Tuesday 27 September 2016

What it says in the papers: business pages

Published 05/08/2016 | 06:59

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

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Irish Independent

* Ordinary workers are bearing a massive burden of higher income taxes to bail out the State since the crash.

New calculations show that workers are now paying €5bn a year extra in income tax alone since the boom. This is despite fewer workers in the system as unemployment remains elevated.

* The pound plunged yesterday after the Bank of England cut interest rates to an all-time low and unleashed billions of pounds of stimulus in a bid to pull Britain back from the brink of recession.

The pound plunged yesterday after the Bank of England cut interest rates to an all-time low and unleashed billions of pounds of stimulus in a bid to pull Britain back from the brink of recession.

* Kerry Group might divert some investment activity from Ireland to the UK following June's Brexit vote, chief executive Stan McCarthy has warned.

He said a decision will depend on what trade agreements are ultimately engineered between the UK and the EU.

The Irish Times

* Bank of England governor Mark Carney has tipped slight growth in 2017 with unemployment and inflation likely to rise.

Mr Carney was speaking yesterday where he announced the UK would cut its interest rates in what will be a blow to Irish exporters.

* Irish Water received a State boost of nearly €100m in working capital in 2015 to help bridge the gap of non-payment of bills amongst protests by taxpayers.

According to new figures from the Department of Finance, Irish Water paid the Government €6.2m in interest and guarantee fees on loans acquired for the installation of meters across the country.

* Operating profit at insurance and investment group Aviva Ireland increased by 7pc to €43m in the first half of the year as the company reported strong growth in its new life and pension business.

The firm said the improvement was largely driven by an increase in customer numbers from a new pricing strategy.

Irish Examiner

* The Government has spent €88m on transactions to the private company that operates speed camera vans, which has collected €32.7m in fines from motorists.

Over the last six years the State has paid just under €88m to the firm with one TD now questioning the value of the system.

* The Irish Stock Exchange has lodged plans for a €10m expansion to its headquarters in Dublin, which follows another acquisition that looks to accommodate an increased headcount.

According to a report in the Irish Examiner, the development will see its new and old buildings linked, providing it with 3,274 sq m of space.

* A question mark has been thrown over plans by US billionaire John Malone to add a new seven-storey 97-bedroom extension to his Hilton hotel in Dublin.

Last month, Dublin City Council gave Malone's Charlemont Leisure the go-ahead for the plan that will result in the Hilton Dublin City Hotel having a total of 305 bedrooms if the extension project eventually gets the green light.

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