Wednesday 26 October 2016

What it says in the papers: business pages

Published 10/08/2016 | 06:59

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

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Irish Independent

* The UK economy suffered a "marked slowdown" in the three months to the end of July and may slip into a recession from the tail end of the year, a British think tank has warned.

Estimates suggest GDP growth of just 0.3pc in the period, compared with 0.6pc in the previous three months, according to the London-based National Institute of Economic and Social Research (NIESR).

* Legal and professional services firms here have been ramping up activity to meet the potential fall-out of the UK vote to pull out of the European Union, Morgan McKinley has claimed.

Companies are positioning themselves to deal with the complex contract amendments that could arise in the wake of the Brexit vote, with activity largely focused on advisory roles, according to the global recruitment consultants, which has published its latest employment monitor.

* An Irish unit of Canadian drinks distribution group Mark Anthony Brands has taken a significant stake in Glendalough Distillery, injecting over €5.5m into the company.

Glendalough Distillery is backed by investors including rugby legend Brian O'Driscoll, and C&C chief financial officer Kenny Neison. C&C's brands include Bulmers cider.

The Irish Times

* A number of Irish soccer internationals as well as manager Martin O'Neill are facing tax bills over their investment in a number of Hollywood films as part of a £1.6bn UK revenue case.

According to a report in The Irish Times, Robbie Keane, John O'Shea, Clinton Morrison, Denis Irwin, and David O'Leary are all affected by the case.

* The pensions gap in Ireland's largest companies has nearly doubled in the first seven months of the year as scheme found it difficult to make money on pension investments due to volatility in the marketplace.

According to a report in The Irish Times, the deficit at large Iseq 20 companies jumped from €3bn at the start of the year to €5.7bn by the end of July.

* Mortgage drawdowns hit their highest quarterly figure since 2010 during April to June of this year, as the number of drawdowns increased to 6,083.

The value of the drawdowns during the three month period was €1.29bn, up 28.8pc on the previous quarter.

Irish Examiner

* Britain's decision to leave the European Union has added to a major surge in passport applications in Ireland during the first seven months of the year.

According to the Irish Examiner, the number of applications rose by 50,000 to 503,596 applications during the period.

* Britain's exit from the EU could take ten years according to Investec chief economist Philip O'Sullivan who said working out the details of the exit will take some time.

Mr O'Sullivan said reaching a long-term agreement that covers all the issues in relation to trade could take a number of years.

* Accumulated profits at Chris O'Dowd's UK production firm jumped by 54pc last year. Accumulated profits at Chris O'Dowd's UK production firm jumped by 54pc last year.

O'Dowd's Hot Cod Productions is one of the companies behind his very successful 'Moone Boy' series broadcast in recent years to critical and popular acclaim.

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