Moma mine increased by 133pc to 309,000 tonnes.

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