Tuesday 27 September 2016

What it says in the papers: business pages

Published 05/09/2016 | 06:53

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

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Irish Independent

* It's a year this month since the State received a €335m windfall from for the sale of its stake in Aer Lingus, but not one cent of the money has yet been allocated from a so-called 'Connectivity Fund' that was established to distribute the proceeds to projects around the country.

But the Ireland Strategic Investment Fund - the State-owned vehicle - insists that there's now a pipeline of potential projects that could benefit from the money.

* Hard-pressed motorists are now paying close to €11,000 a year to run a car due to exorbitant increases in car insurance, according to the AA.

The average family is now forking out an average of €10,849.42 to run a car – an increase of €255.82 over last year, shocking new figures reveal.

* Apple boss Tim Cook has accused the European Commission of having "ignored" Apple tax data to reach "intentionally misleading" tax conclusions that led to a €13bn back tax ruling.

In an interview with the Sunday Independent, the Apple CEO said that the European Commission cast aside critical tax considerations to come up with factually wrong decisions about the rate of tax Apple pays in Ireland.

The Irish Times

* European Union president Jean Claude Juncker has said the European Commission's ruling on Apple's tax activities in Ireland was made without bias.

Mr Juncker described the ruling as a landmark decision and said Apple will repay the €13bn in back taxes to the Irish state.

* Independent News and Media has acquires six regional titles including The Anglo Celt, the Connaught Telegraph, and the Meath Chronicle.

The deal will bring the firm's total number of regional up to 20.

* Bank of Ireland has become the first bank in the country to start using Snapchat to engage with its younger customers.

The firm will use its channel over the coming weeks to discuss ways for students to save money.

Irish Examiner

* The Irish Exporters Association has identified soaring insurance costs and the effects of the slump in sterling as issues that need to be addressed by Government.

The association also highlighted the shortage of housing as an area that needs addressing in the upcoming budget.

* European Central Bank president Mario Draghi is widely tipped to extend the quantitative easing programme for a second time.

The extension would bring the asset-buying programme up to after March of next year and beyond its original target of €1.7 trillion.

* European Union president Jean Claude Juncker has told Ireland the Apple ruling has been based on facts and the multi-national company will have to pay the country €13bn in back taxes.

Mr Juncker was speaking at the G20 summit in China where he was responding to the Government's decision to appeal.

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