Saturday 22 October 2016

What it says in the papers: business pages

Published 26/08/2016 | 06:54

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

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Irish Independent

* The future of the former Burlington Hotel in Dublin 4 as a four-star hotel and conference venue is set to be secured following the entry of German asset manager DekaBank into exclusive talks with its owners, the US private equity giant, Blackstone.

Acquired by Blackstone for €67m in 2012, the Ballsbridge hotel, which now trades as the DoubleTree by Hilton, is expected to sell for around €180m once a deal is concluded.

* A major English firm is at the early bidding stage for a huge portfolio of windfarms in the North and the Republic - worth as much as £590m (€690m).

It's understood the company is in talks to take over all or part of Gaelectric's windfarms on the island.

* Talks have begun between the US and Irish governments about updating certain elements of the Double Tax treaty between the two countries.

The existing treaty was signed in 1997 and a Protocol to the treaty was signed in 1999.

The Irish Times

* The Irish motoring industry has been hit by the departure of Gibraltar-based insurer Zenith Insurance.

The company is leaving the Irish market due to its loss-making nature and soaring costs.

* Ulster Bank has made an application to the Central Bank to allow it make a payment to its parent company, the Royal Bank of Scotland, using some of its excess capital.

According to a report in The Irish Times, the payment would the first since it received a £15bn bailout in 2008 as the bank looks to develop a regular stream of payments to RBS.

* Building materials group CRH is tipping its earnings to exceed €3bn for the first time in its history and has also brought about a return to growth in shareholder payouts.

Ireland's largest company increased its dividend b 1.6c to 18.6c as it reported its interim results yesterday.

Irish Examiner

* Ebay has laid the blame at the feet of PayPal for its departure from Dundalk, saying its former sister company has asked it to leave the building they share.

The online auction site said in a statement that PayPal had served its notice for the building.

* The Dublin production company behind the TV phenomenon 'Operation Transformation' has recorded profits of over €500,000 over the past two years.

Vision Independent Productions, co-owned by TV producer Philip Kampff boosted its accumulated profits by €48,096 to €427,092 last year.

* Profits at Irish mobile tech firm Zamano fell to €794,000 during the first half of the year, however sales at the company soared by 80pc.

Revenue at the firm increased to €18.75m during the period, a significant improvement on the €10.4m in sales it posted during the same period last year.

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