Business Irish

Saturday 22 October 2016

What it says in the papers: business pages

Published 19/09/2016 | 06:59

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

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Irish Independent

* The stud farm owned by Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai and one of the Arab world's richest royals, has received more than €300,000 in single farm payments from the EU over the past two years.

The sheikh bought Kildangan in 1986, and the Kildare stud farm is only one strand of his extensive horse-breeding operations. His Darley stud group is one of the world's biggest producers of champion horses.

* Britain's Chancellor of the Exchequer Philip Hammond is ready to accept that Britain may have to give up membership of the European Union's single market - but not UK banks' crucial 'passport' to EU clients - to achieve immigration restrictions that voters have demanded, according to two officials familiar with his thinking.

The surprise position will be a blow to Irish Government hopes of limiting the fallout from the Brexit vote, by keeping two-way trade between the two countries as open as possible.

* Publicans hit by 20pc a year increases in the cost of insurance say the "crippling" hikes threaten the viability of their businesses.

The Licensed Vintners Association (LVA) said a survey of its 550 members, representing the majority of Dublin pubs, found their insurance costs increased on average by 20pc between 2014 and 2015 and by the same amount between 2015 and 2016.

The Irish Times

* The Central Bank is to split its markets supervision unit in two to help deal with a new increase in inquiries from UK-based investment firms following the Brexit vote.

The institution is also due to set up a financial stability directorate and role of corporate affairs director in what is part of governor Lane's first major structural shake-up since taking charge.

* The Irish whiskey upsurge has been felt by Teelings at its Dublin-based visitor centre after the firm reported its best ever month in August.

Over 8,000 people visited the centre in August, which compares with 3,885 in the same month last year.

* The head of TV3 has suggested creating a joint diaspora channel with RTE to showcase the best of locally produced programming.

TV3 managing director Pat Kiely said the channel would have a strong appeal to audiences internationally.

Irish Examiner

* The West of Ireland remains very vulnerable to the impact of Brexit and looks set to be hit disproportionately to other parts of the country.

Business group Ibec has warned to the very uncertain nature of the UK's decision to leave the European Union, although maintains the economy is strong enough to weather the storm in the short term.

* Permanent TSB has launched a new online loan platform for its customers through its banking service.

The service will allow customers to apply for loans of up to €15,000 and can be approved online within 15 minutes of applying for the loan.

* Trinity College graduates have created more venture-backed firms than any other university in Europe over the last 10 years, new research has shwown.

Trinity is the only European college to sit within the top 50 of PitchBook's Universities Report.

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